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"2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-336": { "value": "644700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-337": { "value": "810400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-342": { "value": "1 Basis of preparation Going concern o o o o 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. The Directors have assessed the going concern status of the Group, considering the period to 31 December 2025. 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 23, and details of borrowings are set out in Note 24. 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 2023, with combined cash, cash equivalents and liquid investments of $2,919.4 million. Total borrowings were $4,079.2 million, resulting in a net debt position of $1,159.8 million. Of the total borrowings, only 22% is repayable within one year, and 16% 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, and accounting judgements including potential indicators of impairment. The principal analysis has only considered existing committed borrowing facilities in place as of 31 December 2023, and has not assumed that any new borrowing facilities will be put in place. Given the planned financing for the Centinela Second Concentrator project was not in place as at 31 December 2023, we have not included the planned development of that project within this principal scenario. As an additional scenario we have forecast the impact of the development of this project, which assumes a typical financing environment which allows us to put in place our planned financing for the project. In addition, we have also modelled sensitivities reflecting the impact of potential overruns in the project costs. The forecasts have assumed distributions in line with the Group\u2019s policy that the total annual dividend for each year would represent a payout ratio based on underlying net earnings (as defined in the Alternative Performance Measures section) for that year of at least 35%. 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 in relation to the principal analysis described above, assessing the standalone impact of each of: A significant deterioration in the future copper price forecasts, by an average of approximately 15% throughout the going concern period. An 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 general deterioration in the copper price throughout the review period. The potential impact of the Group\u2019s most significant individual operational risks. A shut-down of any one of the Group\u2019s operations for a period of three months, or a shut-down of all of the Group\u2019s operations for a period of one month. 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. Company structure A) Adoption of new accounting standards o o o o o B) Accounting standards issued but not yet effective o o o o o The above down-side 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, 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 2025. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 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. The following accounting standards, amendments and interpretations became effective in the current reporting period: IFRS 17, Insurance Contracts Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) Disclosure of Accounting Policies -- Amendments to IAS 1 and IFRS Practice Statement 2 Definition of Accounting Estimates -- Amendments to IAS 8 International Tax Reform ---- Pillar Two Model Rules (Amendments to IAS 12) 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. 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. None of these standards are expected to have a significant impact on the Group. The following standards are effective after 1 January 2024: Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) Lease Liability in a Sale and Leaseback (Amendments to IFRS16) Non-current Liabilities with Covenants (Amendments to IAS 1) Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) The following standards are effective after 1 January 2025 (and subject to UK endorsement): Lack of Exchangeability (Amendments to IAS 21)", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Going concern o o o o The Directors have assessed the going concern status of the Group, considering the period to 31 December 2025. 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 23, and details of borrowings are set out in Note 24. 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 2023, with combined cash, cash equivalents and liquid investments of $2,919.4 million. Total borrowings were $4,079.2 million, resulting in a net debt position of $1,159.8 million. Of the total borrowings, only 22% is repayable within one year, and 16% 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, and accounting judgements including potential indicators of impairment. The principal analysis has only considered existing committed borrowing facilities in place as of 31 December 2023, and has not assumed that any new borrowing facilities will be put in place. Given the planned financing for the Centinela Second Concentrator project was not in place as at 31 December 2023, we have not included the planned development of that project within this principal scenario. As an additional scenario we have forecast the impact of the development of this project, which assumes a typical financing environment which allows us to put in place our planned financing for the project. In addition, we have also modelled sensitivities reflecting the impact of potential overruns in the project costs. The forecasts have assumed distributions in line with the Group\u2019s policy that the total annual dividend for each year would represent a payout ratio based on underlying net earnings (as defined in the Alternative Performance Measures section) for that year of at least 35%. 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 in relation to the principal analysis described above, assessing the standalone impact of each of: A significant deterioration in the future copper price forecasts, by an average of approximately 15% throughout the going concern period. An 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 general deterioration in the copper price throughout the review period. The potential impact of the Group\u2019s most significant individual operational risks. A shut-down of any one of the Group\u2019s operations for a period of three months, or a shut-down of all of the Group\u2019s operations for a period of one month. 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 down-side 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, 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 2025. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "A) Adoption of new accounting standards o o o o o B) Accounting standards issued but not yet effective o o o o o The following accounting standards, amendments and interpretations became effective in the current reporting period: IFRS 17, Insurance Contracts Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) Disclosure of Accounting Policies -- Amendments to IAS 1 and IFRS Practice Statement 2 Definition of Accounting Estimates -- Amendments to IAS 8 International Tax Reform ---- Pillar Two Model Rules (Amendments to IAS 12) 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. 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. None of these standards are expected to have a significant impact on the Group. The following standards are effective after 1 January 2024: Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) Lease Liability in a Sale and Leaseback (Amendments to IFRS16) Non-current Liabilities with Covenants (Amendments to IAS 1) Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) The following standards are effective after 1 January 2025 (and subject to UK endorsement): Lack of Exchangeability (Amendments to IAS 21)", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "A) Adoption of new accounting standards o o o o o The following accounting standards, amendments and interpretations became effective in the current reporting period: IFRS 17, Insurance Contracts Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) Disclosure of Accounting Policies -- Amendments to IAS 1 and IFRS Practice Statement 2 Definition of Accounting Estimates -- Amendments to IAS 8 International Tax Reform ---- Pillar Two Model Rules (Amendments to IAS 12) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "B) Accounting standards issued but not yet effective o o o o o 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. None of these standards are expected to have a significant impact on the Group. The following standards are effective after 1 January 2024: Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) Lease Liability in a Sale and Leaseback (Amendments to IFRS16) Non-current Liabilities with Covenants (Amendments to IAS 1) Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) The following standards are effective after 1 January 2025 (and subject to UK endorsement): Lack of Exchangeability (Amendments to IAS 21)", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "2 Material accounting policies A) Accounting convention B) Basis of consolidation 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(V). The financial statements comprise the consolidated financial statements of Antofagasta plc (\u2018\u2018the Company\u2019\u2019 or \u2018\u2018the Parent\u2019\u2019 or \u2018\u2018the Parent Company\u2019\u2019) and its subsidiaries (collectively \u2018\u2018the Group\u2019\u2019). Subsidiaries -- 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 \u2018\u2018Non-controlling interests\u2019\u2019 in the consolidated balance sheet and consolidated income statement. C) Investments in associates D) Joint arrangements E) Currency translation F) Revenue recognition and other income 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. 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 (i.e. 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. 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. 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 -- 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 -- 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. 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, i.e. 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. 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. Shipping revenue is recognised at the contracted price of the shipping service 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 \u2018\u2018treatment and refining charge\u2019\u2019 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 (\u2018\u2018LME\u2019\u2019) 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 to 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 Dividend income G) Exploration and evaluation expenditure H) Stripping costs I) Intangible assets J) Property, plant and equipment K) Depreciation of property, plant and equipment L) Impairment of property, plant and equipment and intangible assets 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 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. 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. Pre-stripping and operating stripping costs are incurred in the course of th e 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 uni t 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. 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. 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. Depreciation of an asset begins when it is available for use, i.e. 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 -- 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 -- 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 -- straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) -- straight-line basis over 20 to 25 years. (v) Wagons and rolling stock -- straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets -- 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 -- no depreciation until asset is available for use. (viii) Lease right-of-use assets -- depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. (ix) Stripping cost -- 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. 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 also 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. M) Inventory o o o N) Taxation O) Provisions P) Provisions for decommissioning and restoration costs Q) Share-based payments R) Post-employment benefits 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 mining 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. 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: labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore, depreciation of plant, equipment and mining properties directly involved in the production process, and 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. 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 (i.e. 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 is not a business combination and, at the time of the transaction, affects neither accounting or taxable profit and does not give rise to equal taxable and deductible temporary differences, 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. 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. 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 subject 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 the 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. 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, and 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. 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. S) Cash and cash equivalents T) Liquid investments U) Leases o o o o o o o o o V) Other financial instruments 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. 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. 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. 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: fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payments that are based on an index or a rate amounts expected to be payable by the lessee under residual value guarantees the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and 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: the amount of the initial measurement of the lease liability any lease payments made at or before the commencement date less any lease incentives received any initial direct costs, and restoration costs. 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 -- i.e. when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments -- 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 -- 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 -- Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. (iv) Other financial assets -- Other financial assets are measured at fair value through profit or loss. (v) Borrowings (loans and preference shares) -- Interest-bearing loans and bank overdrafts are initially recorded at fair value which is 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(J). 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. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23 Borrowing Costs, 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. (vi) Equity instruments -- 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. (vii) Impairment of financial assets -- 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 \u2018\u2018simplified approach\u2019\u2019 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. W) Exceptional items X) Rounding 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. 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": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "B) Basis of consolidation The financial statements comprise the consolidated financial statements of Antofagasta plc (\u2018\u2018the Company\u2019\u2019 or \u2018\u2018the Parent\u2019\u2019 or \u2018\u2018the Parent Company\u2019\u2019) and its subsidiaries (collectively \u2018\u2018the Group\u2019\u2019). Subsidiaries -- 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 \u2018\u2018Non-controlling interests\u2019\u2019 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. 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 (i.e. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Antofagasta plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "103 Mount Street, London W1K 2TJ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Metalinvest Establishment", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "E. Abaroa Foundation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "
Subsidiaries -- 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
\u2018\u2018Non-controlling interests\u2019\u2019 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. 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 (i.e. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "C) Investments in associates D) Joint arrangements 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. 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 -- 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 -- 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "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 -- 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 -- 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "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, i.e. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "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, i.e. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "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. Shipping revenue is recognised at the contracted price of the shipping service 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 \u2018\u2018treatment and refining charge\u2019\u2019 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 (\u2018\u2018LME\u2019\u2019) 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 to 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 Dividend 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "G) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "H) Stripping costs Pre-stripping and operating stripping costs are incurred in the course of th 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 uni 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": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "I) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "I) 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "J) 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. K) Depreciation of property, plant and equipment L) Impairment of property, plant and equipment and intangible assets 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. Depreciation of an asset begins when it is available for use, i.e. 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 -- 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 -- 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 -- straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) -- straight-line basis over 20 to 25 years. (v) Wagons and rolling stock -- straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets -- 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 -- no depreciation until asset is available for use. (viii) Lease right-of-use assets -- depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. (ix) Stripping cost -- 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. 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 also 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 mining 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:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "K) Depreciation of property, plant and equipment Depreciation of an asset begins when it is available for use, i.e. when it is n 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 -- 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 -- 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 -- straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) -- straight-line basis over 20 to 25 years. (v) Wagons and rolling stock -- straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets -- 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 -- no depreciation until asset is available for use. (viii) Lease right-of-use assets -- depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. (ix) Stripping cost -- 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "L) 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 also 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 mining 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. (vii) Impairment of financial assets -- 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 \u2018\u2018simplified approach\u2019\u2019 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "L) 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 also 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 mining 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "M) Inventory o o o 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: labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore, depreciation of plant, equipment and mining properties directly involved in the production process, and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "N) 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 (i.e. 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 is not a business combination and, at the
time of the transaction, affects neither accounting or taxable profit
and does not give rise to equal taxable and deductible temporary
differences, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "N) 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 (i.e. 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 is not a business combination and, at the time of the transaction, affects neither accounting or taxable profit and does not give rise to equal taxable and deductible temporary differences, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "O) Provisions P) Provisions for decommissioning and restoration costs 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. 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 subject 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 the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "P) 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 subject 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 the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "Q) 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, and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "R) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "S) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "T) 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.
(i) Investments -- 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:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "U) Leases o o o o o o o o o 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: fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payments that are based on an index or a rate amounts expected to be payable by the lessee under residual value guarantees the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and 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: the amount of the initial measurement of the lease liability any lease payments made at or before the commencement date less any lease incentives received any initial direct costs, and restoration costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "V) 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 -- i.e. when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments -- 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 -- 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 -- Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. (iv) Other financial assets -- Other financial assets are measured at fair value through profit or loss. (v) Borrowings (loans and preference shares) -- Interest-bearing loans and bank overdrafts are initially recorded at fair value which is 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(J). 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. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23 Borrowing Costs, 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. (vi) Equity instruments -- 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. (vii) Impairment of financial assets -- 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 \u2018\u2018simplified approach\u2019\u2019 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "V) 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 -- i.e. when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments -- 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 -- 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 -- Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. (iv) Other financial assets -- Other financial assets are measured at fair value through profit or loss. (v) Borrowings (loans and preference shares) -- Interest-bearing loans and bank overdrafts are initially recorded at fair value which is 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(J). 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. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23 Borrowing Costs, 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. (vi) Equity instruments -- 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. (vii) Impairment of financial assets -- 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 \u2018\u2018simplified approach\u2019\u2019 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "V) 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 -- i.e. when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments -- 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 -- 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 -- Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. (iv) Other financial assets -- Other financial assets are measured at fair value through profit or loss. (v) Borrowings (loans and preference shares) -- Interest-bearing loans and bank overdrafts are initially recorded at fair value which is 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(J). 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. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23 Borrowing Costs, 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. (vi) Equity instruments -- 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. (vii) Impairment of financial assets -- 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 \u2018\u2018simplified approach\u2019\u2019 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "
(ii) Trade and other receivables -- 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "
(iii) Trade and other payables -- 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "
(iv) Other financial assets -- Other financial assets are measured at fair
value through profit or loss.
(v) Borrowings (loans and preference shares) -- Interest-bearing loans
and bank overdrafts are initially recorded at fair value which is
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(J). 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.
The total amount of interest paid, both in respect of interest
recognised as an expense in profit or loss or capitalised in
accordance with IAS 23 Borrowing Costs, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "
(vii) Impairment of financial assets -- 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 \u2018\u2018simplified approach\u2019\u2019 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "W) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "X) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "3 Critical accounting judgements and key sources of estimation uncertainty A) Judgements B) Estimates 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. 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. As explained in Note 2(L), the Group reviews the carrying value of its intangible assets and property, plant and equipment, as well as the assets of its joint ventures, 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 (\u2018\u2018CGU\u2019\u2019). Details of the valuations and sensitivities of the Group\u2019s, and its joint venture Zald\u00edvar\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 and estimation 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 set out in Note 5. 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 and its joint ventures\u2019 non-current assets associated with its mining operations at the 2023 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 2023 for Zald\u00edvar (given the ongoing permitting process and the other factors set out in Note 5). 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) Non-financial assets impairment 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 and cash generation, as well as the current level of distributable reserves at the Antofagasta plc entity level. As set out in Note 29, at 31 December 2023 deferred withholding tax liabilities of $66.6 million have been recognised (31 December 2022 -- $71.6 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, as at 31 December 2023 was $7,101.1 million (31 December 2022 -- $6,430.4 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 $1,314.9 million (31 December 2022 -- $1,076.5 million), depending on the application of tax credits which may be available in particular circumstances. 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 in the next 12 months, 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. 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 2023 was $832.4 million (31 December 2022 -- $751.9 million). If the copper spot price at 31 December 2023 (used for forecasting the likely sales price of short-term inventories) had been 10% lower, this would have resulted in a net realisable value provision and charge to the Income Statement of approximately $45 million. 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 for 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 $120 million (on a 50% attributable basis) at 31 December 2023 (2022 -- $130 million). This balance is forecast to be consumed over the operation's remaining 13 year mine life (2022 -- 14 year) 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 $12 million (on a 50% attributable basis) (2022 -- $13 million). (i) Deferred tax liabilities in respect of undistributed earnings of subsidiaries (i) Inventory valuation As explained in Note 2(K), 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. 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 $727 million in 2023 (2022 -- $710 million), representing approximately 61% 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 $73 million (2022 -- $71 million) on the annual depreciation charge. As explained in Note 2(P), 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 30. The total value of these provisions as at 31 December 2023 was $441.1 million (2022 -- $488.2 million). As a simple high-level sensitivity, a 10% increase in the forecast closure costs would increase the provision balance by approximately $44 million (2022 -- $49 million), the decommissioning costs asset capitalised in the year within property, plant and equipment by approximately $3 million (2022 -- $17 million) and the ongoing annual operating expenses by approximately $1 million (2022 -- $2 million). As explained in Note 2(N), 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 29, the Group has recognised $72.0 million of net deferred tax assets as at 31 December 2023 (2022 -- $78.5 million), relating to tax losses, provisions and short-term timing differences. The deferred tax position includes $141.2 million (2022 -- $124.5 million) of deferred tax assets in respect of tax losses available for offset against future profits. These losses may be carried forward indefinitely. (ii) Useful economic lives of property, plant and equipment and ore reserves estimates (iii) Provisions for decommissioning and site restoration costs (iv) Deferred tax assets in respect of tax losses", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "4 Exceptional items Compa\u00f1ia de Minas Buenaventura S.A.A. 2022 \u2013 Disposal of investment in Tethyan joint venture (Reko Diq project) 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 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. As detailed in Notes 22 and 26, during 2023 the Group entered into an agreement to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. An exceptional fair value gain of $167.1 million was recognised during 2023 in respect of this agreement. A deferred tax expense of $41.8 million has been recognised in respect of this gain (see Note 11), resulting in a post-tax impact of $125.3 million. On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture, which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in Pakistan. As a result, Antofagasta recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million. The disposal proceeds were received by the Group in May 2023. Full details of the agreements and gain on disposal are set out in Note 17.", "dimensions": { "concept": "antofagastaplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "5 Asset sensitivities Copper price outlook 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 2023 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) (\u2018\u2018the models\u2019\u2019). 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 Zald\u00edvar joint venture, with the indicated value of the assets in excess of their carrying value. Relevant aspects of this process are detailed below: 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 consensus analyst forecasts. A long-term copper price of $3.70/lb (reflecting 2023 real terms) has been used in the models considered as part of the impairment indicator assessment, which has increased from $3.50/lb (reflecting 2022 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 $3.33/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 indicative valuation indicated a potential deficit of $60 million (2022 -- potential deficit of $400 million) and the Zald\u00edvar valuation indicated a potential deficit of $60 million (on a 50% basis ) (2022 -- potential deficit of $170 million). This was a simple sensitivity exercise, looking at an illustrative change in the forecast long-term copper price in isolation. In reality, a deterioration in the long-term copper price environment is likely to result in corresponding improvements in a range of input cost factors. In particular, given that copper exports account for over 50% of Chile\u2019s exports, historically there has often been a correlation between movements in the copper price and the US dollar/Chilean peso exchange rate, and a decrease in the copper price may therefore result in a weakening of the Chilean peso, with a resulting reduction in the Group\u2019s operating costs and capital expenditure in US$ 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 Discount rate Climate related impacts Other relevant assumptions o o o 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$785/$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$850/$1 used in 2022. As an additional down-side sensitivity an indicative valuation was prepared with a 10% stronger long-term Chilean peso exchange rate assumption. All of the Group\u2019s mining operations still showed positive headroom in their models in this alternative down-side scenario. 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. A real post-tax discount rate of 8% (2022 -- 8%) calculated using relevant market data, has been used in the impairment indicator assessment. The assessments reflect the Group\u2019s estimates of potential future climate- related impacts. The Group disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (\u2018\u2018TCFD\u2019\u2019). This process includes scenario analyses assessing the potential future impact of transition and physical risks, as well as potential copper price upside (for example, due to increased demand for the construction of electric vehicles and renewable power generating capacity). On the basis that the potential copper price upside is expected to exceed the downside impact of future risks, no specific adjustments have been reflected in these assessments in relation to climate-change. In addition to the impact of the future copper price, the US dollar/Chilean peso exchange rate, the discount rate and climate-related impacts, the models used in the impairment indicator assessment are sensitive to the assumptions in respect of future production levels, operating costs, and sustaining and development capital expenditure. 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 the model used as part of the impairment indicator assessment is sensitive, to certain assumptions in particular the following: The operational performance experienced in 2023, in particular the lower than expected throughput levels, is not considered to be indicative of future performance levels, with throughput and recovery levels forecast to increase over future years. Currently, Zald\u00edvar is permitted to extract water and mine until 2025, following the approval of the Declaration of Environmental Impact (\u2018\u2018DIA\u2019\u2019) in early 2024 to align both the permits for mining and water extraction. The mine life after 2025 is subject to an EIA application which was filed in June 2023 to extend mining and water environmental permits through 2051 and Zald\u00edvar simultaneously withdrew an earlier EIA application filed in 2018 which remained unresolved. This EIA includes a proposal to develop the primary sulphide ore deposit, extending the current life of mine and requiring investments over the mine life of $1.2 billion, and a conversion of the water source for Zald\u00edvar to either seawater or water from third parties, following a transition period during which the current continental water extraction permit is extended from 2025 to 2028. The impairment indicator assessment assumes that the EIA will be granted, to enable the continued operation of the mine without interruption. 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. 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. Mining of the phase will be subject to agreements or easements to access these areas and relocate the infrastructure, and related permits. In July 2023, Zald\u00edvar reached an agreement with Escondida with respect to mining matters and certain cost sharing. The impairment indicator assessment assumes that the additional necessary agreements, easements and permits will be obtained to allow the mining of the final pit phase. The carrying value of the Group\u2019s investment in joint venture balance in respect of Zald\u00edvar as at 31 December 2023 was $881.3 million (2022 \u2212 $897.3 million).", "dimensions": { "concept": "antofagastaplc:DisclosureOfAssetSensitivities", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "6 Segment information o o o o o o o The Group\u2019s reportable segments, which are the same as its operating segments, are as follows: Los Pelambres Centinela Antucoya Zald\u00edvar Exploration and evaluation Corporate and other items Transport division For management purposes, the Group is organised into two business divisions based on their products -- 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. \u2018\u2018Corporate and other items\u2019\u2019 comprises costs incurred by the Antofagasta plc, 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 2023
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar
evaluation
2
items Mining division Total
$m $m $m $m $m $m $m $m $m
Revenue
2,923.8
2,532.5
672.3
\u2212
\u2212
\u2212
6,128.6
195.9
6,324.5
Operating cost excluding depreciation and
loss on disposals
(1,199.2)
(1,313.5)
(457
.2)
\u2212
(141.1)
(98.7)
(3,209.7)
(120.7)
(3,330.4)
Depreciation
(318.6)
(727.3)
(109.4)
\u2212
\u2212
(24.3)
(1,179.6)
(31.7)
(1,211.3)
Operating profit/(loss)
1,406.0
491.7
105.7
\u2212
(141.1)
(123.0)
1,739.3
43.5
1,782.8
Net share of results from associates and
joint ventures
\u2212
\u2212
\u2212
(15.4)
\u2212
\u2212
(15.4)
1.9
(13.5)
Total operating profit from subsidiaries,
and share of total results from
associates and joint ventures
1,406.0
491.7
105.7
(15.4)
(141.1)
(123.0)
1,723.9
45.4
1,769.3
Investment income
38.0
20.3
6.8
\u2212
\u2212
72.2
137.3
0.8
138.1
Interest expense
(4.3)
(20.3)
(30.7)
\u2212
\u2212
(49.2)
(104.5)
(1.1)
(105.6)
Other finance items
(excluding exceptional items)
(0.2)
(0.2)
(0.4)
\u2212
\u2212
(1.9)
(2.7)
(0.7)
(3.4)
Fair value gain on other financial assets --
exceptional items
\u2212
\u2212
\u2212
\u2212
\u2212
167.1
167.1
\u2212
167.1
Profit/(loss) before tax
1,439.5
491.5
81.4
(15.4)
(141.1)
65.2
1,921.1
44.4
1,965.5
Tax
(465.2)
(143.1)
(14.6)
\u2212
\u2212
13.7
(609.2)
(15.1)
(624.3)
Tax -- exceptional items
\u2212
\u2212
\u2212
\u2212
\u2212
(41.8)
(41.8)
\u2212
(41.8)
Profit/(loss) for the year
974.3
348.4
66.8
(15.4)
(141.1)
37.1
1,270.1
29.3
1,299.4
Non-controlling interests
372.5
89.5
5.5
\u2212
\u2212
(3.2)
464.3
\u2212
464.3
Profit/(losses) attributable to the owners
of the parent
601.8
258.9
61.3
(15.4)
(141.1)
40.3
805.8
29.3
835.1
EBITDA
1,724.6
1,219.0
215.1
86.8
(141.1)
(98.7)
3,005.7
81.5
3,087.2
Additions to non-current assets
Additions to property, plant and equipment
914.3
1,182.4
140.7
\u2212
\u2212
19.0
2,256.4
51.5
2,307.9
Segment assets and liabilities Segment
assets
7,414.0
6,533.6
1,732.7
\u2212
\u2212
2,657.6
18,337.9
418.2
18,756.1
Investment in associates and joint ventures
\u2212
\u2212
\u2212
881.3
\u2212
\u2212
881.3
9.8
891.1
Segment liabilities
(3,829.1)
(1,857.0)
(535.2)
\u2212
\u2212
(1,304.7)
(7,526.0)
(72.8)
(7,598.8)
3
1
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 239).
