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2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the going concern basis. Going concern The Directors have assessed the going concern status of the Group, considering a period of at least 12 months from the date of approval of the 31 December 2024 Annual Report and Accounts. The Group\u2019s business activities, together with those factors likely to affect its future performance, are set out in the Strategic Report, and in particular within the Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period-end, are set out in the Financial Review. The consolidated financial statements include details of the Group\u2019s cash, cash equivalents and liquid investment balances in Note 22, and details of borrowings are set out in Note 23. When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 31 December 2024, with combined cash, cash equivalents and liquid investments of $4,316.3 million. Total borrowings and other liabilities from financing activities were $5,945.4 million, resulting in a net debt position of $1,629.1 million. Of the total borrowings, only 22% is repayable within one year, and 11% repayable between one and two years. In addition, the Group has an undrawn revolving credit facility (RCF) of $500.0 million which expires in December 2028 and therefore covers all of the going concern review period, which could provide additional liquidity if required. 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 analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group\u2019s ability to manage the impact of a depressed economic environment. The analysis has only included the drawdown of existing committed borrowing facilities and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Accordingly, a robust down-side sensitivity analysis has been performed, assessing the impact of a significant deterioration in the future copper price forecasts, by an average of approximately 10% throughout the going concern period, combined with the impact of a shutdown of Los Pelambres, the Group\u2019s most significant operation, for a period of one month. This downside analysis included the impacts of conservative assumptions in respect of possible deferrals to planned capital expenditure which could be implemented in such a scenario.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, construction, operation and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis. We have considered the risk of capital expenditure overruns in respect of the Second Concentrator Project at Centinela, and the Desalination Plant Expansion and Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, and concluded that this is not likely to result in a significant impact during the going concern review period. The above down-side sensitivity analyses indicated results which could be managed in the normal course of business. 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 a period of at least 12 months from the date of approval of the 31 December 2024 Annual Report and Accounts. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Company structure Antofagasta plc is a company limited by shares, incorporated and domiciled in the United Kingdom at 103 Mount Street, London W1K 2TJ, under registered number 1627889. The immediate parent company of the Group is Metalinvest Establishment, and the ultimate parent company the E. Abaroa Foundation, in which members of the Luksic family are interested. The nature of the Group\u2019s operations is mining and exploration activities and the transport of rail and road cargo. A) Adoption of new accounting standards The following accounting standards, amendments and interpretations became effective in the current reporting period: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). 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. B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date. None of these standards are expected to have a significant impact on the Group, except for IFRS18. IFRS 18 introduces new requirements to: \u2022 present specified categories and defined subtotals in the statement of profit or loss \u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements \u2022 improve aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18 and the preliminary assessment indicates that the presentation of the net share of results from associates and joint ventures is expected to be shown within investing activities, rather than being part of operating profit or loss. Further changes upon the implementation of IFRS 18 may be required. The following standards are effective after 1 January 2025 (and subject to UK endorsement): \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (no earlier than 1 January 2026) \u2022 IFRS S2 Climate-related Disclosures (no earlier than 1 January 2026) \u2022 Lack of Exchangeability (Amendments to IAS 21) (annual periods beginning on or after 1 January 2025) \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026) \u2022 IFRS 18 Presentation and Disclosures in Financial Statements (annual periods beginning on or after 1 January 2027) \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (annual periods beginning on or after 1 January 2027) \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "Going concern The Directors have assessed the going concern status of the Group, considering a period of at least 12 months from the date of approval of the 31 December 2024 Annual Report and Accounts. The Group\u2019s business activities, together with those factors likely to affect its future performance, are set out in the Strategic Report, and in particular within the Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period-end, are set out in the Financial Review. The consolidated financial statements include details of the Group\u2019s cash, cash equivalents and liquid investment balances in Note 22, and details of borrowings are set out in Note 23. When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 31 December 2024, with combined cash, cash equivalents and liquid investments of $4,316.3 million. Total borrowings and other liabilities from financing activities were $5,945.4 million, resulting in a net debt position of $1,629.1 million. Of the total borrowings, only 22% is repayable within one year, and 11% repayable between one and two years. In addition, the Group has an undrawn revolving credit facility (RCF) of $500.0 million which expires in December 2028 and therefore covers all of the going concern review period, which could provide additional liquidity if required. 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 analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group\u2019s ability to manage the impact of a depressed economic environment. The analysis has only included the drawdown of existing committed borrowing facilities and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Accordingly, a robust down-side sensitivity analysis has been performed, assessing the impact of a significant deterioration in the future copper price forecasts, by an average of approximately 10% throughout the going concern period, combined with the impact of a shutdown of Los Pelambres, the Group\u2019s most significant operation, for a period of one month. This downside analysis included the impacts of conservative assumptions in respect of possible deferrals to planned capital expenditure which could be implemented in such a scenario. 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, construction, operation and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis. We have considered the risk of capital expenditure overruns in respect of the Second Concentrator Project at Centinela, and the Desalination Plant Expansion and Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, and concluded that this is not likely to result in a significant impact during the going concern review period. The above down-side sensitivity analyses indicated results which could be managed in the normal course of business. 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 a period of at least 12 months from the date of approval of the 31 December 2024 Annual Report and Accounts. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Antofagasta plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "103 Mount Street, London W1K 2TJ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Metalinvest Establishment,", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "E. Abaroa Foundation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "A) Adoption of new accounting standards The following accounting standards, amendments and interpretations became effective in the current reporting period: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "A) Adoption of new accounting standards The following accounting standards, amendments and interpretations became effective in the current reporting period: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). 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. A) Adoption of new accounting standards The following accounting standards, amendments and interpretations became effective in the current reporting period: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). 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.B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date. None of these standards are expected to have a significant impact on the Group, except for IFRS18. IFRS 18 introduces new requirements to: \u2022 present specified categories and defined subtotals in the statement of profit or loss \u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements \u2022 improve aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18 and the preliminary assessment indicates that the presentation of the net share of results from associates and joint ventures is expected to be shown within investing activities, rather than being part of operating profit or loss. Further changes upon the implementation of IFRS 18 may be required. The following standards are effective after 1 January 2025 (and subject to UK endorsement): \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (no earlier than 1 January 2026) \u2022 IFRS S2 Climate-related Disclosures (no earlier than 1 January 2026) \u2022 Lack of Exchangeability (Amendments to IAS 21) (annual periods beginning on or after 1 January 2025) \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026) \u2022 IFRS 18 Presentation and Disclosures in Financial Statements (annual periods beginning on or after 1 January 2027) \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (annual periods beginning on or after 1 January 2027) \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026). ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date. None of these standards are expected to have a significant impact on the Group, except for IFRS18. IFRS 18 introduces new requirements to: \u2022 present specified categories and defined subtotals in the statement of profit or loss \u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements \u2022 improve aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18 and the preliminary assessment indicates that the presentation of the net share of results from associates and joint ventures is expected to be shown within investing activities, rather than being part of operating profit or loss. Further changes upon the implementation of IFRS 18 may be required. The following standards are effective after 1 January 2025 (and subject to UK endorsement): \u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (no earlier than 1 January 2026) \u2022 IFRS S2 Climate-related Disclosures (no earlier than 1 January 2026) \u2022 Lack of Exchangeability (Amendments to IAS 21) (annual periods beginning on or after 1 January 2025) \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026) \u2022 IFRS 18 Presentation and Disclosures in Financial Statements (annual periods beginning on or after 1 January 2027) \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (annual periods beginning on or after 1 January 2027) \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026).", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "2 Material accounting policies A) Accounting convention These financial statements have been prepared under the historical cost convention as modified by the use of fair values to measure certain financial instruments, principally provisionally priced sales as explained in Note 2(F) and financial derivative contracts as explained in Note 2(V). B) Basis of consolidation The financial statements comprise the consolidated financial statements of Antofagasta plc (\u201cthe Company\u201d or \u201cthe Parent\u201d or \u201cthe Parent Company\u201d) and its subsidiaries (collectively \u201cthe Group\u201d). Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non-controlling shareholders are presented as \u201cNon-controlling interests\u201d in the consolidated balance sheet and consolidated income statement. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non- controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. 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. 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. Investments in associates are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. If any such indications exist, the recoverable amount of the associate is estimated in accordance with the policy set out in Note 2(L). D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. i. Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28: Investment in Associates and Joint Ventures, as described in Note 18. ii. Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. E) Currency translation The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at year end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items. The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken to equity and recorded in a separate currency translation reserve. Accumulated translation differences within equity are reclassified to the income statement when the related foreign 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. 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, as they are able to direct the use of the goods from this point, 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, with the shipping revenue recognised 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 \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Revenue includes amounts from the sale of by-products such as gold and silver. Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional pricing of sales at the time of shipment, with final pricing based on the monthly average London Metal Exchange (LME) 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 month average prices for molybdenum concentrate sales due to the limited futures market for that commodity. For the Transport division, revenue in respect of its transportation and ancillary services is recognised over time in line with the performance of those services. Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For equity investments it is recorded in investment income and for associates and joint ventures, it is recorded as a decrease of the investment. 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. H) Stripping costs Pre-stripping and operating stripping costs are incurred in the course of the development and operation of open-pit mining operations. Pre-stripping costs relate to the removal of waste material as part of the initial development of an open-pit, in order to allow access to the ore body. All the incurred costs are capitalised and depreciated once production commences on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves for that pit at the beginning of the year. Operating stripping costs relate to the costs of extracting waste material as part of the ongoing mining process. The ongoing mining and development of the Group\u2019s open-pit mines is generally performed via a succession of individual phases. The costs of extracting material from an open-pit mine are generally allocated between ore and waste stripping in proportion to the tonnes of material extracted. The waste stripping costs are generally absorbed into inventory and expensed as that inventory is processed and sold. Where the stripping costs relate to a significant stripping campaign which is expected to provide improved access to an identifiable component of the ore body (typically an individual phase within the overall mine plan), the costs of removing waste in order to improve access to that part of the ore body will be capitalised within property, plant and equipment. The capitalised costs will then be amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates. 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. 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. nterest 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. K) Depreciation of property, plant and equipment 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 \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. ii. Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. iii. Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. iv. Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. v. Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. vi. Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. vii. Assets under construction \u2013 no depreciation until asset is available for use. viii. Lease right-of-use assets \u2013 if the lease transfers ownership of the asset at the end of the lease term the asset is depreciated over the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset\u2019s useful life and the lease term, on a straight-line basis. ix. Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 15). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively. 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.M) Inventory Inventory consists of raw materials and consumables, work-in-progress and finished goods. Work-in-progress represents material that is in the process of being converted into finished goods. The conversion process for mining operations depends on the nature of the copper ore. For sulphide ores, processing typically includes milling and concentrating, resulting in the production of copper concentrate. For oxide ores, processing includes leaching of stockpiles, solvent extraction and electrowinning and results in the production of copper cathodes. Finished goods consist of copper concentrate containing gold and silver at Los Pelambres and Centinela and copper cathodes at Centinela and Antucoya. Los Pelambres and Centinela also produce molybdenum as a by-product. Inventory is valued at the lower of cost, on a weighted average basis, and net realisable value. Net realisable value represents estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Cost of finished goods and work-in-progress is production cost and for raw materials and consumables it is purchase price. Production cost includes: \u2022 labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore \u2022 depreciation of plant, equipment and mining properties directly involved in the production process, and \u2022 an appropriate allocation of production overheads. Stockpiles represent ore that is extracted and is available for further processing. Costs directly attributable to the extraction of ore are generally allocated as part of production costs in proportion to the tonnes of material extracted. Operating stripping costs are generally absorbed into inventory, and therefore expensed as that inventory is processed and sold. If ore is not expected to be processed within 12 months of the balance sheet date it is included within non-current assets. If there is significant uncertainty as to when any stockpiled ore will be processed, it is expensed as incurred. 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. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the Group\u2019s proposed tax treatment, income taxes are recognised consistent with the Group\u2019s income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. O) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 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. 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. 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. 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. Cash and cash equivalents have a maturity of 90 days or less at inception. 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 measured at fair value through profit or loss, as these assets are held for trading, with the fair value movements recorded within investment income. U) Leases Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. If the lease transfers ownership of the asset at the end of the lease term, the right-of-use asset is depreciated over the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of the lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. 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 \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired. i. Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. ii. Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are measured at amortised cost. iii. Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. iv. Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. v. Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised 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. 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). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. 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 \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. vii. Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. 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. viii. Other financial liabilities \u2013 Other financial liabilities are initially recognised 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.x. Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. W) Exceptional items Exceptional items are material items of income and expense which result from one-off transactions or transactions outside the ordinary course of business of the Group. These are 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. 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": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "
B) Basis of consolidation
The financial statements comprise the consolidated financial statements
of Antofagasta plc (\u201cthe Company\u201d or \u201cthe Parent\u201d or \u201cthe Parent
Company\u201d) and its subsidiaries (collectively \u201cthe Group\u201d).
Subsidiaries \u2013 A subsidiary is an entity over which the Group has control,
which is the case when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. The consolidated financial
statements include all the assets, liabilities, revenues, expenses and cash
flows of the Company and its subsidiaries after eliminating intercompany
balances and transactions. For partly-owned subsidiaries, the net assets
and profit attributable to non-controlling shareholders are presented as
\u201cNon-controlling interests\u201d in the consolidated balance sheet and
consolidated income statement.
Non-controlling interests that are present ownership interests and entitle
their holders to a proportionate share of the entity\u2019s net assets in the event
of liquidation may be initially measured either at fair value or at the non-
controlling interests\u2019 proportionate share of the recognised amounts of the
acquiree\u2019s identifiable net assets. The choice of measurement basis is
made on an acquisition-by-acquisition basis. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non-controlling shareholders are presented as \u201cNon-controlling interests\u201d in the consolidated balance sheet and consolidated income statement. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non- controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "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. Investments in associates are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. If any such indications exist, the recoverable amount of the associate is estimated in accordance with the policy set out in Note 2(L).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "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. Investments in associates are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. If any such indications exist, the recoverable amount of the associate is estimated in accordance with the policy set out in Note 2(L).D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. i. Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28: Investment in Associates and Joint Ventures, as described in Note 18. ii. Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. i. Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28: Investment in Associates and Joint Ventures, as described in Note 18. ii. Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "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. Accumulated translation differences within equity are reclassified to the income statement when the related foreign 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "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. Accumulated translation differences within equity are reclassified to the income statement when the related foreign 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "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, as they are able to direct the use of the goods from this point, 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, with the shipping revenue recognised 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 \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Revenue includes amounts from the sale of by-products such as gold and silver. Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional pricing of sales at the time of shipment, with final pricing based on the monthly average London Metal Exchange (LME) 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 month average prices for molybdenum concentrate sales due to the limited futures market for that commodity. For the Transport division, revenue in respect of its transportation and ancillary services is recognised over time in line with the performance of those services. Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For equity investments it is recorded in investment income and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "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 equity investments it is recorded in investment income and
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "value": "H) Stripping costs Pre-stripping and operating stripping costs are incurred in the course of the development and operation of open-pit mining operations. Pre-stripping costs relate to the removal of waste material as part of the initial development of an open-pit, in order to allow access to the ore body. All the incurred costs are capitalised and depreciated once production commences on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves for that pit at the beginning of the year. Operating stripping costs relate to the costs of extracting waste material as part of the ongoing mining process. The ongoing mining and development of the Group\u2019s open-pit mines is generally performed via a succession of individual phases. The costs of extracting material from an open-pit mine are generally allocated between ore and waste stripping in proportion to the tonnes of material extracted. The waste stripping costs are generally absorbed into inventory and expensed as that inventory is processed and sold. Where the stripping costs relate to a significant stripping campaign which is expected to provide improved access to an identifiable component of the ore body (typically an individual phase within the overall mine plan), the costs of removing waste in order to improve access to that part of the ore body will be capitalised within property, plant and equipment. The capitalised costs will then be amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "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. I nterest 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. K) Depreciation of property, plant and equipment 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 \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. ii. Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. iii. Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. iv. Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. v. Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. vi. Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. vii. Assets under construction \u2013 no depreciation until asset is available for use. viii. Lease right-of-use assets \u2013 if the lease transfers ownership of the asset at the end of the lease term the asset is depreciated over the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset\u2019s useful life and the lease term, on a straight-line basis. ix. Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 15). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively.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:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "K) Depreciation of property, plant and equipment 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 \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. ii. Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. iii. Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. iv. Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. v. Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. vi. Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. vii. Assets under construction \u2013 no depreciation until asset is available for use. viii. Lease right-of-use assets \u2013 if the lease transfers ownership of the asset at the end of the lease term the asset is depreciated over the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset\u2019s useful life and the lease term, on a straight-line basis. ix. Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 15). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "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 \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "
M) Inventory
Inventory consists of raw materials and consumables, work-in-progress
and finished goods. Work-in-progress represents material that is in the
process of being converted into finished goods. The conversion process for
mining operations depends on the nature of the copper ore. For sulphide
ores, processing typically includes milling and concentrating, resulting in
the production of copper concentrate. For oxide ores, processing includes
leaching of stockpiles, solvent extraction and electrowinning and results in
the production of copper cathodes. Finished goods consist of copper
concentrate containing gold and silver at Los Pelambres and Centinela and
copper cathodes at Centinela and Antucoya. Los Pelambres and Centinela
also produce molybdenum as a by-product.
Inventory is valued at the lower of cost, on a weighted average basis, and
net realisable value. Net realisable value represents estimated selling price
less all estimated costs of completion and costs to be incurred in
marketing, selling and distribution. Cost of finished goods and work-in-
progress is production cost and for raw materials and consumables it is
purchase price. Production cost includes:
\u2022 labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore \u2022 depreciation of plant, equipment and mining properties directly involved in the production process, and \u2022 an appropriate allocation of production overheads. Stockpiles represent ore that is extracted and is available for further processing. Costs directly attributable to the extraction of ore are generally allocated as part of production costs in proportion to the tonnes of material extracted. Operating stripping costs are generally absorbed into inventory, and therefore expensed as that inventory is processed and sold. If ore is not expected to be processed within 12 months of the balance sheet date it is included within non-current assets. If there is significant uncertainty as to when any stockpiled ore will be processed, it is expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "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. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the Group\u2019s proposed tax treatment, income taxes are recognised consistent with the Group\u2019s income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "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. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the Group\u2019s proposed tax treatment, income taxes are recognised consistent with the Group\u2019s income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "O) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 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:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "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. Cash and cash equivalents have a maturity of 90 days or less at inception.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "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 measured at fair value through profit or loss, as these
assets are held for trading, with the fair value movements recorded within
investment income.
i. Investments \u2013 Equity investments which are not subsidiaries,
associates or joint ventures are recognised at fair value. The Group
generally applies an irrevocable election for each equity investment to
designate them as Fair Value through Other Comprehensive Income
(FVOCI). Fair value gains or losses are recognised in the equity
investment revaluation reserve. If an equity investment is disposed of,
the accumulated gains or losses are transferred from the equity
investment revaluation reserve to retained earnings. Dividends from
equity investments are recognised in the income statement when the
right to receive payment is established.
i. Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "
U) Leases
Leases are recognised as a right-of-use asset and a corresponding liability
at the date at which the leased asset is available for use by the Group. Each
lease payment is allocated between the liability and finance cost. The
finance cost is charged to profit or loss over the lease period so as to
produce a constant periodic rate of interest on the remaining balance of the
liability for each period. If the lease transfers ownership of the asset at the
end of the lease term, the right-of-use asset is depreciated over the useful
life of the asset; otherwise, the asset is depreciated over the shorter of the
asset\u2019s useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of the lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of the lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "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 \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired. i. Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. ii. Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are measured at amortised cost. iii. Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. iv. Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. v. Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised 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. 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). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. 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 \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. vii. Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. 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. viii. Other financial liabilities \u2013 Other financial liabilities are initially recognised 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.
ix. Derivative financial instruments \u2013 The Group periodically uses
derivative financial instruments to reduce exposure to foreign
exchange, interest rate and commodity price movements. The Group
does not use such derivative instruments for trading purposes. The
Group has applied the hedge accounting provisions of IFRS 9 Financial
Instruments. The effective portion of changes in the fair value of
derivative financial instruments that are designated and qualify as
hedges of future cash flows have been recognised in other
comprehensive income and accumulated in equity. Such amounts are
subsequently reclassified to profit or loss when the hedged item affects
profit or loss or the forecast transaction is no longer expected to occur.
For non-financial hedged items, the amount is removed directly from
equity and included as an adjustment to the initial cost of the hedged
item. Any ineffective portion is recognised immediately in profit or loss.
The time value element of changes in the fair value of derivative options
is recognised within other comprehensive income. For non-financial
hedged items, on initial recognition of the hedged item the time value is
removed from equity and included as an adjustment to the initial cost of
the hedged item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "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 \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired. i. Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. ii. Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are measured at amortised cost. iii. Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. iv. Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. v. Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised 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. 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). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. 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 \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. vii. Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. 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. viii. Other financial liabilities \u2013 Other financial liabilities are initially recognised 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.ix. Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "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 \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired. i. Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. ii. Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are measured at amortised cost. iii. Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. iv. Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. v. Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised 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. 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). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. 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 \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. vii. Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. 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. viii. Other financial liabilities \u2013 Other financial liabilities are initially recognised 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.ix. Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "ii. Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "iii. Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "v. Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. v. Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised 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. 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). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "
vii. Impairment of financial assets \u2013 The Group applies the forward-
looking expected credit loss model to its financial assets, other than
those measured at fair value through profit or loss. The Group applies
the IFRS 9 \u201csimplified approach\u201d to its trade receivables balances which
are measured at cost, measuring the loss allowance at the lifetime
expected credit loss. As explained above, for sales contracts which
contain provisional pricing mechanisms, which reflects the majority of
the Group\u2019s trade receivable balances, the total receivable balance is
measured at fair value through profit or loss, and so potential expected
credit loss allowances are not relevant for these balances. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "
W) Exceptional items
Exceptional items are material items of income and expense which result
from one-off transactions or transactions outside the ordinary course of
business of the Group. These are 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "3 Critical accounting judgements and key sources of estimation uncertainty The critical accounting judgements and key estimates applied in the financial statements are set out below. Judgements Non-financial assets impairment indicators and reversal of impairment: The Group reviews the carrying value of its intangible assets and property, plant and equipment, as well as its investments in its associates and joint ventures, to determine whether there is an indication that those assets are impaired, or an indication that there has been a reversal of previous impairments. As at 31 December 2024 the following assessments have been performed: \u2022 Antucoya: It has been determined that, as of 31 December 2024, there were indicators of a potential reversal of previous impairments. Accordingly, as detailed in Note 4, an estimate of the recoverable amount of the Antucoya operation has been performed. \u2022 Buenaventura: It has been determined that, as of 31 December 2024, there were indicators of a potential impairment in relation to the Group\u2019s investment in associate balance in respect of Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u2018\u2018Buenaventura\u2019\u2019). Accordingly, as detailed in Note 18, an estimate of the recoverable amount of the Buenaventura investment in associate balance has been performed. \u2022 Other operations: As detailed in Note 5, there were no indicators of potential impairment for the Group\u2019s other mining operations (i.e. Los Pelambres, Centinela and Zald\u00edvar) as at 31 December 2024. However, whether or not an impairment indicator exists is considered a critical judgement at 31 December 2024 for Zald\u00edvar, given the ongoing permitting process and the other factors set out in Note 5. \u2022 Accounting for investment in Buenaventura: As detailed in Note 18, taking into account relevant factors including the Group\u2019s approximately 19% interest in Buenaventura\u2019s issued share capital and the Group\u2019s representation on Buenaventura\u2019s board, the Group is considered to have significant influence (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition) over Buenaventura from March 2024 onwards. Accordingly, the Group\u2019s interest in Buenaventura has been accounted for as an investment in associate from that point. Estimates The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group has not identified estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "4 Exceptional items Exceptional items are material items of income and expense which result from one-off transactions or transactions outside the ordinary course of business of the Group. These are 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.