2. Operating cash outflow in the exploration and evaluation segment was $137.5 million.
3. An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million
shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22.
For the year ended 31 December 2022
Notes to segment revenues and results
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar evaluation items Mining division Total
$m $m $m $m $m $m $m $m $m
Revenue
2,558.9
2,406.2
703.5
\u2212
\u2212
\u2212
5,668.6
193.4
5,862.0
Operating cost excluding depreciation
and loss on disposals (1,086.1)
(1,249.0)
(442.3)
\u2212
(113.0)
(75.0)
(2,965.4)
(119.1)
(3,084.5)
Depreciation (276.1)
(710.2)
(105.6)
\u2212
\u2212
(18.7)
(1,110.6)
(30.5)
(1,141.1)
Loss on disposals
(0.5)
(1.0)
\u2212
\u2212
\u2212
(0.6)
(2.1)
\u2212
(2.1)
Operating profit/(loss)
1,196.2
446.0
155.6
\u2212
(113.0)
(94.3)
1,590.5
43.8
1,634.3
Net share of results from associates
and joint ventures
\u2212
\u2212
\u2212
47.3
\u2212
(0.7)
46.6
1.5
48.1
Gain on disposal of investment in joint
ventures
\u2212
\u2212
\u2212
\u2212
\u2212
944.7
944.7
\u2212
944.7
Total operating profit from subsidiaries,
and share of total results from associates
and joint 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
\u2212
\u2212
19.8
39.5
0.7
40.2
Interest expense
(3.3)
(10.6)
(19.9)
\u2212
\u2212
(44.2)
(78.0)
(0.6)
(78.6)
Other finance items
(5.2)
(11.3)
(6.6)
\u2212
\u2212
(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)
\u2212
\u2212
(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
\u2212
\u2212
(1.1)
422.3
\u2212
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
1,472.8
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
\u2212
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
\u2212
\u2212
2,504.1
16,921.5
412.2
17,333.7
Investment in associates and joint ventures
\u2212
\u2212
\u2212
897.3
\u2212
\u2212
897.3
7.3
904.6
Segment liabilities
(3,155.0)
(1,565.1)
(558.1)
\u2212
\u2212
(1,225.8)
(6,504.0)
(89.9)
(6,593.9)
2
3
1
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 239).
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 (Reko Diq project) (see Notes 3, 4
and 17).
(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 $10.3 million (year ended 31 December 2022 -- $9.8 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 \u2018\u2018treatment and refining charge\u2019\u2019 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 $9.8 million (31 December 2022 -- $7.3 million) relating to the Group\u2019s 30% interest in
Antofagasta Terminal International SA (\u2018\u2018ATI\u2019\u2019), 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 Revenue by location of customer \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Information about major customers
2023 2022
$m $m
Copper
\u2013 Los Pelambres 2,381.1 2,107.7
\u2013 Centinela concentrate 1,309.8 1,132.7
\u2013 Centinela cathodes 692.6 844.4
\u2013 Antucoya 666.1 697.5
Provision of shipping services
\u2013 Los Pelambres 50.3 51.9
\u2013 Centinela concentrate 35.3 58.5
\u2013 Centinela cathodes 6.0 6.7
\u2013 Antucoya 6.2 6.0
Gold
\u2013 Los Pelambres 83.5 75.4
\u2013 Centinela concentrate 323.4 238.4
Molybdenum
\u2013 Los Pelambres 373.2 291.4
\u2013 Centinela concentrate 131.0 100.8
Silver
\u2013 Los Pelambres 35.7 32.5
\u2013 Centinela concentrate 34.4 24.7
Total
6,128.6
5,668.6
Transport division
195.9
193.4
6,324.5 5,862.0
2023 2022
$m $m
Europe United Kingdom 22.8 71.0
Switzerland 386.5 753.6
Spain \u2212 1.0
Germany 200.0 140.0
Rest of Europe 89.9 96.5
Latin America
\u2013
Chile
399.5 369.1
\u2013
Rest of Latin America
133.0 179.7
North America United States 441.7 312.3
Asia Japan 1,989.6 1,668.6
China 1,417.3 1,072.0
Singapore 450.2 423.8
South Korea 391.1 332.2
Hong Kong 204.7 178.2
Rest of Asia 198.2 264.0
6,324.5 5,862.0
In the year ended 31 December 2023, the Group\u2019s mining revenue included $1,081.0 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2022 -- one large customer representing $785.5 million).
Non-current assets by location of assets
2023 2022
$m $m
Chile 14,017.3 12,786.1
Other 9.5 10.1
14,026.8 12,796.2
2023 2022
$m $m
Non-current assets per the balance sheet 14,455.9 13,016.2
The above amounts by location reflect non-current assets per the balance sheet excluding:
Deferred tax assets (72.0) (78.5)
Account receivables (68.5) (51.0)
Equity investments (288.6) (90.5)
Total of non-current assets above (429.1) (220.0)
Non-current assets by location of asset 14,026.8 12,796.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "A) Segment revenues and results For the year ended 31 December 2023
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar
evaluation
2
items Mining division Total
$m $m $m $m $m $m $m $m $m
Revenue
2,923.8
2,532.5
672.3
\u2212
\u2212
\u2212
6,128.6
195.9
6,324.5
Operating cost excluding depreciation and
loss on disposals
(1,199.2)
(1,313.5)
(457
.2)
\u2212
(141.1)
(98.7)
(3,209.7)
(120.7)
(3,330.4)
Depreciation
(318.6)
(727.3)
(109.4)
\u2212
\u2212
(24.3)
(1,179.6)
(31.7)
(1,211.3)
Operating profit/(loss)
1,406.0
491.7
105.7
\u2212
(141.1)
(123.0)
1,739.3
43.5
1,782.8
Net share of results from associates and
joint ventures
\u2212
\u2212
\u2212
(15.4)
\u2212
\u2212
(15.4)
1.9
(13.5)
Total operating profit from subsidiaries,
and share of total results from
associates and joint ventures
1,406.0
491.7
105.7
(15.4)
(141.1)
(123.0)
1,723.9
45.4
1,769.3
Investment income
38.0
20.3
6.8
\u2212
\u2212
72.2
137.3
0.8
138.1
Interest expense
(4.3)
(20.3)
(30.7)
\u2212
\u2212
(49.2)
(104.5)
(1.1)
(105.6)
Other finance items
(excluding exceptional items)
(0.2)
(0.2)
(0.4)
\u2212
\u2212
(1.9)
(2.7)
(0.7)
(3.4)
Fair value gain on other financial assets --
exceptional items
\u2212
\u2212
\u2212
\u2212
\u2212
167.1
167.1
\u2212
167.1
Profit/(loss) before tax
1,439.5
491.5
81.4
(15.4)
(141.1)
65.2
1,921.1
44.4
1,965.5
Tax
(465.2)
(143.1)
(14.6)
\u2212
\u2212
13.7
(609.2)
(15.1)
(624.3)
Tax -- exceptional items
\u2212
\u2212
\u2212
\u2212
\u2212
(41.8)
(41.8)
\u2212
(41.8)
Profit/(loss) for the year
974.3
348.4
66.8
(15.4)
(141.1)
37.1
1,270.1
29.3
1,299.4
Non-controlling interests
372.5
89.5
5.5
\u2212
\u2212
(3.2)
464.3
\u2212
464.3
Profit/(losses) attributable to the owners
of the parent
601.8
258.9
61.3
(15.4)
(141.1)
40.3
805.8
29.3
835.1
EBITDA
1,724.6
1,219.0
215.1
86.8
(141.1)
(98.7)
3,005.7
81.5
3,087.2
Additions to non-current assets
Additions to property, plant and equipment
914.3
1,182.4
140.7
\u2212
\u2212
19.0
2,256.4
51.5
2,307.9
Segment assets and liabilities Segment
assets
7,414.0
6,533.6
1,732.7
\u2212
\u2212
2,657.6
18,337.9
418.2
18,756.1
Investment in associates and joint ventures
\u2212
\u2212
\u2212
881.3
\u2212
\u2212
881.3
9.8
891.1
Segment liabilities
(3,829.1)
(1,857.0)
(535.2)
\u2212
\u2212
(1,304.7)
(7,526.0)
(72.8)
(7,598.8)
3 1 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 239). 2. Operating cash outflow in the exploration and evaluation segment was $137.5 million. 3. An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22. For the year ended 31 December 2022 Notes to segment revenues and results
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar evaluation items Mining division Total
$m $m $m $m $m $m $m $m $m
Revenue
2,558.9
2,406.2
703.5
\u2212
\u2212
\u2212
5,668.6
193.4
5,862.0
Operating cost excluding depreciation
and loss on disposals (1,086.1)
(1,249.0)
(442.3)
\u2212
(113.0)
(75.0)
(2,965.4)
(119.1)
(3,084.5)
Depreciation (276.1)
(710.2)
(105.6)
\u2212
\u2212
(18.7)
(1,110.6)
(30.5)
(1,141.1)
Loss on disposals
(0.5)
(1.0)
\u2212
\u2212
\u2212
(0.6)
(2.1)
\u2212
(2.1)
Operating profit/(loss)
1,196.2
446.0
155.6
\u2212
(113.0)
(94.3)
1,590.5
43.8
1,634.3
Net share of results from associates
and joint ventures
\u2212
\u2212
\u2212
47.3
\u2212
(0.7)
46.6
1.5
48.1
Gain on disposal of investment in joint
ventures
\u2212
\u2212
\u2212
\u2212
\u2212
944.7
944.7
\u2212
944.7
Total operating profit from subsidiaries,
and share of total results from associates
and joint 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
\u2212
\u2212
19.8
39.5
0.7
40.2
Interest expense
(3.3)
(10.6)
(19.9)
\u2212
\u2212
(44.2)
(78.0)
(0.6)
(78.6)
Other finance items
(5.2)
(11.3)
(6.6)
\u2212
\u2212
(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)
\u2212
\u2212
(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
\u2212
\u2212
(1.1)
422.3
\u2212
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
1,472.8
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
\u2212
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
\u2212
\u2212
2,504.1
16,921.5
412.2
17,333.7
Investment in associates and joint ventures
\u2212
\u2212
\u2212
897.3
\u2212
\u2212
897.3
7.3
904.6
Segment liabilities
(3,155.0)
(1,565.1)
(558.1)
\u2212
\u2212
(1,225.8)
(6,504.0)
(89.9)
(6,593.9)
2 3 1 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 239). 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 (Reko Diq project) (see Notes 3, 4 and 17). (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 $10.3 million (year ended 31 December 2022 -- $9.8 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 \u2018\u2018treatment and refining charge\u2019\u2019 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 $9.8 million (31 December 2022 -- $7.3 million) relating to the Group\u2019s 30% interest in Antofagasta Terminal International SA (\u2018\u2018ATI\u2019\u2019), 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
Revenue by location of customer
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Information about major customers
2023 2022
$m $m
Copper
\u2013 Los Pelambres 2,381.1 2,107.7
\u2013 Centinela concentrate 1,309.8 1,132.7
\u2013 Centinela cathodes 692.6 844.4
\u2013 Antucoya 666.1 697.5
Provision of shipping services
\u2013 Los Pelambres 50.3 51.9
\u2013 Centinela concentrate 35.3 58.5
\u2013 Centinela cathodes 6.0 6.7
\u2013 Antucoya 6.2 6.0
Gold
\u2013 Los Pelambres 83.5 75.4
\u2013 Centinela concentrate 323.4 238.4
Molybdenum
\u2013 Los Pelambres 373.2 291.4
\u2013 Centinela concentrate 131.0 100.8
Silver
\u2013 Los Pelambres 35.7 32.5
\u2013 Centinela concentrate 34.4 24.7
Total
6,128.6
5,668.6
Transport division
195.9
193.4
6,324.5 5,862.0
2023 2022
$m $m
Europe United Kingdom 22.8 71.0
Switzerland 386.5 753.6
Spain \u2212 1.0
Germany 200.0 140.0
Rest of Europe 89.9 96.5
Latin America
\u2013
Chile
399.5 369.1
\u2013
Rest of Latin America
133.0 179.7
North America United States 441.7 312.3
Asia Japan 1,989.6 1,668.6
China 1,417.3 1,072.0
Singapore 450.2 423.8
South Korea 391.1 332.2
Hong Kong 204.7 178.2
Rest of Asia 198.2 264.0
6,324.5 5,862.0
In the year ended 31 December 2023, the Group\u2019s mining revenue included $1,081.0 million related to one large customer that individually accounted for
more than 10% of the Group\u2019s revenue (year ended 31 December 2022 -- one large customer representing $785.5 million).
\u2013 \u2013 \u2013 7 Group revenue Non-current assets by location of assets
2023 2022
$m $m
Chile 14,017.3 12,786.1
Other 9.5 10.1
14,026.8 12,796.2
2023 2022
$m $m
Non-current assets per the balance sheet 14,455.9 13,016.2
The above amounts by location reflect non-current assets per the balance sheet excluding:
Deferred tax assets (72.0) (78.5)
Account receivables (68.5) (51.0)
Equity investments (288.6) (90.5)
Total of non-current assets above (429.1) (220.0)
Non-current assets by location of asset 14,026.8 12,796.2
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 \u2018\u2018treatment and refining charge\u2019\u2019 deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. 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. 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:
2023 2022
$m $m
Revenue from contracts with customers
Sale of products 6,016.2
5,671.
2
Provision of shipping services associated with the sale of products 97.8 123.1
Transport division 195.9 193.4
Provisional pricing adjustments in respect of copper, gold and molybdenum 14.6 (125.7)
Total revenue 6,324.5 5,862.0
1 2 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. 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. 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, 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 2023
Los Pelambres Centinela Centinela Antucoya Los Pelambres Centinela Los Pelambres Centinela
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate
$m $m $m $m $m $m $m $m
Provisionally priced sales of products
2,465.4
1,363.1
689.5
663.9
79.2
319.3
455.4
161.1
Revenue from freight services
50.3
35.3
6.0
6.2
\u2212
\u2212
\u2212
\u2212
Effects of pricing adjustments to
previous year invoices
2,515.7
1,398.4
695.5
670.1
79.2
319.3
455.4
161.1
Reversal of mark-to-market
adjustments at the end of the
previous year
(38.0)
(19.9)
(0.8)
(0.8)
\u2212
(2.7)
(12.6)
(7.6)
Settlement of sales invoiced in the
previous year
90.9
52.9
10.3
7.7
2.9
1.0
40.0
15.9
Total effect of adjustments to previous
year invoices in the current year
52.9
33.0
9.5
6.9
2.9
(1.7)
27.4
8.3
Effects of pricing adjustments to
current year invoices
Settlement of sales invoiced in the
current year
(52.2)
(19.0)
(6.7
)
(4.9)
1.5
3.9
(84.1)
(27.3)
Mark-to-market adjustments at the end
of the current year 45.1
16.2
0.3
0.2
\u2212
2.6
(1.0)
(0.4)
Total effect of adjustments to
current year invoices
(7.1)
(2.8)
(6.4)
(4.7)
1.5
6.5
(85.1)
(27.7)
Total pricing adjustments
45.8
30.2
3.1
2.2
4.4
4.8
(57.7)
(19.4)
Realised losses on commodity
derivatives
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Revenues before deducting treatment
and refining charges
2,561.5
1,428.6
698.6
672.3
83.6
324.1
397.7
141.7
Treatment and refining charges
(130.1)
(83.5)
\u2212
\u2212
(0.1)
(0.7)
(24.5)
(10.7)
Revenue net of tolling charges
2,431.4
1,345.1
698.6
672.3
83.5
323.4
373.2
131.0
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 \u2018\u2018treatment and refining charge\u2019\u2019 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.
For the year ended 31 December 2022
Los Pelambres Centinela Centinela Antucoya Los Pelambres Centinela Los Pelambres Centinela
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate
$m $m $m $m $m $m $m $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
\u2212
\u2212
\u2212
\u2212
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)
\u2212
(0.3)
5.6
0.7
Settlement of sales invoiced in the
previous year
10.7
23.3
0.5
1.0
\u2212
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
\u2212
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
\u2212
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
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
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)
\u2212
\u2212
(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 \u2018\u2018treatment and refining charge\u2019\u2019 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 (II) Copper cathodes (III) Gold in concentrate (IV) Molybdenum concentrate The typicalperiod for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months from shipment date.
2023
2022
Sales provisionally priced at the balance sheet date Tonnes 181,400 179,000
Average mark-to-market price $/lb 3.87
3.8
0
Average provisional invoice price $/lb 3.72 3.65
The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date.
2023
2022
Sales provisionally priced at the balance sheet date Tonnes 16,400 22,700
Average mark-to-market price $/lb 3.85
3.8
0
Average provisional invoice price $/lb 3.84 3.77
The typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from shipment date.
2023
2022
Sales provisionally priced at the balance sheet date Ounces 32,400 31,000
Average mark-to-market price $/oz 2,072 1,828
Average provisional invoice price $/oz 1,992 1,742
The typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date.
2023
2022
Sales provisionally priced at the balance sheet date Tonnes 2,600 2,500
Average mark-to-market price $/lb 18.50 26.10
Average provisional invoice price $/lb 18.80 22.20
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
2023 2022
$m $m
Los Pelambres - copper concentrate Los 45.1
38
.0
Pelambres - molybdenum concentrate (1.0) 12.6
Centinela - copper concentrate 16.2 19.9
Centinela - molybdenum concentrate (0.4) 7.6
Centinela - gold in concentrate 2.6 2.7
Centinela - copper cathodes 0.3 0.8
Antucoya - copper cathodes 0.2 0.8
63.0 82.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "Revenue by location of customer \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
2023 2022
$m $m
Europe United Kingdom 22.8 71.0
Switzerland 386.5 753.6
Spain \u2212 1.0
Germany 200.0 140.0
Rest of Europe 89.9 96.5
Latin America
\u2013
Chile
399.5 369.1
\u2013
Rest of Latin America
133.0 179.7
North America United States 441.7 312.3
Asia Japan 1,989.6 1,668.6
China 1,417.3 1,072.0
Singapore 450.2 423.8
South Korea 391.1 332.2
Hong Kong 204.7 178.2
Rest of Asia 198.2 264.0
6,324.5 5,862.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "Information about major customers In the year ended 31 December 2023, the Group\u2019s mining revenue included $1,081.0 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2022 -- one large customer representing $785.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "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 \u2018\u2018treatment and refining charge\u2019\u2019 deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. 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. 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:
2023 2022
$m $m
Revenue from contracts with customers
Sale of products 6,016.2
5,671.
2
Provision of shipping services associated with the sale of products 97.8 123.1
Transport division 195.9 193.4
Provisional pricing adjustments in respect of copper, gold and molybdenum 14.6 (125.7)
Total revenue 6,324.5 5,862.0
1 2 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. 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. 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, 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 2023
Los Pelambres Centinela Centinela Antucoya Los Pelambres Centinela Los Pelambres Centinela
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate
$m $m $m $m $m $m $m $m
Provisionally priced sales of products
2,465.4
1,363.1
689.5
663.9
79.2
319.3
455.4
161.1
Revenue from freight services
50.3
35.3
6.0
6.2
\u2212
\u2212
\u2212
\u2212
Effects of pricing adjustments to
previous year invoices
2,515.7
1,398.4
695.5
670.1
79.2
319.3
455.4
161.1
Reversal of mark-to-market
adjustments at the end of the
previous year
(38.0)
(19.9)
(0.8)
(0.8)
\u2212
(2.7)
(12.6)
(7.6)
Settlement of sales invoiced in the
previous year
90.9
52.9
10.3
7.7
2.9
1.0
40.0
15.9
Total effect of adjustments to previous
year invoices in the current year
52.9
33.0
9.5
6.9
2.9
(1.7)
27.4
8.3
Effects of pricing adjustments to
current year invoices
Settlement of sales invoiced in the
current year
(52.2)
(19.0)
(6.7
)
(4.9)
1.5
3.9
(84.1)
(27.3)
Mark-to-market adjustments at the end
of the current year 45.1
16.2
0.3
0.2
\u2212
2.6
(1.0)
(0.4)
Total effect of adjustments to
current year invoices
(7.1)
(2.8)
(6.4)
(4.7)
1.5
6.5
(85.1)
(27.7)
Total pricing adjustments
45.8
30.2
3.1
2.2
4.4
4.8
(57.7)
(19.4)
Realised losses on commodity
derivatives
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Revenues before deducting treatment
and refining charges
2,561.5
1,428.6
698.6
672.3
83.6
324.1
397.7
141.7
Treatment and refining charges
(130.1)
(83.5)
\u2212
\u2212
(0.1)
(0.7)
(24.5)
(10.7)
Revenue net of tolling charges
2,431.4
1,345.1
698.6
672.3
83.5
323.4
373.2
131.0
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 \u2018\u2018treatment and refining charge\u2019\u2019 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.
For the year ended 31 December 2022
Los Pelambres Centinela Centinela Antucoya Los Pelambres Centinela Los Pelambres Centinela
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate
$m $m $m $m $m $m $m $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
\u2212
\u2212
\u2212
\u2212
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)
\u2212
(0.3)
5.6
0.7
Settlement of sales invoiced in the
previous year
10.7
23.3
0.5
1.0
\u2212
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
\u2212
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
\u2212
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
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
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)
\u2212
\u2212
(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 \u2018\u2018treatment and refining charge\u2019\u2019 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
(II) Copper cathodes
(III) Gold in concentrate
(IV) Molybdenum 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.
2023
2022
Sales provisionally priced at the balance sheet date Tonnes 181,400 179,000
Average mark-to-market price $/lb 3.87
3.8
0
Average provisional invoice price $/lb 3.72 3.65
The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date.
2023
2022
Sales provisionally priced at the balance sheet date Tonnes 16,400 22,700
Average mark-to-market price $/lb 3.85
3.8
0
Average provisional invoice price $/lb 3.84 3.77
The typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from shipment date.
2023
2022
Sales provisionally priced at the balance sheet date Ounces 32,400 31,000
Average mark-to-market price $/oz 2,072 1,828
Average provisional invoice price $/oz 1,992 1,742
The typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date.