Income tax
Operating profit
Profit before tax
expenses
Earnings per share
2024
2023
2024
2023
2024
2023
2024
2023
$M
$M
$M
$M
$M
$M
cents per share
cents per share
Before exceptional items
1,637.3
1,782.8
1,648.7
1,798.4
(628.4)
(624.3)
62.8
72.0
\u2022
Reversal of impairment - Antucoya
371.4
\u2013
371.4
\u2013
(114.0)
\u2013
17.4
\u2013
\u2022
Fair value gain on other financial
assets - Buenaventura
\u2013
\u2013
51.0
167.1
(12.7)
(41.8)
3.9
12.7
After exceptional items
2,008.7
1,782.8
2,071.1
1,965.5
(755.1)
(666.1)
84.1
84.7
A) Reversal of Antucoya impairment An exceptional pre-tax gain of $371.4 million (post-tax impact of $257.4 million) has been recognised in respect of the reversal of previous impairments recognised in respect of property, plant and equipment of the Antucoya operation. Antucoya recognised impairments totalling $716 million in 2012 and 2016. Of the original impairment amounts, $371.4 million remained available for reversal as at 31 December 2024. It has been determined that there were indicators of a potential reversal of this remaining impairment as at 31 December 2024, with a quantitative analysis based on Antucoya\u2019s life-of-mine model indicating that the headroom exceeded the valuation benefit arising from the passage of time since the impairment. Accordingly, an estimate of the recoverable amount of the Antucoya operation has been performed. This estimate has been based on the fair value less costs of disposal for the operation, reflecting the net amount the Group would expect to receive from the sale of the operation in an orderly transaction between market participants. This value has been estimated based on a discounted cash flow model, using Antucoya\u2019s life-of-mine model. This reflects a level 3 fair value measurement per the IFRS 13 fair value hierarchy. The key assumptions used in this estimation are listed below. \u2022 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 $4.15/lb (reflecting 2024 real terms) has been used in the model. \u2022 Assumptions in respect of future production levels, operating costs and sustaining and development capital expenditure are consistent with the Group\u2019s internal life-of-mine model for Antucoya. \u2022 A long-term exchange rate of Ch$850/$1 has been used in the model. \u2022 A real post-tax discount rate of 8%, calculated using relevant market data, has been used in the model. \u2022 Within the Annual Report, the Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This process includes scenario analyses assessing the potential future impact of transition and physical risks. The results of this scenario analysis have been considered as part of this valuation assessment. The recoverable amount indicated by this assessment was $2,013 million, which was $583 million above the carrying value of Antucoya\u2019s relevant assets of $1,431 million. The predominant driver behind this positive headroom has been the increasingly positive copper price outlook. Given the level of headroom indicated by this valuation process, it is appropriate to fully reverse the remaining $371.4 million element of the original impairments, resulting in an exceptional pre-tax gain of $371.4 million. A deferred tax expense of $114.0 million has been recognised in respect of this reversal, resulting in a post-tax impact of $257.4 million. The assumption to which the estimation of the recoverable amount is most sensitive is the future long-term copper price. A down-side sensitivity was performed with a long-term copper price of $3.74/lb, reflecting a 10% reduction in the long-term price forecast. This sensitivity indicated a recoverable amount which was above the carrying value of Antucoya\u2019s relevant assets, after reflecting the impact of the impairment reversal. B) Compa\u00f1ia de Minas Buenaventura S.A.A. As detailed in Note 25, 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 $51.0 million (2023 \u2013 $167.1 million) was recognised during 2024 in respect of this agreement. A deferred tax expense of $12.7 million (2023 \u2013 $41.8 million) has been recognised in respect of this gain (see Note 11 and 28), resulting in a post-tax impact of $38.3 million (2023 \u2013 $125.3 million). ", "dimensions": { "concept": "antofagastaplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "5 Asset sensitivities As explained in Note 3, indicators of a potential reversal of the previous impairments at Antucoya were identified as at 31 December 2024. Accordingly, an estimate of the recoverable amount of the Antucoya operation has been performed, which has resulted in the full reversal of remaining element of the original impairments. There were no indicators of potential impairment, or reversal of previous impairments, for the Group\u2019s non-current assets associated with its other mining operations (Los Pelambres, Centinela, and Zald\u00edvar), as at 31 December 2024, and accordingly no impairment tests have been performed. The impairment indicator assessment included consideration of the potential indicators set out in IAS 36: Impairment of Assets, which included quantitative analysis based on the operations\u2019 life-of-mine models as adjusted for certain assumptions (including potential future development opportunities) (\u201cthe models\u201d). These models provide indicative valuations and do not represent, or comply with, a formal impairment assessment prepared in accordance with IAS 36. As noted above, no qualitative indicators of potential 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 the operations, with the indicated value of the assets in excess of their carrying value. Relevant aspects of this process are detailed below. A) Copper price outlook The assumption to which the value of the assets is most sensitive is the future long-term copper price. The copper price forecasts (representing the Group\u2019s estimates of the assumptions that would be used by independent market participants in valuing the assets) are based on consensus analyst forecasts. A long-term copper price of $4.15/lb (reflecting 2024 real terms) has been used in the models considered as part of the impairment indicator assessment, which has increased from $3.70/lb (reflecting 2023 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 $3.74/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 Zald\u00edvar valuation indicated a potential deficit of $40 million (on a 50% basis) (2023 \u2013 potential deficit of $60 million). This was a simple sensitivity exercise, looking at an illustrative change in the forecast long-term copper price in isolation. A deterioration in the long-term copper price environment is likely to result in corresponding improvements in a range of input cost factors. In particular, given that copper exports account for over 50% of Chile\u2019s exports, historically there has often been a correlation between movements in the copper price and the US dollar/Chilean peso exchange rate, and a decrease in the copper price may therefore result in a weakening of the Chilean peso, with a resulting reduction in the Group\u2019s operating costs and capital expenditure in US$ 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. B) US dollar/Chilean peso exchange rate The value of the assets is also sensitive to movements in the US dollar/Chilean peso exchange rate. A long-term exchange rate of Ch$850/$1 has been used in the models considered as part of the impairment indicator assessment. This compares with the long-term exchange rate of CH$785/$1 used in 2023. 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. C) Discount rate A real post-tax discount rate of 8% (2023 \u2013 8%), calculated using relevant market data, has been used in the impairment indicator assessment. D) Climate-related impacts The assessments reflect the Group\u2019s estimates of potential future climate- related impacts. Within this Annual Report, the Group provides disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This process includes scenario analyses assessing the potential future impact of transition and physical risks. The results of this scenario analysis have been incorporated into these assessments. E) Other relevant assumptions 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 operational assumptions to which the model is sensitive, as noted below. \u2022 Currently, Zald\u00edvar is permitted to extract water and mine until May 2025. The mine life after 2025 is subject to an Environmental Impact Assessment (EIA) application which was filed in June 2023 to extend the mining and water environmental permits to 2051. The EIA application includes a proposal to develop the primary sulphide ore deposit, extending the current life-of-mine, which requires estimated investments over the mine life of $1.2 billion, and to convert 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, reflecting the positive progress to date, 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. \u2022 Zald\u00edvar\u2019s final pit phase, which represents approximately 20% of current ore reserves, impacts a portion of Minera Escondida\u2019s mine property, as well as infrastructure owned by third parties. Mining of the phase will be subject to agreements or easements to access these areas and relocate the infrastructure, and related permits. During 2023, Zald\u00edvar reached an agreement with Escondida with respect to mining matters and certain cost-sharing arrangements. The impairment indicator assessment assumes that the additional remaining 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 Zald\u00edvar as at 31 December 2024 was $895.1 million (2023 \u2013 $881.3 million). Down-side sensitivities were performed in respect of the above factors, which indicated recoverable amounts which were above this carrying value. ", "dimensions": { "concept": "antofagastaplc:DisclosureOfAssetSensitivities", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "6 Segment information The Group\u2019s reportable segments, which are the same as its operating segments, are as follows: \u2022 Los Pelambres \u2022 Centinela \u2022 Antucoya \u2022 Zald\u00edvar \u2022 Exploration and evaluation \u2022 Corporate and other items \u2022 Transport division. For management purposes, the Group is organised into two business divisions based on their products \u2013 Mining and Transport. The Mining division is split further for management reporting purposes to show results by mine and exploration activity. Los Pelambres produces primarily copper concentrate containing gold and silver as a by-product, and molybdenum concentrate. Centinela produces copper concentrate containing gold and silver as a by-product, molybdenum concentrates and copper cathodes. Antucoya and Zald\u00edvar produce copper cathodes. The Transport division provides rail cargo and road cargo transport together with a number of ancillary services. All the operations are based in Chile. The Exploration and evaluation segment incurs exploration and evaluation expenses. \u201cCorporate and other items\u201d comprises costs incurred by the 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 2024
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
3,326.7
2,359.2
732.6
\u2013
\u2013
\u2013
6,418.5
194.9
6,613.4
Operating cost excluding depreciation and
loss on disposals and reversal of the
provision against carrying value of
assets1
1
(1,465.5)
(1,228.9)
(456.8)
\u2013
(52.7)
(72.8)
(3,276.7)
(125.6)
(3,402.3)
Depreciation
(544.1)
(854.9)
(117.7)
\u2013
\u2013
(10.2)
(1,526.9)
(41.3)
(1,568.2)
Loss on disposals
(3.6)
(1.9)
\u2013
\u2013
(0.1)
(5.6)
\u2013
(5.6)
Reversal of the provision against carrying
value of assets (exceptional items)
\u2013
\u2013
371.4
\u2013
\u2013
\u2013
371.4
\u2013
371.4
Operating profit/(loss)
1,313.5
273.5
529.5
\u2013
(52.7)
(83.1)
1,980.7
28.0
2,008.7
Net share of results from associates
and joint ventures
\u2013
\u2013
\u2013
15.1
\u2013
61.4
76.5
(0.3)
76.2
Total operating profit from
subsidiaries, and share of total results
from associates and joint ventures
1,313.5
273.5
529.5
15.1
(52.7)
(21.7)
2,057.2
27.7
2,084.9
Investment income
46.7
40.1
11.0
\u2013
\u2013
85.3
183.1
1.1
184.2
Interest expense
(138.0)
(75.0)
(30.3)
\u2013
\u2013
(68.4)
(311.7)
(0.5)
(312.2)
Other finance items (excluding exceptional
items)
23.5
30.2
7.9
\u2013
\u2013
4.2
65.8
(2.6)
63.2
Fair value gain on other financial assets \u2013
exceptional items
2
\u2013
\u2013
\u2013
\u2013
\u2013
51.0
51.0
\u2013
51.0
Profit/(loss) before tax
1,245.7
268.8
518.1
15.1
(52.7)
50.4
2,045.4
25.7
2,071.1
Tax \u2013 excluding exceptional items
(432.0)
(67.1)
(30.9)
\u2013
\u2013
(91.8)
(621.8)
(6.6)
(628.4)
Tax \u2013 exceptional items
\u2013
\u2013
(114.0)
\u2013
\u2013
(12.7)
(126.7)
\u2013
(126.7)
Profit/(loss) for the year
813.7
201.7
373.2
15.1
(52.7)
(54.1)
1,296.9
19.1
1,316.0
Non-controlling interests
327.8
52.1
108.0
\u2013
\u2013
(1.3)
486.6
\u2013
486.6
Profit/(losses) attributable to the
owners of the parent
485.9
149.6
265.2
15.1
(52.7)
(52.8)
810.3
19.1
829.4
EBITDA
3
1,861.2
1,130.3
275.8
99.9
(52.7)
36.4
3,350.9
75.9
3,426.8
Capital expenditure (cash basis)
4
833.0
1,414.0
123.4
\u2013
\u2013
7.1
2,377.5
37.4
2,414.9
Segment assets and liabilities
Segment assets
7,886.3
8,145.7
2,281.2
\u2013
\u2013
2,110.5
20,423.7
435.1
20,858.8
Investment in associates and joint
ventures
\u2013
\u2013
\u2013
895.1
\u2013
872.0
1,767.1
9.0
1,776.1
Segment liabilities
(4,076.8)
(2,877.1)
(591.9)
\u2013
\u2013
(2,064.3)
(9,610.1)
(70.6)
(9,680.7)
1. Operating cash outflow in the Exploration and evaluation segment was $51.3 million. In order to better reflect the Group\u2019s internal reporting, the Group has changed the classification of certain evaluation costs incurred by the individual mining operations of $76.2 million, which were previously included in the Exploration and evaluation segment and are now included within the individual mine segments. 2. An exceptional fair value gain of $51.0 million has been recognised in respect of an agreement under which the Group has now acquired 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 18). 3. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u2019s subsidiaries, and the Group\u2019s proportional share of the EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section). 4. In order to better reflect the Group\u2019s internal reporting, the Group has changed the basis of its capital expenditure segment measure (being additions to non-current assets) to be on a cash basis rather than an accruals basis. Additions on an accruals basis for the year, as presented in Note 15, were $2,734.9 million. For the year ended 31 December 2023
Exploration and Corporate Transport
Los Pelambres Centinela Antucoya Zald\u00edvar
Evaluation
2
and other items Mining division Total
$m $m $m $m $m $m $m $m $m
Revenue
2,923.8
2,532.5
672.3
\u2013
\u2013
\u2013
6,128.6
195.9
6,324.5
Operating cost excluding
(1,231.8)
(1,348.9)
(465.4)
\u2013
(64.9)
(98.7)
(3,209.7)
(120.7)
(3,330.4)
depreciation and loss on
disposals
1
Depreciation
(318.6)
(727.3)
(109.4)
\u2013
\u2013
(24.3)
(1,179.6)
(31.7)
(1,211.3)
Operating profit/(loss)
1,373.4
456.3
97.5
\u2013
(64.9)
(123.0)
1,739.3
43.5
1,782.8
Net share of results from
associates and joint ventures
\u2013
\u2013
\u2013
(15.4)
\u2013
\u2013
(15.4)
1.9
(13.5)
Total operating profit from
subsidiaries, and share of total
1,373.4
456.3
97.5
(15.4)
(64.9)
(123.0)
1,723.9
45.4
1,769.3
results from associates and
j
oint ventures
Investment income
38.0
20.3
6.8
\u2013
\u2013
72.2
137.3
0.8
138.1
Interest expense
(4.3)
(20.3)
(30.7)
\u2013
\u2013
(49.2)
(104.5)
(1.1)
(105.6)
Other finance items (excluding
(0.2)
(0.2)
(0.4)
\u2013
\u2013
(1.9)
(2.7)
(0.7)
(3.4)
exceptional items)
Fair value gain on other financial
\u2013
\u2013
\u2013
\u2013
\u2013
167.1
167.1
\u2013
167.1
assets \u2013 exceptional items
2
Profit/(loss) before tax
1,406.9
456.1
73.2
(15.4)
(64.9)
65.2
1,921.1
44.4
1,965.5
Tax \u2013 excluding exceptional items
(465.2)
(143.1)
(14.6)
\u2013
\u2013
13.7
(609.2)
(15.1)
(624.3)
Tax \u2013 exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
(41.8)
(41.8)
\u2013
(41.8)
Profit/(loss) for the year
941.7
313.0
58.6
(15.4)
(64.9)
37.1
1,270.1
29.3
1,299.4
Non-controlling interests
372.5
89.5
5.5
\u2013
\u2013
(3.2)
464.3
\u2013
464.3
Profit/(losses) attributable to
the owners of the parent
569.2
223.5
53.1
(15.4)
(64.9)
40.3
805.8
29.3
835.1
EBITDA
3
1,692.0
1,183.6
206.9
86.8
(64.9)
(98.7)
3,005.7
81.5
3,087.2
Additions to non-current
assets
Capital expenditure (cash basis)
4
897.1
1,044.6
121.6
\u2013
\u2013
15.5
2,078.8
50.4
2,129.2
Segment assets and liabilities
Segment assets
7,414.0
6,533.6
1,732.7
\u2013
\u2013
2,657.6
18,337.9
418.2
18,756.1
Investment in associates and joint
\u2013
\u2013
\u2013
881.3
\u2013
\u2013
881.3
9.8
891.1
ventures
Segment liabilities
(3,829.1)
(1,857.0)
(535.2)
\u2013
\u2013
(1,304.7)
(7,526.0)
(72.8)
(7,598.8)
1.Operating cash outflow in the Exploration and evaluation segment was $61.8 million. In order to better reflect the Group\u2019s internal reporting, the Group has changed the classification of certain evaluation costs incurred by the individual mining operations of $76.2 million, which were previously included in the Exploration and evaluation segment and are now included within the individual mine segments, as follows: Los Pelambres $32.6 million, Centinela $35.4 million and Antucoya $8.2 million. 2.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 Note 18. 3.EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u2019s subsidiaries, and the Group\u2019s proportional share of the EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section). 4.In order to better reflect the Group\u2019s internal reporting, the Group has changed the basis of its capital expenditure segment measure to be on a cash basis rather than an accruals basis. The restated amount changed from $2,307.9 million to $2,129.2 million, reflecting a decrease of $178.7 million, as follows: Los Pelambres $17.2 million, Centinela $137.8 million, Antucoya $19.1 million, Corporate $3.5 million and Transport division $1.1 million. Notes to segment revenues and results (i) Inter-segment revenues are eliminated on consolidation. The only inter-segment revenue related to sales from the Transport division to the mining division of $9.6 million (year ended 31 December 2023 \u2013 $10.3 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 18. (iii) For sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Treatment and refining charges for copper and molybdenum concentrates are detailed in Note 7. (iv) The assets of the Transport division segment include $9.0 million (31 December 2023 \u2013 $9.8 million) relating to the Group\u2019s 30% interest in Antofagasta Terminal International SA (\u201cATI\u201d), which operates a concession to manage installations in the port of Antofagasta. Further details of these investments are set out in Note 18. B) Group-wide disclosures Revenue by product
2024 2023
$m $m
Copper
\u2022
Los Pelambres
2,710.0
2,381.1
\u2022
Centinela Concentrates
970.5
1,309.8
\u2022
Centinela Cathodes
896.1
692.6
\u2022
Antucoya
726.0
666.1
Provision of shipping services
\u2022
Los Pelambres
64.4
50.3
\u2022
Centinela Concentrates
24.3
35.3
\u2022
Centinela Cathodes
7.4
6.0
\u2022
Antucoya
6.6
6.2
Gold
\u2022
Los Pelambres
110.3
83.5
\u2022
Centinela Concentrates
336.5
323.4
Molybdenum
\u2022
Los Pelambres
387.4
373.2
\u2022
Centinela Concentrates
100.8
131.0
Silver
\u2022
Los Pelambres
54.6
35.7
\u2022
Centinela Concentrates
23.6
34.4
Total Mining Division
6,418.5
6,128.6
Transport division
194.9
195.9
6,613.4
6,324.5
Revenue by location of customer
2024 2023
$m $m
Europe
\u2022
United Kingdom
23.8
22.8
\u2022
Switzerland
367.8
386.5
\u2022
Spain
82.9
\u2013
\u2022
Germany
160.8
200.0
\u2022
Rest of Europe
170.7
89.9
Latin America
\u2022
Chile
366.9
399.5
\u2022
Rest of Latin America
289.7
133.0
North America
\u2022
United States
470.1
441.7
Asia
\u2022
Japan
1,961.4
1,989.6
\u2022
China
1,292.2
1,417.3
\u2022
Singapore
336.2
450.2
\u2022
South Korea
436.7
391.1
\u2022
Hong Kong
236.2
204.7
\u2022
Rest of Asia
418.0
198.2
6,613.4
6,324.5
Information about major customers
In the year ended 31 December 2024, the Group\u2019s mining revenue included $860.5 million related to one large customer that individually accounted for
more than 10% of the Group\u2019s revenue (year ended 31 December 2023 \u2013 one large customer representing $1,081.0 million).
Non-current assets by location of assets
2024 2023
$m $m
Chile
16,392.2
14,017.3
Other
8.7
9.5
16,400.9
14,026.8
2024 2023
$m $m
Non-current assets per the balance sheet
16,476.6
14,455.9
The above amounts by location reflect non-current assets per the balance sheet excluding:
\u2022
Deferred tax assets
(9.7)
(72.0)
\u2022
Account receivables
(54.4)
(68.5)
\u2022
Equity investments
(11.6)
(288.6)
Total of non-current assets above
(75.7)
(429.1)
Non-current assets by location of asset
16,400.9
14,026.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "A) Segment revenues and results For the year ended 31 December 2024
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
3,326.7
2,359.2
732.6
\u2013
\u2013
\u2013
6,418.5
194.9
6,613.4
Operating cost excluding depreciation and
loss on disposals and reversal of the
provision against carrying value of
assets1
1
(1,465.5)
(1,228.9)
(456.8)
\u2013
(52.7)
(72.8)
(3,276.7)
(125.6)
(3,402.3)
Depreciation
(544.1)
(854.9)
(117.7)
\u2013
\u2013
(10.2)
(1,526.9)
(41.3)
(1,568.2)
Loss on disposals
(3.6)
(1.9)
\u2013
\u2013
(0.1)
(5.6)
\u2013
(5.6)
Reversal of the provision against carrying
value of assets (exceptional items)
\u2013
\u2013
371.4
\u2013
\u2013
\u2013
371.4
\u2013
371.4
Operating profit/(loss)
1,313.5
273.5
529.5
\u2013
(52.7)
(83.1)
1,980.7
28.0
2,008.7
Net share of results from associates
and joint ventures
\u2013
\u2013
\u2013
15.1
\u2013
61.4
76.5
(0.3)
76.2
Total operating profit from
subsidiaries, and share of total results
from associates and joint ventures
1,313.5
273.5
529.5
15.1
(52.7)
(21.7)
2,057.2
27.7
2,084.9
Investment income
46.7
40.1
11.0
\u2013
\u2013
85.3
183.1
1.1
184.2
Interest expense
(138.0)
(75.0)
(30.3)
\u2013
\u2013
(68.4)
(311.7)
(0.5)
(312.2)
Other finance items (excluding exceptional
items)
23.5
30.2
7.9
\u2013
\u2013
4.2
65.8
(2.6)
63.2
Fair value gain on other financial assets \u2013
exceptional items
2
\u2013
\u2013
\u2013
\u2013
\u2013
51.0
51.0
\u2013
51.0
Profit/(loss) before tax
1,245.7
268.8
518.1
15.1
(52.7)
50.4
2,045.4
25.7
2,071.1
Tax \u2013 excluding exceptional items
(432.0)
(67.1)
(30.9)
\u2013
\u2013
(91.8)
(621.8)
(6.6)
(628.4)
Tax \u2013 exceptional items
\u2013
\u2013
(114.0)
\u2013
\u2013
(12.7)
(126.7)
\u2013
(126.7)
Profit/(loss) for the year
813.7
201.7
373.2
15.1
(52.7)
(54.1)
1,296.9
19.1
1,316.0
Non-controlling interests
327.8
52.1
108.0
\u2013
\u2013
(1.3)
486.6
\u2013
486.6
Profit/(losses) attributable to the
owners of the parent
485.9
149.6
265.2
15.1
(52.7)
(52.8)
810.3
19.1
829.4
EBITDA
3
1,861.2
1,130.3
275.8
99.9
(52.7)
36.4
3,350.9
75.9
3,426.8
Capital expenditure (cash basis)
4
833.0
1,414.0
123.4
\u2013
\u2013
7.1
2,377.5
37.4
2,414.9
Segment assets and liabilities
Segment assets
7,886.3
8,145.7
2,281.2
\u2013
\u2013
2,110.5
20,423.7
435.1
20,858.8
Investment in associates and joint
ventures
\u2013
\u2013
\u2013
895.1
\u2013
872.0
1,767.1
9.0
1,776.1
Segment liabilities
(4,076.8)
(2,877.1)
(591.9)
\u2013
\u2013
(2,064.3)
(9,610.1)
(70.6)
(9,680.7)
1. Operating cash outflow in the Exploration and evaluation segment was $51.3 million. In order to better reflect the Group\u2019s internal reporting, the Group has changed the classification of certain evaluation costs incurred by the individual mining operations of $76.2 million, which were previously included in the Exploration and evaluation segment and are now included within the individual mine segments. 2. An exceptional fair value gain of $51.0 million has been recognised in respect of an agreement under which the Group has now acquired 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 18). 3. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u2019s subsidiaries, and the Group\u2019s proportional share of the EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section). 4. In order to better reflect the Group\u2019s internal reporting, the Group has changed the basis of its capital expenditure segment measure (being additions to non-current assets) to be on a cash basis rather than an accruals basis. Additions on an accruals basis for the year, as presented in Note 15, were $2,734.9 million. For the year ended 31 December 2023
Exploration and Corporate Transport
Los Pelambres Centinela Antucoya Zald\u00edvar
Evaluation
2
and other items Mining division Total
$m $m $m $m $m $m $m $m $m
Revenue
2,923.8
2,532.5
672.3
\u2013
\u2013
\u2013
6,128.6
195.9
6,324.5
Operating cost excluding
(1,231.8)
(1,348.9)
(465.4)
\u2013
(64.9)
(98.7)
(3,209.7)
(120.7)
(3,330.4)
depreciation and loss on
disposals
1
Depreciation
(318.6)
(727.3)
(109.4)
\u2013
\u2013
(24.3)
(1,179.6)
(31.7)
(1,211.3)
Operating profit/(loss)
1,373.4
456.3
97.5
\u2013
(64.9)
(123.0)
1,739.3
43.5
1,782.8
Net share of results from
associates and joint ventures
\u2013
\u2013
\u2013
(15.4)
\u2013
\u2013
(15.4)
1.9
(13.5)
Total operating profit from
subsidiaries, and share of total
1,373.4
456.3
97.5
(15.4)
(64.9)
(123.0)
1,723.9
45.4
1,769.3
results from associates and
j
oint ventures
Investment income
38.0
20.3
6.8
\u2013
\u2013
72.2
137.3
0.8
138.1
Interest expense
(4.3)
(20.3)
(30.7)
\u2013
\u2013
(49.2)
(104.5)
(1.1)
(105.6)
Other finance items (excluding
(0.2)
(0.2)
(0.4)
\u2013
\u2013
(1.9)
(2.7)
(0.7)
(3.4)
exceptional items)
Fair value gain on other financial
\u2013
\u2013
\u2013
\u2013
\u2013
167.1
167.1
\u2013
167.1
assets \u2013 exceptional items
2
Profit/(loss) before tax
1,406.9
456.1
73.2
(15.4)
(64.9)
65.2
1,921.1
44.4
1,965.5
Tax \u2013 excluding exceptional items
(465.2)
(143.1)
(14.6)
\u2013
\u2013
13.7
(609.2)
(15.1)
(624.3)
Tax \u2013 exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
(41.8)
(41.8)
\u2013
(41.8)
Profit/(loss) for the year
941.7
313.0
58.6
(15.4)
(64.9)
37.1
1,270.1
29.3
1,299.4
Non-controlling interests
372.5
89.5
5.5
\u2013
\u2013
(3.2)
464.3
\u2013
464.3
Profit/(losses) attributable to
the owners of the parent
569.2
223.5
53.1
(15.4)
(64.9)
40.3
805.8
29.3
835.1
EBITDA
3
1,692.0
1,183.6
206.9
86.8
(64.9)
(98.7)
3,005.7
81.5
3,087.2
Additions to non-current
assets
Capital expenditure (cash basis)
4
897.1
1,044.6
121.6
\u2013
\u2013
15.5
2,078.8
50.4
2,129.2
Segment assets and liabilities
Segment assets
7,414.0
6,533.6
1,732.7
\u2013
\u2013
2,657.6
18,337.9
418.2
18,756.1
Investment in associates and joint
\u2013
\u2013
\u2013
881.3
\u2013
\u2013
881.3
9.8
891.1
ventures
Segment liabilities
(3,829.1)
(1,857.0)
(535.2)
\u2013
\u2013
(1,304.7)
(7,526.0)
(72.8)
(7,598.8)
1.Operating cash outflow in the Exploration and evaluation segment was $61.8 million. In order to better reflect the Group\u2019s internal reporting, the Group has changed the classification of certain evaluation costs incurred by the individual mining operations of $76.2 million, which were previously included in the Exploration and evaluation segment and are now included within the individual mine segments, as follows: Los Pelambres $32.6 million, Centinela $35.4 million and Antucoya $8.2 million. 2.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 Note 18. 3.EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u2019s subsidiaries, and the Group\u2019s proportional share of the EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section). 4.In order to better reflect the Group\u2019s internal reporting, the Group has changed the basis of its capital expenditure segment measure to be on a cash basis rather than an accruals basis. The restated amount changed from $2,307.9 million to $2,129.2 million, reflecting a decrease of $178.7 million, as follows: Los Pelambres $17.2 million, Centinela $137.8 million, Antucoya $19.1 million, Corporate $3.5 million and Transport division $1.1 million. Notes to segment revenues and results (i) Inter-segment revenues are eliminated on consolidation. The only inter-segment revenue related to sales from the Transport division to the mining division of $9.6 million (year ended 31 December 2023 \u2013 $10.3 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 18. (iii) For sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Treatment and refining charges for copper and molybdenum concentrates are detailed in Note 7. (iv) The assets of the Transport division segment include $9.0 million (31 December 2023 \u2013 $9.8 million) relating to the Group\u2019s 30% interest in Antofagasta Terminal International SA (\u201cATI\u201d), which operates a concession to manage installations in the port of Antofagasta. Further details of these investments are set out in Note 18. B) Group-wide disclosures Revenue by product
2024 2023
$m $m
Copper
\u2022
Los Pelambres
2,710.0
2,381.1
\u2022
Centinela Concentrates
970.5
1,309.8
\u2022
Centinela Cathodes
896.1
692.6
\u2022
Antucoya
726.0
666.1
Provision of shipping services
\u2022
Los Pelambres
64.4
50.3
\u2022
Centinela Concentrates
24.3
35.3
\u2022
Centinela Cathodes
7.4
6.0
\u2022
Antucoya
6.6
6.2
Gold
\u2022
Los Pelambres
110.3
83.5
\u2022
Centinela Concentrates
336.5
323.4
Molybdenum
\u2022
Los Pelambres
387.4
373.2
\u2022
Centinela Concentrates
100.8
131.0
Silver
\u2022
Los Pelambres
54.6
35.7
\u2022
Centinela Concentrates
23.6
34.4
Total Mining Division
6,418.5
6,128.6
Transport division
194.9
195.9
6,613.4
6,324.5
Revenue by location of customer
2024 2023
$m $m
Europe
\u2022
United Kingdom
23.8
22.8
\u2022
Switzerland
367.8
386.5
\u2022
Spain
82.9
\u2013
\u2022
Germany
160.8
200.0
\u2022
Rest of Europe
170.7
89.9
Latin America
\u2022
Chile
366.9
399.5
\u2022
Rest of Latin America
289.7
133.0
North America
\u2022
United States
470.1
441.7
Asia
\u2022
Japan
1,961.4
1,989.6
\u2022
China
1,292.2
1,417.3
\u2022
Singapore
336.2
450.2
\u2022
South Korea
436.7
391.1
\u2022
Hong Kong
236.2
204.7
\u2022
Rest of Asia
418.0
198.2
6,613.4
6,324.5
Information about major customers In the year ended 31 December 2024, the Group\u2019s mining revenue included $860.5 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2023 \u2013 one large customer representing $1,081.0 million). Non-current assets by location of assets
2024 2023
$m $m
Chile
16,392.2
14,017.3
Other
8.7
9.5
16,400.9
14,026.8
2024 2023
$m $m
Non-current assets per the balance sheet
16,476.6
14,455.9
The above amounts by location reflect non-current assets per the balance sheet excluding:
\u2022
Deferred tax assets
(9.7)
(72.0)
\u2022
Account receivables
(54.4)
(68.5)
\u2022
Equity investments
(11.6)
(288.6)
Total of non-current assets above
(75.7)
(429.1)
Non-current assets by location of asset
16,400.9
14,026.8
7 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 limited futures market for that commodity. With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. The 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:
2024 2023
$m $m
Revenue from contracts with customers
Sale of products
6,306.4
6,016.2
Provision of shipping services associated with the sale of products
1
102.7
97.8
Transport division
2
194.9
195.9
Provisional pricing adjustments in respect of copper, gold and molybdenum
9.4
14.6
Total revenue
6,613.4
6,324.5
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, with the shipping revenue recognised 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 which includes, for the sale of copper, revenue associated with the provision of shipping services, is reconciled to total revenue in Note 6. For the year ended 31 December 2024
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela Total
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally priced
sales of products
2,851.1
1,023.1
899.7
725.9
106.3
330.0
408.8
104.0
54.7
23.4
6,527.0
Revenue from freight
services
64.4
24.3
7.4
6.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
102.7
2,915.5
1,047.4
907.1
732.5
106.3
330.0
408.8
104.0
54.7
23.4
6,629.7
Effects of pricing
adjustments to previous
year invoices
Reversal of mark-to-
market adjustments at the
end of the previous year
(45.1)
(16.2)
(0.3)
(0.2)
\u2013
(2.6)
1.0
0.4
\u2013
\u2013
(63.0)
Settlement of sales
invoiced in the
previous year
62.5
27.0
(1.0)
(0.9)
(0.3)
1.6
3.4
0.7
(0.6)
.