2023
2022
Sales provisionally priced at the balance sheet date Tonnes 2,600 2,500
Average mark-to-market price $/lb 18.50 26.10
Average provisional invoice price $/lb 18.80 22.20
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
2023 2022
$m $m
Los Pelambres - copper concentrate Los 45.1
38
.0
Pelambres - molybdenum concentrate (1.0) 12.6
Centinela - copper concentrate 16.2 19.9
Centinela - molybdenum concentrate (0.4) 7.6
Centinela - gold in concentrate 2.6 2.7
Centinela - copper cathodes 0.3 0.8
Antucoya - copper cathodes 0.2 0.8
63.0 82.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "
8 Operating profit from subsidiaries, and share of total results from associates and joint ventures
\u2013
\u2013
\u2013
Operating profit from subsidiaries, and share of total results from associates and joint ventures is derived from Group revenue by deducting operating
costs as follows:
2023 2022
$m $m
Group revenue 6,324.5 5,862.0
Cost of sales (3,666.4) (3,432.7)
Gross profit 2,658.1 2,429.3
Administrative and distribution expenses (618.5)
(55
8.9)
Other operating income 50.8
3
7.9
Other operating expenses (307.6) (274.0)
Operating profit from subsidiaries 1,782.8 1,634.3
Net share of results from associates and joint ventures (13.5) 48.1
Gain on disposal of investment in joint ventures \u2212 944.7
Total operating profit from subsidiaries, and share of total results from associates and joint ventures
1,769.3
2,627.1
1
1. Other operating expenses comprise $141.1 million of exploration and evaluation expenditure (2022 -- $113.0 million), $25.7 million in respect of the employee severance
provision (2022 -- $19.1 million), $12.8 million in respect of the decommissioning and restoration provisions (2022 -- $15.4 million, restated from the previously reported
figure of $16.9 million in order to ensure consistency with the reconciliation reflected in Note 30), and $128.0 million of other expenses (2022 -- $126.5 million, restated from
the previously reported figure of $125.0 million in order to ensure consistency within this note).
Profit before tax is stated after (charging)/crediting:
2022
2023 Restated
$m $m
Foreign exchange losses
\u2013
included in net finance expense
(12.5) (12.8)
Depreciation of property, plant and equipment owned assets (1,127.7) (1,047.2)
leased assets (83.6) (93.9)
Loss on disposal of property, plant and equipment Cost \u2212 (2.1)
of inventories recognised as an expense Employee
(2,457
.8)
(2,381.6)
benefit expense (619.9)
(476.
6)
Decommissioning and restoration (operating expenses) (12.8) (15.4)
Severance charges
(25.7
)
(19.1)
Exploration and evaluation expense (141.1) (113.0)
Auditors\u00b4 remuneration (2.4) (2.2)
1
1. The comparative figure of $15.4 million has been restated from the previously reported figure of $16.9 million in order to ensure consistency with the reconciliation reflected
in Note 30.
A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below:
2023 2022
Group $000 $000
Fees payable to the Company\u00b4s auditors and their associates for the audit of the Parent Company and consolidated
financial statements 1,685.0 1,312.5
Fees payable to the Company\u00b4s auditors and their associates for other services:
\u2013
The audit of the Company\u2019s subsidiaries
598.0 549.6
\u2013
Audit-related assurance services
109.0 98.0
Other assurance services \u2212 241.0
2,392.0 2,201.1
1
2
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 auditors were used rather than another supplier and
how the auditors\u2019 independence and objectivity was safeguarded are set out in the Audit and Risk Committee report on page 147. No services were
provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "8 Operating profit from subsidiaries, and share of total results from associates and joint ventures \u2013 \u2013 \u2013 Operating profit from subsidiaries, and share of total results from associates and joint ventures is derived from Group revenue by deducting operating costs as follows:
2023 2022
$m $m
Group revenue 6,324.5 5,862.0
Cost of sales (3,666.4) (3,432.7)
Gross profit 2,658.1 2,429.3
Administrative and distribution expenses (618.5)
(55
8.9)
Other operating income 50.8
3
7.9
Other operating expenses (307.6) (274.0)
Operating profit from subsidiaries 1,782.8 1,634.3
Net share of results from associates and joint ventures (13.5) 48.1
Gain on disposal of investment in joint ventures \u2212 944.7
Total operating profit from subsidiaries, and share of total results from associates and joint ventures
1,769.3
2,627.1
1 1. Other operating expenses comprise $141.1 million of exploration and evaluation expenditure (2022 -- $113.0 million), $25.7 million in respect of the employee severance provision (2022 -- $19.1 million), $12.8 million in respect of the decommissioning and restoration provisions (2022 -- $15.4 million, restated from the previously reported figure of $16.9 million in order to ensure consistency with the reconciliation reflected in Note 30), and $128.0 million of other expenses (2022 -- $126.5 million, restated from the previously reported figure of $125.0 million in order to ensure consistency within this note). Profit before tax is stated after (charging)/crediting:
2022
2023 Restated
$m $m
Foreign exchange losses
\u2013
included in net finance expense
(12.5) (12.8)
Depreciation of property, plant and equipment owned assets (1,127.7) (1,047.2)
leased assets (83.6) (93.9)
Loss on disposal of property, plant and equipment Cost \u2212 (2.1)
of inventories recognised as an expense Employee
(2,457
.8)
(2,381.6)
benefit expense (619.9)
(476.
6)
Decommissioning and restoration (operating expenses) (12.8) (15.4)
Severance charges
(25.7
)
(19.1)
Exploration and evaluation expense (141.1) (113.0)
Auditors\u00b4 remuneration (2.4) (2.2)
1 1. The comparative figure of $15.4 million has been restated from the previously reported figure of $16.9 million in order to ensure consistency with the reconciliation reflected in Note 30. A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below:
2023 2022
Group $000 $000
Fees payable to the Company\u00b4s auditors and their associates for the audit of the Parent Company and consolidated
financial statements 1,685.0 1,312.5
Fees payable to the Company\u00b4s auditors and their associates for other services:
\u2013
The audit of the Company\u2019s subsidiaries
598.0 549.6
\u2013
Audit-related assurance services
109.0 98.0
Other assurance services \u2212 241.0
2,392.0 2,201.1
1 2 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 auditors were used rather than another supplier and how the auditors\u2019 independence and objectivity was safeguarded are set out in the Audit and Risk Committee report on page 147. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below:
2023 2022
Group $000 $000
Fees payable to the Company\u00b4s auditors and their associates for the audit of the Parent Company and consolidated
financial statements 1,685.0 1,312.5
Fees payable to the Company\u00b4s auditors and their associates for other services:
\u2013
The audit of the Company\u2019s subsidiaries
598.0 549.6
\u2013
Audit-related assurance services
109.0 98.0
Other assurance services \u2212 241.0
2,392.0 2,201.1
1 2 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 auditors were used rather than another supplier and how the auditors\u2019 independence and objectivity was safeguarded are set out in the Audit and Risk Committee report on page 147. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "9 Employees A) Average monthly number of employees \u2013 \u2013 \u2013 B) Aggregate remuneration C) Key management personnel
2022
2023 Restated
Number Number
Los Pelambres 1,154 1,069
Centinela 2,503 2,408
Antucoya 914 852
Exploration and evaluation 58 60
Corporate and other employees
Chile 591 582
United Kingdom 4 4
Other 4 4
Mining and Corporate
5,228
4,979
Transport division
1,402
1,383
6,630 6,362
1 1. The comparative figure of four employees has been restated from the previously reported figure of one employee in order to ensure the presentation of comparable figures. 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. The average number of employees does not include employees of associates and joint ventures. The aggregate remuneration of the employees included in the table above was as follows:
2023 2022
$m $m
Wages and salaries (589.4) (448.5)
Social security costs (30.5) (28.1)
(619.9) (476.6)
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 senior management at the Corporate Centre and those responsible for the running of the key business divisions of the Group, specifically the Executive Committee and the General Managers of the Group\u2019s subsidiary operations. Compensation for key management personnel (including Directors) was as follows:
2023 2022
$m $m
Salaries and short-term employee benefits (27.1) (25.0)
(27.1) (25.0)
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 166 to 173.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "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 senior management at the Corporate Centre and those responsible for the running of the key business divisions of the Group, specifically the Executive Committee and the General Managers of the Group\u2019s subsidiary operations. Compensation for key management personnel (including Directors) was as follows:
2023 2022
$m $m
Salaries and short-term employee benefits (27.1) (25.0)
(27.1) (25.0)
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 166 to 173.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "10 Net finance income/(expense)
2023 2022
$m $m
Investment income
Interest income 43.1 19.8
Gains on liquid investments held at fair value through profit or loss 95.0 20.4
138.1 40.2
Interest expense
Interest expense (105.6) (78.6)
(105.6) (78.6)
Other finance items
Unwinding of discount on provisions
(
15.8)
(16.9)
Exceptional fair value gains 167.1 \u2212
Effects of changes in foreign exchange rates 12.5 (12.8)
Preference dividends (0.1) (0.1)
163.7 (29.8)
Net finance income/(expense)
196.2
(68.2)
During 2023, amounts capitalised and consequently not included within the above table were as follows: $104.2 million at Los Pelambres (year ended 31 December 2022 -- $47.0 million) and $7.9 million at Centinela (year ended 31 December 2022 -- $2.0 million). The interest expense shown above includes $10.5 million in respect of leases (2022 -- $7.1 million). The interest paid in respect of leases was $9.7 million (2022 -- $6.0 million). An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "10 Net finance income/(expense)
2023 2022
$m $m
Investment income
Interest income 43.1 19.8
Gains on liquid investments held at fair value through profit or loss 95.0 20.4
138.1 40.2
Interest expense
Interest expense (105.6) (78.6)
(105.6) (78.6)
Other finance items
Unwinding of discount on provisions
(
15.8)
(16.9)
Exceptional fair value gains 167.1 \u2212
Effects of changes in foreign exchange rates 12.5 (12.8)
Preference dividends (0.1) (0.1)
163.7 (29.8)
Net finance income/(expense)
196.2
(68.2)
During 2023, amounts capitalised and consequently not included within the above table were as follows: $104.2 million at Los Pelambres (year ended 31 December 2022 -- $47.0 million) and $7.9 million at Centinela (year ended 31 December 2022 -- $2.0 million). The interest expense shown above includes $10.5 million in respect of leases (2022 -- $7.1 million). The interest paid in respect of leases was $9.7 million (2022 -- $6.0 million). An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "10 Net finance income/(expense)
2023 2022
$m $m
Investment income
Interest income 43.1 19.8
Gains on liquid investments held at fair value through profit or loss 95.0 20.4
138.1 40.2
Interest expense
Interest expense (105.6) (78.6)
(105.6) (78.6)
Other finance items
Unwinding of discount on provisions
(
15.8)
(16.9)
Exceptional fair value gains 167.1 \u2212
Effects of changes in foreign exchange rates 12.5 (12.8)
Preference dividends (0.1) (0.1)
163.7 (29.8)
Net finance income/(expense)
196.2
(68.2)
During 2023, amounts capitalised and consequently not included within the above table were as follows: $104.2 million at Los Pelambres (year ended 31 December 2022 -- $47.0 million) and $7.9 million at Centinela (year ended 31 December 2022 -- $2.0 million). The interest expense shown above includes $10.5 million in respect of leases (2022 -- $7.1 million). The interest paid in respect of leases was $9.7 million (2022 -- $6.0 million). An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "10 Net finance income/(expense)
2023 2022
$m $m
Investment income
Interest income 43.1 19.8
Gains on liquid investments held at fair value through profit or loss 95.0 20.4
138.1 40.2
Interest expense
Interest expense (105.6) (78.6)
(105.6) (78.6)
Other finance items
Unwinding of discount on provisions
(
15.8)
(16.9)
Exceptional fair value gains 167.1 \u2212
Effects of changes in foreign exchange rates 12.5 (12.8)
Preference dividends (0.1) (0.1)
163.7 (29.8)
Net finance income/(expense)
196.2
(68.2)
During 2023, amounts capitalised and consequently not included within the above table were as follows: $104.2 million at Los Pelambres (year ended 31 December 2022 -- $47.0 million) and $7.9 million at Centinela (year ended 31 December 2022 -- $2.0 million). The interest expense shown above includes $10.5 million in respect of leases (2022 -- $7.1 million). The interest paid in respect of leases was $9.7 million (2022 -- $6.0 million). An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "10 Net finance income/(expense)
2023 2022
$m $m
Investment income
Interest income 43.1 19.8
Gains on liquid investments held at fair value through profit or loss 95.0 20.4
138.1 40.2
Interest expense
Interest expense (105.6) (78.6)
(105.6) (78.6)
Other finance items
Unwinding of discount on provisions
(
15.8)
(16.9)
Exceptional fair value gains 167.1 \u2212
Effects of changes in foreign exchange rates 12.5 (12.8)
Preference dividends (0.1) (0.1)
163.7 (29.8)
Net finance income/(expense)
196.2
(68.2)
During 2023, amounts capitalised and consequently not included within the above table were as follows: $104.2 million at Los Pelambres (year ended 31 December 2022 -- $47.0 million) and $7.9 million at Centinela (year ended 31 December 2022 -- $2.0 million). The interest expense shown above includes $10.5 million in respect of leases (2022 -- $7.1 million). The interest paid in respect of leases was $9.7 million (2022 -- $6.0 million). An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "10 Net finance income/(expense)
2023 2022
$m $m
Investment income
Interest income 43.1 19.8
Gains on liquid investments held at fair value through profit or loss 95.0 20.4
138.1 40.2
Interest expense
Interest expense (105.6) (78.6)
(105.6) (78.6)
Other finance items
Unwinding of discount on provisions
(
15.8)
(16.9)
Exceptional fair value gains 167.1 \u2212
Effects of changes in foreign exchange rates 12.5 (12.8)
Preference dividends (0.1) (0.1)
163.7 (29.8)
Net finance income/(expense)
196.2
(68.2)
During 2023, amounts capitalised and consequently not included within the above table were as follows: $104.2 million at Los Pelambres (year ended 31 December 2022 -- $47.0 million) and $7.9 million at Centinela (year ended 31 December 2022 -- $2.0 million). The interest expense shown above includes $10.5 million in respect of leases (2022 -- $7.1 million). The interest paid in respect of leases was $9.7 million (2022 -- $6.0 million). An exceptional fair value gain of $167.1 million has been recognised in respect of an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Notes 4 and 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "11 Income tax expense \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 New mining royalty The tax charge for the year comprised the following:
2023 2022
$m $m
Current tax charge
Corporate tax (principally first category tax in Chile)
(47
2.8)
(340.4)
Mining tax (royalty) (109.3) (83.9)
Withholding tax (4.5) (24.5)
Exchange rate (0.2) \u2212
(586.8) (448.8)
Deferred tax charge
Corporate tax (principally first category tax in Chile)
(3.7
)
(96.5)
Mining tax (royalty)
(2.7
)
(9.8)
Adjustment to deferred tax due to introduction of new royalty (34.3) \u2212
Exceptional items (41.8) \u2212
Withholding tax 3.2 (48.5)
(79.3) (154.8)
Total tax charge
(666.1)
(603.6)
The rate of first category (i.e. corporate) tax in Chile is 27.0% (2022 -- 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 (i.e. corporate) tax already paid in respect of the profits to which the remittances relate. The withholding tax charge in the current period reflected a one-off adjustment of $34.7 million to the provision for deferred withholding tax, as a result of an intra-group restructuring of intercompany balances. The Group\u2019s mining operations are also subject to a mining tax (royalty). During 2023, production from Los Pelambres, Antucoya, Encuentro (oxides), the Tesoro North East pit and the Run-of-Mine processing at Centinela Cathodes was subject to a rate of between 5--14%, depending on the level of operating profit margin, and production from Centinela Concentrates and the Tesoro Central and Mirador pits at Centinela Cathodes was subject to a rate of 5% of taxable operating profit. In August 2023, the new Chilean mining royalty law was approved. The new law has taken effect from 1 January 2024, replacing the existing specific mining tax. However, companies with tax stability agreements will continue to be governed by their current terms until those agreements expire. The new regime applied to Los Pelambres\u2019 and Zald\u00edvar\u2019s royalty payments from the start of 2024. Centinela and Antucoya had tax stability agreements which extend beyond that point, and so the new royalty rates will only impact their royalty payments from 2030 onwards. The new royalty terms include a 1% ad valorem royalty on copper sales, as well as a royalty ranging from 8% to 26% applied to the \u2018\u2018Mining Operating Margin\u2019\u2019, depending on each mining operation\u2019s level of profitability. The new royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense. The impact on the Group\u2019s royalty payments starting in 2024 will be subject to various factors, including future revenue and earnings, which will be influenced by parameters such as copper prices, production volumes, and operating costs. A one-off adjustment has been recognised to the deferred tax balances of all of the Group\u2019s mining operations as at 31 December 2023, resulting in an increase in the Group\u2019s deferred tax liability balance of $34.3 million, along with a corresponding deferred tax expense. The Chilean tax authority has issued definitive interpretations regarding the methodologies for determining and calculating the new royalty amounts. The new administrative interpretation refers to all issues included in the new Royalty Law published in August 2023. \u2022 \u2022 \u2022 OECD Pillar two model rules Minera Centinela tax claims and queries Thefollowing 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 Year ended Year ended Year ended
31 December 2023 31 December 2023 31 December 2022 31 December 2022 Including
Excluding exceptional items Including exceptional items Excluding exceptional items exceptional items
$m
%
$m
%
$m
%
$m
%
Profit before tax
1,798.4
1,965.5
1,614.2
2,558.9
Profit before tax multiplied by Chilean
corporate tax rate of 27% (485.6)
27.0
(530.7)
27.0
(435.9)
27.0
(691.0)
27.0
Mining tax (royalty)
(109.7
)
6.1
(109.7)
5.6
(94.5)
5.8
(94.5)
3.7
Deduction of mining tax (royalty) as an
allowable expense in determination of
first category tax
29.5
(1.6)
29.5
(1.5)
2
3.1
(1.4)
23.1
(0.9)
Items not deductible from first category
tax
(21.4)
1
.2
(21.4)
1.1
(33.9)
2.1
(33.9)
1.3
Adjustment in respect of prior years
4.5
(0.3)
4.5
(0.2)
(2.6)
0.1
(2.6)
0.1
Effect of increase in future royalty tax
on deferred tax balances
(34.3)
1.9
(34.3)
1.7
\u2212
\u2212
\u2212
\u2212
Withholding tax
(1.4)
0.1
(1.4)
0.1
(73.0)
4.6
(73.0)
2.9
Tax effect of (loss)/profit of associates
and joint ventures (3.6)
0.2
(3.6)
0.2
13.0
(0.8)
13.0
(0.5)
Impact of previously unrecognised tax
losses on current tax
(2.3)
0.1
(2.3)
0.1
0.2
\u2212
0.2
\u2212
Gain on disposal of investment in joint
venture
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
255.1
(10.0)
Difference in overseas tax rates
\u2212
\u2212
3.3
(0.2)
\u2212
\u2212
\u2212
\u2212
Tax expense and effective tax rate
for the year
(624.3)
34.7
(666.1)
33.9
(603.6)
37.4
(603.6)
23.6
The effective tax rate (excluding exceptional items) of 34.7% varied from the statutory rate principally due to the mining tax (royalty) (net impact of $80.2 million/4.5% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax), the effect of the increase in future royalty tax on deferred tax balances (impact of $34.3 million/1.9%), items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $21.4 million/1.2%), the impact of the recognition of the Group\u2019s share of (loss)/profit from associates and joint ventures, which are included in the Group\u2019s profit before tax net of their respective tax charges (impact of $3.6 million/0.2%), the impact of unrecognised tax losses (impact of $2.3 million/0.1%) and the withholding tax relating to the remittance of profits from Chile (impact of $1.4 million/0.1%), partly offset by adjustments in respect of prior years (impact of $4.5 million/0.3%). The effective tax rate (including exceptional items) of 33.9% varied from the statutory rate due to the factors outlined above, and also the $3.3 million impact of the difference in the overseas tax rate which applied to the exceptional item. The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are: The impact of the new Chilean mining royalty as described above. 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. As noted above, the withholding tax charge in the current period reflected a one-off adjustment of $34.7 million to the provision for deferred withholding tax, as a result of an intra-group restructuring of intercompany balances. 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 Group falls within the scope of the OECD Pillar two model rules, which will introduce a minimum effective tax rate of 15% for multinational companies. The rules were substantively enacted in the UK in 2023 and will be effective from 1 January 2024. Currently, the Antofagasta Group operates in Chile and is subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any profits distributed from Chile. The Group is evaluating the potential future impact of these rules on its tax expense. However, based on the Group's current position, it does not anticipate any effect on its 2024 tax expense. This has included analysis of the Group\u2019s detailed financial information in respect of 2021. There have not been changes to the Group\u2019s position or results subsequent to that date which would significantly impact that analysis. The Group has applied the amendment to IAS 12, which requires that companies do not recognise deferred tax balances in relation to the Pillar two model rules. In the context of an administrative review, the Chilean Internal Revenue Service (IRS) has raised claims and queries with Minera Centinela in respect of approximately $85 million of tax deductions recognised in relation to the amortisation of start-up costs relating to the Encuentro pit. The Group considers the tax treatment adopted by Minera Centinela to be correct and appropriate, has robust arguments to support its position, and expects its position to be upheld by the review processes. If the Group is unsuccessful in supporting its position, this amount (plus potential interest and penalties) would fall due. There are no other significant tax uncertainties which would require critical judgements, estimates or potential provisions other than deferred tax judgements and estimates as explained in Note 3B. 29 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (Royalty) Tax losses Disposal Total
$m $m $m $m $m $m $m $m
At 1 January 2022
(1,371.0)
115.0
(23.1)
(61.3)
(102.9)
127.6
\u2212
(1,315.7)
(Charge)/credit to income
(79.2)
1.4
(48.5)
(15.6)
(9.8)
(3.1)
\u2212
(154.8)
Reclassification
(16.9)
7.8
\u2212
9.1
\u2212
\u2212
\u2212
\u2212
Credit deferred in equity
\u2212
4.9
\u2212
\u2212
0.8
\u2212
\u2212
5.7
At 31 December 2022 and 1 January
2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
\u2212
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
\u2212
(2.9)
Adjustment due to introduction of new
royalty
\u2212
\u2212
\u2212
50.8
(85.1)
\u2212
\u2212
(34.3)
Tax on exceptional items
\u2212
\u2212
\u2212
(41.8)
\u2212
\u2212
\u2212
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2212
\u2212
Charge deferred in equity
\u2212
(2.9)
\u2212
(37.0)
(0.9)
\u2212
\u2212
(40.8)
At 31 December 2023
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
\u2212
(1,584.6)
2 1 1. The $40.8 million of deferred tax recognised directly in equity relates to a $37.0m deferred tax expense in respect of the movements in the fair value of equity investments (see Note 19) and a $3.8 million deferred tax expense in respect of actuarial gains on defined benefit plans. 2. A deferred tax expense of $41.8 million has been recognised in respect of the exceptional fair value gain of $167.1 million in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4). The charge to the income statement of $2.9 million (2022 -- $154.8 million) included an impact from foreign exchange differences of $0.3 million (2022: 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):
2023 2022
$m $m
Net deferred tax assets 72.0 78.5
Net deferred tax liabilities (1,656.6) (1,543.3)
Net deferred tax balances (1,584.6) (1,464.8)
The $72.0 million net deferred tax asset balance (2022 \u2212 $78.5 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences.
At 3
1 December 2023, the Group had unused tax losses associated with Chilean entities (predominantly Antucoya) of $523.3 million (2022 --
$460.3 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 $141.2 million has been recognised in respect of 100% of these losses as at 31 December 2023 (31 December 2022 -- $124.5 million).
In addition, at 31 December 2023, the Group had unused tax losses associated with entities outside of Chile (predominantly in respect of the Twin Metals
project) of $496.8 million (2022 -- $427.0 million). A portion of the Twin Metals tax losses expire in the period from 2030 -- 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 2023, deferred withholding tax liabilities of $66.6 million have been recognised
(31 December 2022 -- $71.6 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 $7,101.1 million (31 December 2022 -- $6,430.4 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 $1,314.9 million
(31 December 2022 -- $1,076.5 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 $1,584.6 million (2022 -- $1,464.8 million) includes $1,567.2 million (2022 -- $1,404.7 million) due in more than one year.
The deferred tax assets of $72.0 million include $23.5 million due in less than 1 year and $48.5 million due in more than 1 year.
The deferred tax liabilities of $1,656.6 million include $40.9 million due in less than 1 year and $1,615.7 million due in more than 1 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:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "11 Income tax expense \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 New mining royalty The tax charge for the year comprised the following:
2023 2022
$m $m
Current tax charge
Corporate tax (principally first category tax in Chile)
(47
2.8)
(340.4)
Mining tax (royalty) (109.3) (83.9)
Withholding tax (4.5) (24.5)
Exchange rate (0.2) \u2212
(586.8) (448.8)
Deferred tax charge
Corporate tax (principally first category tax in Chile)
(3.7
)
(96.5)
Mining tax (royalty)
(2.7
)
(9.8)
Adjustment to deferred tax due to introduction of new royalty (34.3) \u2212
Exceptional items (41.8) \u2212
Withholding tax 3.2 (48.5)
(79.3) (154.8)
Total tax charge
(666.1)
(603.6)
The rate of first category (i.e. corporate) tax in Chile is 27.0% (2022 -- 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 (i.e. corporate) tax already paid in respect of the profits to which the remittances relate. The withholding tax charge in the current period reflected a one-off adjustment of $34.7 million to the provision for deferred withholding tax, as a result of an intra-group restructuring of intercompany balances. The Group\u2019s mining operations are also subject to a mining tax (royalty). During 2023, production from Los Pelambres, Antucoya, Encuentro (oxides), the Tesoro North East pit and the Run-of-Mine processing at Centinela Cathodes was subject to a rate of between 5--14%, depending on the level of operating profit margin, and production from Centinela Concentrates and the Tesoro Central and Mirador pits at Centinela Cathodes was subject to a rate of 5% of taxable operating profit. In August 2023, the new Chilean mining royalty law was approved. The new law has taken effect from 1 January 2024, replacing the existing specific mining tax. However, companies with tax stability agreements will continue to be governed by their current terms until those agreements expire. The new regime applied to Los Pelambres\u2019 and Zald\u00edvar\u2019s royalty payments from the start of 2024. Centinela and Antucoya had tax stability agreements which extend beyond that point, and so the new royalty rates will only impact their royalty payments from 2030 onwards. The new royalty terms include a 1% ad valorem royalty on copper sales, as well as a royalty ranging from 8% to 26% applied to the \u2018\u2018Mining Operating Margin\u2019\u2019, depending on each mining operation\u2019s level of profitability. The new royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense. The impact on the Group\u2019s royalty payments starting in 2024 will be subject to various factors, including future revenue and earnings, which will be influenced by parameters such as copper prices, production volumes, and operating costs. A one-off adjustment has been recognised to the deferred tax balances of all of the Group\u2019s mining operations as at 31 December 2023, resulting in an increase in the Group\u2019s deferred tax liability balance of $34.3 million, along with a corresponding deferred tax expense. The Chilean tax authority has issued definitive interpretations regarding the methodologies for determining and calculating the new royalty amounts. The new administrative interpretation refers to all issues included in the new Royalty Law published in August 2023.
\u2022
\u2022
\u2022
OECD Pillar two model rules
Minera Centinela tax claims and queries
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 Year ended Year ended Year ended
31 December 2023 31 December 2023 31 December 2022 31 December 2022 Including
Excluding exceptional items Including exceptional items Excluding exceptional items exceptional items
$m
%
$m
%
$m
%
$m
%
Profit before tax
1,798.4
1,965.5
1,614.2
2,558.9
Profit before tax multiplied by Chilean
corporate tax rate of 27% (485.6)
27.0
(530.7)
27.0
(435.9)
27.0
(691.0)
27.0
Mining tax (royalty)
(109.7
)
6.1
(109.7)
5.6
(94.5)
5.8
(94.5)
3.7
Deduction of mining tax (royalty) as an
allowable expense in determination of
first category tax
29.5
(1.6)
29.5
(1.5)
2
3.1
(1.4)
23.1
(0.9)
Items not deductible from first category
tax
(21.4)
1
.2
(21.4)
1.1
(33.9)
2.1
(33.9)
1.3
Adjustment in respect of prior years
4.5
(0.3)
4.5
(0.2)
(2.6)
0.1
(2.6)
0.1
Effect of increase in future royalty tax
on deferred tax balances
(34.3)
1.9
(34.3)
1.7
\u2212
\u2212
\u2212
\u2212
Withholding tax
(1.4)
0.1
(1.4)
0.1
(73.0)
4.6
(73.0)
2.9
Tax effect of (loss)/profit of associates
and joint ventures (3.6)
0.2
(3.6)
0.2
13.0
(0.8)
13.0
(0.5)
Impact of previously unrecognised tax
losses on current tax
(2.3)
0.1
(2.3)
0.1
0.2
\u2212
0.2
\u2212
Gain on disposal of investment in joint
venture
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
255.1
(10.0)
Difference in overseas tax rates
\u2212
\u2212
3.3
(0.2)
\u2212
\u2212
\u2212
\u2212
Tax expense and effective tax rate
for the year
(624.3)
34.7
(666.1)
33.9
(603.6)
37.4
(603.6)
23.6
The effective tax rate (excluding exceptional items) of 34.7% varied from the statutory rate principally due to the mining tax (royalty) (net impact of
$80.2 million/4.5% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax), the effect of the
increase in future royalty tax on deferred tax balances (impact of $34.3 million/1.9%), items not deductible for Chilean corporate tax purposes, principally
the funding of expenses outside of Chile (impact of $21.4 million/1.2%), the impact of the recognition of the Group\u2019s share of (loss)/profit from associates
and joint ventures, which are included in the Group\u2019s profit before tax net of their respective tax charges (impact of $3.6 million/0.2%), the impact of
unrecognised tax losses (impact of $2.3 million/0.1%) and the withholding tax relating to the remittance of profits from Chile (impact of $1.4 million/0.1%),
partly offset by adjustments in respect of prior years (impact of $4.5 million/0.3%).
The effective tax rate (including exceptional items) of 33.9% varied from the statutory rate due to the factors outlined above, and also the $3.3 million
impact of the difference in the overseas tax rate which applied to the exceptional item.
The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are:
The impact of the new Chilean mining royalty as described above.
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. As
noted above, the withholding tax charge in the current period reflected a one-off adjustment of $34.7 million to the provision for deferred withholding
tax, as a result of an intra-group restructuring of intercompany balances.
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 Group falls within the scope of the OECD Pillar two model rules, which will introduce a minimum effective tax rate of 15% for multinational companies.
The rules were substantively enacted in the UK in 2023 and will be effective from 1 January 2024. Currently, the Antofagasta Group operates in Chile and
is subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any profits distributed from Chile. The Group is evaluating the
potential future impact of these rules on its tax expense. However, based on the Group's current position, it does not anticipate any effect on its 2024 tax
expense. This has included analysis of the Group\u2019s detailed financial information in respect of 2021. There have not been changes to the Group\u2019s position
or results subsequent to that date which would significantly impact that analysis. The Group has applied the amendment to IAS 12, which requires that
companies do not recognise deferred tax balances in relation to the Pillar two model rules.
In the context of an administrative review, the Chilean Internal Revenue Service (IRS) has raised claims and queries with Minera Centinela in respect of
approximately $85 million of tax deductions recognised in relation to the amortisation of start-up costs relating to the Encuentro pit. The Group considers
the tax treatment adopted by Minera Centinela to be correct and appropriate, has robust arguments to support its position, and expects its position to be
upheld by the review processes. If the Group is unsuccessful in supporting its position, this amount (plus potential interest and penalties) would fall due.
There are no other significant tax uncertainties which would require critical judgements, estimates or potential provisions other than deferred tax
judgements and estimates as explained in Note 3B.
29 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (Royalty) Tax losses Disposal Total
$m $m $m $m $m $m $m $m
At 1 January 2022
(1,371.0)
115.0
(23.1)
(61.3)
(102.9)
127.6
\u2212
(1,315.7)
(Charge)/credit to income
(79.2)
1.4
(48.5)
(15.6)
(9.8)
(3.1)
\u2212
(154.8)
Reclassification
(16.9)
7.8
\u2212
9.1
\u2212
\u2212
\u2212
\u2212
Credit deferred in equity
\u2212
4.9
\u2212
\u2212
0.8
\u2212
\u2212
5.7
At 31 December 2022 and 1 January
2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
\u2212
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
\u2212
(2.9)
Adjustment due to introduction of new
royalty
\u2212
\u2212
\u2212
50.8
(85.1)
\u2212
\u2212
(34.3)
Tax on exceptional items
\u2212
\u2212
\u2212
(41.8)
\u2212
\u2212
\u2212
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2212
\u2212
Charge deferred in equity
\u2212
(2.9)
\u2212
(37.0)
(0.9)
\u2212
\u2212
(40.8)
At 31 December 2023
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
\u2212
(1,584.6)
2 1 1. The $40.8 million of deferred tax recognised directly in equity relates to a $37.0m deferred tax expense in respect of the movements in the fair value of equity investments (see Note 19) and a $3.8 million deferred tax expense in respect of actuarial gains on defined benefit plans. 2. A deferred tax expense of $41.8 million has been recognised in respect of the exceptional fair value gain of $167.1 million in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4). The charge to the income statement of $2.9 million (2022 -- $154.8 million) included an impact from foreign exchange differences of $0.3 million (2022: 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):
2023 2022
$m $m
Net deferred tax assets 72.0 78.5
Net deferred tax liabilities (1,656.6) (1,543.3)
Net deferred tax balances (1,584.6) (1,464.8)
The $72.0 million net deferred tax asset balance (2022 \u2212 $78.5 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 3 1 December 2023, the Group had unused tax losses associated with Chilean entities (predominantly Antucoya) of $523.3 million (2022 -- $460.3 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 $141.2 million has been recognised in respect of 100% of these losses as at 31 December 2023 (31 December 2022 -- $124.5 million). In addition, at 31 December 2023, the Group had unused tax losses associated with entities outside of Chile (predominantly in respect of the Twin Metals project) of $496.8 million (2022 -- $427.0 million). A portion of the Twin Metals tax losses expire in the period from 2030 -- 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 2023, deferred withholding tax liabilities of $66.6 million have been recognised (31 December 2022 -- $71.6 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 $7,101.1 million (31 December 2022 -- $6,430.4 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 $1,314.9 million (31 December 2022 -- $1,076.5 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 $1,584.6 million (2022 -- $1,464.8 million) includes $1,567.2 million (2022 -- $1,404.7 million) due in more than one year. The deferred tax assets of $72.0 million include $23.5 million due in less than 1 year and $48.5 million due in more than 1 year. The deferred tax liabilities of $1,656.6 million include $40.9 million due in less than 1 year and $1,615.7 million due in more than 1 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "12 Earnings per share Reconciliation of basic earnings per share from continuing operations:
2023 2022
$m $m
Profit for the period attributable to owners of the parent (excluding exceptional items)
709.
8
588.3
Exceptional Items
1
25.3
944.7
Profit for the period attributable to owners of the parent (including exceptional items) from operations 835.1 1,533.0
2023 2022
Number Number
Ordinary shares in issue throughout each year 985,856,695 985,856,695
2023 2022
cents cents
Basic earnings per share (excluding exceptional items) from operations
72.
0
59.7
Basic earnings per share (exceptional items) from operations 12.7 95.8
Basic earnings per share (including exceptional items) from operations 84.7 155.5
Basic earnings per share are calculated as profit after tax and non-controlling interests, based on 985,856,695 (2022: 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.
2023
2022
Profit for the year attributable to owners of the parent $m 835.1 1,533.0
Profit from continuing operations attributable to owners of the parent $m 835.1 1,533.0
Ordinary shares Number 985,856,695 985,856,695
Basic earnings per share from continuing operations cents 84.7 155.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "13 Dividends \u2013 Amounts recognised as distributions to equity holders in the year:
2023 2022
2023 2022 cents cents
$m $m per share per share
Final dividend paid in June (proposed in relation to the previous year)
\u2013
Ordinary
497.9 1,172.2 50.5 118.9
Interim dividend paid in September Ordinary 115.3 90.7 11.7 9.2
613.2 1,262.9 62.2 128.1
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:
2023 2022
2023 2022 cents cents
$m $m per share per share
Final dividend proposed in relation to the year
\u2013
Ordinary
239.6 497.9 24.3 50.5
Total dividends proposed in relation to 2023 (including the interim dividend) are 36.0 cents per share or $354.9 million (2022 -- 59.7 cents per share or $588.3 million). In accordance with IAS 32, preference dividends have been included within net finance income/(expense) (see Note 10) and amounted to $0.1 million (2022 -- $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 179.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "14 Intangible assets
Accumulated
depreciation
Cost and impairment Net book value
$m $m $m
At 1 January 2021
150.1
\u2212
150.1
Provision against carrying value
\u2212
(150.1)
(150.1)
At 31 December 2021
150.1
(150.1)
\u2212
At 31 December 2022
150.1
(150.1)
\u2212
At 31 December 2023
150.1
(150.1)
\u2212
The intangibl
e asset relates to Twin Metals\u2019 mining licences assets (included within the corporate segment). 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 continues to be recognised in respect of the carrying value of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "14 Intangible assets
Accumulated
depreciation
Cost and impairment Net book value
$m $m $m
At 1 January 2021
150.1
\u2212
150.1
Provision against carrying value
\u2212
(150.1)
(150.1)
At 31 December 2021
150.1
(150.1)
\u2212
At 31 December 2022
150.1
(150.1)
\u2212
At 31 December 2023
150.1
(150.1)
\u2212
The intangible asset relates to Twin Metals\u2019 mining licences assets (included within the corporate segment). 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 continues to be recognised in respect of the carrying value of the asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "14 Intangible assets
Accumulated
depreciation
Cost and impairment Net book value
$m $m $m
At 1 January 2021
150.1
\u2212
150.1
Provision against carrying value
\u2212
(150.1)
(150.1)
At 31 December 2021
150.1
(150.1)
\u2212
At 31 December 2022
150.1
(150.1)
\u2212
At 31 December 2023
150.1
(150.1)
\u2212
The intangible asset relates to Twin Metals\u2019 mining licences assets (included within the corporate segment). 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 continues to be recognised in respect of the carrying value of the asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "0.50", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-7": { "value": "0.092", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-373": { "value": "15 Property, plant and equipment
Wagons Machinery, Right-
Mining Stripping Buildings and Railway and rolling equipment Assets under of-use
Land properties costs infrastructure track stock and others construction assets Total
$m $m $m $m $m $m $m $m $m $m
Cost
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
\u2212
\u2212
582.5
\u2212
\u2212
\u2212
2.0
1,366.2
51.3
2,002.0
Additions - capitalised depreciation
\u2212
\u2212
73.3
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
73.3
Adjustment to capitalised
decommissioning provisions \u2212
\u2212
\u2212
173.8
\u2212
\u2212
\u2212
\u2212
\u2212
173.8
Capitalisation of interest \u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
49.0
\u2212
49.0
Reclassifications
\u2212
\u2212
\u2212
1.4
11.9
1.5
4.1
(15.8)
(3.1)
\u2212
Asset disposals
\u2212
\u2212
\u2212
(0.2)
\u2212
(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
At 1 January 2023
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
Additions
11.9
\u2212
792.5
1.5
12.2
13.6
5.3
1,293.2
177.7
2,307.9
Additions - capitalised depreciation \u2212
\u2212
90.3
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
90.3
Adjustment to capitalised
decommissioning provisions \u2212
\u2212
\u2212
(27.2)
\u2212
\u2212
(4.7)
\u2212
\u2212
(31.9)
Capitalisation of interest \u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
112.1
\u2212
112.1
Reclassifications
(0.4)
\u2212
\u2212
10.7
\u2212
\u2212
(10.6)
(0.1)
\u2212
(0.4)
Asset disposals
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(1.9)
\u2212
(0.7)
(2.6)
At 31 December 2023
73.4
672.0
4,418.1
5,963.9
146.9
221.0
7,229.4
5,727.9
708.1
25,160.7
Accumulated depreciation and
impairment
At 1 January 2022
(25.0)
(588.1)
(1,372.4)
(2,889.9)
(44.4)
(111.5)
(4,540.7)
\u2212
(310.0)
(9,882.0)
Charge for the year
\u2212
(60.1)
(352.8)
(319.3)
(7.8)
(14.0)
(293.2)
\u2212
(93.9)
(1,141.1)
Depreciation capitalised in
inventories
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(71.1)
\u2212
\u2212
(71.1)
Depreciation capitalised in property, \u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(73.3)
\u2212
\u2212
(73.3)
plant and equipment
\u2212
\u2212
\u2212
0.1
\u2212
0.6
7.6
\u2212
17.4
25.7
Asset disposals
At 31 December 2022
(25.0)
(648.2)
(1,725.2)
(3,209.1)
(52.2)
(124.9)
(4,970.7)
\u2212
(386.5)
(11,141.8)
At 1 January 2023
(25.0)
(648.2)
(1,725.2)
(3,209.1)
(52.2)
(124.9)
(4,970.7)
\u2212
(386.5)
(11,141.8)
Charge for the year
\u2212
(13.7)
(366.1)
(342.1)
(8.7)
(16.8)
(380.3)
\u2212
(83.6)
(1,211.3)
Depreciation capitalised in inventories \u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(41.2)
\u2212
\u2212
(41.2)
Depreciation capitalised in property,
plant and equipment
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(90.3)
\u2212
\u2212
(90.3)
Asset disposals
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
1.9
\u2212
0.7
2.6
At 31 December 2023
(25.0)
(661.9)
(2,091.3)
(3,551.2)
(60.9)
(141.7)
(5,480.6)
\u2212
(469.4)
(12,482.0)
Net book value
At 31 December 2023
48.4
10.1
2,326.8
2,412.7
86.0
79.3
1,748.8
5,727.9
238.7
12,678.7
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
The Group has no (2022: nil) assets pledged as security against bank loans provided to the Group. At 31 December 2023, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to $978.3 million (2022 -- $845.1 million) of which $579.4 million was related to Los Pelambres and $389.5 million to Centinela. The average interest rate for the interest capitalised was 6.0% (2022 -- 2.8%). At 31 December 2023, the net book value of assets capitalised relating to the decommissioning provision was $158.6 million (2022 -- $212.1 million). Depreciation capitalised in property, plant and equipment of $90.3 million related to the depreciation of assets used in mine development (operating stripping) at Centinela, Los Pelambres and Antucoya (2022 -- $73.3 million). The Company leases various assets including office leases and machinery and equipment. The depreciation charge for Right-of-use assets for office leases for 2023 was $1.4 million (2022 -- $0.8 million); the remaining amounts correspond to machinery and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "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.
Economic Economic
Country of Country of Registered Nature of interest at interest at
incorporation operations office business 2023 2022
Direct subsidiaries of the Parent Company
Antofagasta Railway Company plc
UK
Chile
1
Railwa
y
100%
100%
Andes Trust Limited (The)
UK
UK
1
Investment
100%
100%
Andean LFMA Investment Limited
UK
Chile
1
Investment
100%
100%
Alfa Estates Limited
Jerse
y
Jerse
y
3
Investment
100%
100%
Andes Re Limited
Bermuda
Bermuda
4
Insurance
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 S.A.
Chile
Chile
2
Mining
100%
100%
Energ\u00eda Andina Geothermal SpA Chile
Chile
2
Energ
y
100%
100%
MLP Transmisi\u00f3n S.A.
Chile
Chile
2
Energ
y
100%
100%
Sociedad Contractual Minera El Encierro
Chile
Chile
2
Mining
57.17%
56.54%
Northern Minerals Investment (Jersey) Limited
Jer
se
y
Jerse
y
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
13
Investment
100%
100%
Duluth Exploration (USA) Inc USA
USA
14
Investment
100%
100%
DMC LLC (Minnesota)
USA
USA
13
Investment
100%
100%
DMC (USA) LLC (Delaware)
USA
USA
13
Investment
100%
100%
DMC (USA) Corporation USA
USA
13
Investment
100%
100%
Antofagasta Investment Company Limited
UK
UK
1
Investment
100%
100%
Minprop Limited
J
erse
y
Jerse
y
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
A
ustralia
Australia
9
Mining
100%
100%
Minera Anaconda Peru S.A.
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
15
Investment
100%
100%
El Tesoro (SPV Bermuda) Limited Antofagasta
Bermuda
Bermuda
4
Investment
100%
100%
Minerals Canada
Canada
Canada
9
Agenc
y
100%
100%
Antofagasta Minerals (Shanghai) Co. Limited
China
China
16
Agenc
y
100%
100%
Andes Investments Company (Jersey) Limited
J
erse
y
Jerse
y
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%
Economic Economic
Country of Country of Registered Nature of interest at interest at
incorporation operations office business 2023 2022
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
Communit
y
100%
100%
development
Inversiones Punta de Rieles Limitada
Chile
Chile
12
Investment
100%
100%
Ferrocarril Antofagasta a Bolivia
Chile
Chile
12
Railwa
y
100%
100%
Inversiones Chilean Northern Mines Limitada
Chile
Chile
12
Investment
100%
100%
The Andes Trust Chile SA
Chile
Chile
12
Investment
100%
100%
Forestal S.A.
Chile
Chile
12
Forestr
y
100%
100%
Servicios de Transportes Integrados Limitada Chile
Chile
12
Road trans
p
ort
100%
100%
Inversiones Train Limitada
Chile
Chile
12
Investment
100%
100%
Servicios Logisticos Capricornio Limitada Chile
Chile
12
Trans
p
ort
100%
100%
Embarcadores Limitada
Chile
Chile
12
Trans
p
ort
100%
100%
FCAB Ingenieria y Servicios DOS Limitada Chile
Chile
12
Trans
p
ort
100%
100%
Inmobiliaria Parque Estaci\u00f3n S.A.
Chile
Chile
12
Real Estates
100%
100%
Emisa Antofagasta SA
Chile
Chile
12
Trans
p
ort
100%
100%
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 Avenida 16 de Julio N\u00b0 1440, piso 19 oficina 1905, La Paz, Bolivia
12 Simon Bolivar 255, Antofagasta, Chile
13 6041 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA
14 1010 Dale Street N, St Paul, MN 55117-5603, USA
15 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA
16 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "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.
Economic Economic
Country of Country of Registered Nature of interest at interest at
incorporation operations office business 2023 2022
Direct subsidiaries of the Parent Company
Antofagasta Railway Company plc
UK
Chile
1
Railwa
y
100%
100%
Andes Trust Limited (The)
UK
UK
1
Investment
100%
100%
Andean LFMA Investment Limited
UK
Chile
1
Investment
100%
100%
Alfa Estates Limited
Jerse
y
Jerse
y
3
Investment
100%
100%
Andes Re Limited
Bermuda
Bermuda
4
Insurance
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 S.A.
Chile
Chile
2
Mining
100%
100%
Energ\u00eda Andina Geothermal SpA Chile
Chile
2
Energ
y
100%
100%
MLP Transmisi\u00f3n S.A.
Chile
Chile
2
Energ
y
100%
100%
Sociedad Contractual Minera El Encierro
Chile
Chile
2
Mining
57.17%
56.54%
Northern Minerals Investment (Jersey) Limited
Jer
se
y
Jerse
y
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
13
Investment
100%
100%
Duluth Exploration (USA) Inc USA
USA
14
Investment
100%
100%
DMC LLC (Minnesota)
USA
USA
13
Investment
100%
100%
DMC (USA) LLC (Delaware)
USA
USA
13
Investment
100%
100%
DMC (USA) Corporation USA
USA
13
Investment
100%
100%
Antofagasta Investment Company Limited
UK
UK
1
Investment
100%
100%
Minprop Limited
J
erse
y
Jerse
y
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
A
ustralia
Australia
9
Mining
100%
100%
Minera Anaconda Peru S.A.