92.4
Total effect of
adjustments to previous
year invoices in the
current year
17.4
10.8
(1.3)
(1.1)
(0.3)
(1.0)
4.4
1.1
(0.6)
\u2013
29.4
Effects of pricing
adjustments to
current year invoices
Settlement of sales
invoiced in the current
year
10.8
14.7
(0.9)
2.6
4.5
8.5
2.8
5.1
1.1
0.6
49.8
Mark-to-market
adjustments at the end of
the current year
(40.1)
(22.0)
(1.4)
(1.4)
\u2013
(0.4)
(4.0)
(0.5)
\u2013
\u2013
(69.8)
Total effect of
adjustments to
current year invoices
(29.3)
(7.3)
(2.3)
1.2
4.5
8.1
(1.2)
4.6
1.1
0.6
(20.0)
Total pricing adjustments
(11.9)
3.5
(3.6)
0.1
4.2
7.1
3.2
5.7
0.5
0.6
9.4
Revenues before
deducting treatment and
refining charges
2,903.6
1,050.9
903.5
732.6
110.5
337.1
412.0
109.7
55.2
24.0
6,639.1
Treatment and refining
charges
(129.2)
(56.1)
\u2013
\u2013
(0.2)
(0.6)
(24.6)
(8.9)
(0.6)
(0.4)
(220.6)
Revenue net of tolling
charges
2,774.4
994.8
903.5
732.6
110.3
336.5
387.4
100.8
54.6
23.6
6,418.5
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure. For the year ended 31 December 2023
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Total Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally priced
sales of products
2,465.4
1,363.1
689.5
663.9
79.2
319.3
455.4
161.1
35.6
34.3
6,266.8
Revenue from freight
services
50.3
35.3
6.0
6.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
97.8
2,515.7
1,398.4
695.5
670.1
79.2
319.3
455.4
161.1
35.6
34.3
6,364.6
Effects of pricing
adjustments to
previous year invoices
Reversal of mark-to-
market adjustments at
the end of the previous
year
(38.0)
(19.9)
(0.8)
(0.8)
\u2013
(2.7)
(12.6)
(7.6)
\u2013
\u2013
(82.4)
Settlement of sales
invoiced in the
previous year
90.9
52.9
10.3
7.7
2.9
1.0
40.0
15.9
0.3
0.4
222.3
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
0.3
0.4
139.9
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)
0.3
0.2
(188.3)
Mark-to-market
adjustments at the end of
the current year
45.1
16.2
0.3
0.2
\u2013
2.6
(1.0)
(0.4)
\u2013
\u2013
63.0
Total effect of
adjustments to current
year invoices
(7.1)
(2.8)
(6.4)
(4.7)
1.5
6.5
(85.1)
(27.7)
0.3
0.2
(125.3)
Total pricing adjustments
45.8
30.2
3.1
2.2
4.4
4.8
(57.7)
(19.4)
0.6
0.6
14.6
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
36.2
34.9
6,379.2
Treatment and refining
charges
(130.1)
(83.5)
\u2013
\u2013
(0.1)
(0.7)
(24.5)
(10.7)
(0.5)
(0.5)
(250.6)
Revenue net of tolling
charges
2,431.4
1,345.1
698.6
672.3
83.5
323.4
373.2
131.0
35.7
34.4
6,128.6
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure.I) Copper concentrateThe typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months fromshipment date. 2024 Sales provisionally priced at the balance sheet dateTonnes157,300181,400Average mark-to-market price$/lb3.963.87Average provisional invoice price$/lb4.143.72II) Copper cathodesThe typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date. 2024 Sales provisionally priced at the balance sheet dateTonnes11,60016,400Average mark-to-market price$/lb3.943.85Average provisional invoice price$/lb4.053.84III) Gold in concentrateThe typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from shipment date. 2024 Sales provisionally priced at the balance sheet dateOunces25,40032,400Average mark-to-market price$/oz2,6342,072Average provisional invoice price$/oz2,6501,992IV) Molybdenum concentrateThe typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date. 2024 Sales provisionally priced at the balance sheet dateTonnes2,7002,600Average mark-to-market price$/lb21.4018.50Average provisional invoice price$/lb22.0018.80As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the incomstatement and to trade debtors in the balance sheet. The effect of mark-to-market adjustments on the balance sheet at the end of each period are asfollows.Effect on debtors of year-endmark-to-market adjustments20242023$m$mLos Pelambres \u2013 copper concentrate(40.1)45.1Los Pelambres \u2013 molybdenum concentrate(4.0)(1.0Centinela \u2013 copper concentrate(22.0)16.2Centinela \u2013 molybdenum concentrate(0.5)(0.4Centinela \u2013 gold in concentrate(0.4)2.6Centinela \u2013 copper cathodes(1.4)0.3Antucoya \u2013 copper cathodes(1.4)0.2(69.8)63.0", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "Revenue by location of customer
2024 2023
$m $m
Europe
\u2022
United Kingdom
23.8
22.8
\u2022
Switzerland
367.8
386.5
\u2022
Spain
82.9
\u2013
\u2022
Germany
160.8
200.0
\u2022
Rest of Europe
170.7
89.9
Latin America
\u2022
Chile
366.9
399.5
\u2022
Rest of Latin America
289.7
133.0
North America
\u2022
United States
470.1
441.7
Asia
\u2022
Japan
1,961.4
1,989.6
\u2022
China
1,292.2
1,417.3
\u2022
Singapore
336.2
450.2
\u2022
South Korea
436.7
391.1
\u2022
Hong Kong
236.2
204.7
\u2022
Rest of Asia
418.0
198.2
6,613.4
6,324.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "Information about major customers In the year ended 31 December 2024, the Group\u2019s mining revenue included $860.5 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2023 \u2013 one large customer representing $1,081.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "7 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 limited futures market for that commodity. With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. The 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:
2024 2023
$m $m
Revenue from contracts with customers
Sale of products
6,306.4
6,016.2
Provision of shipping services associated with the sale of products
1
102.7
97.8
Transport division
2
194.9
195.9
Provisional pricing adjustments in respect of copper, gold and molybdenum
9.4
14.6
Total revenue
6,613.4
6,324.5
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, with the shipping revenue recognised 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 which includes, for the sale of copper, revenue associated with the provision of shipping services, is reconciled to total revenue in Note 6. For the year ended 31 December 2024
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela Total
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally priced
sales of products
2,851.1
1,023.1
899.7
725.9
106.3
330.0
408.8
104.0
54.7
23.4
6,527.0
Revenue from freight
services
64.4
24.3
7.4
6.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
102.7
2,915.5
1,047.4
907.1
732.5
106.3
330.0
408.8
104.0
54.7
23.4
6,629.7
Effects of pricing
adjustments to previous
year invoices
Reversal of mark-to-
market adjustments at the
end of the previous year
(45.1)
(16.2)
(0.3)
(0.2)
\u2013
(2.6)
1.0
0.4
\u2013
\u2013
(63.0)
Settlement of sales
invoiced in the
previous year
62.5
27.0
(1.0)
(0.9)
(0.3)
1.6
3.4
0.7
(0.6)
.
92.4
Total effect of
adjustments to previous
year invoices in the
current year
17.4
10.8
(1.3)
(1.1)
(0.3)
(1.0)
4.4
1.1
(0.6)
\u2013
29.4
Effects of pricing
adjustments to
current year invoices
Settlement of sales
invoiced in the current
year
10.8
14.7
(0.9)
2.6
4.5
8.5
2.8
5.1
1.1
0.6
49.8
Mark-to-market
adjustments at the end of
the current year
(40.1)
(22.0)
(1.4)
(1.4)
\u2013
(0.4)
(4.0)
(0.5)
\u2013
\u2013
(69.8)
Total effect of
adjustments to
current year invoices
(29.3)
(7.3)
(2.3)
1.2
4.5
8.1
(1.2)
4.6
1.1
0.6
(20.0)
Total pricing adjustments
(11.9)
3.5
(3.6)
0.1
4.2
7.1
3.2
5.7
0.5
0.6
9.4
Revenues before
deducting treatment and
refining charges
2,903.6
1,050.9
903.5
732.6
110.5
337.1
412.0
109.7
55.2
24.0
6,639.1
Treatment and refining
charges
(129.2)
(56.1)
\u2013
\u2013
(0.2)
(0.6)
(24.6)
(8.9)
(0.6)
(0.4)
(220.6)
Revenue net of tolling
charges
2,774.4
994.8
903.5
732.6
110.3
336.5
387.4
100.8
54.6
23.6
6,418.5
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure.
For the year ended 31 December 2023
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Total Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally priced
sales of products
2,465.4
1,363.1
689.5
663.9
79.2
319.3
455.4
161.1
35.6
34.3
6,266.8
Revenue from freight
services
50.3
35.3
6.0
6.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
97.8
2,515.7
1,398.4
695.5
670.1
79.2
319.3
455.4
161.1
35.6
34.3
6,364.6
Effects of pricing
adjustments to
previous year invoices
Reversal of mark-to-
market adjustments at
the end of the previous
year
(38.0)
(19.9)
(0.8)
(0.8)
\u2013
(2.7)
(12.6)
(7.6)
\u2013
\u2013
(82.4)
Settlement of sales
invoiced in the
previous year
90.9
52.9
10.3
7.7
2.9
1.0
40.0
15.9
0.3
0.4
222.3
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
0.3
0.4
139.9
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)
0.3
0.2
(188.3)
Mark-to-market
adjustments at the end of
the current year
45.1
16.2
0.3
0.2
\u2013
2.6
(1.0)
(0.4)
\u2013
\u2013
63.0
Total effect of
adjustments to current
year invoices
(7.1)
(2.8)
(6.4)
(4.7)
1.5
6.5
(85.1)
(27.7)
0.3
0.2
(125.3)
Total pricing adjustments
45.8
30.2
3.1
2.2
4.4
4.8
(57.7)
(19.4)
0.6
0.6
14.6
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
36.2
34.9
6,379.2
Treatment and refining
charges
(130.1)
(83.5)
\u2013
\u2013
(0.1)
(0.7)
(24.5)
(10.7)
(0.5)
(0.5)
(250.6)
Revenue net of tolling
charges
2,431.4
1,345.1
698.6
672.3
83.5
323.4
373.2
131.0
35.7
34.4
6,128.6
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal,
the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction,
to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the
net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and
refining charges are regarded as an expense and part of the total cash cost figure.
I) Copper concentrateThe typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months fromshipment date. 2024 Sales provisionally priced at the balance sheet dateTonnes157,300181,400Average mark-to-market price$/lb3.963.87Average provisional invoice price$/lb4.143.72II) Copper cathodesThe typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date. 2024 Sales provisionally priced at the balance sheet dateTonnes11,60016,400Average mark-to-market price$/lb3.943.85Average provisional invoice price$/lb4.053.84III) Gold in concentrateThe typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from shipment date. 2024 Sales provisionally priced at the balance sheet dateOunces25,40032,400Average mark-to-market price$/oz2,6342,072Average provisional invoice price$/oz2,6501,992IV) Molybdenum concentrateThe typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date. 2024 Sales provisionally priced at the balance sheet dateTonnes2,7002,600Average mark-to-market price$/lb21.4018.50Average provisional invoice price$/lb22.0018.80As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the incomestatement 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 asfollows.
Effect on debtors of year-end
mark-to-market adjustments
2024 2023
$m $m
Los Pelambres \u2013 copper concentrate
(40.1)
45.1
Los Pelambres \u2013 molybdenum concentrate
(4.0)
(1.0)
Centinela \u2013 copper concentrate
(22.0)
16.2
Centinela \u2013 molybdenum concentrate
(0.5)
(0.4)
Centinela \u2013 gold in concentrate
(0.4)
2.6
Centinela \u2013 copper cathodes
(1.4)
0.3
Antucoya \u2013 copper cathodes
(1.4)
0.2
(69.8)
63.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "8 Operating profit and share of total results from associates and joint ventures Operating profit from subsidiaries, and share of total results from associates and joint ventures, is derived from revenue by deducting operating costs as follows:
2024 2023
$m $m
Revenue
6,613.4
6,324.5
Cost of sales
(4,109.0)
(3,666.4)
Gross profit
2,504.4
2,658.1
Administrative and distribution expenses
(581.3)
(618.5)
Other operating income
48.2
50.8
Other operating expenses
1
(334.0)
(307.6)
Operating profit
1,637.3
1,782.8
Net share of results from associates and joint ventures
76.2
(13.5)
Total operating profit and share of total results from associates and joint ventures before exceptional items
1,713.5
1,769.3
Exceptional item \u2013 Reversal of impairment
371.4
\u2013
Total operating profit and share of total results from associates and joint ventures after exceptional items
2,084.9
1,769.3
1. Other operating expenses comprise $52.7 million of exploration and evaluation expenditure (year ended 31 December 2023 \u2013 $64.9 million), $25.4 million in respect of the employee severance provision (year ended 31 December 2023 \u2013 $25.7 million), $0.8 million in respect of the closure provision (year ended 31 December 2023 \u2013 $12.8 million), and $255.1 million of other expenses (including drilling costs & evaluation of $98.9 million (year ended 31 December 2023 \u2013 $76.2 million), costs of community programmes of $44.9 million (year ended 31 December 2023 \u2013 $44.6 million), the \u201cad valorem\u201d element of the new mining royalty of $28.7 million (year ended 31 December 2023 \u2013 nil), and other expenses of $82.6 million (year ended 31 December 2023 \u2013 $83.4 million). Profit before tax is stated after (charging)/crediting:
2024 2023
$m $m
Foreign exchange losses
\u2022
included in net finance expense
(82.1)
(12.5)
Depreciation of property, plant and equipment
\u2022
owned assets
(1,404.6)
(1,127.7)
\u2022
leased assets
(163.6)
(83.6)
Loss on disposal of property, plant and equipment
(5.6)
-
Cost of inventories recognised as an expense
(2,637.3)
(2,457.8)
Employee benefit expense
(569.3)
(619.9)
Decommissioning and restoration (operating expenses)
(0.8)
(12.8)
Severance charges (see Note 27)
(25.4)
(25.7)
Exploration and evaluation expense
(52.7)
(64.9)
Auditor\u2019s remuneration
(2.3)
(2.4)
A more detailed analysis of auditor\u2019s remuneration on a worldwide basis is provided below:
2024 2023
Group $000 $000
Fees payable to the Company\u2019s auditor and their associates for the audit of the Parent Company and consolidated financial
statements
854.0
1,685.0
Fees payable to the Company\u2019s auditor and their associates for other services:
\u2022
The audit of the Company\u2019s subsidiaries
1,214.0
598.0
\u2022
Audit-related assurance services
1
252.0
109.0
2,320.0 2,392.0
1. The audit-related assurance services relate to the half-year review performed by the auditor. The 2024 figures in the above table reflect fees payable to Deloitte in their role as the Company\u2019s auditor in that year, and the 2023 figures reflect fees payable to PwC in their role as the Company\u2019s auditor in that year. In addition to the amounts reflected in the above table, during 2024 the Company paid fees of $280,000 to PwC related to the bond issue in that year, which required the Group to engage PwC to act as the reporting accountant in respect of the 2023 figures included in the bond documentation, work which is in effect required to be performed by the Group\u2019s auditor. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "8 Operating profit and share of total results from associates and joint ventures Operating profit from subsidiaries, and share of total results from associates and joint ventures, is derived from revenue by deducting operating costs as follows:
2024 2023
$m $m
Revenue
6,613.4
6,324.5
Cost of sales
(4,109.0)
(3,666.4)
Gross profit
2,504.4
2,658.1
Administrative and distribution expenses
(581.3)
(618.5)
Other operating income
48.2
50.8
Other operating expenses
1
(334.0)
(307.6)
Operating profit
1,637.3
1,782.8
Net share of results from associates and joint ventures
76.2
(13.5)
Total operating profit and share of total results from associates and joint ventures before exceptional items
1,713.5
1,769.3
Exceptional item \u2013 Reversal of impairment
371.4
\u2013
Total operating profit and share of total results from associates and joint ventures after exceptional items
2,084.9
1,769.3
1. Other operating expenses comprise $52.7 million of exploration and evaluation expenditure (year ended 31 December 2023 \u2013 $64.9 million), $25.4 million in respect of the employee severance provision (year ended 31 December 2023 \u2013 $25.7 million), $0.8 million in respect of the closure provision (year ended 31 December 2023 \u2013 $12.8 million), and $255.1 million of other expenses (including drilling costs & evaluation of $98.9 million (year ended 31 December 2023 \u2013 $76.2 million), costs of community programmes of $44.9 million (year ended 31 December 2023 \u2013 $44.6 million), the \u201cad valorem\u201d element of the new mining royalty of $28.7 million (year ended 31 December 2023 \u2013 nil), and other expenses of $82.6 million (year ended 31 December 2023 \u2013 $83.4 million). Profit before tax is stated after (charging)/crediting:
2024 2023
$m $m
Foreign exchange losses
\u2022
included in net finance expense
(82.1)
(12.5)
Depreciation of property, plant and equipment
\u2022
owned assets
(1,404.6)
(1,127.7)
\u2022
leased assets
(163.6)
(83.6)
Loss on disposal of property, plant and equipment
(5.6)
-
Cost of inventories recognised as an expense
(2,637.3)
(2,457.8)
Employee benefit expense
(569.3)
(619.9)
Decommissioning and restoration (operating expenses)
(0.8)
(12.8)
Severance charges (see Note 27)
(25.4)
(25.7)
Exploration and evaluation expense
(52.7)
(64.9)
Auditor\u2019s remuneration
(2.3)
(2.4)
A more detailed analysis of auditor\u2019s remuneration on a worldwide basis is provided below:
2024 2023
Group $000 $000
Fees payable to the Company\u2019s auditor and their associates for the audit of the Parent Company and consolidated financial
statements
854.0
1,685.0
Fees payable to the Company\u2019s auditor and their associates for other services:
\u2022
The audit of the Company\u2019s subsidiaries
1,214.0
598.0
\u2022
Audit-related assurance services
1
252.0
109.0
2,320.0 2,392.0
1. The audit-related assurance services relate to the half-year review performed by the auditor. The 2024 figures in the above table reflect fees payable to Deloitte in their role as the Company\u2019s auditor in that year, and the 2023 figures reflect fees payable to PwC in their role as the Company\u2019s auditor in that year. In addition to the amounts reflected in the above table, during 2024 the Company paid fees of $280,000 to PwC related to the bond issue in that year, which required the Group to engage PwC to act as the reporting accountant in respect of the 2023 figures included in the bond documentation, work which is in effect required to be performed by the Group\u2019s auditor. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "A more detailed analysis of auditor\u2019s remuneration on a worldwide basis is provided below:
2024 2023
Group $000 $000
Fees payable to the Company\u2019s auditor and their associates for the audit of the Parent Company and consolidated financial
statements
854.0
1,685.0
Fees payable to the Company\u2019s auditor and their associates for other services:
\u2022
The audit of the Company\u2019s subsidiaries
1,214.0
598.0
\u2022
Audit-related assurance services
1
252.0
109.0
2,320.0 2,392.0
1. The audit-related assurance services relate to the half-year review performed by the auditor. The 2024 figures in the above table reflect fees payable to Deloitte in their role as the Company\u2019s auditor in that year, and the 2023 figures reflect fees payable to PwC in their role as the Company\u2019s auditor in that year. In addition to the amounts reflected in the above table, during 2024 the Company paid fees of $280,000 to PwC related to the bond issue in that year, which required the Group to engage PwC to act as the reporting accountant in respect of the 2023 figures included in the bond documentation, work which is in effect required to be performed by the Group\u2019s auditor. No services were provided pursuant to contingent fee arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "9 Employees A) Average monthly number of employees
2024 2023
Number Number
Los Pelambres
1,369
1,154
Centinela
2,573
2,503
Antucoya
925
914
Exploration and evaluation
59
58
Corporate and other
\u2022
Chile
720
591
\u2022
United Kingdom
5
4
\u2022
Other
4
4
Mining and Corporate
5,655
5,228
Transport division
1,360
1,402
7,015
6,630
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. B) Aggregate remuneration The aggregate remuneration of the employees included in the table above was as follows:
2024
2023
1
$m $m
Wages and salaries
(627.3)
(674.9)
Social security costs
(35.7)
(33.9)
(663.0)
(708.8)
1.The 2023 amounts for wages and salaries have been restated from $589.4 million to $674.9 million, and social security costs have been restated from $30.5 million to $33.9 million to present the gross salaries and wages (before capitalisations). 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:
2024 2023
$m $m
Salaries and short-term employee benefits
1
(18.4)
(18.0)
Long-term incentive plan
(7.0)
(9.1)
(25.4)
(27.1)
1.The 2023 amounts for salaries and short-term employee benefits have been restated from $27.1 million to $18.0 million to separately present the amounts relating to the long-term incentive plan. The aggregate total Board remuneration required by Schedule 5 of the Large and Medium-sized Companies and Group (Financial Statement) Regulations 2008 is presented on page 152 of the Annual Report", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "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:
2024 2023
$m $m
Salaries and short-term employee benefits
1
(18.4)
(18.0)
Long-term incentive plan
(7.0)
(9.1)
(25.4)
(27.1)
1.The 2023 amounts for salaries and short-term employee benefits have been restated from $27.1 million to $18.0 million to separately present the amounts relating to the long-term incentive plan. The aggregate total Board remuneration required by Schedule 5 of the Large and Medium-sized Companies and Group (Financial Statement) Regulations 2008 is presented on page 152 of the Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "10 Net finance income/(expense)
2024 2023
$m $m
Investment income
Interest income
73.0
43.1
Gains on liquid investments held at fair value through profit or loss
111.2
95.0
184.2
138.1
Interest expense
Interest expense
(312.2)
(105.6)
(312.2)
(105.6)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(18.8)
(15.8)
Exceptional fair value gains (see Note 4)
51.0
167.1
Effects of changes in foreign exchange rates
82.1
12.5
Preference dividends
(0.1)
(0.1)
114.2
163.7
Net finance (expense)/income
(13.8)
196.2
In the year ended 31 December 2024, amounts capitalised and consequently not included within the above table were as follows: $30.2 million at Los Pelambres (year ended 31 December 2023 \u2013 $104.2 million) and $36.9 million at Centinela (year ended 31 December 2023 \u2013 $7.9 million). The average interest rate for the interest capitalised was 6.42% (2023 \u2013 6.0%). The interest expense shown above includes $17.1 million in respect of leases (year ended 31 December 2023 \u2013 $10.5 million) and $41.6 million (year ended 31 December 2023 \u2013 nil) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 23. An exceptional fair value gain of $51.0 million (2023 \u2013 $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 Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "10 Net finance income/(expense)
2024 2023
$m $m
Investment income
Interest income
73.0
43.1
Gains on liquid investments held at fair value through profit or loss
111.2
95.0
184.2
138.1
Interest expense
Interest expense
(312.2)
(105.6)
(312.2)
(105.6)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(18.8)
(15.8)
Exceptional fair value gains (see Note 4)
51.0
167.1
Effects of changes in foreign exchange rates
82.1
12.5
Preference dividends
(0.1)
(0.1)
114.2
163.7
Net finance (expense)/income
(13.8)
196.2
In the year ended 31 December 2024, amounts capitalised and consequently not included within the above table were as follows: $30.2 million at Los Pelambres (year ended 31 December 2023 \u2013 $104.2 million) and $36.9 million at Centinela (year ended 31 December 2023 \u2013 $7.9 million). The average interest rate for the interest capitalised was 6.42% (2023 \u2013 6.0%). The interest expense shown above includes $17.1 million in respect of leases (year ended 31 December 2023 \u2013 $10.5 million) and $41.6 million (year ended 31 December 2023 \u2013 nil) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 23. An exceptional fair value gain of $51.0 million (2023 \u2013 $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 Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "10 Net finance income/(expense)
2024 2023
$m $m
Investment income
Interest income
73.0
43.1
Gains on liquid investments held at fair value through profit or loss
111.2
95.0
184.2
138.1
Interest expense
Interest expense
(312.2)
(105.6)
(312.2)
(105.6)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(18.8)
(15.8)
Exceptional fair value gains (see Note 4)
51.0
167.1
Effects of changes in foreign exchange rates
82.1
12.5
Preference dividends
(0.1)
(0.1)
114.2
163.7
Net finance (expense)/income
(13.8)
196.2
In the year ended 31 December 2024, amounts capitalised and consequently not included within the above table were as follows: $30.2 million at Los Pelambres (year ended 31 December 2023 \u2013 $104.2 million) and $36.9 million at Centinela (year ended 31 December 2023 \u2013 $7.9 million). The average interest rate for the interest capitalised was 6.42% (2023 \u2013 6.0%). The interest expense shown above includes $17.1 million in respect of leases (year ended 31 December 2023 \u2013 $10.5 million) and $41.6 million (year ended 31 December 2023 \u2013 nil) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 23. An exceptional fair value gain of $51.0 million (2023 \u2013 $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 Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "10 Net finance income/(expense)
2024 2023
$m $m
Investment income