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
15
Investment
100%
100%
El Tesoro (SPV Bermuda) Limited Antofagasta
Bermuda
Bermuda
4
Investment
100%
100%
Minerals Canada
Canada
Canada
9
Agenc
y
100%
100%
Antofagasta Minerals (Shanghai) Co. Limited
China
China
16
Agenc
y
100%
100%
Andes Investments Company (Jersey) Limited
J
erse
y
Jerse
y
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%
17 Disposal of investment in Tethyan joint venture (Reko Diq project)
Economic Economic
Country of Country of Registered Nature of interest at interest at
incorporation operations office business 2023 2022
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
Communit
y
100%
100%
development
Inversiones Punta de Rieles Limitada
Chile
Chile
12
Investment
100%
100%
Ferrocarril Antofagasta a Bolivia
Chile
Chile
12
Railwa
y
100%
100%
Inversiones Chilean Northern Mines Limitada
Chile
Chile
12
Investment
100%
100%
The Andes Trust Chile SA
Chile
Chile
12
Investment
100%
100%
Forestal S.A.
Chile
Chile
12
Forestr
y
100%
100%
Servicios de Transportes Integrados Limitada Chile
Chile
12
Road trans
p
ort
100%
100%
Inversiones Train Limitada
Chile
Chile
12
Investment
100%
100%
Servicios Logisticos Capricornio Limitada Chile
Chile
12
Trans
p
ort
100%
100%
Embarcadores Limitada
Chile
Chile
12
Trans
p
ort
100%
100%
FCAB Ingenieria y Servicios DOS Limitada Chile
Chile
12
Trans
p
ort
100%
100%
Inmobiliaria Parque Estaci\u00f3n S.A.
Chile
Chile
12
Real Estates
100%
100%
Emisa Antofagasta SA
Chile
Chile
12
Trans
p
ort
100%
100%
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 Avenida 16 de Julio N\u00b0 1440, piso 19 oficina 1905, La Paz, Bolivia 12 Simon Bolivar 255, Antofagasta, Chile 13 6041 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 14 1010 Dale Street N, St Paul, MN 55117-5603, USA 15 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA 16 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. On 15 December 2022, Antofagasta entered into definitive agreements to exit its 50% interest in the Tethyan joint venture, which was a joint venture with Barrick Gold Corporation (\u2018\u2018Barrick\u2019\u2019) in respect of the Reko Diq project in Pakistan. Antofagasta recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million. The joint venture project was held via the Australian entity Atacama Copper Pty Limited (\u2018\u2018Atacama\u2019\u2019). The disposal proceeds, which together with accrued interest up to 15 December 2022 totalled US$946.0 million, were held by Atacama in a segregated interest-bearing account. Antofagasta and Barrick agreed that the proceeds of this account, including all further interest received, less any Australian tax arising and working capital and other adjustments, would be distributed to the Antofagasta Group during 2023, on a date to be determined by Antofagasta. Atacama was seeking a binding private ruling from the Australian Tax Office to confirm that the disposal proceeds and their distribution to the Antofagasta Group would not be subject to Australian tax. In May 2023, Atacama received the binding private ruling confirming these points. Antofagasta then requested that the disposal proceeds including interest be distributed to the Antofagasta Group, resulting in a total distribution of $956.3 million by Atacama to the Antofagasta Group in May 2023.
18 Investment in associates and joint ventures
Investment in associates
Investment in joint ventures
\u2022
\u2022
Minera
ATI (i) Zald\u00edvar (ii) Total
2023 2023 2023
$m $m $m
Balance at the beginning of the year
7.
3
897.3
904.6
Obligations on behalf of JV and associates at the beginning of the year
\u2212
\u2212
\u2212
Capital contribution
0.6
\u2212
0.6
Share of profit/(loss) before tax
2.6
(1.2)
1.4
Share of tax
(0.7)
(14.2)
(14.9)
Share of profit/(loss) from JV and associates
1.9
(15.4)
(13.5)
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2212
(0.6)
(0.6)
Balance at the end of the year
9.8
881.3
891.1
Minera Tethyan
ATI (i) Zald\u00edvar (ii) Copper (iii) Total
2022 2022 2022 2022
$m $m $m $m
Balance at the beginning of the year
5.8
900.0
\u2212
905.8
Obligations on behalf of JV and associates at the beginning of the year
\u2212
\u2212
(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)
\u2212
(22.5)
Share of profit/(loss) from JV and associates
1.5
47.3
(0.7)
48.1
Dividends receivable
\u2212
(50.0)
\u2212
(50.0)
Disposal of investment in JV
\u2212
\u2212
1.3
1.3
Balance at the end of the year
7.3
897.3
\u2212
904.6
The investments, which are included in the $891.1 million balances at 31 December 2023, are set out below:
(i) The Group\u2019s 30% interest in Antofagasta Terminal Internacional (\u2018\u2018ATI\u2019\u2019), which operates a concession to manage installations in the port of
Antofagasta.
The Group\u2019s 50% interest in Minera Zald\u00edvar SpA (\u2018\u2018Zald\u00edvar\u2019\u2019).
The Group had a 50% interest in Tethyan Copper Company Limited (\u2018\u2018Tethyan\u2019\u2019), which was a joint venture with Barrick Gold Corporation in respect of
the Reko Diq project in the Islamic Republic of Pakistan (\u2018\u2018Pakistan\u2019\u2019). As explained in Note 17, on 15 December 2022 Antofagasta entered into definitive
agreements to exit its interest in the Tethyan joint venture and it is therefore no longer recognised as a joint venture by the Group.
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 ATI
2023 2022
$m $m
Cash and cash equivalents 5.9 0.4
Current assets 21.6 18.2
Non-current assets 84.3 91.8
Current liabilities (13.6) (19.3)
Non-current liabilities (62.1) (69.5)
Revenue 65.9 55.2
Profit from continuing operations 6.2 5.1
Total comprehensive income 6.2 5.1
19 Equity investments Summari sed financial information for the joint ventures is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2023 2022
$m $m
Cash and cash equivalents 38.4 70.1
Current assets 664.5 661.8
Non-current assets 1,628.6 1,658.6
Current financial liabilities (excluding trade, other payables and provisions)
(57
.8)
(53.2)
Current liabilities (171.3) (159.3)
Non-current financial liabilities (excluding trade, other payables and provisions) (10.8) (68.3)
Non-current liabilities (230.0) (203.3)
Revenue 718.6 783.4
Depreciation and amortisation (164.4) (149.2)
Interest income 2.0
1
.5
Interest expense (11.3) (0.8)
Income tax expense (28.4) (43.9)
(Loss)/profit after tax from continuing operations (2.1) 94.6
Total comprehensive (expense)/income (2.1) 94.6
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.
2023 2022
$m $m
Balance at the beginning of the year
9
0.5
8.7
Acquisition 60.7 66.5
Movements in fair value 137.0 15.8
Foreign currency exchange differences 0.4 (0.5)
Balance at the end of the year
288.6
90.5
1 1. A deferred tax expense of $37.0 million has been recognised in respect of the movements in the fair value of equity investments (pre-tax gain of $137.0 million), resulting in a post-tax gain of $100.0 million (see Note 29). 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. Of the total equity investment balance at 31 December 2023, $275.2 million relates to a holding of approximately 18.1 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019), representing approximately 7% of Buenaventura\u2019s issued share capital. As detailed in Notes 4 and 22, during 2023 the Group entered into an agreement to acquire an additional holding of up to 30 million shares in Buenaventura, representing approximately 12% of Buenaventura\u2019s issued share capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "17 Disposal of investment in Tethyan joint venture (Reko Diq project) On 15 December 2022, Antofagasta entered into definitive agreements to exit its 50% interest in the Tethyan joint venture, which was a joint venture with Barrick Gold Corporation (\u2018\u2018Barrick\u2019\u2019) in respect of the Reko Diq project in Pakistan. Antofagasta recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million. The joint venture project was held via the Australian entity Atacama Copper Pty Limited (\u2018\u2018Atacama\u2019\u2019). The disposal proceeds, which together with accrued interest up to 15 December 2022 totalled US$946.0 million, were held by Atacama in a segregated interest-bearing account. Antofagasta and Barrick agreed that the proceeds of this account, including all further interest received, less any Australian tax arising and working capital and other adjustments, would be distributed to the Antofagasta Group during 2023, on a date to be determined by Antofagasta. Atacama was seeking a binding private ruling from the Australian Tax Office to confirm that the disposal proceeds and their distribution to the Antofagasta Group would not be subject to Australian tax. In May 2023, Atacama received the binding private ruling confirming these points. Antofagasta then requested that the disposal proceeds including interest be distributed to the Antofagasta Group, resulting in a total distribution of $956.3 million by Atacama to the Antofagasta Group in May 2023. 18 Investment in associates and joint ventures Investment in associates Investment in joint ventures \u2022 \u2022
Minera
ATI (i) Zald\u00edvar (ii) Total
2023 2023 2023
$m $m $m
Balance at the beginning of the year
7.
3
897.3
904.6
Obligations on behalf of JV and associates at the beginning of the year
\u2212
\u2212
\u2212
Capital contribution
0.6
\u2212
0.6
Share of profit/(loss) before tax
2.6
(1.2)
1.4
Share of tax
(0.7)
(14.2)
(14.9)
Share of profit/(loss) from JV and associates
1.9
(15.4)
(13.5)
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2212
(0.6)
(0.6)
Balance at the end of the year
9.8
881.3
891.1
Minera Tethyan
ATI (i) Zald\u00edvar (ii) Copper (iii) Total
2022 2022 2022 2022
$m $m $m $m
Balance at the beginning of the year
5.8
900.0
\u2212
905.8
Obligations on behalf of JV and associates at the beginning of the year
\u2212
\u2212
(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)
\u2212
(22.5)
Share of profit/(loss) from JV and associates
1.5
47.3
(0.7)
48.1
Dividends receivable
\u2212
(50.0)
\u2212
(50.0)
Disposal of investment in JV
\u2212
\u2212
1.3
1.3
Balance at the end of the year
7.3
897.3
\u2212
904.6
The investments, which are included in the $891.1 million balances at 31 December 2023, are set out below: (i) The Group\u2019s 30% interest in Antofagasta Terminal Internacional (\u2018\u2018ATI\u2019\u2019), which operates a concession to manage installations in the port of Antofagasta. The Group\u2019s 50% interest in Minera Zald\u00edvar SpA (\u2018\u2018Zald\u00edvar\u2019\u2019). The Group had a 50% interest in Tethyan Copper Company Limited (\u2018\u2018Tethyan\u2019\u2019), which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in the Islamic Republic of Pakistan (\u2018\u2018Pakistan\u2019\u2019). As explained in Note 17, on 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture and it is therefore no longer recognised as a joint venture by the Group. 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 ATI
2023 2022
$m $m
Cash and cash equivalents 5.9 0.4
Current assets 21.6 18.2
Non-current assets 84.3 91.8
Current liabilities (13.6) (19.3)
Non-current liabilities (62.1) (69.5)
Revenue 65.9 55.2
Profit from continuing operations 6.2 5.1
Total comprehensive income 6.2 5.1
Summari sed financial information for the joint ventures is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2023 2022
$m $m
Cash and cash equivalents 38.4 70.1
Current assets 664.5 661.8
Non-current assets 1,628.6 1,658.6
Current financial liabilities (excluding trade, other payables and provisions)
(57
.8)
(53.2)
Current liabilities (171.3) (159.3)
Non-current financial liabilities (excluding trade, other payables and provisions) (10.8) (68.3)
Non-current liabilities (230.0) (203.3)
Revenue 718.6 783.4
Depreciation and amortisation (164.4) (149.2)
Interest income 2.0
1
.5
Interest expense (11.3) (0.8)
Income tax expense (28.4) (43.9)
(Loss)/profit after tax from continuing operations (2.1) 94.6
Total comprehensive (expense)/income (2.1) 94.6
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "18 Investment in associates and joint ventures Investment in associates Investment in joint ventures \u2022 \u2022
Minera
ATI (i) Zald\u00edvar (ii) Total
2023 2023 2023
$m $m $m
Balance at the beginning of the year
7.
3
897.3
904.6
Obligations on behalf of JV and associates at the beginning of the year
\u2212
\u2212
\u2212
Capital contribution
0.6
\u2212
0.6
Share of profit/(loss) before tax
2.6
(1.2)
1.4
Share of tax
(0.7)
(14.2)
(14.9)
Share of profit/(loss) from JV and associates
1.9
(15.4)
(13.5)
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2212
(0.6)
(0.6)
Balance at the end of the year
9.8
881.3
891.1
Minera Tethyan
ATI (i) Zald\u00edvar (ii) Copper (iii) Total
2022 2022 2022 2022
$m $m $m $m
Balance at the beginning of the year
5.8
900.0
\u2212
905.8
Obligations on behalf of JV and associates at the beginning of the year
\u2212
\u2212
(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)
\u2212
(22.5)
Share of profit/(loss) from JV and associates
1.5
47.3
(0.7)
48.1
Dividends receivable
\u2212
(50.0)
\u2212
(50.0)
Disposal of investment in JV
\u2212
\u2212
1.3
1.3
Balance at the end of the year
7.3
897.3
\u2212
904.6
The investments, which are included in the $891.1 million balances at 31 December 2023, are set out below: (i) The Group\u2019s 30% interest in Antofagasta Terminal Internacional (\u2018\u2018ATI\u2019\u2019), which operates a concession to manage installations in the port of Antofagasta. The Group\u2019s 50% interest in Minera Zald\u00edvar SpA (\u2018\u2018Zald\u00edvar\u2019\u2019). The Group had a 50% interest in Tethyan Copper Company Limited (\u2018\u2018Tethyan\u2019\u2019), which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in the Islamic Republic of Pakistan (\u2018\u2018Pakistan\u2019\u2019). As explained in Note 17, on 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture and it is therefore no longer recognised as a joint venture by the Group. 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 ATI
2023 2022
$m $m
Cash and cash equivalents 5.9 0.4
Current assets 21.6 18.2
Non-current assets 84.3 91.8
Current liabilities (13.6) (19.3)
Non-current liabilities (62.1) (69.5)
Revenue 65.9 55.2
Profit from continuing operations 6.2 5.1
Total comprehensive income 6.2 5.1
Summari
sed financial information for the joint ventures is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2023 2022
$m $m
Cash and cash equivalents 38.4 70.1
Current assets 664.5 661.8
Non-current assets 1,628.6 1,658.6
Current financial liabilities (excluding trade, other payables and provisions)
(57
.8)
(53.2)
Current liabilities (171.3) (159.3)
Non-current financial liabilities (excluding trade, other payables and provisions) (10.8) (68.3)
Non-current liabilities (230.0) (203.3)
Revenue 718.6 783.4
Depreciation and amortisation (164.4) (149.2)
Interest income 2.0
1
.5
Interest expense (11.3) (0.8)
Income tax expense (28.4) (43.9)
(Loss)/profit after tax from continuing operations (2.1) 94.6
Total comprehensive (expense)/income (2.1) 94.6
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:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "19 Equity investments
2023 2022
$m $m
Balance at the beginning of the year
9
0.5
8.7
Acquisition 60.7 66.5
Movements in fair value 137.0 15.8
Foreign currency exchange differences 0.4 (0.5)
Balance at the end of the year
288.6
90.5
1 1. A deferred tax expense of $37.0 million has been recognised in respect of the movements in the fair value of equity investments (pre-tax gain of $137.0 million), resulting in a post-tax gain of $100.0 million (see Note 29). 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. Of the total equity investment balance at 31 December 2023, $275.2 million relates to a holding of approximately 18.1 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019), representing approximately 7% of Buenaventura\u2019s issued share capital. As detailed in Notes 4 and 22, during 2023 the Group entered into an agreement to acquire an additional holding of up to 30 million shares in Buenaventura, representing approximately 12% of Buenaventura\u2019s issued share capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "20 Inventories
2023 2022
$m $m
Current
Raw materials and consumables 231.0 221.4
Work-in-progress 375.4 404.9
Finished goods 64.6 81.8
671.0 708.1
Non-current
Work-in-progress 457.0 347.0
Total 1,128.0 1,055.1
During 2023, net realisable value (\u2018\u2018NRV\u2019\u2019) adjustments of $6.0 million have been recognised (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "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
2023 2022 2023 2022 2023 2022
$m $m $m $m $m $m
Trade receivables 950.1 997.1 \u2212 \u2212 950.1 997.1
Other receivables 167.7 1,090.1 68.5 51.0 236.2 1,141.1
1,117.8 2,087.2 68.5 51.0 1,186.3 2,138.2
1 1. At 31 December 2022, the Other receivables balance included the proceeds receivable in respect of the Group\u2019s disposal of its investment in the Tethyan joint venture (Note 17). 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. 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 mainly due to IVA (Chilean Value Added Tax) receivables of $106.8 million (31 December 2022 -- $124.6 million) and employee loans of $53.0 million (31 December 2022 -- $49.3 million). Movements in the expected credit loss provision were as follows:
2023 2022
$m $m
Balance at the beginning of the year (1.0) (1.2)
Utilised in year (0.3) 0.2
Foreign currency exchange difference 0.1 \u2212
Balance at the end of the year (1.2) (1.0)
The ageing analysis of the trade and other receivables balance is as follows:
Total excluding
Up to More than expected Expected
3 months 3-6 months 6 months credit loss credit loss
Up to date past due past due past due provision provision Total
$m $m $m $m $m $m $m
2023
1,168.9
13.9
0.5
4.2
1,187.5
(1.2)
1,186.3
2022
2,098.8
36.8
1.2
2.4
2,139.2
(1.0)
2,138.2
The carrying value of the trade receivables recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk in relation to these items. Other than the expected credit loss provision amount 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:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "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
2023 2022 2023 2022 2023 2022
$m $m $m $m $m $m
Trade receivables 950.1 997.1 \u2212 \u2212 950.1 997.1
Other receivables 167.7 1,090.1 68.5 51.0 236.2 1,141.1
1,117.8 2,087.2 68.5 51.0 1,186.3 2,138.2
1 1. At 31 December 2022, the Other receivables balance included the proceeds receivable in respect of the Group\u2019s disposal of its investment in the Tethyan joint venture (Note 17). 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. 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 mainly due to IVA (Chilean Value Added Tax) receivables of $106.8 million (31 December 2022 -- $124.6 million) and employee loans of $53.0 million (31 December 2022 -- $49.3 million). Movements in the expected credit loss provision were as follows:
2023 2022
$m $m
Balance at the beginning of the year (1.0) (1.2)
Utilised in year (0.3) 0.2
Foreign currency exchange difference 0.1 \u2212
Balance at the end of the year (1.2) (1.0)
The ageing analysis of the trade and other receivables balance is as follows:
Total excluding
Up to More than expected Expected
3 months 3-6 months 6 months credit loss credit loss
Up to date past due past due past due provision provision Total
$m $m $m $m $m $m $m
2023
1,168.9
13.9
0.5
4.2
1,187.5
(1.2)
1,186.3
2022
2,098.8
36.8
1.2
2.4
2,139.2
(1.0)
2,138.2
The carrying value of the trade receivables recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk in relation to these items. Other than the expected credit loss provision amount set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. 29 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (Royalty) Tax losses Disposal Total
$m $m $m $m $m $m $m $m
At 1 January 2022
(1,371.0)
115.0
(23.1)
(61.3)
(102.9)
127.6
\u2212
(1,315.7)
(Charge)/credit to income
(79.2)
1.4
(48.5)
(15.6)
(9.8)
(3.1)
\u2212
(154.8)
Reclassification
(16.9)
7.8
\u2212
9.1
\u2212
\u2212
\u2212
\u2212
Credit deferred in equity
\u2212
4.9
\u2212
\u2212
0.8
\u2212
\u2212
5.7
At 31 December 2022 and 1 January
2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
\u2212
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
\u2212
(2.9)
Adjustment due to introduction of new
royalty
\u2212
\u2212
\u2212
50.8
(85.1)
\u2212
\u2212
(34.3)
Tax on exceptional items
\u2212
\u2212
\u2212
(41.8)
\u2212
\u2212
\u2212
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2212
\u2212
Charge deferred in equity
\u2212
(2.9)
\u2212
(37.0)
(0.9)
\u2212
\u2212
(40.8)
At 31 December 2023
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
\u2212
(1,584.6)
2 1 1. The $40.8 million of deferred tax recognised directly in equity relates to a $37.0m deferred tax expense in respect of the movements in the fair value of equity investments (see Note 19) and a $3.8 million deferred tax expense in respect of actuarial gains on defined benefit plans. 2. A deferred tax expense of $41.8 million has been recognised in respect of the exceptional fair value gain of $167.1 million in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4). The charge to the income statement of $2.9 million (2022 -- $154.8 million) included an impact from foreign exchange differences of $0.3 million (2022: 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):
2023 2022
$m $m
Net deferred tax assets 72.0 78.5
Net deferred tax liabilities (1,656.6) (1,543.3)
Net deferred tax balances (1,584.6) (1,464.8)
The $72.0 million net deferred tax asset balance (2022 \u2212 $78.5 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 3 1 December 2023, the Group had unused tax losses associated with Chilean entities (predominantly Antucoya) of $523.3 million (2022 -- $460.3 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 $141.2 million has been recognised in respect of 100% of these losses as at 31 December 2023 (31 December 2022 -- $124.5 million). In addition, at 31 December 2023, the Group had unused tax losses associated with entities outside of Chile (predominantly in respect of the Twin Metals project) of $496.8 million (2022 -- $427.0 million). A portion of the Twin Metals tax losses expire in the period from 2030 -- 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 2023, deferred withholding tax liabilities of $66.6 million have been recognised (31 December 2022 -- $71.6 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 $7,101.1 million (31 December 2022 -- $6,430.4 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 $1,314.9 million (31 December 2022 -- $1,076.5 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 $1,584.6 million (2022 -- $1,464.8 million) includes $1,567.2 million (2022 -- $1,404.7 million) due in more than one year. The deferred tax assets of $72.0 million include $23.5 million due in less than 1 year and $48.5 million due in more than 1 year. The deferred tax liabilities of $1,656.6 million include $40.9 million due in less than 1 year and $1,615.7 million due in more than 1 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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "22 Other financial asset Compa\u00f1\u00eda de Minas Buenaventura S.A.A. During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019), representing approximately 12% of Buenaventura\u2019s issued share capital. Subsequent to the year-end, in March 2024, the agreement completed. Buenaventura is Peru\u2019s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. A payment of $290.1 million was made in respect of this agreement in June 2023. As at 31 December 2023, an \u2018\u2018other financial asset\u2019\u2019 balance has been recognised on the balance sheet in respect of the agreement, at its fair value of $457.2 million. A fair value gain of $167.1 million has been recognised during 2023 in respect of this asset. As detailed in Notes 4 and 19, as at 31 December 2023 the Group held an existing holding of approximately 18.1 million shares in Buenaventura, representing approximately 7% of Buenaventura\u2019s issued share capital. 24 Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities o o Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2023 2022
Note $m $m
Los Pelambres
Senior loan (i)
(2,067
.2)
(1,470.5)
Leases (45.2) (55.3)
Centinela
Senior loan (ii) (166.3)
(276.
7)
Other loans
(ii)
(265.0) \u2212
Leases (142.8) (35.2)
Antucoya
Senior loan
(iii)
(174
.1)
(223.5)
Subordin
ated debt
(iv)
(
187.6)
(171.5)
Leases (v)
(17
.
4)
(16.5)
Corporat
e and other items
Bond (vi) (986.8) (985.3)
Le
ases
(vii)
(18.4) (23.1)
Transport division
Senior loan (viii) (5.0) (15.3)
Le
ases
(0.9) (1.6)
Preference shares (ix) (2.5) (2.5)
Total (4,079.2) (3,277.0)
(i) The senior loan at Los Pelambres represents: a $1,280 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 2 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.48%. The second tranche has a remaining duration of 5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. The third tranche has a remaining duration of 4.5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. The loans are subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. three US dollar denominated senior loans issued in December 2023 for a total amount of $810 million. The first loan for $200 million is a 3 year bullet with an interest rate of Term SOFR six-month rate plus 1.60%. The second loan is also a bullet for $200 million with a remaining duration of 5 years and an interest rate of Term SOFR six-month rate plus 1.69%. And the third loan for $410 million has a remaining duration of 5 years, amortising, and an interest rate of Term SOFR six-month rate plus 1.70%. (ii) Centinela has a US dollar denominated senior loan with an amount outstanding of $167 million with a duration of 1.5 years and an interest rateof Term SOFR six-month rate plus an all-in margin of 1.38%. The loan is subject to financial covenants which require that specified net debt to EBIT DA a nd EBITDA to finance expense ratios are maintained. In July 2023, Centinela issued two short-term loans for a total amount of $265 million and a remaining duration of 0.5 years. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $175 million. This loan has a remaining duration of 3.5 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) Subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporation with a remaining duration of 3.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. Subordinated debt provided by Group companies to Antucoya has been eliminat ed on consolidation. (v) Financial Leases at Antucoya are denominated in US dollars with an average interest rate of Term SOFR six-month rate plus 2.4% and a remaining duration of 0.5 years. B) Leases o o o o C) Analysis of borrowings and other financial liabilities by currency D) Analysis of borrowings and other financial liabilities by type of interest rate (vii) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10 year tenor with a base spread of Treasuries plus 165 bps and a coupo n of 2.375%. In May 2022, Antofagasta plc issued a new corporate bond for $500 million with a 10 year tenor with a base spread of Treasuries plus 287.5 bps and a coupon of 5.625%. (viii) Financial Leases at Corporate and other items are denominated in Unidades de Fomento (i.e. inflation-linked Chilean pesos) and have a remaining duration of 3.0 years and are at fixed rates with an average interest rate of 5.2%. (ix) Short-term loans at the Transport division are US dollar denominated, with an outstanding amount of $5 million and remaining duration of 0.1 year s and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.49%. (x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued andfully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitledto 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. Information in respect of the Group\u2019s leases is contained in the following notes: Note 15 -- depreciation charges, additions and disposals in respect of the right of use assets relating to the leases Note 33 B) -- repayments of the lease balances and new lease liabilities arising during the period Note 10 -- interest expense in respect of the lease balances Note 10 -- cash paid relating to interest on lease The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Corporate loans
\u2212
\u2212
(2,412.6)
(2,412.6)
Bond
\u2212
\u2212
(986.8)
(986.8)
Other loans (including short-term loans)
\u2212
\u2212
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
At 31 December 2022
Chilean 2022
pesos Sterling US dollars Total
$m $m $m $m
Corporate loans
(0.3)
\u2212
(1,985.7)
(1,986.0)
Bond
\u2212
\u2212
(985.3)
(985.3)
Other loans (including short-term loans)
\u2212
\u2212
(171.5)
(171.5)
Leases
(115.1)
(3.9)
(12.7)
(131.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(115.4)
(6.4)
(3,155.2)
(3,277.0)
The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Corporate loans
(5.0)
(2,407.6)
(2,412.6)
Bond
(986.8)
\u2212
(986.8)
Other loans (including short-term loans)
\u2212
(452.6)
(452.6)
Leases
(224.7)
\u2212
(224.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
2022
Fixed Floating Total
At 31 December 2022 $m $m $m
Corporate loans
(15.5)
(1,970.5)
(1,986.0)
Bond
(985.3)
\u2212
(985.3)
Other loans (including short-term loans)
\u2212
(171.5)
(171.5)
Leases
(125.7)
(6.0)
(131.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,129.0)
(2,148.0)
(3,277.0)
E) Maturity profile F) Financing Facilities The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2023
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2023 $m $m $m $m $m
Corporate loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bond
\u2212
\u2212
\u2212
(986.8)
(986.8)
Other loans
(265.0)
\u2212
(187.6)
\u2212
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
At 31 December 2022
Within Between Between After 2022
1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $m
Corporate loans
(377.4)
(531.7)
(927.7)
(149.2)
(1,986.0)
Bond
\u2212
\u2212
\u2212
(985.3)
(985.3)
Other loans
\u2212
\u2212
(171.5)
\u2212
(171.5)
Leases
(55.1)
(39.5)
(35.9)
(1.2)
(131.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(432.5)
(571.2)
(1,135.1)
(1,138.2)
(3,277.0)
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:
2023 2022
$m $m
Within 1
y
ear
(121.0) (62.1)
Between 1 -- 2
y
ears
(79.0) (40.1)
Between 2 -- 5
y
ears
(47.4) (37.6)
After 5
y
ears
\u2212 (1.3)
Total minimum lease
p
a
y
ments
(247.4) (141.1)
Less amounts re
p
resenting finance charges
22.7 9.4
Present value of minimum lease
p
a
y
ments
(224.7) (131.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. On 30 December, 2022, Antofagasta plc agreed a revolving credit facility \u2018\u2018RCF\u2019\u2019 of $500.0 million. This revolving credit facility has a term of threeyears, which expires on 30 December, 2025 . The facility remained undrawn throughout 2023.
Facility available
Drawn
Undrawn
2023 2022 2023 2022 2023 2022
$m $m $m $m $m $m
Revolving credit facilit
y
(500.0) (500.0) \u2212 \u2212 (500.0) (500.0)
(500.0) (500.0) \u2212 \u2212 (500.0) (500.0)
26 Financial instruments and financial risk management A) Categories of financial instruments The carrying value of financial assets and financial liabilities is shown below:
2023
$m
At fair value
At fair value
through other
Held at
through profit
comprehensive amortised
and loss
income
cost
Total
\u2212
288.6
\u2212
288.6
916.5
\u2212
157.1
1,073.6
457.2
\u2212
\u2212
457.2
1.1
\u2212
643.6
644.7
2,27
4.7
\u2212
\u2212
2,274.7
3,649.5
288.6
800.7
4,738.8
Financial liabilities
Borrowings and leases
\u2212
\u2212
(4,079.2)
(4,079.2)
Trade and other payables
\u2212
\u2212
(1,154.3)
(1,154.3)
\u2212
\u2212
(5,233.5)
(5,233.5)
2022
$m
At fair value
At fair value
through other
Held at
through profit
comprehensive amortised
and loss
income
cost
Total
\u2212
90.5
\u2212
90.5
897.2
\u2212
1,047.5
1,944.7
8.5
\u2212
801.9
8
10.4
1,580.8
\u2212
\u2212
1,580.8
2,486.5
90.5
1,849.4
4,426.4
Financial liabilities
Borrowings and leases
\u2212
\u2212
(3,277.0)
(3,277.0)
Trade and other payables
\u2212
\u2212
(1,067.3)
(1,067.3)
\u2212
\u2212
(4,344.3)
(4,344.3)
The fair value of the fixed rate bonds included within the \u2018\u2018Borrowings and leases\u2019\u2019 category was $908.3 million at 31 December 2023 compared with its carrying value of $986.8 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:
2023 2022
$m $m
Financial assets
Trade and other receivables (non-current) per balance sheet 68.5 51.0
Trade and other receivables (current) per balance sheet 1,117.8 2,087.2
Total trade and other receivables per balance sheet 1,186.3 2,138.2
Less: non-financial assets (including prepayments and VAT receivables) (112.7) (193.5)
Total trade and other receivables (financial assets) 1,073.6 1,944.7
Financial liabilities
Trade and other payables (current) per balance sheet
(1,17
1.5)
(1,079.7)
Trade and other payables (non-current) per balance sheet (9.8) (8.0)
Total trade and other payables per balance sheet (1,181.3) (1,087.7)
Less: non-financial liabilities (including VAT payables) 27.0 20.4
Total trade and other payables (financial liabilities) (1,154.3) (1,067.3)
Financial assets Equity investments Trade and other receivables Other financial assets Cash and cash equivalents Liquid investments Financial assets Equity investments Trade and other receivables Cash and cash equivalents Liquid investments B) Fair value of financial instruments o o o C) Financial risk management (I) Commodity price risk An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
\u2212
\u2212
288.6
Trade and other receivables (b)
\u2212
916.5
\u2212
916.5
Other financial assets (c)
\u2212
457.2
\u2212
457.2
Cash and cash equivalents (d)
1.1
\u2212
\u2212
1.1
Liquid investment (e)
\u2212
2,274.7
\u2212
2,274.7
289.7
3,648.4
\u2212
3,938.1
Total
Level 1 Level 2 Level 3 2022
$m $m $m $m
Financial assets
Equity investments (a)
90.5
\u2212
\u2212
90.5
Trade and other receivables (b)
\u2212
897.2
\u2212
897.2
Cash and cash equivalents (d)
8
.5
\u2212
\u2212
8.5
Liquid investment (e)
\u2212
1,580.8
\u2212
1,580.8
99.0
2,478.0
\u2212
2,577.0
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 December average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The other financial asset relates to an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019) (as detailed in Note 22). Subsequent to the year-end, in March 2024, the agreement completed. A payment of $290.1 million was made in respect of this agreement in June 2023. As at 31 December 2023, an \u2018\u2018other financial asset\u2019\u2019 balance has been recognised on the balance sheet in respect of the agreement, at its fair value of $457.2 million. A fair value gain of $167.1 million has been recognised during 2023 in respect of this asset. The fair value of the other financial asset has been calculated using observable market data, in particular the share price of Buenaventura as at 29 December 2023 (the last trading day in 2023). These are level 2 inputs. The valuation also assumed that the Group will acquire all 30 million shares and the agreement runs to its scheduled maturity, although this was not considered to be a significant factor in determining the fair value based on the assessed likelihood and impact of an early termination occurring. d) 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. e) 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): Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. 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. 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 2023, there were no transfers between levels in the hierarchy. 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. 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 2023, sales of copper and molybdenum concentrate and copper cathodes represented 89.4% 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. o o (II) Currency risk (III) Interest rate risk (IV) Other price risk Thesensitivity 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. 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 $19.0 million (2022 -- increase by $19.8 million). 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 $19.0 million (2022 -- decrease by $19.8 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 $60.6 million (2022 -- $58.7 million) and earnings per share by 6.1 cents (2022 -- 6.0 cents), based on production volumes in 2023, 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 $10.2 million (2022 -- $9.5 million), and earnings per share by 1.0 cents (2022 -- 1.0 cents), based on production volumes in 2023, 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 $9.6 million (2022 -- $11.6 million), and earnings per share by 1.0 cents (2022 -- 1.2 cents), based on production volumes in 2023, and without taking into account the effects of provisional pricing. 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. O perating 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 26(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 23, and the currency exposure of the Group\u2019s borrowings is given in Note 24(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 191. 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 non-US dollar 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 $34.7 million (2022 -- increase of $19.1 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 $42.5 million (2022 -- decrease of $23.3 million). 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 interestrate expo sures on a portion of its existing borrowings. Details of any interest rate derivatives entered into by the Group are given in Note 24(D). Theinterest rate exposure of the Group\u2019s borrowings is given in Note 24. 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 (2022 -- decrease of $3.3 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. The Group is exposed to equity price risk on its equity investments. 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 $28.9 million (2022 -- increase of $9.1 million). There would have been no impact on the income statement. Commodity price sensitivity Currency sensitivity Interest rate sensitivity Equity price sensitivity (V) Cash flow risk (VI) Credit risk (VII) Liquidity risk ( VIII) Capital risk management T he 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 describe d a bove 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 electricityand sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contra cts 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 Chilea n gridor 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 90 to 107. 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 count erparties are financial institutions with high credit ratings assigned by international credit agencies. Thelargest 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. 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 2023, the Group was in a net debt position (2022 -- net debt position), as disclosed in Note 33(C). Details of cash, cash equivalents and liquid investments are given in Note 23, while details of borrowings including the maturity profile are given in Note 24(E). Details of undrawn committed borrowing facilities are also given in Note 24. 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.
Less than Between Between After 2023
At 31 December 2023 1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $m
Corporate loans
(704.8)
(705.8)
(1,460.0)
(25.9)
(2,896.5)
Other loans (including short-term loans and bond)
(305.0)
(40.0)
(306.8)
(1,122.2)
(1,774.0)
Leases
(122.0)
(79.0)
(45.6)
(0.9)
(247.5)
Preference shares *
(0.1)
(0.1)
(0.3)
(2.6)
(3.1)
Trade and other payables
(1,171.5)
(9.5)
(0.3)
\u2212
(1,181.3)
(2,303.4)
(834.4)
(1,813.0)
(1,151.6)
(6,102.4)
Less than Between Between After 2022
At 31 December 2022 1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $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)
\u2212
(1,087.7)
(1,678.2)
(693.9)
(1,350.7)
(1,343.4)
(5,066.2)
* 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. 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 $1,159.8 million at 31 December 2023 (2022 -- net debt $885.8 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $2,919.4 million at 31 December 2023 (2022 -- $2,391.2 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 24. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. D) Derivative financial instruments Underthe 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 pe riod. 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. TheGroup did not have any derivative financial instruments during 2023 or 2022. When relevant, the Group applies the hedge accounting provisions of IFRS 9 \u2018\u2018Financial Instruments\u2019\u2019. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income or expense, 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 are 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "22 Other financial asset Compa\u00f1\u00eda de Minas Buenaventura S.A.A. During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019), representing approximately 12% of Buenaventura\u2019s issued share capital. Subsequent to the year-end, in March 2024, the agreement completed. Buenaventura is Peru\u2019s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. A payment of $290.1 million was made in respect of this agreement in June 2023. As at 31 December 2023, an \u2018\u2018other financial asset\u2019\u2019 balance has been recognised on the balance sheet in respect of the agreement, at its fair value of $457.2 million. A fair value gain of $167.1 million has been recognised during 2023 in respect of this asset. As detailed in Notes 4 and 19, as at 31 December 2023 the Group held an existing holding of approximately 18.1 million shares in Buenaventura, representing approximately 7% of Buenaventura\u2019s issued share capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "23 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 considered to be limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Cash and cash equivalents, and liquid investments comprised:
2023 2022
$m $m
Cash and cash equivalents 644.7 810.4
Liquid investments 2,274.7 1,580.8
2,919.4 2,391.2
At 31 December 2023 and 2022 there is no cash which is subject to restriction. The denomination of cash, cash equivalents and liquid investments was as follows:
2023 2022
$m $m
US dollars 2,895.3 2,371.1
Chilean pesos 22.3 18.8
Sterling 1.2 1.0
Other 0.6 0.3
2,919.4 2,391.2
The credit quality of cash, cash equivalents and liquid investments are as follow:
2023 2022
$m $m
AAA 2,075.1 1,476.7
AA+ \u2212 \u2212
AA \u2212 \u2212
AA- 110.0 36.5
A+ 223.4 303.0
A 405.4 484.1
Subtotal 2,813.9 2,300.3
Cash at bank 105.5 90.9
Total cash, cash equivalents and liquid investments 2,919.4 2,391.2
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 2023 (year ended 31 December
2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "24 Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities o o Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2023 2022
Note $m $m
Los Pelambres
Senior loan (i)
(2,067
.2)
(1,470.5)
Leases (45.2) (55.3)
Centinela
Senior loan (ii) (166.3)
(276.
7)
Other loans
(ii)
(265.0) \u2212
Leases (142.8) (35.2)
Antucoya
Senior loan
(iii)
(174
.1)
(223.5)
Subordin
ated debt
(iv)
(
187.6)
(171.5)
Leases (v)
(17
.
4)
(16.5)
Corporat
e and other items
Bond (vi) (986.8) (985.3)
Le
ases
(vii)
(18.4) (23.1)
Transport division
Senior loan (viii) (5.0) (15.3)
Le
ases
(0.9) (1.6)
Preference shares (ix) (2.5) (2.5)
Total (4,079.2) (3,277.0)
(i) The senior loan at Los Pelambres represents: a $1,280 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 2 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.48%. The second tranche has a remaining duration of 5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. The third tranche has a remaining duration of 4.5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. The loans are subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. three US dollar denominated senior loans issued in December 2023 for a total amount of $810 million. The first loan for $200 million is a 3 year bullet with an interest rate of Term SOFR six-month rate plus 1.60%. The second loan is also a bullet for $200 million with a remaining duration of 5 years and an interest rate of Term SOFR six-month rate plus 1.69%. And the third loan for $410 million has a remaining duration of 5 years, amortising, and an interest rate of Term SOFR six-month rate plus 1.70%. (ii) Centinela has a US dollar denominated senior loan with an amount outstanding of $167 million with a duration of 1.5 years and an interest rateof Term SOFR six-month rate plus an all-in margin of 1.38%. The loan is subject to financial covenants which require that specified net debt to EBIT DA a nd EBITDA to finance expense ratios are maintained. In July 2023, Centinela issued two short-term loans for a total amount of $265 million and a remaining duration of 0.5 years. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $175 million. This loan has a remaining duration of 3.5 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) Subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporation with a remaining duration of 3.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. Subordinated debt provided by Group companies to Antucoya has been eliminat ed on consolidation. (v) Financial Leases at Antucoya are denominated in US dollars with an average interest rate of Term SOFR six-month rate plus 2.4% and a remaining duration of 0.5 years.
B) Leases
o
o
o
o
C) Analysis of borrowings and other financial liabilities by currency
D) Analysis of borrowings and other financial liabilities by type of interest rate
(vii) Antofaga
sta plc in October 2020 issued a corporate bond for $500 million with a 10 year tenor with a base spread of Treasuries plus 165 bps and
a
coupo
n of 2.375%. In May 2022, Antofagasta plc issued a new corporate bond for $500 million with a 10 year tenor with a base spread of
Treasuries plus 287.5 bps and a coupon of 5.625%.
(viii) Financial Leases at Corporate and other items are denominated in Unidades de Fomento (i.e. inflation-linked Chilean pesos) and have a remaining
duration of 3.0 years and are at fixed rates with an average interest rate of 5.2%.
(ix) Short-term loans at the Transport division are US dollar denominated, with an outstanding amount of $5 million and remaining duration of 0.1 year
s
and
an interest rate of Term SOFR six-month rate plus an all-in margin of
1.49%.
(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.
Information in respect of the Group\u2019s leases is contained in the following notes:
Note 15 -- depreciation charges, additions and disposals in respect of the right of use assets relating to the leases
Note 33 B) -- repayments of the lease balances and new lease liabilities arising during the period
Note 10 -- interest expense in respect of the lease balances
Note 10 -- cash paid relating to interest on lease
The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Corporate loans
\u2212
\u2212
(2,412.6)
(2,412.6)
Bond
\u2212
\u2212
(986.8)
(986.8)
Other loans (including short-term loans)
\u2212
\u2212
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
At 31 December 2022
Chilean 2022
pesos Sterling US dollars Total
$m $m $m $m
Corporate loans
(0.3)
\u2212
(1,985.7)
(1,986.0)
Bond
\u2212
\u2212
(985.3)
(985.3)
Other loans (including short-term loans)
\u2212
\u2212
(171.5)
(171.5)
Leases
(115.1)
(3.9)
(12.7)
(131.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(115.4)
(6.4)
(3,155.2)
(3,277.0)
The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Corporate loans
(5.0)
(2,407.6)
(2,412.6)
Bond
(986.8)
\u2212
(986.8)
Other loans (including short-term loans)
\u2212
(452.6)
(452.6)
Leases
(224.7)
\u2212
(224.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
2022
Fixed Floating Total
At 31 December 2022 $m $m $m
Corporate loans
(15.5)
(1,970.5)
(1,986.0)
Bond
(985.3)
\u2212
(985.3)
Other loans (including short-term loans)
\u2212
(171.5)
(171.5)
Leases
(125.7)
(6.0)
(131.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,129.0)
(2,148.0)
(3,277.0)
E) Maturity profile F) Financing Facilities The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2023
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2023 $m $m $m $m $m
Corporate loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bond
\u2212
\u2212
\u2212
(986.8)
(986.8)
Other loans
(265.0)
\u2212
(187.6)
\u2212
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
At 31 December 2022
Within Between Between After 2022
1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $m
Corporate loans
(377.4)
(531.7)
(927.7)
(149.2)
(1,986.0)
Bond
\u2212
\u2212
\u2212
(985.3)
(985.3)
Other loans
\u2212
\u2212
(171.5)
\u2212
(171.5)
Leases
(55.1)
(39.5)
(35.9)
(1.2)
(131.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(432.5)
(571.2)
(1,135.1)
(1,138.2)
(3,277.0)
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:
2023 2022
$m $m
Within 1
y
ear
(121.0) (62.1)
Between 1 -- 2
y
ears
(79.0) (40.1)
Between 2 -- 5
y
ears
(47.4) (37.6)
After 5
y
ears
\u2212 (1.3)
Total minimum lease
p
a
y
ments
(247.4) (141.1)
Less amounts re
p
resenting finance charges
22.7 9.4
Present value of minimum lease
p
a
y
ments
(224.7) (131.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. On 30 December, 2022, Antofagasta plc agreed a revolving credit facility \u2018\u2018RCF\u2019\u2019 of $500.0 million. This revolving credit facility has a term of threeyears, which expires on 30 December, 2025 . The facility remained undrawn throughout 2023.
Facility available
Drawn
Undrawn
2023 2022 2023 2022 2023 2022
$m $m $m $m $m $m
Revolving credit facilit
y
(500.0) (500.0) \u2212 \u2212 (500.0) (500.0)
(500.0) (500.0) \u2212 \u2212 (500.0) (500.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "24 Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities o o Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2023 2022
Note $m $m
Los Pelambres
Senior loan (i)
(2,067
.2)
(1,470.5)
Leases (45.2) (55.3)
Centinela
Senior loan (ii) (166.3)
(276.
7)
Other loans
(ii)
(265.0) \u2212
Leases (142.8) (35.2)
Antucoya
Senior loan
(iii)
(174
.1)
(223.5)
Subordin
ated debt
(iv)
(
187.6)
(171.5)
Leases (v)
(17
.