Interest income
73.0
43.1
Gains on liquid investments held at fair value through profit or loss
111.2
95.0
184.2
138.1
Interest expense
Interest expense
(312.2)
(105.6)
(312.2)
(105.6)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(18.8)
(15.8)
Exceptional fair value gains (see Note 4)
51.0
167.1
Effects of changes in foreign exchange rates
82.1
12.5
Preference dividends
(0.1)
(0.1)
114.2
163.7
Net finance (expense)/income
(13.8)
196.2
In the year ended 31 December 2024, amounts capitalised and consequently not included within the above table were as follows: $30.2 million at Los Pelambres (year ended 31 December 2023 \u2013 $104.2 million) and $36.9 million at Centinela (year ended 31 December 2023 \u2013 $7.9 million). The average interest rate for the interest capitalised was 6.42% (2023 \u2013 6.0%). The interest expense shown above includes $17.1 million in respect of leases (year ended 31 December 2023 \u2013 $10.5 million) and $41.6 million (year ended 31 December 2023 \u2013 nil) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 23. An exceptional fair value gain of $51.0 million (2023 \u2013 $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 Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "10 Net finance income/(expense)
2024 2023
$m $m
Investment income
Interest income
73.0
43.1
Gains on liquid investments held at fair value through profit or loss
111.2
95.0
184.2
138.1
Interest expense
Interest expense
(312.2)
(105.6)
(312.2)
(105.6)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(18.8)
(15.8)
Exceptional fair value gains (see Note 4)
51.0
167.1
Effects of changes in foreign exchange rates
82.1
12.5
Preference dividends
(0.1)
(0.1)
114.2
163.7
Net finance (expense)/income
(13.8)
196.2
In the year ended 31 December 2024, amounts capitalised and consequently not included within the above table were as follows: $30.2 million at Los Pelambres (year ended 31 December 2023 \u2013 $104.2 million) and $36.9 million at Centinela (year ended 31 December 2023 \u2013 $7.9 million). The average interest rate for the interest capitalised was 6.42% (2023 \u2013 6.0%). The interest expense shown above includes $17.1 million in respect of leases (year ended 31 December 2023 \u2013 $10.5 million) and $41.6 million (year ended 31 December 2023 \u2013 nil) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 23. An exceptional fair value gain of $51.0 million (2023 \u2013 $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 Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "10 Net finance income/(expense)
2024 2023
$m $m
Investment income
Interest income
73.0
43.1
Gains on liquid investments held at fair value through profit or loss
111.2
95.0
184.2
138.1
Interest expense
Interest expense
(312.2)
(105.6)
(312.2)
(105.6)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(18.8)
(15.8)
Exceptional fair value gains (see Note 4)
51.0
167.1
Effects of changes in foreign exchange rates
82.1
12.5
Preference dividends
(0.1)
(0.1)
114.2
163.7
Net finance (expense)/income
(13.8)
196.2
In the year ended 31 December 2024, amounts capitalised and consequently not included within the above table were as follows: $30.2 million at Los Pelambres (year ended 31 December 2023 \u2013 $104.2 million) and $36.9 million at Centinela (year ended 31 December 2023 \u2013 $7.9 million). The average interest rate for the interest capitalised was 6.42% (2023 \u2013 6.0%). The interest expense shown above includes $17.1 million in respect of leases (year ended 31 December 2023 \u2013 $10.5 million) and $41.6 million (year ended 31 December 2023 \u2013 nil) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 23. An exceptional fair value gain of $51.0 million (2023 \u2013 $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 Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "11 Income tax expense The tax charge for the year comprised the following:
2024 2023
$m $m
Current tax charge
\u2022
Corporate tax (principally first category tax in Chile)
(385.8)
(472.8)
\u2022
Mining tax (royalty)
(206.0)
(109.3)
\u2022
Withholding tax
(71.1)
(4.5)
\u2022
Exchange rate
\u2013
(0.2)
(662.9)
(586.8)
Deferred tax charge
\u2022
Corporate tax (principally first category tax in Chile)
(83.3)
(3.7)
\u2022
Mining tax (royalty)
76.4
(2.7)
\u2022
Adjustment to deferred tax due to introduction of new royalty
\u2013
(34.3)
\u2022
Deferred tax on exceptional items (see Note 4)
(126.7)
(41.8)
\u2022
Withholding tax
41.4
3.2
(92.2)
(79.3)
Total tax charge
(755.1)
(666.1)
The rate of first category (i.e. corporate) tax in Chile is 27.0% (2023 \u2013 27.0%). In addition to first category tax and the mining tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding tax is levied on remittances of profits from Chile at 35% less first category (i.e. corporate) tax already paid in respect of the profits to which the remittances relate. The withholding tax charge in the prior 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). The new Chilean mining royalty has taken effect since 1 January 2024. The new royalty terms include 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, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue rather than profit it does not meet the IAS 12: Income Taxes definition of a tax expense and is therefore recorded as an operating expense. 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. Los Pelambres and Zald\u00edvar have been subject to the new royalty from 1 January 2024. The impact of the new royalty for Los Pelambres in 2024 included the recognition of a $28.7 million expense (see Note 8) within operating expenses in respect of the ad valorem element. Zald\u00edvar (which as a joint venture is equity-accounted for, and so its tax expense is not consolidated within the above Group tax expense line) was also subject to the new royalty from 1 January 2024. Centinela and Antucoya have tax stability agreements in place, and so the new royalty rates will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a rate of between 5% to 14% of taxable operating profit, depending on the level of operating profit margin. 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
31 December 2024 31 December 2024 Year ended Year ended
Excluding Including 31 December 2023 31 December 2023 Including
exceptional items exceptional items Excluding exceptional items exceptional items
$m
%
$m
%
$m
%
$m
%
Profit before tax
1,648.7
2,071.1
1,798.4
1,965.5
Profit before tax multiplied by Chilean
corporate tax rate of 27%
(445.1)
27.0
(559.2)
27.0
(485.6)
27.0
(530.7)
27.0
Mining tax (royalty)
(216.5)
13.1
(216.5)
10.5
(109.7)
6.1
(109.7)
5.6
Deduction of mining tax (royalty) as an
allowable expense in determination of first
category tax
55.8
(3.4)
55.8
(2.7)
29.5
(1.6)
29.5
(1.5)
Items not deductible from first category
tax
(3.9)
0.2
(3.9)
0.2
(21.4)
1.2
(21.4)
1.1
Adjustment in respect of prior years
1.7
(0.1)
1.7
(0.1)
4.5
(0.3)
4.5
(0.2)
Adjustment to deferred tax in respect of
mining royalty
67.1
(4.1)
67.1
(3.2)
(34.3)
1.9
(34.3)
1.7
Withholding tax
(29.7)
1.8
(29.7)
1.4
(1.4)
0.1
(1.4)
0.1
Tax effect of (loss)/profit of associates
and joint ventures
20.0
(1.1)
20.0
(1.0)
(3.6)
0.2
(3.6)
0.2
Impact of unrecognised tax losses on
current tax
(77.8)
4.7
(77.8)
3.8
(2.3)
0.1
(2.3)
0.1
Reversal of the provision against carrying
value of assets (exceptional items)
\u2013
\u2013
(13.7)
0.7
\u2013
\u2013
\u2013
\u2013
Difference in overseas tax rates
\u2013
\u2013
1.1
(0.1)
\u2013
\u2013
3.3
(0.2)
Tax expense and effective tax rate for
the year
628.4
38.1
755.1
36.5
(624.3)
34.7
(666.1)
33.9
The effective tax rate (excluding exceptional items) of 38.1% varied from the statutory rate principally due to: \u2022 The mining tax (royalty) (net impact of $160.7 million/9.7% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax) \u2022 The withholding tax relating to the remittance of profits from Chile (impact of $29.7 million / 1.8%) \u2022 Adjustments to deferred tax in respect of the mining royalty (impact of $67.1 million / 4.1%) \u2022 Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside Chile (impact of $3.9 million / 0.2%) \u2022 Adjustments in respect of prior years (impact of $1.7 million / 0.1%) \u2022 The impact of unrecognised tax losses (impact of $77.8 million / 4.7%) and \u2022 An offsetting impact of the recognition of the Group\u2019s share of results from associates and joint ventures, which are included in the Group\u2019s profit before tax net of their respective tax charges (impact of $20.0 million / 1.1%). The effective tax rate (including exceptional items) of 36.5% varied from the statutory rate due to the factors outlined above, and due to the impact of the difference in the overseas tax rate which applied to the exceptional item (tax effect of 25% in the UK versus the 27% Chilean rate). The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are: \u2022 The level of future distributions made by the Group\u2019s Chilean subsidiaries out of Chile, which could result in increased withholding tax charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level. \u2022 The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative impact of these expenses on the Group\u2019s effective tax rate will vary depending on the Group\u2019s total profit before tax in a particular year. \u2022 The potential applicability of the mining royalty cap, as described above. OECD Pillar Two model rules The Group falls within the scope of the OECD Pillar two model rules, which introduce a minimum effective tax rate of 15% for multinational companies. The rules were substantively enacted in the UK in 2023 and became 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 has evaluated the impact of these rules on its tax expense, which has indicated no effect on the Group\u2019s 2024 tax expense. The Group applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities related to Pillar 2 income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023. In relation to the analysis of the controlling interest and identification of the Group\u2019s Ultimate Parent Entity (UPE) for Pillar 2 purposes, management conducted several analyses and confirmed that the \u2018deemed\u2019 consolidation rule in section (b) of the controlling interest definition should apply to the E. Abaroa Foundation. This would recognise the E. Abaroa Foundation as holding a controlling interest in both Metalinvest and Antofagasta plc. Consequently, the E. Abaroa Foundation should be considered the UPE of the Multinational Enterprise (MNE) Group for Pillar Two purposes. Additionally, based on 2023 data and adjustments for material changes in 2024, the Group is confident that all jurisdictions within the Antofagasta plc Group will meet at least one of the Transitional Country-by-Country Reporting Safe Harbour (TCSH) tests and, as such, will qualify for TCSH. Minera Centinela tax claims and queries 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.
28 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (royalty) Tax losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
(2.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
50.8
(85.1)
\u2013
(34.3)
Tax on exceptional items
\u2013
\u2013
\u2013
(41.8)
\u2013
\u2013
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2013
Charge deferred in equity
\u2013
(2.9)
\u2013
(37.0)
(0.9)
\u2013
(40.8)
At 31 December 2023 and 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
2
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
1.
A deferred tax expense of $126.7 million has been recognised in respect of the exceptional items, reflecting a fair value gain of $12.7 million in respect of the agreement the Group
entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) and $114.0 million of deferred tax relating to the
Antucoya impairment reversal.
2.
The $5.9 million of deferred tax recognised directly in equity relates to $7.7 million of deferred tax expense in respect of the movements in the fair value of equity investments (see Note
19) and $1.8 million of deferred tax income in respect of actuarial loss on defined benefit plans.
The charge to the income statement of $32.7 million (2023 \u2013 $2.9 million) included an impact from foreign exchange differences of $0.3 million (2023 \u2013
$0.3 million). Additionally, the deferred tax balance includes a gain from a change in criteria for the royalty deferred tax in 2024, totalling $67.1 million
(2023 \u2013 $91.9 million).
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):
2024 2023
$m $m
Net deferred tax assets
9.7
72.0
Net deferred tax liabilities
(1,692.7)
(1,656.6)
Net deferred tax balances
(1,683.0)
(1,584.6)
The $9.7 million net deferred tax asset balance (2023 \u2013 $72.0 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 31 December 2024, the Group had unused tax losses of $661.4 million in respect of which no deferred tax asset has been recognised, as the relevant
entities are currently loss-making; $141.1 million (2023 \u2013 $24.8 million) of these tax losses relate to Chilean entities where the tax losses can be carried
forward indefinitely, and $520.3 million (2023 \u2013 $496.8 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project.
$267.5 million (2023 \u2013 $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carried
forward indefinitely.
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 distributions and it is likely that distributions will not be made in the foreseeable future, was $7,397.9 million (31 December
2023 \u2013 $7,101.1 million).
At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests in
Buenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, if
the Group maintains its existing interest in Buenaventura, it will qualify for the UK Substantial Shareholding Exemption in respect of its holding in
Buenaventura, as it will have held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains tax
in respect of its investment. Accordingly, it is expected that in March 2025 the Group will de-recognise its existing deferred tax liability.
Temporary differences arising in connection with interests in associates are insignificant.
The deferred tax balance of $1,683.0 million (2023 \u2013 $1,584.6 million) includes $1,535.0 million (2023 \u2013 $1,567.2 million) due in more than one year.
The deferred tax assets of $9.7 million are all due in more than one year (2023 \u2013 $72.0 million).
The deferred tax liabilities of $1,692.7 million (2023 \u2013 $1,656.6) include $208.8 million due in less than 1 year and $1,571.5 million due in more than one year.
All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "11 Income tax expense The tax charge for the year comprised the following:
2024 2023
$m $m
Current tax charge
\u2022
Corporate tax (principally first category tax in Chile)
(385.8)
(472.8)
\u2022
Mining tax (royalty)
(206.0)
(109.3)
\u2022
Withholding tax
(71.1)
(4.5)
\u2022
Exchange rate
\u2013
(0.2)
(662.9)
(586.8)
Deferred tax charge
\u2022
Corporate tax (principally first category tax in Chile)
(83.3)
(3.7)
\u2022
Mining tax (royalty)
76.4
(2.7)
\u2022
Adjustment to deferred tax due to introduction of new royalty
\u2013
(34.3)
\u2022
Deferred tax on exceptional items (see Note 4)
(126.7)
(41.8)
\u2022
Withholding tax
41.4
3.2
(92.2)
(79.3)
Total tax charge
(755.1)
(666.1)
The rate of first category (i.e. corporate) tax in Chile is 27.0% (2023 \u2013 27.0%). In addition to first category tax and the mining tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding tax is levied on remittances of profits from Chile at 35% less first category (i.e. corporate) tax already paid in respect of the profits to which the remittances relate. The withholding tax charge in the prior 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). The new Chilean mining royalty has taken effect since 1 January 2024. The new royalty terms include 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, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue rather than profit it does not meet the IAS 12: Income Taxes definition of a tax expense and is therefore recorded as an operating expense. 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. Los Pelambres and Zald\u00edvar have been subject to the new royalty from 1 January 2024. The impact of the new royalty for Los Pelambres in 2024 included the recognition of a $28.7 million expense (see Note 8) within operating expenses in respect of the ad valorem element. Zald\u00edvar (which as a joint venture is equity-accounted for, and so its tax expense is not consolidated within the above Group tax expense line) was also subject to the new royalty from 1 January 2024. Centinela and Antucoya have tax stability agreements in place, and so the new royalty rates will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a rate of between 5% to 14% of taxable operating profit, depending on the level of operating profit margin. 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
31 December 2024 31 December 2024 Year ended Year ended
Excluding Including 31 December 2023 31 December 2023 Including
exceptional items exceptional items Excluding exceptional items exceptional items
$m
%
$m
%
$m
%
$m
%
Profit before tax
1,648.7
2,071.1
1,798.4
1,965.5
Profit before tax multiplied by Chilean
corporate tax rate of 27%
(445.1)
27.0
(559.2)
27.0
(485.6)
27.0
(530.7)
27.0
Mining tax (royalty)
(216.5)
13.1
(216.5)
10.5
(109.7)
6.1
(109.7)
5.6
Deduction of mining tax (royalty) as an
allowable expense in determination of first
category tax
55.8
(3.4)
55.8
(2.7)
29.5
(1.6)
29.5
(1.5)
Items not deductible from first category
tax
(3.9)
0.2
(3.9)
0.2
(21.4)
1.2
(21.4)
1.1
Adjustment in respect of prior years
1.7
(0.1)
1.7
(0.1)
4.5
(0.3)
4.5
(0.2)
Adjustment to deferred tax in respect of
mining royalty
67.1
(4.1)
67.1
(3.2)
(34.3)
1.9
(34.3)
1.7
Withholding tax
(29.7)
1.8
(29.7)
1.4
(1.4)
0.1
(1.4)
0.1
Tax effect of (loss)/profit of associates
and joint ventures
20.0
(1.1)
20.0
(1.0)
(3.6)
0.2
(3.6)
0.2
Impact of unrecognised tax losses on
current tax
(77.8)
4.7
(77.8)
3.8
(2.3)
0.1
(2.3)
0.1
Reversal of the provision against carrying
value of assets (exceptional items)
\u2013
\u2013
(13.7)
0.7
\u2013
\u2013
\u2013
\u2013
Difference in overseas tax rates
\u2013
\u2013
1.1
(0.1)
\u2013
\u2013
3.3
(0.2)
Tax expense and effective tax rate for
the year
628.4
38.1
755.1
36.5
(624.3)
34.7
(666.1)
33.9
The effective tax rate (excluding exceptional items) of 38.1% varied from the statutory rate principally due to: \u2022 The mining tax (royalty) (net impact of $160.7 million/9.7% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax) \u2022 The withholding tax relating to the remittance of profits from Chile (impact of $29.7 million / 1.8%) \u2022 Adjustments to deferred tax in respect of the mining royalty (impact of $67.1 million / 4.1%) \u2022 Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside Chile (impact of $3.9 million / 0.2%) \u2022 Adjustments in respect of prior years (impact of $1.7 million / 0.1%) \u2022 The impact of unrecognised tax losses (impact of $77.8 million / 4.7%) and \u2022 An offsetting impact of the recognition of the Group\u2019s share of results from associates and joint ventures, which are included in the Group\u2019s profit before tax net of their respective tax charges (impact of $20.0 million / 1.1%). The effective tax rate (including exceptional items) of 36.5% varied from the statutory rate due to the factors outlined above, and due to the impact of the difference in the overseas tax rate which applied to the exceptional item (tax effect of 25% in the UK versus the 27% Chilean rate). The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are: \u2022 The level of future distributions made by the Group\u2019s Chilean subsidiaries out of Chile, which could result in increased withholding tax charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level. \u2022 The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative impact of these expenses on the Group\u2019s effective tax rate will vary depending on the Group\u2019s total profit before tax in a particular year. \u2022 The potential applicability of the mining royalty cap, as described above. OECD Pillar Two model rules The Group falls within the scope of the OECD Pillar two model rules, which introduce a minimum effective tax rate of 15% for multinational companies. The rules were substantively enacted in the UK in 2023 and became 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 has evaluated the impact of these rules on its tax expense, which has indicated no effect on the Group\u2019s 2024 tax expense. The Group applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities related to Pillar 2 income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023. In relation to the analysis of the controlling interest and identification of the Group\u2019s Ultimate Parent Entity (UPE) for Pillar 2 purposes, management conducted several analyses and confirmed that the \u2018deemed\u2019 consolidation rule in section (b) of the controlling interest definition should apply to the E. Abaroa Foundation. This would recognise the E. Abaroa Foundation as holding a controlling interest in both Metalinvest and Antofagasta plc. Consequently, the E. Abaroa Foundation should be considered the UPE of the Multinational Enterprise (MNE) Group for Pillar Two purposes. Additionally, based on 2023 data and adjustments for material changes in 2024, the Group is confident that all jurisdictions within the Antofagasta plc Group will meet at least one of the Transitional Country-by-Country Reporting Safe Harbour (TCSH) tests and, as such, will qualify for TCSH. Minera Centinela tax claims and queries 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. 28 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (royalty) Tax losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
(2.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
50.8
(85.1)
\u2013
(34.3)
Tax on exceptional items
\u2013
\u2013
\u2013
(41.8)
\u2013
\u2013
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2013
Charge deferred in equity
\u2013
(2.9)
\u2013
(37.0)
(0.9)
\u2013
(40.8)
At 31 December 2023 and 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
2
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
1.A deferred tax expense of $126.7 million has been recognised in respect of the exceptional items, reflecting a fair value gain of $12.7 million in respect of the agreement the Groupentered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) and $114.0 million of deferred tax relating to theAntucoya impairment reversal.2.The $5.9 million of deferred tax recognised directly in equity relates to $7.7 million of deferred tax expense in respect of the movements in the fair value of equity investments (see Note19) and $1.8 million of deferred tax income in respect of actuarial loss on defined benefit plans.The charge to the income statement of $32.7 million (2023 \u2013 $2.9 million) included an impact from foreign exchange differences of $0.3 million (2023 \u2013$0.3 million). Additionally, the deferred tax balance includes a gain from a change in criteria for the royalty deferred tax in 2024, totalling $67.1 million(2023 \u2013 $91.9 million).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):
2024 2023
$m $m
Net deferred tax assets
9.7
72.0
Net deferred tax liabilities
(1,692.7)
(1,656.6)
Net deferred tax balances
(1,683.0)
(1,584.6)
The $9.7 million net deferred tax asset balance (2023 \u2013 $72.0 million) relates to the total deferred tax position of those individual Group entities whichhave a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset bydeferred tax liabilities in respect of accelerated capital allowances and other temporary differences.At 31 December 2024, the Group had unused tax losses of $661.4 million in respect of which no deferred tax asset has been recognised, as the relevantentities are currently loss-making; $141.1 million (2023 \u2013 $24.8 million) of these tax losses relate to Chilean entities where the tax losses can be carriedforward indefinitely, and $520.3 million (2023 \u2013 $496.8 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project.$267.5 million (2023 \u2013 $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carriedforward indefinitely.The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in aposition to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $7,397.9 million (31 December2023 \u2013 $7,101.1 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests inBuenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, ifthe Group maintains its existing interest in Buenaventura, it will qualify for the UK Substantial Shareholding Exemption in respect of its holding inBuenaventura, as it will have held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains taxin respect of its investment. Accordingly, it is expected that in March 2025 the Group will de-recognise its existing deferred tax liability.Temporary differences arising in connection with interests in associates are insignificant. The deferred tax balance of $1,683.0 million (2023 \u2013 $1,584.6 million) includes $1,535.0 million (2023 \u2013 $1,567.2 million) due in more than one year.The deferred tax assets of $9.7 million are all due in more than one year (2023 \u2013 $72.0 million). The deferred tax liabilities of $1,692.7 million (2023 \u2013 $1,656.6) include $208.8 million due in less than 1 year and $1,571.5 million due in more than one year.All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "12 Earnings per share
2024 2023
$m $m
Profit for the period attributable to owners of the parent (excluding exceptional items)
619.5
709.8
Exceptional items
209.9
125.3
Profit for the period attributable to owners of the parent (including exceptional items) from operations
829.4
835.1
2024 2023
Number Number
Ordinary shares in issue throughout each year
985,856,695
985,856,695
2024 2023
Cents Cents
Basic earnings per share (excluding exceptional items) from operations
62.8
72.0
Basic earnings per share (exceptional items) from operations
21.3
12.7
Basic earnings per share (including exceptional items) from operations
84.1
84.7
Basic earnings per share are calculated as profit after tax and non-controlling interests, based on 985,856,695 (2023: 985,856,695) ordinary shares. There was no potential dilution of earnings per share in either year set out above, and therefore diluted earnings per share did not differ from basic earnings per share as disclosed above. Reconciliation of basic earnings per share from continuing operations: 2024 Profit for the year attributable to owners of the parent $m 829.4 835.1 Ordinary shares Number 985,856,695 985,856,695 Basic earnings per share from continuing operations Cents 84.1 84.7", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "13 Dividends Amounts recognised as distributions to equity holders in the year:
2024 2023
2024 2023 Cents Cents
$m $m per share per share
Final dividend paid in June (proposed in relation to the previous year)
\u2022
Ordinary
239.6
497.9
24.3
50.5
Interim dividend paid in September
\u2022
Ordinary
77.9
115.3
7.9
11.7
317.4
613.2
32.2
62.2
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:
2024 2023
2024 2023 Cents Cents
$m $m per share per share
Final dividend proposed in relation to the year
\u2022
Ordinary
231.7
239.6
23.5
24.3
Total dividends proposed in relation to 2024 (including the interim dividend) are 31.4 cents per share or $309.6 million (2023 \u2013 36.0 cents per share or $354.9 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 (2023 \u2013 $0.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "0.243", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-11": { "value": "0.314", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-446": { "value": "14 Intangible assets
Accumulated
depreciation
Cost and impairment Net book value
$m $m $m
At 31 December 2023
150.1
(150.1)
\u2013
At 31 December 2024
150.1
(150.1)
\u2013
The intangible asset relates to Twin Metals\u2019 mining licence 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "14 Intangible assets
Accumulated
depreciation
Cost and impairment Net book value
$m $m $m
At 31 December 2023
150.1
(150.1)
\u2013
At 31 December 2024
150.1
(150.1)
\u2013
The intangible asset relates to Twin Metals\u2019 mining licence 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "14 Intangible assets
Accumulated
depreciation
Cost and impairment Net book value
$m $m $m
At 31 December 2023
150.1
(150.1)
\u2013
At 31 December 2024
150.1
(150.1)
\u2013
The intangible asset relates to Twin Metals\u2019 mining licence 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "15 Property, plant and equipment
Wagons Machinery,
Mining Stripping Buildings and Railway and rolling equipment Assets under Right-of-
Land properties costs infrastructure track stock and other construction use assets Total
$m $m $m $m $m $m $m $m $m $m
Cost
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
Reclassification to opening balance
1
(9.6)
(23.0)
\u2013
(388.1)
(0.1)
0.7
1,052.2
(734.4)
1.4
(100.9)
At 1 January 2023
52.3
649.0
3,535.3
5,590.8
134.6
208.1
8,293.5
3,588.3
532.5
22,584.4
Additions
11.9
\u2013
792.5
1.5
12.2
13.6
5.3
1,293.2
177.7
2,307.9
Additions \u2013 capitalised depreciation
\u2013
\u2013
90.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
90.3
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
(27.2)
\u2013
\u2013
(4.7)
\u2013
\u2013
(31.9)
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
112.1
\u2013
112.1
Reclassifications
(0.4)
\u2013
\u2013
10.7
\u2013
\u2013
(10.6)
(0.1)
\u2013
(0.4)
Reclassifications \u2013 restatement
2
\u2013
\u2013
\u2013
1,071.4
\u2013
\u2013
390.9
(1,378.1)
(84.2)
\u2013
Asset disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.9)
\u2013
(0.7)
(2.6)
At 31 December 2023
63.8
649.0
4,418.1
6,647.2
146.8
221.7
8,672.5
3,615.4
625.3
25,059.8
At 1 January 2024
63.8
649.0
4,418.1
6,647.2
146.8
221.7
8,672.5
3,615.4
625.3
25,059.8
Additions
\u2013
0.2
388.6
\u2013
\u2013
\u2013
\u2013
2,226.5
119.6
2,734.9
Additions \u2013 capitalised depreciation
\u2013
\u2013
87.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
87.9
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(13.1)
\u2013
\u2013
(13.1)
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
67.1
\u2013
67.1
Reclassifications
(7.1)
\u2013
\u2013
2,437.8
26.9
24.9
269.4
(2,719.3)
(32.6)
\u2013
Asset disposals
(0.9)
\u2013
(2,197.4)
\u2013
\u2013
\u2013
(7.7)
(1.4)
(120.8)
(2,328.2)
At 31 December 2024
55.8
649.2
2,697.2
9,085.0
173.7
246.6
8,921.1
3,188.3
591.5
25,608.4
Accumulated depreciation and
impairment
At 31 December 2022
(25.0)
(648.2)
(1,725.2)
(3,209.1)
(52.2)
(124.9)
(4,970.7)
\u2013
(386.5)
(11,141.8)
Reclassification to opening balance
1
25.5
43.0
(192.0)
459.7
0.3
4.8
(235.5)
\u2013
(4.9)
100.9
At 1 January 2023
0.5
(605.2)
(1,917.2)
(2,749.4)
(51.9)
(120.1)
(5,206.2)
\u2013
(391.4)
(11,040.9)
Charge for the year
\u2013
(13.7)
(366.1)
(342.1)
(8.7)
(16.8)
(380.3)
\u2013
(83.6)
(1,211.3)
Depreciation capitalised in inventories
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(41.2)
\u2013
\u2013
(41.2)
Depreciation capitalised in property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(90.3)
\u2013
\u2013
(90.3)
Reclassifications \u2013 restatement
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(83.0)
\u2013
83.0
\u2013
Asset disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
\u2013
0.7
2.6
At 31 December 2023
0.5
(618.9)
(2,283.3)
(3,091.5)
(60.6)
(136.9)
(5,799.1)
\u2013
(391.3)
(12,381.1)
At 1 January 2024
0.5
(618.9)
(2,283.3)
(3,091.5)
(60.6)
(136.9)
(5,799.1)
\u2013
(391.3)
(12,381.1)
Charge for the year
\u2013
1.8
(692.3)
(371.0)
(11.6)
(19.9)
(311.6)
\u2013
(163.6)
(1,568.2)
Depreciation capitalised in inventories
\u2013
0.9
\u2013
(184.4)
\u2013
\u2013
(154.9)
\u2013
\u2013
(338.4)
Depreciation capitalised in property,
plant and equipment
\u2013
\u2013
(87.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(87.9)
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(32.2)
\u2013
32.2
\u2013
Reverse of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
371.4
\u2013
\u2013
371.4
Asset disposals
\u2013
\u2013
2,197.4
\u2013
\u2013
\u2013
5.7
\u2013
109.7
2,312.8
At 31 December 2024
0.5
(616.2)
(866.1)
(3,646.9)
(72.3)
(156.8)
(5,920.7)
\u2013
(412.9)
(11,691.4)
Net book value
At 31 December 2024
56.3
33.0
1,831.1
5,438.1
101.5
89.8
3,000.4
3,188.3
178.5
13,917.0
At 31 December 2023
64.3
30.1
2,134.8
3,555.7
86.2
84.8
2,873.4
3,615.4
234.0
12,678.7
1. The opening balances as of 1 January, 2023 and the closing balances as of 31 January 2023 have been restated to reclassify certain assets into their correct classes, with $100.9m of fully depreciated assets that have been disposed of also being removed from cost and accumulated depreciation. 2. The reclassifications between categories during 2023 have been restated to correctly reflect the different categories of assets, with the main movement being from Assets under construction to Buildings and infrastructure, with no overall net impact to the total asset balance. Depreciation had appropriately commenced for the relevant assets when they were available for use. 3. The reclassifications between categories during 2023 have been restated to correctly reflect the different categories of assets between machinery, equipment and other to right-of-use asset.The Group has no (2023 \u2013 nil) assets pledged as security against bank loans provided to the Group. At 31 December 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to $3,773.4 million (2023 \u2013 $978.3 million) of which $1,291.6 million was related to Los Pelambres and $2,383.9 million to Centinela. The average interest rate for the interest capitalised was 6.42% (2023 \u2013 6.0%). At 31 December 2024, the net book value of assets capitalised relating to the decommissioning provision was $128.9 million (2023 \u2013 $158.6 million). Depreciation capitalised in property, plant and equipment of $87.9 million related to the depreciation of assets used in mine development (capitalised stripping costs) (2023 \u2013 $90.3 million). During the year ended 31 December 2024, the total amount of depreciation capitalised within Property, plant and equipment or inventories was $426.4 million (year ended 31 December 2023 \u2013 $131.5 million), and has accordingly been excluded from the depreciation charge recorded in the income statement as shown in Note 6. At 31 December 2024, the Group leases various assets including machinery and equipment leases of $174.6 million (2023 \u2013 $228.6 million) and office leases of $3.9 million (31 December 2023 \u2013 $5.3 million). The depreciation charge for right-of-use assets for machinery and equipment leases was $162.1 million (2023 \u2013 $82.2 million) and for office leases was $1.5 million (2023 \u2013 $1.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "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
interest at interest at
Country of Country of Registered 31 December 31 December
incorporation operations
office
Nature of business
2024 2023
Direct subsidiaries of the Parent Company
Antofagasta Railway Company plc
UK
Chile
1
Railway
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
Jersey
Jersey
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
Energy
100%
100%
MLP Transmisi\u00f3n S.A.
Chile
Chile
2
Energy
100%
100%
Sociedad Contractual Minera El Encierro
Chile
Chile
2
Mining
61.90%
57.17%
Northern Minerals Investment (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Northern Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Northern Minerals Holding Co
USA
USA
5
Investment
100%
100%
Duluth Metals Limited
Canada
Canada
7
Investment
100%
100%
Twin Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Twin Metals (USA) Inc
USA
USA
6
Investment
100%
100%
Twin Metals Minnesota LLC
USA
USA
6
Mining
100%
100%
Franconia Minerals (US) LLC
USA
USA
6
Mining
100%
100%
Duluth Metals Holdings (USA) Inc
USA
USA
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
Jersey
1
Investment
100%
100%
Minprop Limited
Jersey
Jersey
3
Mining
100%
100%
Antomin 2 Limited
BVI
BVI
8
Mining
51%
51%
Antomin Investors Limited
BVI
BVI
8
Mining
51%
51%
Minera Anaconda Peru S.A.
Peru
Peru
10
Mining
100%
100%
Los Pelambres Holding Company Limited
UK
Jersey
1
Investment
100%
100%
Los Pelambres Investment Company Limited
UK
Jersey
1
Investment
100%
100%
Lamborn Land Co
USA
USA
5
Investment
100%
100%
Economic Economic
interest at interest at
Country of Country of Registered 31 December 31 December
incorporation operations
office
Nature of business
2024 2023
Anaconda South America Inc
USA
USA
15
Investment
100%
100%
El Tesoro (SPV Bermuda) Limited
Bermuda
Bermuda
4
Investment
100%
100%
Antofagasta Minerals (Shanghai) Co. Limited
China
China
16
Agency
100%
100%
Andes Investments Company (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Bolivian Rail Investors Co Inc
USA
USA
5
Investment
100%
100%
Inversiones Los Pelambres Chile Limitada
Chile
Chile
2
Investment
100%
100%
Equatorial Resources SpA
Chile
Chile
2
Investment
100%
100%
Minera Santa Margarita de Astillas SCM
Chile
Chile
2
Mining
98.01%
98.01%
Minera Penacho Blanco SA
Chile
Chile
2
Mining
66.6%
66.6%
Michilla Costa SpA
Chile
Chile
2
Logistics
99.9%
99.9%
Minera Pampa Fenix SCM
Chile
Chile
2
Investment
90.0%
90.0%
Minera Mulpun Limitada
Chile
Chile
2
Mining
100%
100%
Fundaci\u00f3n Minera Los Pelambres
Chile
Chile
2
Community development
100%
100%
Inversiones Punta de Rieles Limitada
Chile
Chile
12
Investment
100%
100%
Ferrocarril Antofagasta a Bolivia
Chile
Chile
12
Railway
100%
100%
Inversiones Mineras Northern Mines y Compa\u00f1\u00eda
Limitada
Chile
Chile
12
Investment
100%
100%
The Andes Trust Chile SA
Chile
Chile
12
Investment
100%
100%
Bosques Panguipulli S.A.
Chile
Chile
12
Forestry
100%
100%
Servicios de Transportes Integrados Limitada
Chile
Chile
12
Road transport
100%
100%
Inversiones Train Limitada
Chile
Chile
12
Investment
100%
100%
Servicios Logisticos Capricornio Limitada
Chile
Chile
12
Transport
100%
100%
Embarcadores Limitada
Chile
Chile
12
Transport
100%
100%
FCAB Ingenieria y Servicios DOS Limitada
Chile
Chile
12
Transport
100%
100%
Inmobiliaria Parque Estaci\u00f3n S.A.
Chile
Chile
12
Real Estate
100%
100%
Emisa Antofagasta SA
Chile
Chile
12
Transport
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. 17 Disposal of investment in Tethyan joint venture (Reko Diq project) In May 2023, the Group received the $944.7 million cash proceeds associated with its agreement to exit its 50% interest in the Tethyan joint venture, which was a joint venture with Barrick Gold Corporation (Barrick) in respect of the Reko Diq project in Pakistan. 18 Investment in associates and joint ventures
Buenaventura
(i) ATI (ii) Zald\u00edvar (iii) Total
2024 2024 2024 2024
$m $m $m $m
Balance at the beginning of the year
\u2013
9.8
881.3
891.1
Recognition of new investment
814.1
\u2013
\u2013
814.1
Dividends received
(3.5)
(0.4)
\u2013
(3.9)
Share of profit/(loss) from joint venture and associates
61.4
(0.3)
15.1
76.2
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.1)
(1.3)
(1.4)
Balance at the end of the year
872.0
9.0
895.1
1,776.1
ATI (ii) Zald\u00edvar (iii) Total
2023 2023 2023
$m $m $m
Balance at the beginning of the year
7.3
897.3
904.6
Capital contribution
0.6
\u2013
0.6
Share of profit/(loss) from joint venture and associates
1.9
(15.4)
(13.5)
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.6)
(0.6)
Balance at the end of the year
9.8
881.3
891.1
The investments, which are included in the $1,776.1 million balance at 31 December 2024, are set out below: Investment in associates 1. (i) Buenaventura \u2013 The Group has an 18.94% interest in Buenaventura. Buenaventura is Peru\u2019s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. During 2023, the Group entered into an agreement to acquire up to 30 million shares in Buenaventura, representing approximately 12% of Buenaventura\u2019s issued share capital. In addition, the Group held as of 31 December 2023 an existing holding of approximately 18.1 million shares in Buenaventura, representing approximately 7% of Buenaventura\u2019s issued share capital (see Note 19). As at 31 December 2023, an \u201cother financial asset\u201d balance was 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 was recognised during 2023 in respect of this asset (see Note 4). In March 2024, the transaction pursuant to the agreement completed, resulting in the Group holding approximately 48.1 million shares in Buenaventura, representing approximately 19% of Buenaventura\u2019s issued share capital. Iv\u00e1n Arriagada and Andr\u00f3nico Luksic Lederer were elected to Buenaventura\u2019s board in March 2024. Taking into account relevant factors including the Group\u2019s approximately 19% interest in Buenaventura\u2019s issued share capital and the associated rights to propose directors for election to Buenaventura\u2019s board and to vote in favour of the election of those individuals accordingly, the Group is considered for accounting purposes to have significant influence (in accordance with the IAS 28: Investments in Associates and Joint Ventures definition) over Buenaventura from March 2024 onwards. Accordingly, the Group\u2019s interest in Buenaventura has been accounted for as an investment in associate from that point (see Note 3). Immediately prior to the transaction completing in March 2024, the Group\u2019s existing 7% equity interest was carried at a fair value of $305.9 million and the financial asset relating to the agreement to acquire the 12% interest was carried at a fair value of $508.2 million, with both valuations being based on the quoted share price of Buenaventura on that date. On completion, these two assets were de-recognised and the investments in associate was initially recognised at an equivalent value of $814.1 million with no gain or loss arising. A fair value gain of $51.0 million in respect of the \u201cother financial asset\u201d balance recognised in respect of the transaction was recognised between 1 January 2024 and the completion of the agreement in March 2024. The Group has undertaken an exercise to recognise the identifiable assets and liabilities effectively included within the investments in associate balance at their acquisition-date fair values. No goodwill or gain on bargain purchase has been recognised as a result of this exercise. Impairment review As explained above, the initial carrying value of the investment in associate balance was recorded in March 2024 at a value equivalent to the fair value of the shares, reflecting their market value at that date. Between that date and 31 December 2024, the Buenaventura share price decreased by approximately 30%. This has been assessed as an indicator of a potential impairment of the investment in associate balance, and accordingly an impairment review has been performed as at 31 December 2024. This review concluded that the recoverable amount of the investment balance is above its carrying value, and accordingly no impairment is required or appropriate. This review has been based on the fair value less costs of disposal for the investment balance, reflecting the net amount the Group would expect to receive from the sale of the operation in an orderly transaction between market participants. This value has been estimated based on a discounted cash flow model in respect of Buenaventura\u2019s directly and indirectly held operations, investments and projects, as well as the valuation of additional mineral resources based on resource multiples. This reflects a level 3 fair value measurement per the IFRS 13 fair vale hierarchy. The key assumptions used in this estimation are listed below: \u2022 The forecasts of future metal price (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 $4.15/lb and a long-term gold price of $2,056/oz (both reflecting 2024 real terms) have been used in the model; however, no assurances can be given that these prices will be maintained in 2025 or future years. \u2022 Assumptions in respect of future production levels, operating costs and sustaining and development capital expenditure, generally based on publicly available results, forecasts and technical reports in respect of Buenaventura\u2019s directly and indirectly held operations, minority interest investments and projects. \u2022 Discount rates calculated using relevant market data have been used in the model. The recoverable amount indicated by this assessment was above the carrying value of the investment in associate balance, and accordingly no impairment is required or appropriate as at 31 December 2024. The assumptions to which the estimation of the recoverable amount is most sensitive are the future metal prices. Down-side sensitivities were performed with a long-term copper price of $3.74/lb and a long-term gold price of $1,850/oz, each reflecting a 10% reduction in the long-term price forecast. These sensitivities each continued to indicate a recoverable amount above the carrying value of the investment in associate balance. Buenaventura\u2019s registered office is Calle Las Begonias 415 \u2013 Piso 19, San Isidro, Lima, Per\u00fa. (ii) ATI \u2013 The Group has a 30% interest in Antofagasta Terminal Internacional (ATI), which operates a concession to manage installations in the port of Antofagasta. ATI\u2019s registered office is Avenida Grecia 1901 \u2013 1915 Lote F, Antofagasta, Chile. Summarised financial information for the associates is as follows:
Buenaventura ATI ATI
2024 2024 2024 2023
$m $m $m $m
Current assets
838.4
23.8
862.2
21.6
Non-current assets
5,253.8
78.2
5,332.0
84.3
Current liabilities
(479.7)
(12.8)
(492.5)
(13.6)
Non-current liabilities
(1,008.5)
(59.1)
(1,067.6)
(62.1)
Net assets
4,604.0
30.1
4,634.1
30.2
Assets and liabilities above include:
Cash and cash equivalents
478.4
8.8
487.2
5.9
Revenue
1,154.6
64.3
1,218.9
65.9
Profit from continuing operations
417.3
5.3
422.6
6.2
Total comprehensive income
417.3
5.3
422.6
6.2
The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate (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. Investment in joint ventures (iii) Zald\u00edvar - The Group has a 50% interest in Minera Zald\u00edvar SpA (Zald\u00edvar). Zald\u00edvar is an open-pit, heap-leach copper mine which produces copper cathodes using the solvent extraction and electrowinning (SX-EW) process. The mine is 3,000 metres above sea level, approximately 1,400 km north of Santiago and 175 km south-east of the city of Antofagasta. Zald\u00edvar\u2019s registered office is Avenida Grecia 750, Antofagasta, Chile. Summarised financial information for the joint venture is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2024 2023
$m $m
Revenue
719.9
718.6
Depreciation and amortisation
(181.3)
(164.4)
Other operating costs
(518.8)
(550.3)
Operating profit
19.8
3.9
Finance expense
5.1
(6.2)
Income tax
(0.1)
(28.4)
Profit/(loss) after tax
24.8
(30.7)
Other comprehensive expense
(3.7)
(1.2)
Total comprehensive income/(expense)
21.1
(31.9)
Non-current assets
1,488.6
1,626.7
Current assets
709.5
640.6
Current liabilities
(189.3)
(231.0)
Non-current liabilities
(218.6)
(273.7)
Net assets
1,790.2
1,762.6
The assets and liabilities above include:
\u2022
Cash and cash equivalents
96.7
38.4
\u2022
Current financial liabilities
(189.3)
(57.8)
\u2022
Non-current financial liabilities
(218.6)
(38.1)
Dividends received from joint venture
\u2013
\u2013
The above summarised financial information is based on the amounts included in the IFRS financial statements of the joint venture (100% of the results orbalances of the joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accountingpolicies.Reconciliation of the above amounts to the investment recognised in the Group balance sheet
Buenaventura ATI Zaldivar Total ATI Zaldivar Total
2024 2024 2024 2024 2023 2023 2023
Group interest
Net assets (100%)
4,604.0
30.1
1,790.2
5,380.0
32.7
1,762.6
1,795.3
Group\u2019s ownership interest
18.94%
30.00%
50.00%
-
30.00%
50.00%
-
Carrying value of Group\u2019s interest
872.0
9.0
895.1
1,578.3
9.8
881.3
891.1
The above net asset figures are based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results orbalances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019saccounting policies.19 Equity investments
2024 2023
$m $m
Balance at the beginning of the year
288.6
90.5
Acquisition
\u2013
60.7
Movements in fair value
1
29.7
137.0
Reallocation to associates
(305.9)
\u2013
Foreign currency exchange differences
(0.8)
0.4
Balance at the end of the year
11.6
288.6
1.A deferred tax expense of $7.7 million has been recognised in respect of the movements in the fair value of equity investments, resulting in a post-tax gain of $22.0 million (see Note 28).Equity investments represent those investments which are not subsidiaries, associates or joint ventures and are not held for trading purposes. Because the Group intends to hold these investments for long-term strategic purposes, at initial recognition they were designated at Fair Value through Other Comprehensive Income (FVTOCI). The fair value of all equity investments is based on quoted market prices. Of the total equity investment balance at 31 December 2023, $275.2 million related to a holding of approximately 18.1 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u201cBuenaventura\u201d), representing approximately 7% of Buenaventura\u2019s issued share capital. As detailed in Note 4 and Note 18, 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. In March 2024, the transaction pursuant to the agreement completed and the Group\u2019s interest in Buenaventura has been accounted for as an investment in associate from that date, resulting in the derecognition of the equity investment with the fair value of these shares at that time forming part of the initial investment in associate balance. At the date of the reallocation of the equity investment in Buenaventura into the investment in associates balance, the fair value of the equity investment balance was $305.9 million and the accumulated gain on revaluation of this investment within equity was $130.4 million. This amount was transferred from the equity investment revaluation reserve to retained earnings. A fair value gain of $30.7 million was recognised between 1 January 2024 and reallocation to the investment in associates balance in March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "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
interest at interest at
Country of Country of Registered 31 December 31 December
incorporation operations
office
Nature of business
2024 2023
Direct subsidiaries of the Parent Company
Antofagasta Railway Company plc
UK
Chile
1
Railway
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
Jersey
Jersey
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
Energy
100%
100%
MLP Transmisi\u00f3n S.A.
Chile
Chile
2
Energy
100%
100%
Sociedad Contractual Minera El Encierro
Chile
Chile
2
Mining
61.90%
57.17%
Northern Minerals Investment (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Northern Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Northern Minerals Holding Co
USA
USA
5
Investment
100%
100%
Duluth Metals Limited
Canada
Canada
7
Investment
100%
100%
Twin Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Twin Metals (USA) Inc
USA
USA
6
Investment
100%
100%
Twin Metals Minnesota LLC
USA
USA
6
Mining
100%
100%
Franconia Minerals (US) LLC
USA
USA
6
Mining
100%
100%
Duluth Metals Holdings (USA) Inc
USA
USA
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
Jersey
1
Investment
100%
100%
Minprop Limited
Jersey
Jersey
3
Mining
100%
100%
Antomin 2 Limited
BVI
BVI
8
Mining
51%
51%
Antomin Investors Limited
BVI
BVI
8
Mining
51%
51%
Minera Anaconda Peru S.A.
Peru
Peru
10
Mining
100%
100%
Los Pelambres Holding Company Limited
UK
Jersey
1
Investment
100%
100%
Los Pelambres Investment Company Limited
UK
Jersey
1
Investment
100%
100%
Lamborn Land Co
USA
USA
5
Investment
100%
100%
Economic Economic
interest at interest at
Country of Country of Registered 31 December 31 December
incorporation operations
office
Nature of business
2024 2023
Anaconda South America Inc
USA
USA
15
Investment
100%
100%
El Tesoro (SPV Bermuda) Limited
Bermuda
Bermuda
4
Investment
100%
100%
Antofagasta Minerals (Shanghai) Co. Limited
China
China
16
Agency
100%
100%
Andes Investments Company (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Bolivian Rail Investors Co Inc
USA
USA
5
Investment
100%
100%
Inversiones Los Pelambres Chile Limitada
Chile
Chile
2
Investment
100%
100%
Equatorial Resources SpA
Chile
Chile
2
Investment
100%
100%
Minera Santa Margarita de Astillas SCM
Chile
Chile
2
Mining
98.01%
98.01%
Minera Penacho Blanco SA
Chile
Chile
2
Mining
66.6%
66.6%
Michilla Costa SpA
Chile
Chile
2
Logistics
99.9%
99.9%
Minera Pampa Fenix SCM
Chile
Chile
2
Investment
90.0%
90.0%
Minera Mulpun Limitada
Chile
Chile
2
Mining
100%
100%
Fundaci\u00f3n Minera Los Pelambres
Chile
Chile
2
Community development
100%
100%
Inversiones Punta de Rieles Limitada
Chile
Chile
12
Investment
100%
100%
Ferrocarril Antofagasta a Bolivia
Chile
Chile
12
Railway
100%
100%
Inversiones Mineras Northern Mines y Compa\u00f1\u00eda
Limitada
Chile
Chile
12
Investment
100%
100%
The Andes Trust Chile SA
Chile
Chile
12
Investment
100%
100%
Bosques Panguipulli S.A.
Chile
Chile
12
Forestry
100%
100%
Servicios de Transportes Integrados Limitada
Chile
Chile
12
Road transport
100%
100%
Inversiones Train Limitada
Chile
Chile
12
Investment
100%
100%
Servicios Logisticos Capricornio Limitada
Chile
Chile
12
Transport
100%
100%
Embarcadores Limitada
Chile
Chile
12
Transport
100%
100%
FCAB Ingenieria y Servicios DOS Limitada
Chile
Chile
12
Transport
100%
100%
Inmobiliaria Parque Estaci\u00f3n S.A.
Chile
Chile
12
Real Estate
100%
100%
Emisa Antofagasta SA
Chile
Chile
12
Transport
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "17 Disposal of investment in Tethyan joint venture (Reko Diq project)In May 2023, the Group received the $944.7 million cash proceeds associated with its agreement to exit its 50% interest in the Tethyan joint venture,which was a joint venture with Barrick Gold Corporation (Barrick) in respect of the Reko Diq project in Pakistan.18 Investment in associates and joint ventures
Buenaventura
(i) ATI (ii) Zald\u00edvar (iii) Total
2024 2024 2024 2024
$m $m $m $m
Balance at the beginning of the year
\u2013
9.8
881.3
891.1
Recognition of new investment
814.1
\u2013
\u2013
814.1
Dividends received
(3.5)
(0.4)
\u2013
(3.9)
Share of profit/(loss) from joint venture and associates
61.4
(0.3)
15.1
76.2
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.1)
(1.3)
(1.4)
Balance at the end of the year
872.0
9.0
895.1
1,776.1
ATI (ii) Zald\u00edvar (iii) Total
2023 2023 2023
$m $m $m
Balance at the beginning of the year
7.3
897.3
904.6
Capital contribution
0.6
\u2013
0.6
Share of profit/(loss) from joint venture and associates
1.9
(15.4)
(13.5)
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.6)
(0.6)
Balance at the end of the year
9.8
881.3
891.1
The investments, which are included in the $1,776.1 million balance at 31 December 2024, are set out below:Investment in associates1. (i) Buenaventura \u2013 The Group has an 18.94% interest in Buenaventura. Buenaventura is Peru\u2019s largest, publicly traded precious and basemetals company and a major holder of mining rights in Peru. During 2023, the Group entered into an agreement to acquire up to 30 millionshares in Buenaventura, representing approximately 12% of Buenaventura\u2019s issued share capital. In addition, the Group held as of 31December 2023 an existing holding of approximately 18.1 million shares in Buenaventura, representing approximately 7% of Buenaventura\u2019sissued share capital (see Note 19). As at 31 December 2023, an \u201cother financial asset\u201d balance was recognised on the balance sheet inrespect of the agreement, at its fair value of $457.2 million. A fair value gain of $167.1 million was recognised during 2023 in respect of thisasset (see Note 4). In March 2024, the transaction pursuant to the agreement completed, resulting in the Group holding approximately 48.1million shares in Buenaventura, representing approximately 19% of Buenaventura\u2019s issued share capital. Iv\u00e1n Arriagada and Andr\u00f3nico LuksicLederer were elected to Buenaventura\u2019s board in March 2024. Taking into account relevant factors including the Group\u2019s approximately 19%interest in Buenaventura\u2019s issued share capital and the associated rights to propose directors for election to Buenaventura\u2019s board and tovote in favour of the election of those individuals accordingly, the Group is considered for accounting purposes to have significant influence (inaccordance with the IAS 28: Investments in Associates and Joint Ventures definition) over Buenaventura from March 2024 onwards.Accordingly, the Group\u2019s interest in Buenaventura has been accounted for as an investment in associate from that point (see Note 3). Immediately prior to the transaction completing in March 2024, the Group\u2019s existing 7% equity interest was carried at a fair value of $305.9 million andthe financial asset relating to the agreement to acquire the 12% interest was carried at a fair value of $508.2 million, with both valuations being basedon the quoted share price of Buenaventura on that date. On completion, these two assets were de-recognised and the investments in associate wasinitially recognised at an equivalent value of $814.1 million with no gain or loss arising. A fair value gain of $51.0 million in respect of the \u201cother financial asset\u201d balance recognised in respect of the transaction was recognised between 1January 2024 and the completion of the agreement in March 2024.The Group has undertaken an exercise to recognise the identifiable assets and liabilities effectively included within the investments in associate balanceat their acquisition-date fair values. No goodwill or gain on bargain purchase has been recognised as a result of this exercise.Impairment review As explained above, the initial carrying value of the investment in associate balance was recorded in March 2024 at a value equivalent to the fair value of the shares, reflecting their market value at that date. Between that date and 31 December 2024, the Buenaventura share price decreased by approximately 30%. This has been assessed as an indicator of a potential impairment of the investment in associate balance, and accordingly an impairment review has been performed as at 31 December 2024. This review concluded that the recoverable amount of the investment balance is above its carrying value, and accordingly no impairment is required or appropriate. This review has been based on the fair value less costs of disposal for the investment balance, reflecting the net amount the Group would expect to receive from the sale of the operation in an orderly transaction between market participants. This value has been estimated based on a discounted cash flow model in respect of Buenaventura\u2019s directly and indirectly held operations, investments and projects, as well as the valuation of additional mineral resources based on resource multiples. This reflects a level 3 fair value measurement per the IFRS 13 fair vale hierarchy. The key assumptions used in this estimation are listed below: \u2022 The forecasts of future metal price (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 $4.15/lb and a long-term gold price of $2,056/oz (both reflecting 2024 real terms) have been used in the model; however, no assurances can be given that these prices will be maintained in 2025 or future years. \u2022 Assumptions in respect of future production levels, operating costs and sustaining and development capital expenditure, generally based on publicly available results, forecasts and technical reports in respect of Buenaventura\u2019s directly and indirectly held operations, minority interest investments and projects. \u2022 Discount rates calculated using relevant market data have been used in the model. The recoverable amount indicated by this assessment was above the carrying value of the investment in associate balance, and accordingly no impairment is required or appropriate as at 31 December 2024. The assumptions to which the estimation of the recoverable amount is most sensitive are the future metal prices. Down-side sensitivities were performed with a long-term copper price of $3.74/lb and a long-term gold price of $1,850/oz, each reflecting a 10% reduction in the long-term price forecast. These sensitivities each continued to indicate a recoverable amount above the carrying value of the investment in associate balance. Buenaventura\u2019s registered office is Calle Las Begonias 415 \u2013 Piso 19, San Isidro, Lima, Per\u00fa. (ii) ATI \u2013 The Group has a 30% interest in Antofagasta Terminal Internacional (ATI), which operates a concession to manage installations in the port of Antofagasta. ATI\u2019s registered office is Avenida Grecia 1901 \u2013 1915 Lote F, Antofagasta, Chile. Summarised financial information for the associates is as follows:
Buenaventura ATI ATI
2024 2024 2024 2023
$m $m $m $m
Current assets
838.4
23.8
862.2
21.6
Non-current assets
5,253.8
78.2
5,332.0
84.3
Current liabilities
(479.7)
(12.8)
(492.5)
(13.6)
Non-current liabilities
(1,008.5)
(59.1)
(1,067.6)
(62.1)
Net assets
4,604.0
30.1
4,634.1
30.2
Assets and liabilities above include:
Cash and cash equivalents
478.4
8.8
487.2
5.9
Revenue
1,154.6
64.3
1,218.9
65.9
Profit from continuing operations
417.3
5.3
422.6
6.2
Total comprehensive income
417.3
5.3
422.6
6.2
The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate (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. Investment in joint ventures (iii) Zald\u00edvar - The Group has a 50% interest in Minera Zald\u00edvar SpA (Zald\u00edvar). Zald\u00edvar is an open-pit, heap-leach copper mine which produces copper cathodes using the solvent extraction and electrowinning (SX-EW) process. The mine is 3,000 metres above sea level, approximately 1,400 km north of Santiago and 175 km south-east of the city of Antofagasta. Zald\u00edvar\u2019s registered office is Avenida Grecia 750, Antofagasta, Chile.Summarised financial information for the joint venture is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2024 2023
$m $m
Revenue
719.9
718.6
Depreciation and amortisation
(181.3)
(164.4)
Other operating costs
(518.8)
(550.3)
Operating profit
19.8
3.9
Finance expense
5.1
(6.2)
Income tax
(0.1)
(28.4)
Profit/(loss) after tax
24.8
(30.7)
Other comprehensive expense
(3.7)
(1.2)
Total comprehensive income/(expense)
21.1
(31.9)
Non-current assets
1,488.6
1,626.7
Current assets
709.5
640.6
Current liabilities
(189.3)
(231.0)
Non-current liabilities
(218.6)
(273.7)
Net assets
1,790.2
1,762.6
The assets and liabilities above include:
\u2022
Cash and cash equivalents
96.7
38.4
\u2022
Current financial liabilities
(189.3)
(57.8)
\u2022
Non-current financial liabilities
(218.6)
(38.1)
Dividends received from joint venture
\u2013
\u2013
The above summarised financial information is based on the amounts included in the IFRS financial statements of the joint venture (100% of the results orbalances of the joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accountingpolicies.Reconciliation of the above amounts to the investment recognised in the Group balance sheet
Buenaventura ATI Zaldivar Total ATI Zaldivar Total
2024 2024 2024 2024 2023 2023 2023
Group interest
Net assets (100%)
4,604.0
30.1
1,790.2
5,380.0
32.7
1,762.6
1,795.3
Group\u2019s ownership interest
18.94%
30.00%
50.00%
-
30.00%
50.00%
-
Carrying value of Group\u2019s interest
872.0
9.0
895.1
1,578.3
9.8
881.3
891.1
The above net asset figures are based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results orbalances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019saccounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "18 Investment in associates and joint ventures
Buenaventura
(i) ATI (ii) Zald\u00edvar (iii) Total
2024 2024 2024 2024
$m $m $m $m
Balance at the beginning of the year
\u2013
9.8
881.3
891.1
Recognition of new investment
814.1
\u2013
\u2013
814.1
Dividends received
(3.5)
(0.4)
\u2013
(3.9)
Share of profit/(loss) from joint venture and associates
61.4
(0.3)
15.1
76.2
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.1)
(1.3)
(1.4)
Balance at the end of the year
872.0
9.0
895.1
1,776.1
ATI (ii) Zald\u00edvar (iii) Total
2023 2023 2023
$m $m $m
Balance at the beginning of the year
7.3
897.3
904.6
Capital contribution
0.6
\u2013
0.6
Share of profit/(loss) from joint venture and associates
1.9
(15.4)
(13.5)
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.6)
(0.6)
Balance at the end of the year
9.8
881.3
891.1
The investments, which are included in the $1,776.1 million balance at 31 December 2024, are set out below: Investment in associates 1. (i) Buenaventura \u2013 The Group has an 18.94% interest in Buenaventura. Buenaventura is Peru\u2019s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. During 2023, the Group entered into an agreement to acquire up to 30 million shares in Buenaventura, representing approximately 12% of Buenaventura\u2019s issued share capital. In addition, the Group held as of 31 December 2023 an existing holding of approximately 18.1 million shares in Buenaventura, representing approximately 7% of Buenaventura\u2019s issued share capital (see Note 19). As at 31 December 2023, an \u201cother financial asset\u201d balance was 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 was recognised during 2023 in respect of this asset (see Note 4). In March 2024, the transaction pursuant to the agreement completed, resulting in the Group holding approximately 48.1 million shares in Buenaventura, representing approximately 19% of Buenaventura\u2019s issued share capital. Iv\u00e1n Arriagada and Andr\u00f3nico Luksic Lederer were elected to Buenaventura\u2019s board in March 2024. Taking into account relevant factors including the Group\u2019s approximately 19% interest in Buenaventura\u2019s issued share capital and the associated rights to propose directors for election to Buenaventura\u2019s board and to vote in favour of the election of those individuals accordingly, the Group is considered for accounting purposes to have significant influence (in accordance with the IAS 28: Investments in Associates and Joint Ventures definition) over Buenaventura from March 2024 onwards. Accordingly, the Group\u2019s interest in Buenaventura has been accounted for as an investment in associate from that point (see Note 3). Immediately prior to the transaction completing in March 2024, the Group\u2019s existing 7% equity interest was carried at a fair value of $305.9 million and the financial asset relating to the agreement to acquire the 12% interest was carried at a fair value of $508.2 million, with both valuations being based on the quoted share price of Buenaventura on that date. On completion, these two assets were de-recognised and the investments in associate was initially recognised at an equivalent value of $814.1 million with no gain or loss arising. A fair value gain of $51.0 million in respect of the \u201cother financial asset\u201d balance recognised in respect of the transaction was recognised between 1 January 2024 and the completion of the agreement in March 2024. The Group has undertaken an exercise to recognise the identifiable assets and liabilities effectively included within the investments in associate balance at their acquisition-date fair values. No goodwill or gain on bargain purchase has been recognised as a result of this exercise. Impairment review As explained above, the initial carrying value of the investment in associate balance was recorded in March 2024 at a value equivalent to the fair value of the shares, reflecting their market value at that date. Between that date and 31 December 2024, the Buenaventura share price decreased by approximately 30%. This has been assessed as an indicator of a potential impairment of the investment in associate balance, and accordingly an impairment review has been performed as at 31 December 2024. This review concluded that the recoverable amount of the investment balance is above its carrying value, and accordingly no impairment is required or appropriate. This review has been based on the fair value less costs of disposal for the investment balance, reflecting the net amount the Group would expect to receive from the sale of the operation in an orderly transaction between market participants. This value has been estimated based on a discounted cash flow model in respect of Buenaventura\u2019s directly and indirectly held operations, investments and projects, as well as the valuation of additional mineral resources based on resource multiples. This reflects a level 3 fair value measurement per the IFRS 13 fair vale hierarchy. The key assumptions used in this estimation are listed below: \u2022 The forecasts of future metal price (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 $4.15/lb and a long-term gold price of $2,056/oz (both reflecting 2024 real terms) have been used in the model; however, no assurances can be given that these prices will be maintained in 2025 or future years. \u2022 Assumptions in respect of future production levels, operating costs and sustaining and development capital expenditure, generally based on publicly available results, forecasts and technical reports in respect of Buenaventura\u2019s directly and indirectly held operations, minority interest investments and projects. \u2022 Discount rates calculated using relevant market data have been used in the model. The recoverable amount indicated by this assessment was above the carrying value of the investment in associate balance, and accordingly no impairment is required or appropriate as at 31 December 2024. The assumptions to which the estimation of the recoverable amount is most sensitive are the future metal prices. Down-side sensitivities were performed with a long-term copper price of $3.74/lb and a long-term gold price of $1,850/oz, each reflecting a 10% reduction in the long-term price forecast. These sensitivities each continued to indicate a recoverable amount above the carrying value of the investment in associate balance. Buenaventura\u2019s registered office is Calle Las Begonias 415 \u2013 Piso 19, San Isidro, Lima, Per\u00fa. (ii) ATI \u2013 The Group has a 30% interest in Antofagasta Terminal Internacional (ATI), which operates a concession to manage installations in the port of Antofagasta. ATI\u2019s registered office is Avenida Grecia 1901 \u2013 1915 Lote F, Antofagasta, Chile. Summarised financial information for the associates is as follows:
Buenaventura ATI ATI
2024 2024 2024 2023
$m $m $m $m
Current assets
838.4
23.8
862.2
21.6
Non-current assets
5,253.8
78.2
5,332.0
84.3
Current liabilities
(479.7)
(12.8)
(492.5)
(13.6)
Non-current liabilities
(1,008.5)
(59.1)
(1,067.6)
(62.1)
Net assets
4,604.0
30.1
4,634.1
30.2
Assets and liabilities above include:
Cash and cash equivalents
478.4
8.8
487.2
5.9
Revenue
1,154.6
64.3
1,218.9
65.9
Profit from continuing operations
417.3
5.3
422.6
6.2
Total comprehensive income
417.3
5.3
422.6
6.2
The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies. Investment in joint ventures (iii) Zald\u00edvar - The Group has a 50% interest in Minera Zald\u00edvar SpA (Zald\u00edvar). Zald\u00edvar is an open-pit, heap-leach copper mine which produces copper cathodes using the solvent extraction and electrowinning (SX-EW) process. The mine is 3,000 metres above sea level, approximately 1,400 km north of Santiago and 175 km south-east of the city of Antofagasta. Zald\u00edvar\u2019s registered office is Avenida Grecia 750, Antofagasta, Chile. Summarised financial information for the joint venture is as follows: Minera MineraZald\u00edvar Zald\u00edvar 20242023$m$mRevenue719.9718.6Depreciation and amortisation(181.3)(164.4Other operating costs (518.8)(550.3Operating profit 19.83.9Finance expense5.1(6.2Income tax (0.1)(28.4Profit/(loss) after tax 24.8(30.7Other comprehensive expense(3.7)(1.2Total comprehensive income/(expense)21.1(31.9Non-current assets1,488.61,626.7Current assets709.5640.6Current liabilities (189.3)(231.0)Non-current liabilities (218.6)(273.7Net assets 1,790.21,762.6The assets and liabilities above include: \u2022Cash and cash equivalents96.738.4\u2022Current financial liabilities(189.3)(57.8)\u2022Non-current financial liabilities(218.6)(38.1Dividends received from joint venture \u2013\u2013The above summarised financial information is based on the amounts included in the IFRS financial statements of the joint venture (100% of the results orbalances of the joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accountingpolicies.Reconciliation of the above amounts to the investment recognised in the Group balance sheet
Buenaventura ATI Zaldivar Total ATI Zaldivar Total
2024 2024 2024 2024 2023 2023 2023
Group interest
Net assets (100%)
4,604.0
30.1
1,790.2
5,380.0
32.7
1,762.6
1,795.3
Group\u2019s ownership interest
18.94%
30.00%
50.00%
-
30.00%
50.00%
-
Carrying value of Group\u2019s interest
872.0
9.0
895.1
1,578.3
9.8
881.3
891.1
The above net asset figures are based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results orbalances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019saccounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "19 Equity investments
2024 2023
$m $m
Balance at the beginning of the year
288.6
90.5
Acquisition
\u2013
60.7
Movements in fair value
1
29.7
137.0
Reallocation to associates
(305.9)
\u2013
Foreign currency exchange differences
(0.8)
0.4
Balance at the end of the year
11.6
288.6
1.A deferred tax expense of $7.7 million has been recognised in respect of the movements in the fair value of equity investments, resulting in a post-tax gain of $22.0 million (see Note 28). Equity investments represent those investments which are not subsidiaries, associates or joint ventures and are not held for trading purposes. Because the Group intends to hold these investments for long-term strategic purposes, at initial recognition they were designated at Fair Value through Other Comprehensive Income (FVTOCI). The fair value of all equity investments is based on quoted market prices. Of the total equity investment balance at 31 December 2023, $275.2 million related to a holding of approximately 18.1 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u201cBuenaventura\u201d), representing approximately 7% of Buenaventura\u2019s issued share capital. As detailed in Note 4 and Note 18, 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. In March 2024, the transaction pursuant to the agreement completed and the Group\u2019s interest in Buenaventura has been accounted for as an investment in associate from that date, resulting in the derecognition of the equity investment with the fair value of these shares at that time forming part of the initial investment in associate balance. At the date of the reallocation of the equity investment in Buenaventura into the investment in associates balance, the fair value of the equity investment balance was $305.9 million and the accumulated gain on revaluation of this investment within equity was $130.4 million. This amount was transferred from the equity investment revaluation reserve to retained earnings. A fair value gain of $30.7 million was recognised between 1 January 2024 and reallocation to the investment in associates balance in March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "20 Inventories
2024 2023
$m $m
Current
Raw materials and consumables
266.6
231.0
Work-in-progress
499.7
375.4
Finished goods
158.8
64.6
925.1
671.0
Non-current
Work-in-progress
707.8
457.0
Total
1,632.9
1,128.0
During 2024, there were no net realisable value (NRV) adjustments (2023 \u2013 $6.0 million). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "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
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
Trade receivables
699.6
950.1
\u2013
\u2013
699.6
950.1
Other receivables
199.9
167.7
54.4
68.5
254.3
236.2
899.5
1,117.8
54.4
68.5
953.9
1,186.3
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 IVA (Chilean Value-added Tax) receivables of $147.3 million (31 December 2023 \u2013 $106.8 million) and employee loans of $46.9 million (31 December 2023 \u2013 $53.0 million). Movements in the expected credit loss provision were as follows:
2024 2023
$m $m
Balance at the beginning of the year
(1.2)
(1.0)
Utilised in year
(0.1)
(0.3)
Foreign currency exchange difference
0.1
0.1
Balance at the end of the year
(1.2)
(1.2)
The ageing analysis of the trade and other receivables balance, excluding non-financial assets (as reconciled in Note 25(A)), is as follows:
Up to More than Total excluding
3 months 3-6 months 6 months expected credit Expected credit
Not due past due past due past due loss provision loss provision Total
$m $m $m $m $m $m $m
2024
790.9
6.7
0.5
1.5
799.6
(1.2)
798.4
2023
1
1,056.2
13.9
0.5
4.2
1,074.8
(1.2)
1,073.6
1.The balances as of 2023 have been restated by $112.7 million, from $1,186.3 million to $1,073.6 million, to exclude \u201cnon-financial assets\u201d (see Note 25(A)). As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "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
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
Trade receivables
699.6
950.1
\u2013
\u2013
699.6
950.1
Other receivables
199.9
167.7
54.4
68.5
254.3
236.2
899.5
1,117.8
54.4
68.5
953.9
1,186.3
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 IVA (Chilean Value-added Tax) receivables of $147.3 million (31 December 2023 \u2013 $106.8 million) and employee loans of $46.9 million (31 December 2023 \u2013 $53.0 million). Movements in the expected credit loss provision were as follows:
2024 2023
$m $m
Balance at the beginning of the year
(1.2)
(1.0)
Utilised in year
(0.1)
(0.3)
Foreign currency exchange difference
0.1
0.1
Balance at the end of the year
(1.2)
(1.2)
The ageing analysis of the trade and other receivables balance, excluding non-financial assets (as reconciled in Note 25(A)), is as follows:
Up to More than Total excluding
3 months 3-6 months 6 months expected credit Expected credit
Not due past due past due past due loss provision loss provision Total
$m $m $m $m $m $m $m
2024
790.9
6.7
0.5
1.5
799.6
(1.2)
798.4
2023
1
1,056.2
13.9
0.5
4.2
1,074.8
(1.2)
1,073.6
1.The balances as of 2023 have been restated by $112.7 million, from $1,186.3 million to $1,073.6 million, to exclude \u201cnon-financial assets\u201d (see Note 25(A)).As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the totalreceivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances.The carrying value of the trade receivables recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk in relation tothese items. Other than the expected credit loss provision amount set out above, the expected credit loss risk for other trade and other receivablebalances is considered to be immaterial to the Group.28 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (royalty) Tax losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
(2.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
50.8
(85.1)
\u2013
(34.3)
Tax on exceptional items
\u2013
\u2013
\u2013
(41.8)
\u2013
\u2013
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2013
Charge deferred in equity
\u2013
(2.9)
\u2013
(37.0)
(0.9)
\u2013
(40.8)
At 31 December 2023 and 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
2
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
1.A deferred tax expense of $126.7 million has been recognised in respect of the exceptional items, reflecting a fair value gain of $12.7 million in respect of the agreement the Groupentered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) and $114.0 million of deferred tax relating to theAntucoya impairment reversal.2.The $5.9 million of deferred tax recognised directly in equity relates to $7.7 million of deferred tax expense in respect of the movements in the fair value of equity investments (see Note19) and $1.8 million of deferred tax income in respect of actuarial loss on defined benefit plans.The charge to the income statement of $32.7 million (2023 \u2013 $2.9 million) included an impact from foreign exchange differences of $0.3 million (2023 \u2013$0.3 million). Additionally, the deferred tax balance includes a gain from a change in criteria for the royalty deferred tax in 2024, totalling $67.1 million(2023 \u2013 $91.9 million).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):
2024 2023
$m $m
Net deferred tax assets
9.7
72.0
Net deferred tax liabilities
(1,692.7)
(1,656.6)
Net deferred tax balances
(1,683.0)
(1,584.6)
The $9.7 million net deferred tax asset balance (2023 \u2013 $72.0 million) relates to the total deferred tax position of those individual Group entities whichhave a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset bydeferred tax liabilities in respect of accelerated capital allowances and other temporary differences.At 31 December 2024, the Group had unused tax losses of $661.4 million in respect of which no deferred tax asset has been recognised, as the relevantentities are currently loss-making; $141.1 million (2023 \u2013 $24.8 million) of these tax losses relate to Chilean entities where the tax losses can be carriedforward indefinitely, and $520.3 million (2023 \u2013 $496.8 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project.$267.5 million (2023 \u2013 $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carriedforward indefinitely.The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in aposition to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $7,397.9 million (31 December2023 \u2013 $7,101.1 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests inBuenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, ifthe Group maintains its existing interest in Buenaventura, it will qualify for the UK Substantial Shareholding Exemption in respect of its holding inBuenaventura, as it will have held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains taxin respect of its investment. Accordingly, it is expected that in March 2025 the Group will de-recognise its existing deferred tax liability.Temporary differences arising in connection with interests in associates are insignificant. The deferred tax balance of $1,683.0 million (2023 \u2013 $1,584.6 million) includes $1,535.0 million (2023 \u2013 $1,567.2 million) due in more than one year.The deferred tax assets of $9.7 million are all due in more than one year (2023 \u2013 $72.0 million). The deferred tax liabilities of $1,692.7 million (2023 \u2013 $1,656.6) include $208.8 million due in less than 1 year and $1,571.5 million due in more than one year.All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "22 Cash and cash equivalents, and liquid investments The fair value of cash and cash equivalents, and liquid investments is not materially different from the carrying values presented. The credit risk on cash and cash equivalents is 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:
2024 2023
$m $m
Cash and cash equivalents
2,189.2
644.7
\u2022
Cash on hand
0.5
0.7
\u2022
Mutual funds
122.6
\u2013
\u2022
Term deposits
1,146.9
226.3
\u2022
Bank (on-demand deposits)
919.2
417.7
Liquid investments
2,127.1
2,274.7
4,316.3
2,919.4
At 31 December 2024 and 2023 there is no cash which is subject to restriction. The denomination of cash, cash equivalents and liquid investments was as follows:
2024 2023
$m $m
US dollars
4,190.6
2,895.3
Chilean pesos
124.5
22.3
Sterling
0.7
1.2
Other
0.5
0.6
4,316.3
2,919.4
The credit quality of cash, cash equivalents and liquid investments are as follow:
2024
2023
1
$m $m
AAA
1,769.8
2,075.1
AA+
122.6
\u2013
AA
43.0
\u2013
AA-
146.7
118.6
A+
1,218.1
290.0
A
1,016.1
435.7
Total cash, cash equivalents and liquid investments
4,316.3
2,919.4
1.The above 2023 comparatives have been restated to allocate $105.5 million of amounts relating to certain short-term operational bank accounts which had previously been presented separately, into the various credit rating categories. There have been no impairments recognised in respect of cash or cash equivalents in the year ended 31 December 2024 (year ended 31 December 2023 \u2013 nil).Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2024 2023
Note $m $m
Borrowings
\u2022
Senior loans
(2,584.8)
(2,412.6)
Los Pelambres
(i)
(1,887.6)
(2,067.2)
Centinela
(ii)
(572.6)
(166.3)
Antucoya
(iii)
(124.6)
(174.1)
Transport division
\u2013
(5.0)
\u2022
Subordinated debt
(205.5)
(187.6)
Antucoya
(iv)
(205.5)
(187.6)
\u2022
Other loans
(670.0)
(265.0)
Los Pelambres
(v)
(475.0)
\u2013
Centinela
(vi)
(195.0)
(265.0)
\u2022
Bonds
(1,729.0)
(986.8)
Corporate
(vii)
(1,729.0)
(986.8)
(5,189.3)
(3,852.0)
Leases
\u2022
Los Pelambres
(vii)
(19.2)
(45.2)
\u2022
Centinela
(ix)
(114.1)
(142.8)
\u2022
Antucoya
(x)
(13.4)
(17.4)
\u2022
Corporate
(xi)
(12.1)
(18.4)
\u2022
Transport division
(xii)
(0.9)
(0.9)
(159.7)
(224.7)
Other financial liabilities
\u2022
Centinela
(xiii)
(594.0)
\u2013
(594.0)
\u2013
Preference shares
\u2022
Corporate
(xiv)
(2.4)
(2.5)
(2.4)
(2.5)
Total
(5,945.4)
(4,079.2)
(i) The senior loans at Los Pelambres represent: \u2022 An initial $910 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 1 year 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 4 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 3.5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. An additional $185 million US dollar denominated bullet loan was issued in September 2024, with a 3-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the period is $1,077.6 million. \u2022 Three US dollar denominated senior loans were issued in December 2023 for a total amount of $810 million. The first loan is a $200 million bullet with a remaining duration of 2 years and an interest rate of Term SOFR six-month rate plus 1.60%. The second loan is a $200 million bullet with a remaining duration of 4 years and an interest rate of Term SOFR six-month rate plus 1.69%. The third loan is a $410 million amortising balance, with a remaining duration of 4 years, and an interest rate of Term SOFR six-month rate plus 1.70%. The amount outstanding at the end of the period is $810.0 million. (ii) The senior loans at Centinela represent: \u2022 Centinela has a US dollar denominated senior loan with an amount outstanding of $33.3 million with a duration of less than 1 year and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.38%. The loan is subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. \u2022 Centinela\u2019s project finance in respect of the Second Concentrator Project, which has a committed amount of $2.5 billion. During 2024 there were three debt disbursements totalling $619.5 million (less initial arrangement fees). The borrowing has a remaining 11-year duration and is divided in to six different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount outstanding (net of initial arrangements fees) is $539.3 million. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $125 million. This loan has a remaining duration of 2.5 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. (iv) Subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporation with a remaining duration of 2.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. The outstanding amount at the end of the period is $206 million. Subordinated debt provided by Group companies to Antucoya has been eliminated on consolidation. (v) In April 2024, Los Pelambres issued two short-term loans for a total amount of $185 million, with a remaining duration of less than 1 year. In May 2024, Los Pelambres issued three short-term loans for a total amount of $290 million, with a remaining duration of less than 1 year. (vi) In March 2024, Centinela issued a short-term loan for a total amount of $45 million and a remaining duration of less than 1 year. In July 2024, Centinela issued a short-term loan for a total amount of $150 million. This loan has a remaining term of less than 1 year. (vii) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor with a coupon rate of 2.375%. In May 2022, Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor with a coupon rate of 5.625%. In May 2024, Antofagasta plc issued a corporate bond for $750 million with a 10-year tenor with a coupon rate of 6.250%. (viii) Los Pelambres: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (ix) Centinela: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (x) Antucoya: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (xi) Financial Leases at Corporate and other items which are denominated in Unidades de Fomento (i.e. inflation-linked Chilean pesos) and have a remaining duration of 2 years and are at fixed rates with an average interest rate of 5.2%, and property lease agreements and equipment leases embedded within wider service contracts within Corporate and other items which are denominated in different currencies. (xii) Transport division: equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos) and Chilean pesos. (xiii) In June 2024 Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela\u2019s existing water transportation assets have been legally transferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes, it has been determined that Centinela continues to control the assets, as it will continue to obtain substantially all the remaining benefits from the assets. Accordingly, the existing assets remain in Centinela\u2019s balance sheet, with the cash receipt resulting in the recognition of the corresponding other financial liability balance, which will be repaid over the 18-year agreement term. (xiv) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company. B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases \u2022 Note 32 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period \u2022 Note 10 \u2013 interest expense in respect of the lease balances \u2022 Note 10 \u2013 cash paid relating to interest on leases C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Senior loans
\u2013
\u2013
(2,412.6)
(2,412.6)
Bonds
\u2013
\u2013
(986.8)
(986.8)
Other loans (including short-term loans)
\u2013
\u2013
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2013
(2.5)
\u2013
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.5)
(3,155.1)
(2,790.3)
(5,945.4)
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Senior loans
(5.0)
(2,407.6)
(2,412.6)
Bonds
(986.8)
\u2013
(986.8)
Other loans (including short-term loans)
\u2013
(452.6)
(452.6)
Leases
(224.7)
\u2013
(224.7)
Preference shares
(2.5)
\u2013
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
E) Maturity profileThe maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
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
Senior loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bonds
\u2013
\u2013
\u2013
(986.8)
(986.8)
Other loans
(265.0)
\u2013
(187.6)
\u2013
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2013
\u2013
\u2013
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year.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:
2024 2023
$m $m
Within 1 year
(105.2)
(121.0)
Between 1 \u2013 2 years
(30.8)
(79.0)
Between 2 \u2013 5 years
(37.1)
(47.4)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.1)
(247.4)
Less amounts representing finance charges
13.4
22.7
Present value of minimum lease payments
(159.7)
(224.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.The Group has different types of equipment leases embedded within wider contracts mainly in respect of contracts for earth and mineral movementservices, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease agreements.There are no variable lease payments that are based on an index or a rate.F) Financing facilitiesOn 30 December 2022, Antofagasta plc agreed a revolving credit facility (RCF) of $500 million which had a term of three years, expiring on 30 December2025. Subsequent to 31 December 2024, the RCF was extended for a further three years, and now expires on 30 December 2028.
Facility available
Drawn
Undrawn
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
Revolving credit facility
(500.0)
(500.0)
\u2013
-
(500.0)
(500.0)
(500.0)
(500.0)
\u2013
-
(500.0)
(500.0)
25 Financial instruments and financial risk management A) Categories of financial instruments The carrying value of financial assets and financial liabilities is shown below:
Derivative
At fair value
instruments at
At fair value
through other
fair value,
Total
through profit
comprehensive designated as
Held at amortised
2024
and loss
income hedges
cost
$m
Financial assets
Equity investments
\u2013
11.6
\u2013
\u2013
11.6
Trade and other receivables
669.1
\u2013
\u2013
129.3
798.4
Cash and cash equivalents
124.3
\u2013
\u2013
2,064.9
2,189.2
Liquid investments
2,127.1
\u2013
\u2013
\u2013
2,127.1
2,920.5
11.6
\u2013
2,194.2
5,126.3
Financial liabilities
Borrowings and other financial liabilities
\u2013
\u2013
\u2013
(5,945.4)
(5,945.4)
Derivative financial instruments
\u2013
\u2013
(25.5)
\u2013
(25.5)
Trade and other payables
\u2013
\u2013
\u2013
(1,177.4)
(1,177.4)
\u2013
\u2013
(25.5)
(7,122.8)
(7,148.3)
Derivative
At fair value
instruments at
At fair value
through other
fair value, Total
through profit
comprehensive designated as Held at 2023
and loss
income hedges amortised cost $m
Financial assets
Equity investments
-
288.6
-
-
288.6
Trade and other receivables
916.5
-
-
157.1
1,073.6
Other financial assets
457.2
-
-
-
457.2
Cash and cash equivalents
1.1
-
-
643.6
644.7
Liquid investments
2,274.7
-
-
-
2,274.7
3,649.5
288.6
-
800.7
4,738.8
Financial liabilities
Borrowings and other financial liabilities
-
-
-
(4,079.2)
(4,079.2)
Trade and other payables
1
-
-
-
(1,029.2)
(1,029.2)
-
-
-
(5,108.4)
(5,108.4)
1. The comparative amount for Trade and other payables has been restated from $1,154.3 to $1,029.2 to exclude relevant employee benefit liabilities.The fair value of the fixed rate bonds included within the \u201cBorrowings\u201d category was $1,630.5 million at 31 December 2024 compared with their carryingvalue of $1,729.0 million (year ended 31 December 2023 \u2013 fair value of $908.3 million compared with their carrying value of $986.8 million). This fairvalue was calculated using market rates at the period end. These are level 2 inputs as described below. The fair value of the fixed rate borrowings included within the \u201cOther loans\u201d category was $700.5 million at 31 December 2024 compared with theircarrying value of $670.0 million. This fair value was calculated using market rates at the period end. These are level 2 inputs as described below.The fair value of the fixed rate other financial liabilities balance was $756.9 million at 31 December 2024 compared with its carrying value of $594.0million. This fair value was calculated using market rates at the period end. These are level 2 inputs as described below.The fair value of all other financial assets and financial liabilities carried at amortised cost approximates the carrying value presented above. The following tables reconcile between the total trade and other receivables and trade and other payables balances on the balance sheet with the financialinstrument amounts included in this note.
2024 2023
$m $m
Financial assets
Trade and other receivables (non-current) per balance sheet
54.4
68.5
Trade and other receivables (current) per balance sheet
899.5
1,117.8
Total trade and other receivables per balance sheet
953.9
1,186.3
Less: non-financial assets (including prepayments and VAT receivables)
(155.5)
(112.7)
Total trade and other receivables (financial assets)
798.4
1,073.6
Financial liabilities
Trade and other payables (current) per balance sheet
(1,320.3)
(1,171.5)
Trade and other payables (non-current) per balance sheet
(10.2)
(9.8)
Total trade and other payables per balance sheet
(1,330.5)
(1,181.3)
Less: non-financial liabilities (including employee benefit and VAT liabilities)
1
153.1
152.1
Total trade and other payables (financial liabilities)
(1,177.4)
(1,029.2)
1.The comparative 2023 non-financial liabilities amount has been restated from $27.0 million to $152.1 million to include relevant employee benefit liabilities.B) Fair value of financial instrumentsAn analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (a)
11.6
\u2013
\u2013
11.6
Trade and other receivables (b)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (d)
124.3
\u2013
\u2013
124.3
Liquid investments (e)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (f)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
-
-
288.6
Trade and other receivables (b)
-
916.5
-
916.5
Other financial assets (c)
-
457.2
-
457.2
Cash and cash equivalents (d)
1.1
-
-
1.1
Liquid investments (e)
-
2,274.7
-
2,274.7
289.7
3,648.4
-
3,938.1
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while 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. (\u201cBuenaventura\u201d) (as detailed in Note 18). The fair value of the other financial asset was calculated using observable market data. These are level 2 inputs as described below. 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. f) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. As at 31 December 2024, derivatives relate to foreign exchange option contracts. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly, and \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2024, there were no transfers between levels in the hierarchy. C) Financial risk management The Group\u2019s activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Group periodically uses derivative financial instruments to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Board of Directors is responsible for overseeing the Group\u2019s risk management framework. The Audit and Risk Committee assists the Board with its review of the effectiveness of the risk management process, and monitoring of key risks and mitigations. The Internal Audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales which remain open as to final pricing. In 2024, sales of copper and molybdenum concentrate and copper cathodes represented 89.1% of revenue and therefore revenues and earnings depend significantly on London Metal Exchange (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. No such options were entered into in the current or comparative year. Details of those copper and molybdenum concentrate sales and copper cathode sales which remain open as to final pricing are given in Note 7. Commodity price sensitivity The sensitivity analysis below shows the impact of a reasonably possible change in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $15.3 million (2023 \u2013 increase by $19.0 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $15.3 million (2023 \u2013 decrease by $19.0 million). In addition, a movement in the average copper price during the year would impact revenue and earnings. A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $58.0 million (2023 \u2013 $60.6 million) and earnings per share by 5.9 cents (2023 \u2013 6.1 cents), based on production volumes in 2024, without taking into account the effects of provisional pricing. A $1/lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $9.1 million (2023 \u2013 $10.2 million), and earnings per share by 0.9 cents (2023 \u2013 1.0 cents), based on production volumes in 2024, 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 $8.4 million (2022 \u2013 $9.6 million), and earnings per share by 0.8 cents (2023 \u2013 1.0 cents), based on production volumes in 2024, and without taking into account the effects of provisional pricing. II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally 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 into by the Group in the year are given in Note 25(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 22, and the currency exposure of the Group\u2019s borrowings is given in Note 23(C). The effects of exchange gains and losses included in the income statement are given in Note 10. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of 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. At 31 December 2024, the Group had a net liability position in respect of Chilean peso denominated financial assets and liabilities of Ch$518 billion, equivalent to $520 million (31 December 2023 \u2013 Ch$536 billion, equivalent to $610 million). If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $19.8 million (2023 \u2013 increase of $23.8 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 $24.2 million (2023 \u2013 decrease of $29.1 million). III) Interest rate risk The Group\u2019s borrowings reflect a mixture of fixed and floating rate facilities. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. The interest rate exposure of the Group\u2019s borrowings is given in Note 23. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the net financial assets held as at the reporting date profit attributable to the owners of the parent would have increased by $12.9 million (2023 \u2013 increase of $5.1 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $1.2 million (2023 \u2013 increase of $28.9 million). There would have been no impact on the income statement. V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. These contracts meet the own-use criteria and are not recognised on the balance sheet. VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. Outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 21). As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours, and also maintains a $500 million revolving credit facility which can be drawn with three business days\u2019 notice. At the end of 2024, the Group was in a net debt position (2023 \u2013 net debt position), as disclosed in Note 32(C). Details of cash, cash equivalents and liquid investments are given in Note 22, while details of borrowings including the maturity profile are given in Note 23(E). Details of undrawn committed borrowing facilities are also given in Note 23. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includesboth interest and principal cash flows.
Less than Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(729.1)
(3,572.4)
(380.8)
(337.6)
(5,019.9)
Other loans (including short-term loans and bond)
(84.2)
(1,263.5)
(766.9)
(192.1)
(2,306.7)
Leases
(30.8)
(34.3)
(60.4)
(43.5)
(169.0)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.5)
(3.0)
Trade and other payables
(1,167.2)
(10.2)
\u2013
\u2013
(1,177.4)
Derivative financial instruments
(20.4)
(5.1)
\u2013
\u2013
(25.5)
(2,031.8)
(4,885.6)
(1,208.4)
(575.7)
(8,701.5)
Less than Between Between After 2023
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2023 $m $m $m $m $m
Senior 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
1
(0.1)
(0.1)
(0.3)
(2.6)
(3.1)
Trade and other payables
(1,019.4)
(9.5)
(0.3)
\u2013
(1,092.2)
(2,151.3)
(834.4)
(1,813.0)
(1,151.6)
(5,950.3)
1.The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. VIII) Capital risk managementThe Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-termgrowth 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 debtof $1,629.1 million at 31 December 2024 (2023 \u2013 net debt $1,159.8 million), as well as gross cash (defined as cash, cash equivalents and liquidinvestments) which was $4,316.3 million at 31 December 2024 (2023 \u2013 $2,919.4 million). The Group\u2019s total cash is held in a combination of interest-bearing accounts, term deposits and managed funds investing in high-quality, fixed income instruments. The managed funds are held primarily forinvestment 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 borrowingsare detailed in Note 23. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-casebasis.Under the terms of some of the borrowing facilities, the Group is required to comply with the following financial covenants:1. Net Financial Debt/EBITDA.2. EBITDA/Interest Expense.3. Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value).The Group has complied with these covenants throughout the reporting period. D) Derivative financial instruments
Nominal
Carrying amount
Line item in the Amount removed
statement of Change in the value from cash flow Amount removed
financial position of hedging hedge reserve to from cost of hedging
where the hedging instrument Costs of hedging initial cost of hedged reserve to initial Line item in balance
Amount Assets Liabilities instrument is recognised in OCI recognised in OCI item cost of hedged item sheet affected by
$m $m $m included $m $m $m $m the removal
Foreign
currency risk
Foreign
847.0
\u2013
(25.5)
Derivative
25.5
\u2013
\u2013
\u2013
Property, plant
exchange financial and equipment
option contract instruments
(liabilities)
This relates to hedging of Chilean-peso-denominated costs associated with the Nueva Centinela project, which relates to the construction of new property, plant and equipment for a period up to June 2026, with an average put rate of Ch$850.0/$1 and an average call rate of Ch$1,017.4/$1. No hedge ineffectiveness was recognised. Cash flow hedges The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting.
Hedging Hedging
reserve reserve
2024 2023
$m $m
Balance at 1 January
\u2013
-
Cash flow hedges
\u2022
Foreign currency risk - Derivative financial instruments
25.5
-
Amount included in the cost of non-financial items
Tax on movements on reserves during the year
(6.9)
-
Balance at 31 December
18.6
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "22 Cash and cash equivalents, and liquid investmentsThe fair value of cash and cash equivalents, and liquid investments is not materially different from the carrying values presented. The credit risk on cash andcash 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:
2024 2023
$m $m
Cash and cash equivalents
2,189.2
644.7
\u2022
Cash on hand
0.5
0.7
\u2022
Mutual funds
122.6
\u2013
\u2022
Term deposits
1,146.9
226.3
\u2022
Bank (on-demand deposits)
919.2
417.7
Liquid investments
2,127.1
2,274.7
4,316.3
2,919.4
At 31 December 2024 and 2023 there is no cash which is subject to restriction.The denomination of cash, cash equivalents and liquid investments was as follows:
2024 2023
$m $m
US dollars
4,190.6
2,895.3
Chilean pesos
124.5
22.3
Sterling
0.7
1.2
Other
0.5
0.6
4,316.3
2,919.4
The credit quality of cash, cash equivalents and liquid investments are as follow:
2024
2023
1
$m $m
AAA
1,769.8
2,075.1
AA+
122.6
\u2013
AA
43.0
\u2013
AA-
146.7
118.6
A+
1,218.1
290.0
A
1,016.1
435.7
Total cash, cash equivalents and liquid investments
4,316.3
2,919.4
1.The above 2023 comparatives have been restated to allocate $105.5 million of amounts relating to certain short-term operational bank accounts which had previously been presentedseparately, into the various credit rating categories.There have been no impairments recognised in respect of cash or cash equivalents in the year ended 31 December 2024 (year ended 31 December2023 \u2013 nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "
Borrowings and other financial liabilities
A) Analysis by type of borrowing and other financial liabilities
Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2024 2023
Note $m $m
Borrowings
\u2022
Senior loans
(2,584.8)
(2,412.6)
Los Pelambres
(i)
(1,887.6)
(2,067.2)
Centinela
(ii)
(572.6)
(166.3)
Antucoya
(iii)
(124.6)
(174.1)
Transport division
\u2013
(5.0)
\u2022
Subordinated debt
(205.5)
(187.6)
Antucoya
(iv)
(205.5)
(187.6)
\u2022
Other loans
(670.0)
(265.0)
Los Pelambres
(v)
(475.0)
\u2013
Centinela
(vi)
(195.0)
(265.0)
\u2022
Bonds
(1,729.0)
(986.8)
Corporate
(vii)
(1,729.0)
(986.8)
(5,189.3)
(3,852.0)
Leases
\u2022
Los Pelambres
(vii)
(19.2)
(45.2)
\u2022
Centinela
(ix)
(114.1)
(142.8)
\u2022
Antucoya
(x)
(13.4)
(17.4)
\u2022
Corporate
(xi)
(12.1)
(18.4)
\u2022
Transport division
(xii)
(0.9)
(0.9)
(159.7)
(224.7)
Other financial liabilities
\u2022
Centinela
(xiii)
(594.0)
\u2013
(594.0)
\u2013
Preference shares
\u2022
Corporate
(xiv)
(2.4)
(2.5)
(2.4)
(2.5)
Total
(5,945.4)
(4,079.2)
(i) The senior loans at Los Pelambres represent:
\u2022 An initial $910 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 1 year 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 4 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 3.5 years and has an
interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. An additional $185 million US dollar denominated bullet loan was issued
in September 2024, with a 3-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to
financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible
Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout
the period. The outstanding amount at the end of the period is $1,077.6 million.
\u2022 Three US dollar denominated senior loans were issued in December 2023 for a total amount of $810 million. The first loan is a $200 million bullet with a remaining duration of 2 years and an interest rate of Term SOFR six-month rate plus 1.60%. The second loan is a $200 million bullet with a remaining duration of 4 years and an interest rate of Term SOFR six-month rate plus 1.69%. The third loan is a $410 million amortising balance, with a remaining duration of 4 years, and an interest rate of Term SOFR six-month rate plus 1.70%. The amount outstanding at the end of the period is $810.0 million. (ii) The senior loans at Centinela represent: \u2022 Centinela has a US dollar denominated senior loan with an amount outstanding of $33.3 million with a duration of less than 1 year and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.38%. The loan is subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. \u2022 Centinela\u2019s project finance in respect of the Second Concentrator Project, which has a committed amount of $2.5 billion. During 2024 there were three debt disbursements totalling $619.5 million (less initial arrangement fees). The borrowing has a remaining 11-year duration and is divided in to six different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount outstanding (net of initial arrangements fees) is $539.3 million. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $125 million. This loan has a remaining duration of 2.5 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. (iv) Subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporation with a remaining duration of 2.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. The outstanding amount at the end of the period is $206 million. Subordinated debt provided by Group companies to Antucoya has been eliminated on consolidation. (v) In April 2024, Los Pelambres issued two short-term loans for a total amount of $185 million, with a remaining duration of less than 1 year. In May 2024, Los Pelambres issued three short-term loans for a total amount of $290 million, with a remaining duration of less than 1 year. (vi) In March 2024, Centinela issued a short-term loan for a total amount of $45 million and a remaining duration of less than 1 year. In July 2024, Centinela issued a short-term loan for a total amount of $150 million. This loan has a remaining term of less than 1 year. (vii) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor with a coupon rate of 2.375%. In May 2022, Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor with a coupon rate of 5.625%. In May 2024, Antofagasta plc issued a corporate bond for $750 million with a 10-year tenor with a coupon rate of 6.250%. (viii) Los Pelambres: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (ix) Centinela: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (x) Antucoya: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (xi) Financial Leases at Corporate and other items which are denominated in Unidades de Fomento (i.e. inflation-linked Chilean pesos) and have a remaining duration of 2 years and are at fixed rates with an average interest rate of 5.2%, and property lease agreements and equipment leases embedded within wider service contracts within Corporate and other items which are denominated in different currencies. (xii) Transport division: equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos) and Chilean pesos. (xiii) In June 2024 Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela\u2019s existing water transportation assets have been legally transferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes, it has been determined that Centinela continues to control the assets, as it will continue to obtain substantially all the remaining benefits from the assets. Accordingly, the existing assets remain in Centinela\u2019s balance sheet, with the cash receipt resulting in the recognition of the corresponding other financial liability balance, which will be repaid over the 18-year agreement term. (xiv) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company.
B) Leases
Information in respect of the Group\u2019s leases is contained in the following notes:
\u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases
\u2022 Note 32 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period
\u2022 Note 10 \u2013 interest expense in respect of the lease balances
\u2022 Note 10 \u2013 cash paid relating to interest on leases
C) Analysis of borrowings and other financial liabilities by currency
The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Senior loans
\u2013
\u2013
(2,412.6)
(2,412.6)
Bonds
\u2013
\u2013
(986.8)
(986.8)
Other loans (including short-term loans)
\u2013
\u2013
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2013
(2.5)
\u2013
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
D) Analysis of borrowings and other financial liabilities by type of interest rate
The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.5)
(3,155.1)
(2,790.3)
(5,945.4)
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Senior loans
(5.0)
(2,407.6)
(2,412.6)
Bonds
(986.8)
\u2013
(986.8)
Other loans (including short-term loans)
\u2013
(452.6)
(452.6)
Leases
(224.7)
\u2013
(224.7)
Preference shares
(2.5)
\u2013
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
E) Maturity profile
The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
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
Senior loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bonds
\u2013
\u2013
\u2013
(986.8)
(986.8)
Other loans
(265.0)
\u2013
(187.6)
\u2013
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2013
\u2013
\u2013
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year.
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:
2024 2023
$m $m
Within 1 year
(105.2)
(121.0)
Between 1 \u2013 2 years
(30.8)
(79.0)
Between 2 \u2013 5 years
(37.1)
(47.4)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.1)
(247.4)
Less amounts representing finance charges
13.4
22.7
Present value of minimum lease payments
(159.7)
(224.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.
The Group has different types of equipment leases embedded within wider contracts mainly in respect of contracts for earth and mineral movement
services, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease agreements.
There are no variable lease payments that are based on an index or a rate.
F) Financing facilities
On 30 December 2022, Antofagasta plc agreed a revolving credit facility (RCF) of $500 million which had a term of three years, expiring on 30 December
2025.
Subsequent to 31 December 2024, the RCF was extended for a further three years, and now expires on 30 December 2028.
Facility available
Drawn
Undrawn
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
Revolving credit facility
(500.0)
(500.0)
\u2013
-
(500.0)
(500.0)
(500.0)
(500.0)
\u2013
-
(500.0)
(500.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2024 2023
Note $m $m
Borrowings
\u2022
Senior loans
(2,584.8)
(2,412.6)
Los Pelambres
(i)
(1,887.6)
(2,067.2)
Centinela
(ii)
(572.6)
(166.3)
Antucoya
(iii)
(124.6)
(174.1)
Transport division
\u2013
(5.0)
\u2022
Subordinated debt
(205.5)
(187.6)
Antucoya
(iv)
(205.5)
(187.6)
\u2022
Other loans
(670.0)
(265.0)
Los Pelambres
(v)
(475.0)
\u2013
Centinela
(vi)
(195.0)
(265.0)
\u2022
Bonds
(1,729.0)
(986.8)
Corporate
(vii)
(1,729.0)
(986.8)
(5,189.3)
(3,852.0)
Leases
\u2022
Los Pelambres
(vii)
(19.2)
(45.2)
\u2022
Centinela
(ix)
(114.1)
(142.8)
\u2022
Antucoya
(x)
(13.4)
(17.4)
\u2022
Corporate
(xi)
(12.1)
(18.4)
\u2022
Transport division
(xii)
(0.9)
(0.9)
(159.7)
(224.7)
Other financial liabilities
\u2022
Centinela
(xiii)
(594.0)
\u2013
(594.0)
\u2013
Preference shares
\u2022
Corporate
(xiv)
(2.4)
(2.5)
(2.4)
(2.5)
Total
(5,945.4)
(4,079.2)
(i) The senior loans at Los Pelambres represent: \u2022 An initial $910 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 1 year 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 4 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 3.5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. An additional $185 million US dollar denominated bullet loan was issued in September 2024, with a 3-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the period is $1,077.6 million. \u2022 Three US dollar denominated senior loans were issued in December 2023 for a total amount of $810 million. The first loan is a $200 million bulletwith a remaining duration of 2 years and an interest rate of Term SOFR six-month rate plus 1.60%. The second loan is a $200 million bullet with aremaining duration of 4 years and an interest rate of Term SOFR six-month rate plus 1.69%. The third loan is a $410 million amortising balance,with a remaining duration of 4 years, and an interest rate of Term SOFR six-month rate plus 1.70%. The amount outstanding at the end of theperiod is $810.0 million. The senior loans at Centinela represent:\u2022 Centinela has a US dollar denominated senior loan with an amount outstanding of $33.3 million with a duration of less than 1 year and an interestrate of Term SOFR six-month rate plus an all-in margin of 1.38%. The loan is subject to financial covenants requiring the maintenance of specifiedNet Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangibleasset value) ratios, which have been complied with, with significant headroom, throughout the period. \u2022 Centinela\u2019s project finance in respect of the Second Concentrator Project, which has a committed amount of $2.5 billion. During 2024 there werethree debt disbursements totalling $619.5 million (less initial arrangement fees). The borrowing has a remaining 11-year duration and is divided in tosix different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount outstanding (net ofinitial arrangements fees) is $539.3 million. The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $125 million. This loan has aremaining duration of 2.5 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants whichrequiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (beingthe net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. Subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporation with a remaining duration of 2.5 yearsand an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. The outstanding amount at the end of the period is $206 million.Subordinated debt provided by Group companies to Antucoya has been eliminated on consolidation. In April 2024, Los Pelambres issued two short-term loans for a total amount of $185 million, with a remaining duration of less than 1 year. In May2024, Los Pelambres issued three short-term loans for a total amount of $290 million, with a remaining duration of less than 1 year. In March 2024, Centinela issued a short-term loan for a total amount of $45 million and a remaining duration of less than 1 year. In July 2024,Centinela issued a short-term loan for a total amount of $150 million. This loan has a remaining term of less than 1 year. Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor with a coupon rate of 2.375%. In May 2022,Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor with a coupon rate of 5.625%. In May 2024, Antofagasta plc issueda corporate bond for $750 million with a 10-year tenor with a coupon rate of 6.250%.) Los Pelambres: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chileanpesos), Chilean pesos and dollars. Centinela: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos),Chilean pesos and dollars. Antucoya: Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chileanpesos), Chilean pesos and dollars. Financial Leases at Corporate and other items which are denominated in Unidades de Fomento (i.e. inflation-linked Chilean pesos) and have aremaining duration of 2 years and are at fixed rates with an average interest rate of 5.2%, and property lease agreements and equipment leasesembedded within wider service contracts within Corporate and other items which are denominated in different currencies. Transport division: equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linkedChilean pesos) and Chilean pesos.) In June 2024 Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water supply to theCentinela Second Concentrator Project. Under the terms of the agreement, Centinela\u2019s existing water transportation assets have been legallytransferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes, it has been determined that Centinelacontinues to control the assets, as it will continue to obtain substantially all the remaining benefits from the assets. Accordingly, the existing assetsremain in Centinela\u2019s balance sheet, with the cash receipt resulting in the recognition of the corresponding other financial liability balance, whichwill be repaid over the 18-year agreement term.) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fullypaid. 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. Eachpreference share carries 100 votes in any general meeting of the Company.C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Senior loans
\u2013
\u2013
(2,412.6)
(2,412.6)
Bonds
\u2013
\u2013
(986.8)
(986.8)
Other loans (including short-term loans)
\u2013
\u2013
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2013
(2.5)
\u2013
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.5)
(3,155.1)
(2,790.3)
(5,945.4)
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Senior loans
(5.0)
(2,407.6)
(2,412.6)
Bonds
(986.8)
\u2013
(986.8)
Other loans (including short-term loans)
\u2013
(452.6)
(452.6)
Leases
(224.7)
\u2013
(224.7)
Preference shares
(2.5)
\u2013
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
E) Maturity profileThe maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
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
Senior loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bonds
\u2013
\u2013
\u2013
(986.8)
(986.8)
Other loans
(265.0)
\u2013
(187.6)
\u2013
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2013
\u2013
\u2013
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year.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:
2024 2023
$m $m
Within 1 year
(105.2)
(121.0)
Between 1 \u2013 2 years
(30.8)
(79.0)
Between 2 \u2013 5 years
(37.1)
(47.4)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.1)
(247.4)
Less amounts representing finance charges
13.4
22.7
Present value of minimum lease payments
(159.7)
(224.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.The Group has different types of equipment leases embedded within wider contracts mainly in respect of contracts for earth and mineral movementservices, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease agreements.There are no variable lease payments that are based on an index or a rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2024 2023
Note $m $m
Borrowings
\u2022
Senior loans
(2,584.8)
(2,412.6)
Los Pelambres
(i)
(1,887.6)
(2,067.2)
Centinela
(ii)
(572.6)
(166.3)
Antucoya
(iii)
(124.6)
(174.1)
Transport division
\u2013
(5.0)
\u2022
Subordinated debt
(205.5)
(187.6)
Antucoya
(iv)
(205.5)
(187.6)
\u2022
Other loans
(670.0)
(265.0)
Los Pelambres
(v)
(475.0)
\u2013
Centinela
(vi)
(195.0)
(265.0)
\u2022
Bonds
(1,729.0)
(986.8)
Corporate
(vii)
(1,729.0)
(986.8)
(5,189.3)
(3,852.0)
Leases
\u2022
Los Pelambres
(vii)
(19.2)
(45.2)
\u2022
Centinela
(ix)
(114.1)
(142.8)
\u2022
Antucoya
(x)
(13.4)
(17.4)
\u2022
Corporate
(xi)
(12.1)
(18.4)
\u2022
Transport division
(xii)
(0.9)
(0.9)
(159.7)
(224.7)
Other financial liabilities
\u2022
Centinela
(xiii)
(594.0)
\u2013
(594.0)
\u2013
Preference shares
\u2022
Corporate
(xiv)
(2.4)
(2.5)
(2.4)
(2.5)
Total
(5,945.4)
(4,079.2)
(i) The senior loans at Los Pelambres represent: \u2022 An initial $910 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 1 year 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 4 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 3.5 years and has an interest rate of Term SOFR six-month rate plus an all-in margin of 1.53%. An additional $185 million US dollar denominated bullet loan was issued in September 2024, with a 3-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the period is $1,077.6 million. B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases \u2022 Note 32 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period \u2022 Note 10 \u2013 interest expense in respect of the lease balances \u2022 Note 10 \u2013 cash paid relating to interest on leases C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
Chilean 2023
pesos Sterling US dollars Total
At 31 December 2023 $m $m $m $m
Senior loans
\u2013
\u2013
(2,412.6)
(2,412.6)
Bonds
\u2013
\u2013
(986.8)
(986.8)
Other loans (including short-term loans)
\u2013
\u2013
(452.6)
(452.6)
Leases
(174.8)
(3.5)
(46.4)
(224.7)
Preference shares
\u2013
(2.5)
\u2013
(2.5)
(174.8)
(6.0)
(3,898.4)
(4,079.2)
D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.5)
(3,155.1)
(2,790.3)
(5,945.4)
2023
Fixed Floating Total
At 31 December 2023 $m $m $m
Senior loans
(5.0)
(2,407.6)
(2,412.6)
Bonds
(986.8)
\u2013
(986.8)
Other loans (including short-term loans)
\u2013
(452.6)
(452.6)
Leases
(224.7)
\u2013
(224.7)
Preference shares
(2.5)
\u2013
(2.5)
(1,219.0)
(2,860.2)
(4,079.2)
E) Maturity profileThe maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
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
Senior loans
(529.1)
(570.9)
(1,287.6)
(25.0)
(2,412.6)
Bonds
\u2013
\u2013
\u2013
(986.8)
(986.8)
Other loans
(265.0)
\u2013
(187.6)
\u2013
(452.6)
Leases
(107.8)
(73.0)
(42.6)
(1.3)
(224.7)
Preference shares
\u2013
\u2013
\u2013
(2.5)
(2.5)
(901.9)
(643.9)
(1,517.8)
(1,015.6)
(4,079.2)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year.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:
2024 2023
$m $m
Within 1 year
(105.2)
(121.0)
Between 1 \u2013 2 years
(30.8)
(79.0)
Between 2 \u2013 5 years
(37.1)
(47.4)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.1)
(247.4)
Less amounts representing finance charges
13.4
22.7
Present value of minimum lease payments
(159.7)
(224.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.The Group has different types of equipment leases embedded within wider contracts mainly in respect of contracts for earth and mineral movementservices, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease agreements.There are no variable lease payments that are based on an index or a rate.F) Financing facilitiesOn 30 December 2022, Antofagasta plc agreed a revolving credit facility (RCF) of $500 million which had a term of three years, expiring on 30 December2025. Subsequent to 31 December 2024, the RCF was extended for a further three years, and now expires on 30 December 2028.
Facility available
Drawn
Undrawn
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
Revolving credit facility
(500.0)
(500.0)
\u2013
-
(500.0)
(500.0)
(500.0)
(500.0)
\u2013
-
(500.0)
(500.0)
24 Trade and other payables
Due in one year
Due after one year
Total
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
Trade creditors
(938.1)
(788.1)
\u2013
-
(938.1)
(788.1)
Other creditors and accruals
(382.2)
(383.4)
(10.2)
(9.8)
(392.4)
(393.2)
(1,320.3)
(1,171.5)
(10.2)
(9.8)
(1,330.5)
(1,181.3)
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 18 days (2023 \u2013 20 days). Other creditors are mainly related to property, plant and equipment payables of $142.0 million (2023 \u2013 $145.2 million), finance interest of $74.5 million (2023 \u2013 $59.5 million) and employee tax of $15.1 million (2023 \u2013 $11.5 million). 28 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (royalty) Tax losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
(2.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
50.8
(85.1)
\u2013
(34.3)
Tax on exceptional items
\u2013
\u2013
\u2013
(41.8)
\u2013
\u2013
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2013
Charge deferred in equity
\u2013
(2.9)
\u2013
(37.0)
(0.9)
\u2013
(40.8)
At 31 December 2023 and 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
2
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
1.A deferred tax expense of $126.7 million has been recognised in respect of the exceptional items, reflecting a fair value gain of $12.7 million in respect of the agreement the Groupentered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) and $114.0 million of deferred tax relating to theAntucoya impairment reversal.2.The $5.9 million of deferred tax recognised directly in equity relates to $7.7 million of deferred tax expense in respect of the movements in the fair value of equity investments (see Note19) and $1.8 million of deferred tax income in respect of actuarial loss on defined benefit plans.The charge to the income statement of $32.7 million (2023 \u2013 $2.9 million) included an impact from foreign exchange differences of $0.3 million (2023 \u2013$0.3 million). Additionally, the deferred tax balance includes a gain from a change in criteria for the royalty deferred tax in 2024, totalling $67.1 million(2023 \u2013 $91.9 million).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):
2024 2023
$m $m
Net deferred tax assets
9.7
72.0
Net deferred tax liabilities
(1,692.7)
(1,656.6)
Net deferred tax balances
(1,683.0)
(1,584.6)
The $9.7 million net deferred tax asset balance (2023 \u2013 $72.0 million) relates to the total deferred tax position of those individual Group entities whichhave a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset bydeferred tax liabilities in respect of accelerated capital allowances and other temporary differences.At 31 December 2024, the Group had unused tax losses of $661.4 million in respect of which no deferred tax asset has been recognised, as the relevantentities are currently loss-making; $141.1 million (2023 \u2013 $24.8 million) of these tax losses relate to Chilean entities where the tax losses can be carriedforward indefinitely, and $520.3 million (2023 \u2013 $496.8 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project.$267.5 million (2023 \u2013 $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carriedforward indefinitely.The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in aposition to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $7,397.9 million (31 December2023 \u2013 $7,101.1 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests inBuenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, ifthe Group maintains its existing interest in Buenaventura, it will qualify for the UK Substantial Shareholding Exemption in respect of its holding inBuenaventura, as it will have held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains taxin respect of its investment. Accordingly, it is expected that in March 2025 the Group will de-recognise its existing deferred tax liability.Temporary differences arising in connection with interests in associates are insignificant. The deferred tax balance of $1,683.0 million (2023 \u2013 $1,584.6 million) includes $1,535.0 million (2023 \u2013 $1,567.2 million) due in more than one year.The deferred tax assets of $9.7 million are all due in more than one year (2023 \u2013 $72.0 million). The deferred tax liabilities of $1,692.7 million (2023 \u2013 $1,656.6) include $208.8 million due in less than 1 year and $1,571.5 million due in more than one year.All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases \u2022 Note 32 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period \u2022 Note 10 \u2013 interest expense in respect of the lease balances \u2022 Note 10 \u2013 cash paid relating to interest on leases ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "24 Trade and other payables
Due in one year
Due after one year
Total
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
Trade creditors
(938.1)
(788.1)
\u2013
-
(938.1)
(788.1)
Other creditors and accruals
(382.2)
(383.4)
(10.2)
(9.8)
(392.4)
(393.2)
(1,320.3)
(1,171.5)
(10.2)
(9.8)
(1,330.5)
(1,181.3)
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 18 days (2023 \u2013 20 days). Other creditors are mainly related to property, plant and equipment payables of $142.0 million (2023 \u2013 $145.2 million), finance interest of $74.5 million (2023 \u2013 $59.5 million) and employee tax of $15.1 million (2023 \u2013 $11.5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (a)
11.6
\u2013
\u2013
11.6
Trade and other receivables (b)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (d)
124.3
\u2013
\u2013
124.3
Liquid investments (e)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (f)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
-
-
288.6
Trade and other receivables (b)
-
916.5
-
916.5
Other financial assets (c)
-
457.2
-
457.2
Cash and cash equivalents (d)
1.1
-
-
1.1
Liquid investments (e)
-
2,274.7
-
2,274.7
289.7
3,648.4
-
3,938.1
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year.
a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the
financial reporting date. These are level 1 inputs as described below.
b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of
open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward
prices at the end of the period are used for copper sales while 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. (\u201cBuenaventura\u201d) (as detailed in Note 18). The fair value of the other financial asset was calculated
using observable market data. These are level 2 inputs as described below.
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.
f) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the
applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These
are level 2 inputs as described below. As at 31 December 2024, derivatives relate to foreign exchange option contracts.
The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active
markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs):
\u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
\u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or
liability, either directly or indirectly, and
\u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability.
The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these
inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2024, there
were no transfers between levels in the hierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (a)
11.6
\u2013
\u2013
11.6
Trade and other receivables (b)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (d)
124.3
\u2013
\u2013
124.3
Liquid investments (e)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (f)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
-
-
288.6
Trade and other receivables (b)
-
916.5
-
916.5
Other financial assets (c)
-
457.2
-
457.2
Cash and cash equivalents (d)
1.1
-
-
1.1
Liquid investments (e)
-
2,274.7
-
2,274.7
289.7
3,648.4
-
3,938.1
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while 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. (\u201cBuenaventura\u201d) (as detailed in Note 18). The fair value of the other financial asset was calculated using observable market data. These are level 2 inputs as described below. 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. f) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. As at 31 December 2024, derivatives relate to foreign exchange option contracts. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly, and \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2024, there were no transfers between levels in the hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (a)
11.6
\u2013
\u2013
11.6
Trade and other receivables (b)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (d)
124.3
\u2013
\u2013
124.3
Liquid investments (e)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (f)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Total
Level 1 Level 2 Level 3 2023
$m $m $m $m
Financial assets
Equity investments (a)
288.6
-
-
288.6
Trade and other receivables (b)
-
916.5
-
916.5
Other financial assets (c)
-
457.2
-
457.2
Cash and cash equivalents (d)
1.1
-
-
1.1
Liquid investments (e)
-
2,274.7
-
2,274.7
289.7
3,648.4
-
3,938.1
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while 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. (\u201cBuenaventura\u201d) (as detailed in Note 18). The fair value of the other financial asset was calculated using observable market data. These are level 2 inputs as described below. 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. f) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. As at 31 December 2024, derivatives relate to foreign exchange option contracts. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly, and \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2024, there were no transfers between levels in the hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "C) Financial risk management The Group\u2019s activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Group periodically uses derivative financial instruments to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Board of Directors is responsible for overseeing the Group\u2019s risk management framework. The Audit and Risk Committee assists the Board with its review of the effectiveness of the risk management process, and monitoring of key risks and mitigations. The Internal Audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales which remain open as to final pricing. In 2024, sales of copper and molybdenum concentrate and copper cathodes represented 89.1% of revenue and therefore revenues and earnings depend significantly on London Metal Exchange (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. No such options were entered into in the current or comparative year. Details of those copper and molybdenum concentrate sales and copper cathode sales which remain open as to final pricing are given in Note 7. Commodity price sensitivity The sensitivity analysis below shows the impact of a reasonably possible change in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $15.3 million (2023 \u2013 increase by $19.0 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $15.3 million (2023 \u2013 decrease by $19.0 million). In addition, a movement in the average copper price during the year would impact revenue and earnings. A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $58.0 million (2023 \u2013 $60.6 million) and earnings per share by 5.9 cents (2023 \u2013 6.1 cents), based on production volumes in 2024, without taking into account the effects of provisional pricing. A $1/lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $9.1 million (2023 \u2013 $10.2 million), and earnings per share by 0.9 cents (2023 \u2013 1.0 cents), based on production volumes in 2024, 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 $8.4 million (2022 \u2013 $9.6 million), and earnings per share by 0.8 cents (2023 \u2013 1.0 cents), based on production volumes in 2024, and without taking into account the effects of provisional pricing. II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally 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 into by the Group in the year are given in Note 25(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 22, and the currency exposure of the Group\u2019s borrowings is given in Note 23(C). The effects of exchange gains and losses included in the income statement are given in Note 10. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of 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. At 31 December 2024, the Group had a net liability position in respect of Chilean peso denominated financial assets and liabilities of Ch$518 billion, equivalent to $520 million (31 December 2023 \u2013 Ch$536 billion, equivalent to $610 million). If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $19.8 million (2023 \u2013 increase of $23.8 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 $24.2 million (2023 \u2013 decrease of $29.1 million). III) Interest rate risk The Group\u2019s borrowings reflect a mixture of fixed and floating rate facilities. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. The interest rate exposure of the Group\u2019s borrowings is given in Note 23. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the net financial assets held as at the reporting date profit attributable to the owners of the parent would have increased by $12.9 million (2023 \u2013 increase of $5.1 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $1.2 million (2023 \u2013 increase of $28.9 million). There would have been no impact on the income statement. V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. These contracts meet the own-use criteria and are not recognised on the balance sheet. VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. Outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 21). As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours, and also maintains a $500 million revolving credit facility which can be drawn with three business days\u2019 notice. At the end of 2024, the Group was in a net debt position (2023 \u2013 net debt position), as disclosed in Note 32(C). Details of cash, cash equivalents and liquid investments are given in Note 22, while details of borrowings including the maturity profile are given in Note 23(E). Details of undrawn committed borrowing facilities are also given in Note 23. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
Less than Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(729.1)
(3,572.4)
(380.8)
(337.6)
(5,019.9)
Other loans (including short-term loans and bond)
(84.2)
(1,263.5)
(766.9)
(192.1)
(2,306.7)
Leases
(30.8)
(34.3)
(60.4)
(43.5)
(169.0)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.5)
(3.0)
Trade and other payables
(1,167.2)
(10.2)
\u2013
\u2013
(1,177.4)
Derivative financial instruments
(20.4)
(5.1)
\u2013
\u2013
(25.5)
(2,031.8)
(4,885.6)
(1,208.4)
(575.7)
(8,701.5)
Less than Between Between After 2023
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2023