4)
(16.5)
Corporat
e and other items
Bond (vi) (986.8) (985.3)
Le
ases
(vii)
(18.4) (23.1)
Transport division
Senior loan (viii) (5.0) (15.3)
Le
ases
(0.9) (1.6)
Preference shares (ix) (2.5) (2.5)
Total (4,079.2) (3,277.0)
(i) The senior loan at Los Pelambres represents: a $1,280 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 2 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.48%. The second tranche has a remaining duration of 5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. The third tranche has a remaining duration of 4.5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. The loans are subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. three US dollar denominated senior loans issued in December 2023 for a total amount of $810 million. The first loan for $200 million is a 3 year bullet with an interest rate of Term SOFR six-month rate plus 1.60%. The second loan is also a bullet for $200 million with a remaining duration of 5 years and an interest rate of Term SOFR six-month rate plus 1.69%. And the third loan for $410 million has a remaining duration of 5 years, amortising, and an interest rate of Term SOFR six-month rate plus 1.70%. (ii) Centinela has a US dollar denominated senior loan with an amount outstanding of $167 million with a duration of 1.5 years and an interest rateof Term SOFR six-month rate plus an all-in margin of 1.38%. The loan is subject to financial covenants which require that specified net debt to EBIT DA a nd EBITDA to finance expense ratios are maintained. In July 2023, Centinela issued two short-term loans for a total amount of $265 million and a remaining duration of 0.5 years. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $175 million. This loan has a remaining duration of 3.5 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) Subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporation with a remaining duration of 3.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. Subordinated debt provided by Group companies to Antucoya has been eliminat ed on consolidation. (v) Financial Leases at Antucoya are denominated in US dollars with an average interest rate of Term SOFR six-month rate plus 2.4% and a remaining duration of 0.5 years. B) Leases o o o o C) Analysis of borrowings and other financial liabilities by currency D) Analysis of borrowings and other financial liabilities by type of interest rate Information in respect of the Group\u2019s leases is contained in the following notes: Note 15 -- depreciation charges, additions and disposals in respect of the right of use assets relating to the leases Note 33 B) -- repayments of the lease balances and new lease liabilities arising during the period Note 10 -- interest expense in respect of the lease balances Note 10 -- cash paid relating to interest on lease The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Corporate loans
\u2212
\u2212
(2,412.6)
(2,412.6)
Bond
\u2212
\u2212
(986.8)
(986.8)
Other loans (including short-term loans)
\u2212
\u2212
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
At 31 December 2022
Chilean 2022
pesos Sterling US dollars Total
$m $m $m $m
Corporate loans
(0.3)
\u2212
(1,985.7)
(1,986.0)
Bond
\u2212
\u2212
(985.3)
(985.3)
Other loans (including short-term loans)
\u2212
\u2212
(171.5)
(171.5)
Leases
(115.1)
(3.9)
(12.7)
(131.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(115.4)
(6.4)
(3,155.2)
(3,277.0)
The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Corporate loans
(5.0)
(2,407.6)
(2,412.6)
Bond
(986.8)
\u2212
(986.8)
Other loans (including short-term loans)
\u2212
(452.6)
(452.6)
Leases
(224.7)
\u2212
(224.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
2022
Fixed Floating Total
At 31 December 2022 $m $m $m
Corporate loans
(15.5)
(1,970.5)
(1,986.0)
Bond
(985.3)
\u2212
(985.3)
Other loans (including short-term loans)
\u2212
(171.5)
(171.5)
Leases
(125.7)
(6.0)
(131.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,129.0)
(2,148.0)
(3,277.0)
E) Maturity profile
F) Financing Facilities
25 Trade and other payables
The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2023
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2023 $m $m $m $m $m
Corporate loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bond
\u2212
\u2212
\u2212
(986.8)
(986.8)
Other loans
(265.0)
\u2212
(187.6)
\u2212
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
At 31 December 2022
Within Between Between After 2022
1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $m
Corporate loans
(377.4)
(531.7)
(927.7)
(149.2)
(1,986.0)
Bond
\u2212
\u2212
\u2212
(985.3)
(985.3)
Other loans
\u2212
\u2212
(171.5)
\u2212
(171.5)
Leases
(55.1)
(39.5)
(35.9)
(1.2)
(131.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(432.5)
(571.2)
(1,135.1)
(1,138.2)
(3,277.0)
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:
2023 2022
$m $m
Within 1
y
ear
(121.0) (62.1)
Between 1 -- 2
y
ears
(79.0) (40.1)
Between 2 -- 5
y
ears
(47.4) (37.6)
After 5
y
ears
\u2212 (1.3)
Total minimum lease
p
a
y
ments
(247.4) (141.1)
Less amounts re
p
resenting finance charges
22.7 9.4
Present value of minimum lease
p
a
y
ments
(224.7) (131.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.
On 30 December, 2022, Antofagasta plc agreed a revolving credit facility \u2018\u2018RCF\u2019\u2019 of $500.0 million. This revolving credit facility has a term of three
years,
which
expires on 30 December, 2025
.
The
facility remained undrawn throughout 2023.
Facility available
Drawn
Undrawn
2023 2022 2023 2022 2023 2022
$m $m $m $m $m $m
Revolving credit facilit
y
(500.0) (500.0) \u2212 \u2212 (500.0) (500.0)
(500.0) (500.0) \u2212 \u2212 (500.0) (500.0)
Due in one year
Due after one year
Total
2023 2022 2023 2022 2023 2022
$m $m $m $m $m $m
Trade creditors (788.1) (751.5) \u2212 \u2212 (788.1) (751.5)
Other creditors and accruals (383.4) (328.2) (9.8) (8.0) (393.2) (336.2)
(1,171.5) (1,079.7) (9.8) (8.0) (1,181.3) (1,087.7)
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 tax.
The average credit period taken for trade purchases is 20 days (2022 -- 18 days).
29 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (Royalty) Tax losses Disposal Total
$m $m $m $m $m $m $m $m
At 1 January 2022
(1,371.0)
115.0
(23.1)
(61.3)
(102.9)
127.6
\u2212
(1,315.7)
(Charge)/credit to income
(79.2)
1.4
(48.5)
(15.6)
(9.8)
(3.1)
\u2212
(154.8)
Reclassification
(16.9)
7.8
\u2212
9.1
\u2212
\u2212
\u2212
\u2212
Credit deferred in equity
\u2212
4.9
\u2212
\u2212
0.8
\u2212
\u2212
5.7
At 31 December 2022 and 1 January
2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
\u2212
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
\u2212
(2.9)
Adjustment due to introduction of new
royalty
\u2212
\u2212
\u2212
50.8
(85.1)
\u2212
\u2212
(34.3)
Tax on exceptional items
\u2212
\u2212
\u2212
(41.8)
\u2212
\u2212
\u2212
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2212
\u2212
Charge deferred in equity
\u2212
(2.9)
\u2212
(37.0)
(0.9)
\u2212
\u2212
(40.8)
At 31 December 2023
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
\u2212
(1,584.6)
2 1 1. The $40.8 million of deferred tax recognised directly in equity relates to a $37.0m deferred tax expense in respect of the movements in the fair value of equity investments (see Note 19) and a $3.8 million deferred tax expense in respect of actuarial gains on defined benefit plans. 2. A deferred tax expense of $41.8 million has been recognised in respect of the exceptional fair value gain of $167.1 million in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4). The charge to the income statement of $2.9 million (2022 -- $154.8 million) included an impact from foreign exchange differences of $0.3 million (2022: 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):
2023 2022
$m $m
Net deferred tax assets 72.0 78.5
Net deferred tax liabilities (1,656.6) (1,543.3)
Net deferred tax balances (1,584.6) (1,464.8)
The $72.0 million net deferred tax asset balance (2022 \u2212 $78.5 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 3 1 December 2023, the Group had unused tax losses associated with Chilean entities (predominantly Antucoya) of $523.3 million (2022 -- $460.3 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 $141.2 million has been recognised in respect of 100% of these losses as at 31 December 2023 (31 December 2022 -- $124.5 million). In addition, at 31 December 2023, the Group had unused tax losses associated with entities outside of Chile (predominantly in respect of the Twin Metals project) of $496.8 million (2022 -- $427.0 million). A portion of the Twin Metals tax losses expire in the period from 2030 -- 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 2023, deferred withholding tax liabilities of $66.6 million have been recognised (31 December 2022 -- $71.6 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 $7,101.1 million (31 December 2022 -- $6,430.4 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 $1,314.9 million (31 December 2022 -- $1,076.5 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 $1,584.6 million (2022 -- $1,464.8 million) includes $1,567.2 million (2022 -- $1,404.7 million) due in more than one year. The deferred tax assets of $72.0 million include $23.5 million due in less than 1 year and $48.5 million due in more than 1 year. The deferred tax liabilities of $1,656.6 million include $40.9 million due in less than 1 year and $1,615.7 million due in more than 1 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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "A) Analysis by type of borrowing and other financial liabilities o o Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2023 2022
Note $m $m
Los Pelambres
Senior loan (i)
(2,067
.2)
(1,470.5)
Leases (45.2) (55.3)
Centinela
Senior loan (ii) (166.3)
(276.
7)
Other loans
(ii)
(265.0) \u2212
Leases (142.8) (35.2)
Antucoya
Senior loan
(iii)
(174
.1)
(223.5)
Subordin
ated debt
(iv)
(
187.6)
(171.5)
Leases (v)
(17
.
4)
(16.5)
Corporat
e and other items
Bond (vi) (986.8) (985.3)
Le
ases
(vii)
(18.4) (23.1)
Transport division
Senior loan (viii) (5.0) (15.3)
Le
ases
(0.9) (1.6)
Preference shares (ix) (2.5) (2.5)
Total (4,079.2) (3,277.0)
(i) The senior loan at Los Pelambres represents: a $1,280 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 2 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.48%. The second tranche has a remaining duration of 5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. The third tranche has a remaining duration of 4.5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. The loans are subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. three US dollar denominated senior loans issued in December 2023 for a total amount of $810 million. The first loan for $200 million is a 3 year bullet with an interest rate of Term SOFR six-month rate plus 1.60%. The second loan is also a bullet for $200 million with a remaining duration of 5 years and an interest rate of Term SOFR six-month rate plus 1.69%. And the third loan for $410 million has a remaining duration of 5 years, amortising, and an interest rate of Term SOFR six-month rate plus 1.70%. (ii) Centinela has a US dollar denominated senior loan with an amount outstanding of $167 million with a duration of 1.5 years and an interest rateof Term SOFR six-month rate plus an all-in margin of 1.38%. The loan is subject to financial covenants which require that specified net debt to EBIT DA a nd EBITDA to finance expense ratios are maintained. In July 2023, Centinela issued two short-term loans for a total amount of $265 million and a remaining duration of 0.5 years. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $175 million. This loan has a remaining duration of 3.5 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) Subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporation with a remaining duration of 3.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. Subordinated debt provided by Group companies to Antucoya has been eliminat ed on consolidation. (v) Financial Leases at Antucoya are denominated in US dollars with an average interest rate of Term SOFR six-month rate plus 2.4% and a remaining duration of 0.5 years. C) Analysis of borrowings and other financial liabilities by currency D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Corporate loans
\u2212
\u2212
(2,412.6)
(2,412.6)
Bond
\u2212
\u2212
(986.8)
(986.8)
Other loans (including short-term loans)
\u2212
\u2212
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
At 31 December 2022
Chilean 2022
pesos Sterling US dollars Total
$m $m $m $m
Corporate loans
(0.3)
\u2212
(1,985.7)
(1,986.0)
Bond
\u2212
\u2212
(985.3)
(985.3)
Other loans (including short-term loans)
\u2212
\u2212
(171.5)
(171.5)
Leases
(115.1)
(3.9)
(12.7)
(131.7)
Preference shares
\u2212
(2.5)
\u2212
(2.5)
(115.4)
(6.4)
(3,155.2)
(3,277.0)
The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Corporate loans
(5.0)
(2,407.6)
(2,412.6)
Bond
(986.8)
\u2212
(986.8)
Other loans (including short-term loans)
\u2212
(452.6)
(452.6)
Leases
(224.7)
\u2212
(224.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
2022
Fixed Floating Total
At 31 December 2022 $m $m $m
Corporate loans
(15.5)
(1,970.5)
(1,986.0)
Bond
(985.3)
\u2212
(985.3)
Other loans (including short-term loans)
\u2212
(171.5)
(171.5)
Leases
(125.7)
(6.0)
(131.7)
Preference shares
(2.5)
\u2212
(2.5)
(1,129.0)
(2,148.0)
(3,277.0)
(vii) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10 year tenor with a base spread of Treasuries plus 165 bps and a coupo n of 2.375%. In May 2022, Antofagasta plc issued a new corporate bond for $500 million with a 10 year tenor with a base spread of Treasuries plus 287.5 bps and a coupon of 5.625%. (viii) Financial Leases at Corporate and other items are denominated in Unidades de Fomento (i.e. inflation-linked Chilean pesos) and have a remaining duration of 3.0 years and are at fixed rates with an average interest rate of 5.2%. (ix) Short-term loans at the Transport division are US dollar denominated, with an outstanding amount of $5 million and remaining duration of 0.1 year s and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.49%. (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. E) Maturity profile The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2023
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2023 $m $m $m $m $m
Corporate loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bond
\u2212
\u2212
\u2212
(986.8)
(986.8)
Other loans
(265.0)
\u2212
(187.6)
\u2212
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
At 31 December 2022
Within Between Between After 2022
1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $m
Corporate loans
(377.4)
(531.7)
(927.7)
(149.2)
(1,986.0)
Bond
\u2212
\u2212
\u2212
(985.3)
(985.3)
Other loans
\u2212
\u2212
(171.5)
\u2212
(171.5)
Leases
(55.1)
(39.5)
(35.9)
(1.2)
(131.7)
Preference shares
\u2212
\u2212
\u2212
(2.5)
(2.5)
(432.5)
(571.2)
(1,135.1)
(1,138.2)
(3,277.0)
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:
2023 2022
$m $m
Within 1
y
ear
(121.0) (62.1)
Between 1 -- 2
y
ears
(79.0) (40.1)
Between 2 -- 5
y
ears
(47.4) (37.6)
After 5
y
ears
\u2212 (1.3)
Total minimum lease
p
a
y
ments
(247.4) (141.1)
Less amounts re
p
resenting finance charges
22.7 9.4
Present value of minimum lease
p
a
y
ments
(224.7) (131.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "B) Leases o o o o Information in respect of the Group\u2019s leases is contained in the following notes: Note 15 -- depreciation charges, additions and disposals in respect of the right of use assets relating to the leases Note 33 B) -- repayments of the lease balances and new lease liabilities arising during the period Note 10 -- interest expense in respect of the lease balances Note 10 -- cash paid relating to interest on lease ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "25 Trade and other payables
Due in one year
Due after one year
Total
2023 2022 2023 2022 2023 2022
$m $m $m $m $m $m
Trade creditors (788.1) (751.5) \u2212 \u2212 (788.1) (751.5)
Other creditors and accruals (383.4) (328.2) (9.8) (8.0) (393.2) (336.2)
(1,171.5) (1,079.7) (9.8) (8.0) (1,181.3) (1,087.7)
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 tax. The average credit period taken for trade purchases is 20 days (2022 -- 18 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "B) Fair value of financial instruments o o o An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
\u2212
\u2212
288.6
Trade and other receivables (b)
\u2212
916.5
\u2212
916.5
Other financial assets (c)
\u2212
457.2
\u2212
457.2
Cash and cash equivalents (d)
1.1
\u2212
\u2212
1.1
Liquid investment (e)
\u2212
2,274.7
\u2212
2,274.7
289.7
3,648.4
\u2212
3,938.1
Total
Level 1 Level 2 Level 3 2022
$m $m $m $m
Financial assets
Equity investments (a)
90.5
\u2212
\u2212
90.5
Trade and other receivables (b)
\u2212
897.2
\u2212
897.2
Cash and cash equivalents (d)
8
.5
\u2212
\u2212
8.5
Liquid investment (e)
\u2212
1,580.8
\u2212
1,580.8
99.0
2,478.0
\u2212
2,577.0
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 December average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The other financial asset relates to an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019) (as detailed in Note 22). Subsequent to the year-end, in March 2024, the agreement completed. A payment of $290.1 million was made in respect of this agreement in June 2023. As at 31 December 2023, an \u2018\u2018other financial asset\u2019\u2019 balance has been recognised on the balance sheet in respect of the agreement, at its fair value of $457.2 million. A fair value gain of $167.1 million has been recognised during 2023 in respect of this asset. The fair value of the other financial asset has been calculated using observable market data, in particular the share price of Buenaventura as at 29 December 2023 (the last trading day in 2023). These are level 2 inputs. The valuation also assumed that the Group will acquire all 30 million shares and the agreement runs to its scheduled maturity, although this was not considered to be a significant factor in determining the fair value based on the assessed likelihood and impact of an early termination occurring. d) 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. e) 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): Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. 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. 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 2023, there were no transfers between levels in the hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "B) Fair value of financial instruments o o o An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
\u2212
\u2212
288.6
Trade and other receivables (b)
\u2212
916.5
\u2212
916.5
Other financial assets (c)
\u2212
457.2
\u2212
457.2
Cash and cash equivalents (d)
1.1
\u2212
\u2212
1.1
Liquid investment (e)
\u2212
2,274.7
\u2212
2,274.7
289.7
3,648.4
\u2212
3,938.1
Total
Level 1 Level 2 Level 3 2022
$m $m $m $m
Financial assets
Equity investments (a)
90.5
\u2212
\u2212
90.5
Trade and other receivables (b)
\u2212
897.2
\u2212
897.2
Cash and cash equivalents (d)
8
.5
\u2212
\u2212
8.5
Liquid investment (e)
\u2212
1,580.8
\u2212
1,580.8
99.0
2,478.0
\u2212
2,577.0
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 December average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The other financial asset relates to an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019) (as detailed in Note 22). Subsequent to the year-end, in March 2024, the agreement completed. A payment of $290.1 million was made in respect of this agreement in June 2023. As at 31 December 2023, an \u2018\u2018other financial asset\u2019\u2019 balance has been recognised on the balance sheet in respect of the agreement, at its fair value of $457.2 million. A fair value gain of $167.1 million has been recognised during 2023 in respect of this asset. The fair value of the other financial asset has been calculated using observable market data, in particular the share price of Buenaventura as at 29 December 2023 (the last trading day in 2023). These are level 2 inputs. The valuation also assumed that the Group will acquire all 30 million shares and the agreement runs to its scheduled maturity, although this was not considered to be a significant factor in determining the fair value based on the assessed likelihood and impact of an early termination occurring. d) 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. e) 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): Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. 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. 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 2023, there were no transfers between levels in the hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "B) Fair value of financial instruments o o o An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
\u2212
\u2212
288.6
Trade and other receivables (b)
\u2212
916.5
\u2212
916.5
Other financial assets (c)
\u2212
457.2
\u2212
457.2
Cash and cash equivalents (d)
1.1
\u2212
\u2212
1.1
Liquid investment (e)
\u2212
2,274.7
\u2212
2,274.7
289.7
3,648.4
\u2212
3,938.1
Total
Level 1 Level 2 Level 3 2022
$m $m $m $m
Financial assets
Equity investments (a)
90.5
\u2212
\u2212
90.5
Trade and other receivables (b)
\u2212
897.2
\u2212
897.2
Cash and cash equivalents (d)
8
.5
\u2212
\u2212
8.5
Liquid investment (e)
\u2212
1,580.8
\u2212
1,580.8
99.0
2,478.0
\u2212
2,577.0
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 December average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The other financial asset relates to an agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019) (as detailed in Note 22). Subsequent to the year-end, in March 2024, the agreement completed. A payment of $290.1 million was made in respect of this agreement in June 2023. As at 31 December 2023, an \u2018\u2018other financial asset\u2019\u2019 balance has been recognised on the balance sheet in respect of the agreement, at its fair value of $457.2 million. A fair value gain of $167.1 million has been recognised during 2023 in respect of this asset. The fair value of the other financial asset has been calculated using observable market data, in particular the share price of Buenaventura as at 29 December 2023 (the last trading day in 2023). These are level 2 inputs. The valuation also assumed that the Group will acquire all 30 million shares and the agreement runs to its scheduled maturity, although this was not considered to be a significant factor in determining the fair value based on the assessed likelihood and impact of an early termination occurring. d) 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. e) 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): Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. 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. 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 2023, there were no transfers between levels in the hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "C) Financial risk management (I) Commodity price risk 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. 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 2023, sales of copper and molybdenum concentrate and copper cathodes represented 89.4% 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. o o (II) Currency risk (III) Interest rate risk (IV) Other price risk Thesensitivity 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. 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 $19.0 million (2022 -- increase by $19.8 million). 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 $19.0 million (2022 -- decrease by $19.8 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 $60.6 million (2022 -- $58.7 million) and earnings per share by 6.1 cents (2022 -- 6.0 cents), based on production volumes in 2023, 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 $10.2 million (2022 -- $9.5 million), and earnings per share by 1.0 cents (2022 -- 1.0 cents), based on production volumes in 2023, 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 $9.6 million (2022 -- $11.6 million), and earnings per share by 1.0 cents (2022 -- 1.2 cents), based on production volumes in 2023, and without taking into account the effects of provisional pricing. 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. O perating 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 26(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 23, and the currency exposure of the Group\u2019s borrowings is given in Note 24(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 191. 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 non-US dollar 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 $34.7 million (2022 -- increase of $19.1 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 $42.5 million (2022 -- decrease of $23.3 million). 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 interestrate expo sures on a portion of its existing borrowings. Details of any interest rate derivatives entered into by the Group are given in Note 24(D). Theinterest rate exposure of the Group\u2019s borrowings is given in Note 24. 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 (2022 -- decrease of $3.3 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. The Group is exposed to equity price risk on its equity investments. 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 $28.9 million (2022 -- increase of $9.1 million). There would have been no impact on the income statement. Commodity price sensitivity Currency sensitivity Interest rate sensitivity Equity price sensitivity
(V) Cash flow risk
(VI) Credit risk
(VII)
Liquidity ri
sk
(
VIII) Capital risk management
T
he 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 describe
d
a
bove 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
sul
phuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contra
cts
ar
e 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 Chilea
n
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 90 to 107.
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
count
erparties are financial institutions with high credit ratings assigned by international credit agenci
es.
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.
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 2023, the Group was in a net debt position (2022 -- net debt position), as disclosed in Note 33(C). Details of cash, cash equivalents and liquid
investments are given in Note 23, while details of borrowings including the maturity profile are given in Note 24(E). Details of undrawn committed
borrowing facilities are also given in Note 24.
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.
Less than Between Between After 2023
At 31 December 2023 1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $m
Corporate loans
(704.8)
(705.8)
(1,460.0)
(25.9)
(2,896.5)
Other loans (including short-term loans and bond)
(305.0)
(40.0)
(306.8)
(1,122.2)
(1,774.0)
Leases
(122.0)
(79.0)
(45.6)
(0.9)
(247.5)
Preference shares *
(0.1)
(0.1)
(0.3)
(2.6)
(3.1)
Trade and other payables
(1,171.5)
(9.5)
(0.3)
\u2212
(1,181.3)
(2,303.4)
(834.4)
(1,813.0)
(1,151.6)
(6,102.4)
Less than Between Between After 2022
At 31 December 2022 1 year 1-2 years 2-5 years 5 years Total
$m $m $m $m $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)
\u2212
(1,087.7)
(1,678.2)
(693.9)
(1,350.7)
(1,343.4)
(5,066.2)
* 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.
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 $1,159.8 million at 31 December 2023 (2022 -- net debt $885.8 million), as well as gross cash (defined as cash, cash equivalents and liquid investments)
which was $2,919.4 million at 31 December 2023 (2022 -- $2,391.2 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 24.
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/EBI
TDA
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 pe
riod.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "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 2023, sales of copper and molybdenum concentrate and copper cathodes represented 89.4% 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. o o (II) Currency risk (III) Interest rate risk (IV) Other price risk Thesensitivity 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. 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 $19.0 million (2022 -- increase by $19.8 million). 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 $19.0 million (2022 -- decrease by $19.8 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 $60.6 million (2022 -- $58.7 million) and earnings per share by 6.1 cents (2022 -- 6.0 cents), based on production volumes in 2023, 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 $10.2 million (2022 -- $9.5 million), and earnings per share by 1.0 cents (2022 -- 1.0 cents), based on production volumes in 2023, 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 $9.6 million (2022 -- $11.6 million), and earnings per share by 1.0 cents (2022 -- 1.2 cents), based on production volumes in 2023, and without taking into account the effects of provisional pricing. 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. O perating 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 26(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 23, and the currency exposure of the Group\u2019s borrowings is given in Note 24(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 191. 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 non-US dollar 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 $34.7 million (2022 -- increase of $19.1 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 $42.5 million (2022 -- decrease of $23.3 million). 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 interestrate expo sures on a portion of its existing borrowings. Details of any interest rate derivatives entered into by the Group are given in Note 24(D). Theinterest rate exposure of the Group\u2019s borrowings is given in Note 24. 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 (2022 -- decrease of $3.3 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. The Group is exposed to equity price risk on its equity investments. 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 $28.9 million (2022 -- increase of $9.1 million). There would have been no impact on the income statement. Commodity price sensitivity Currency sensitivity Interest rate sensitivity Equity price sensitivity (V) Cash flow risk T he 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 describe d a bove 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 electricityand sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contra cts 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 Chilea n gridor 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 90 to 107. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "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 count erparties are financial institutions with high credit ratings assigned by international credit agencies. Thelargest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "VII) Liquidity risk he Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. he Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 4 hours. t the end of 2023, the Group was in a net debt position (2022 -- net debt position), as disclosed in Note 33(C). Details of cash, cash equivalents and liquid nvestments are given in Note 23, while details of borrowings including the maturity profile are given in Note 24(E). Details of undrawn committed orrowing facilities are also given in Note 24. he following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. he 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 oth interest and principal cash flows. Less than Between Between After 2023 At 31 December 2023 1 year 1-2 years 2-5 years 5 years Total $m $m $m $m $m orporate loans (704.8) (705.8) (1,460.0) (25.9) (2,896.5) ther loans (including short-term loans and bond) (305.0) (40.0) (306.8) (1,122.2) (1,774.0) eases (122.0) (79.0) (45.6) (0.9) (247.5) reference shares * (0.1) (0.1) (0.3) (2.6) (3.1) rade and other payables (1,171.5) (9.5) (0.3) \u2212 (1,181.3) (2,303.4) (834.4) (1,813.0) (1,151.6) (6,102.4) Less than Between Between After 2022 t 31 December 2022 1 year 1-2 years 2-5 years 5 years Total $m $m $m $m $m orporate loans (475.7) (609.4) (1,017.8) (163.3) (2,266.2) ther loans (including short-term loans and bond) (60.5) (40.0) (290.8) (1,176.3) (1,567.6) eases (62.1) (40.4) (37.9) (1.3) (141.7) reference shares * (0.1) (0.1) (0.3) (2.5) (3.0) rade and other payables (1,079.8) (4.0) (3.9) \u2212 (1,087.7) (1,678.2) (693.9) (1,350.7) (1,343.4) (5,066.2) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "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 $1,159.8 million at 31 December 2023 (2022 -- net debt $885.8 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $2,919.4 million at 31 December 2023 (2022 -- $2,391.2 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 24. 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 pe riod. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "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. TheGroup did not have any derivative financial instruments during 2023 or 2022. When relevant, the Group applies the hedge accounting provisions of IFRS 9 \u2018\u2018Financial Instruments\u2019\u2019. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income or expense, 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 are 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "27 Long-term incentive plan Details of the Awards o o Valuation process and accounting for the awards The long-term incentive plan (the \u2018\u2018Plan\u2019\u2019) forms part of the remuneration of senior managers in the Group. Directors are not eligible to participate in the Plan. 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. 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 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. 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:
2023
2022
Weighted average forecast share price at vesting date
$
21.6
$18.5
Expected volatility 37.21%
5
0.90%
Expected life of awards
3
years
3
y
ears
Expected dividend yields 2.93% 6.77%
Discount rate 5.32% 4.33%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous one year. 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 characteristics of each plan. The nu mber of awards outstanding at the end of the year is as follows:
Restricted Performance
Awards Awards
Number Number
Outstanding at 1 January 2023
438,519
1,176,947
Granted during the year 291,060 468,967
Cancelled during the year
(25,17
8)
(49,510)
Payments during the year
(244,893)
(599,386)
Outstanding at 31 December 2023
459,508
997,018
Number of awards that have vested
171,803
\u2212
The Group has recorded a liability of $13.9 million at 31 December 2023, of which $7.5 million is due after more than one year (31 December 2022 -- $17.2 million of which $4.7 million was due after more than one year) and total expenses of $12.6 million for the year (2022 -- expense of $13.1 million).", "dimensions": { "concept": "antofagastaplc:DisclosureOfLongTermIncentivePlan", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "28 Post-employment benefit obligations A) Defined contribution schemes B) Severance provisions Assumptions description The Group operates defined contribution schemes for a limited number of employees. The amount charged to the income statement in 2023 was $0.1 million (2022 -- $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain payable at the end of either year. 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 the 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 2023 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:
2023 2022
% %
Average nominal discount rate 6.2% 5.3%
Average rate of increase in salaries 1.9% 2.2%
Average staff turnover 3.2% 3.5%
Amounts included in the income statement in respect of severance provisions are as follows:
2023 2022
$m $m
Current service cost (charge to operating profit) (25.7) (19.1)
Interest cost (charge to other finance items) (7.2) (6.8)
Foreign exchange credit to other finance items 3.6 1.5
Total charge to income statement
(29.3)
(24.4)
Movements in the present value of severance provisions were as follows:
2023 2022
$m $m
Balance at the beginning of the year
(137
.3)
(107.5)
Current service cost (25.7) (19.1)
Actuarial gains/(losses) 10.7 (18.1)
Unwinding of discount on provisions
(7
.2)
(6.8)
Paid in the year 16.0 12.7
Foreign currency exchange difference 3.6 1.5
Balance at the end of the year
(139.9)
(137.3)
Discount rate
31 December 2023 31 December 2022
Nominal discount rate 6.52% 5.34%
Reference rate name 20 year Chilean Central Bank Bonds 20 year Chilean Central Bank Bonds
Governmental or corporate rate Governmental Governmental
Reference rating AA--/AA+ AA--/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 31 October 2023 28 November 2022
Source of the reference interest rate Bloomberg Bloomberg
o o o Thediscount 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. 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 2019 to 2023. This represents the estimated average level of future employee turnover. This has been based on historical information for the Group for the period from 2019 to 2023. 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. If the discount rate is 100 basis points higher, the defined benefit obligation would decrease by $6.5 million (2022 -- decrease by $10.2 million). If the discount rate is 100 basis points lower, the defined benefit obligation would increase by $7.1 million (2022 -- increase by $11.7 million). If the expected salary growth increases by 1%, the defined benefit obligation would increase by $7.0 million (2022 -- increase by $10.5 million). If the expected salary growth decreases by 1%, the defined benefit obligation would decrease by $6.5 million (2022 -- decrease by $9.6 million). If the staff turnover increases by 1%, the defined benefit obligation would decrease by $2.9 million (2022 -- decrease by $2.5 million). If the staff turnover decreases by 1%, the defined benefit obligation would increase by $3.1 million (2022 -- increase by $2.5 million). Rate of increase in salaries Turnover rate Sensitivity analysis", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "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 2023 was $0.1 million (2022 -- $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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "29 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (Royalty) Tax losses Disposal Total
$m $m $m $m $m $m $m $m
At 1 January 2022
(1,371.0)
115.0
(23.1)
(61.3)
(102.9)
127.6
\u2212
(1,315.7)
(Charge)/credit to income
(79.2)
1.4
(48.5)
(15.6)
(9.8)
(3.1)
\u2212
(154.8)
Reclassification
(16.9)
7.8
\u2212
9.1
\u2212
\u2212
\u2212
\u2212
Credit deferred in equity
\u2212
4.9
\u2212
\u2212
0.8
\u2212
\u2212
5.7
At 31 December 2022 and 1 January
2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
\u2212
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
\u2212
(2.9)
Adjustment due to introduction of new
royalty
\u2212
\u2212
\u2212
50.8
(85.1)
\u2212
\u2212
(34.3)
Tax on exceptional items
\u2212
\u2212
\u2212
(41.8)
\u2212
\u2212
\u2212
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2212
\u2212
Charge deferred in equity
\u2212
(2.9)
\u2212
(37.0)
(0.9)
\u2212
\u2212
(40.8)
At 31 December 2023
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
\u2212
(1,584.6)
2 1 1. The $40.8 million of deferred tax recognised directly in equity relates to a $37.0m deferred tax expense in respect of the movements in the fair value of equity investments (see Note 19) and a $3.8 million deferred tax expense in respect of actuarial gains on defined benefit plans. 2. A deferred tax expense of $41.8 million has been recognised in respect of the exceptional fair value gain of $167.1 million in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4). The charge to the income statement of $2.9 million (2022 -- $154.8 million) included an impact from foreign exchange differences of $0.3 million (2022: 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):
2023 2022
$m $m
Net deferred tax assets 72.0 78.5
Net deferred tax liabilities (1,656.6) (1,543.3)
Net deferred tax balances (1,584.6) (1,464.8)
The $72.0 million net deferred tax asset balance (2022 \u2212 $78.5 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 3 1 December 2023, the Group had unused tax losses associated with Chilean entities (predominantly Antucoya) of $523.3 million (2022 -- $460.3 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 $141.2 million has been recognised in respect of 100% of these losses as at 31 December 2023 (31 December 2022 -- $124.5 million). In addition, at 31 December 2023, the Group had unused tax losses associated with entities outside of Chile (predominantly in respect of the Twin Metals project) of $496.8 million (2022 -- $427.0 million). A portion of the Twin Metals tax losses expire in the period from 2030 -- 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 2023, deferred withholding tax liabilities of $66.6 million have been recognised (31 December 2022 -- $71.6 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 $7,101.1 million (31 December 2022 -- $6,430.4 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 $1,314.9 million (31 December 2022 -- $1,076.5 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 $1,584.6 million (2022 -- $1,464.8 million) includes $1,567.2 million (2022 -- $1,404.7 million) due in more than one year. The deferred tax assets of $72.0 million include $23.5 million due in less than 1 year and $48.5 million due in more than 1 year. The deferred tax liabilities of $1,656.6 million include $40.9 million due in less than 1 year and $1,615.7 million due in more than 1 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "30 Decommissioning and restoration provisions
2023 2022
$m $m
Balance at the beginning of the year (488.2) (336.1)
Charge to operating profit in the year (12.8) (15.4)
Unwind of discount to net interest in the year (10.2) (10.1)
Adjustment to provision discount rates 1.6 (1.6)
Capitalised adjustment to provision 31.9 (173.8)
Utilised in year 36.8 49.7
Foreign currency exchange difference (0.2) (0.9)
Balance at the end of the year
(441.1)
(488.2)
Short-term provisions (15.2) (33.2)
Long-term provisions (425.9) (455.0)
Total
(441.1)
(488.2)
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 2023, the Centinela 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 2023, the real discount rates ranged from 2.29% to 2.41% (31 December 2022: 1.67% to 1.73%). It is estimated that the provision will be utilised from 2024 until 2066 based on current mine plans, with approximately 16% of the total provision balance expected to be utilised between 2024 and 2033, approximately 48% between 2034 and 2043, approximately 9% between 2044 and 2053 and approximately 27% between 2054 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. In its Annual Report and Accounts, the Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (\u2018\u2018TCFD\u2019\u2019). 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": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "31 Share capital and other reserves (I) Share capital The ordinary share capital of the Company is as follows:
2023 2022 2023 2022
Number Number $m $m
Authorised
Ordinary shares of 5p each 1,300,000,000 1,300,000,000 118.9 118.9
2023
2022 2023 2022
Number Number $m $m
Issued and fully paid
Ordinary shares of 5p each 985,856,695 985,856,695 89.8 89.8
(II) Other reserves and retained earnings 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 2023 or 2022. Details of the Company\u2019s preference share capital, which is included within borrowings in accordance with IAS 32 Financial Instruments, are given in Note 24A(ix). The share premium account, fair value and translation reserves and retained earnings for both 2023 and 2022 are included within the consolidated statement of changes in equity on page 191 as follow:
2023 2022
$m $m
Share premium
At 1 January and 31 December 199.2 199.2
Equity investment revaluation reserve
At 1 January 8.4 (7.4)
Gains on equity investment 100.0 15.8
At 31 December 108.4 8.4
Foreign currency translation reserves
At 1 January (3.4) (3.0)
Currency translation adjustment (0.5) (0.4)
At 31 December (3.9) (3.4)
Total other reserves per balance sheet 104.5 5.0
Retained earnings
At 1 January 8,333.5 8,071.6
Parent and subsidiaries\u2019 profit for the period 848.6
1
,484.9
Equity accounted units\u2019 (loss)/profit after tax for the period (13.5) 48.1
Actuarial gains/(losses) 3.0 (8.2)
Total comprehensive income for the year 838.1 1,524.8
Dividends paid (613.2) (1,262.9)
At 31 December 8,558.4 8,333.5
1 2 3 1. The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 19. 2. 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. 3. Actuarial gains or losses relating to long-term employee benefits of the Group and associates and joint ventures, as described in Note 27.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "(I) Share capital The ordinary share capital of the Company is as follows:
2023 2022 2023 2022
Number Number $m $m
Authorised
Ordinary shares of 5p each 1,300,000,000 1,300,000,000 118.9 118.9
2023
2022 2023 2022
Number Number $m $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 2023 or 2022. Details of the Company\u2019s preference share
capital, which is included within borrowings in accordance with IAS 32 Financial Instruments, are given in Note 24A(ix).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "(II) Other reserves and retained earnings The share premium account, fair value and translation reserves and retained earnings for both 2023 and 2022 are included within the consolidated statement of changes in equity on page 191 as follow:
2023 2022
$m $m
Share premium
At 1 January and 31 December 199.2 199.2
Equity investment revaluation reserve
At 1 January 8.4 (7.4)
Gains on equity investment 100.0 15.8
At 31 December 108.4 8.4
Foreign currency translation reserves
At 1 January (3.4) (3.0)
Currency translation adjustment (0.5) (0.4)
At 31 December (3.9) (3.4)
Total other reserves per balance sheet 104.5 5.0
Retained earnings
At 1 January 8,333.5 8,071.6
Parent and subsidiaries\u2019 profit for the period 848.6
1
,484.9
Equity accounted units\u2019 (loss)/profit after tax for the period (13.5) 48.1
Actuarial gains/(losses) 3.0 (8.2)
Total comprehensive income for the year 838.1 1,524.8
Dividends paid (613.2) (1,262.9)
At 31 December 8,558.4 8,333.5
1 2 3 1. The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 19. 2. 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. 3. Actuarial gains or losses relating to long-term employee benefits of the Group and associates and joint ventures, as described in Note 27.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "32 Non-controlling interests The non-controlling interests of the Group during 2023 and 2022 were as follows:
Share of
Non- At profit/(loss) At
controlling 1 January for the Share of Hedging and 31 December
Interest 2023 financial year dividends actuarial gains 2023
%
Country
$m $m $m $m $m
Minera Los Pelambres SCM
40.0
Chile
1,443.0
373.4
(388.0)
1.2
1,429.6
Minera Centinela SCM
30.0
Chile
1,356.8
89.5
\u2212
2.0
1,448.3
Minera Antucoya SCM
30.0
Chile
219.3
5.5
\u2212
0.1
224.9
Sociedad Contractual Minera El Encierro
42.8
Chile
(2.2)
(4.1)
\u2212
\u2212
(6.3)
Total
3,016.9
464.3
(388.0)
3.3
3,096.5
Non-
Share of
At profit/(loss) Hedging and At
controlling 1 January for the Share of actuarial 31 December
Interest 2022 financial year dividends losses 2022
% Country $m $m $m $m $m
Minera Los Pelambres SCM
40.0
Chile
1,204.5
320.4
(80.0)
(1.9)
1,443.0
Minera Centinela SCM
30.0
Chile
1,275.9
82.9
\u2212
(2.0)
1,356.8
Minera Antucoya SCM
30.0
Chile
198.4
21.2
\u2212
(0.3)
219.3
Sociedad Contractual Minera El Encierro
43.5
Chile
\u2212
(2.2)
\u2212
\u2212
(2.2)
Total
2,678.8
422.3
(80.0)
(4.2)
3,016.9
The proportion of the voting rights is proportional with the economic interest for each of the companies listed above. Notes to the summarised financial position and cash flow For material entities with non-controlling interests, the summarised financial position and cash flow information for the years ended 31 December 2023 and 31 December 2022 is set out below:
Los Pelambres Centinela Antucoya
2023 2023 2023
$m $m $m
Non-controlling interest (%)
40.0%
30.0%
30.0%
Cash and cash equivalents
222.2
156.5
52.0
Current assets
1,320.8
1,256.7
340.2
Non-current assets
6,093.2
5,276.8
1,392.8
Current liabilities
(970.8)
(926.8)
(160.1)
Non-current liabilities
(2,858.4)
(930.3)
(375.1)
Net cash from operating activities
1,206.8
1,069.1
209.7
Net cash used in investing activities
(862.4)
(1,031.6)
(117.0)
Net cash (used in)/from financing activities
(409.0)
124.1
(67.8)
1 1. The current assets include cash and cash equivalents
Los Pelambres Centinela Antucoya
2022 2022 2022
$m $m $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)
1 1. The current assets include cash and cash equivalents (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 intercompany 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "33 Notes to the consolidated cash flow statement A) Reconciliation of profit before tax to cash flow from operations
2023 2022
$m $m
Profit before tax 1,965.5 2,558.9
Depreciation 1,211.3 1,141.1
Net loss on disposals \u2212 2.1
Net finance (income)/expense -- excluding exceptional items (29.1) 68.2
Net share of loss/(profit) of associates and joint ventures 13.5
(
48.1)
Exceptional fair value gain in respect of other financial asset
(167
.1)
\u2212
Gain on disposal of investment in joint venture \u2212 (944.7)
Increase in inventories (31.6) (180.7)
(Increase)/decrease in debtors (57.9) 27.0
Increase in creditors 137.0 141.0
Decrease in provisions (14.5) (26.5)
Cash flow generated from operations 3,027.1 2,738.3
B) Analysis of changes in net debt C) Net debt
Movement
At Amortisation between At
1 January of finance Capitalisation maturity Fair value 31 December
2023 Cash flow New leases costs of interest categories gains Exchange 2023
$m $m $m $m $m $m $m $m $m
Cash and cash equivalents
810.4
(162.0)
\u2212
\u2212
\u2212
\u2212
\u2212
(3.7)
644.7
Liquid investments
1,580.8
674.2
\u2212
\u2212
\u2212
\u2212
19.7
\u2212
2,274.7
Total cash and cash equivalents
and liquid investments
2,391.2
512.2
\u2212
\u2212
\u2212
\u2212
19.7
(3.7)
2,919.4
Borrowings due within one year
(
377.4)
116.7
\u2212
\u2212
\u2212
(533.4)
\u2212
\u2212
(794.1)
Borrowings due after one year
(2,7
65.4)
(797.2)
\u2212
(12.7)
(16.0)
533.4
\u2212
\u2212
(3,057.9)
Leases due within one year (55.1)
81.2
\u2212
\u2212
\u2212
(133.9)
\u2212
\u2212
(107.8)
Leases due after one year
(76.6)
\u2212
(178.6)
\u2212
\u2212
133.9
\u2212
4.4
(116.9)
Preference shares
(2.5)
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(2.5)
Total borrowings
(3,277.0)
(599.3)
(178.6)
(12.7)
(16.0)
\u2212
\u2212
4.4
(4,079.2)
(885.8)
(87.1)
(178.6)
(12.7)
(16.0)
\u2212
19.7
0.7
(1,159.8)
Movement
At Amortisation between At
1 January of finance Capitalisation maturity 31 December
2022 Cash flow New leases costs of interest categories Other Exchange 2022
$m $m $m $m $m $m $m $m $m
Cash and cash equivalents
743.4
65.6
\u2212
\u2212
\u2212
\u2212
\u2212
1.4
810.4
Liquid investments
2,969.7
(1,388.9)
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
1,580.8
Total cash and cash equivalents
and liquid investments
3,713.1
(1,323.3)
\u2212
\u2212
\u2212
\u2212
\u2212
1.4
2,391.2
Borrowings due within one year
(268.0)
373.9
\u2212
\u2212
\u2212
(483.3)
\u2212
\u2212
(377.4)
Borrowings due after one year
(2,742.1)
(488.5)
\u2212
(11.7)
(6.3)
483.3
(0.1)
\u2212
(2,765.4)
Leases due within one year
(69.1)
105.4
\u2212
\u2212
\u2212
(80.7)
\u2212
(10.7)
(55.1)
Leases due after one year
(90.7)
\u2212
(51.3)
\u2212
\u2212
80.7
(1.0)
(14.3)
(76.6)
Preference shares
(2.7)
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
0.2
(2.5)
Total borrowings
(3,172.6)
(9.2)
(51.3)
(11.7)
(6.3)
\u2212
(1.1)
(24.8)
(3,277.0)
Net cash/(debt)
540.5
(1,332.5)
(51.3)
(11.7)
(6.3)
\u2212
(1.1)
(23.4)
(885.8)
2023 2022
$m $m
Cash, cash equivalents and liquid investments 2,919.4 2,391.2
Total borrowings and other financial liabilities (4,079.2) (3,277.0)
Net debt (1,159.8) (885.8)
Net cash/(debt)", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "34 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.
2023
2022
Year-end rates $1.2750=\u00a31; $1.2080=\u00a31;
$1 = Ch$877.12 $1 = Ch$855.86
Average rates $1.2440=\u00a31; $1.2340=\u00a31;
$1 = Ch$839.16 $1 = Ch$872.38
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "35 Related party transactions A) Qui\u00f1enco SA o o o o B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA C) Antomin 2 Limited and Antomin Investors Limited D) Tethyan Copper Company Limited (Reko Diq project) E) Compa\u00f1ia Minera Zald\u00edvar SpA F) Directors and other key management personnel 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. Qui\u00f1enco SA (\u2018\u2018Qui\u00f1enco\u2019\u2019) 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. A Director of the Company, Jean-Paul Luksic, and a member of the Group\u2019s Executive Committee, Andronico Luksic L, 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: the Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $337.8 million (2022 -- $309.9 million). The balance due to ENEX SA at the end of the year was $13.3 million (2022 -- $28.6 million) the Group earned interest income of $0.9 million (2022 -- $0.8 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 (2022: nil) the Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $9.0 million (2022 -- $12.7 million). The balance due to Hapag Lloyd at the end of the year was nil (2022 -- $0.3 million) the Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Qui\u00f1enco, of $0.2 million (2022 -- $0.2 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2022: nil) In 2023, 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 $0.8 million (2022 --$0.4 million). The Group holds a 51% interest in Antomin 2 Limited (\u2018\u2018Antomin 2\u2019\u2019) and Antomin Investors Limited (\u2018\u2018Antomin Investors\u2019\u2019), 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, a company controlled by the Luksic family, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. During the year ended 31 December 2023, the Group incurred $0.1 million (year ended 31 December 2022 -- $0.1 million) of exploration expense at these properties. On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture, which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in Pakistan, which is therefore no longer recognised as a joint venture by the Group. The group contributed nil (2022: nil) to Tethyan during 2023. 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 (2022 -- $6.7 million). During 2023, Zald\u00edvar declared dividends of nil to the Group (2022 -- $50.0 million). Information relating to Directors\u2019 remuneration and interests is given in the Remuneration Report on page 170. Information relating to the remuneration of key management personnel including the Directors is given in Note 9.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "35 Related party transactions A) Qui\u00f1enco SA o o o o B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA C) Antomin 2 Limited and Antomin Investors Limited D) Tethyan Copper Company Limited (Reko Diq project) E) Compa\u00f1ia Minera Zald\u00edvar SpA F) Directors and other key management personnel 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. Qui\u00f1enco SA (\u2018\u2018Qui\u00f1enco\u2019\u2019) 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. A Director of the Company, Jean-Paul Luksic, and a member of the Group\u2019s Executive Committee, Andronico Luksic L, 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: the Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $337.8 million (2022 -- $309.9 million). The balance due to ENEX SA at the end of the year was $13.3 million (2022 -- $28.6 million) the Group earned interest income of $0.9 million (2022 -- $0.8 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 (2022: nil) the Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $9.0 million (2022 -- $12.7 million). The balance due to Hapag Lloyd at the end of the year was nil (2022 -- $0.3 million) the Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Qui\u00f1enco, of $0.2 million (2022 -- $0.2 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2022: nil) In 2023, 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 $0.8 million (2022 --$0.4 million). The Group holds a 51% interest in Antomin 2 Limited (\u2018\u2018Antomin 2\u2019\u2019) and Antomin Investors Limited (\u2018\u2018Antomin Investors\u2019\u2019), 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, a company controlled by the Luksic family, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. During the year ended 31 December 2023, the Group incurred $0.1 million (year ended 31 December 2022 -- $0.1 million) of exploration expense at these properties. On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture, which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in Pakistan, which is therefore no longer recognised as a joint venture by the Group. The group contributed nil (2022: nil) to Tethyan during 2023. 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 (2022 -- $6.7 million). During 2023, Zald\u00edvar declared dividends of nil to the Group (2022 -- $50.0 million). Information relating to Directors\u2019 remuneration and interests is given in the Remuneration Report on page 170. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "36 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, judgement 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. Details of any significant potential tax uncertainties are set out in Note 11.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "36 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 iabilities 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, judgement 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. Details of any significant potential tax uncertainties are set out in Note 11.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "37 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }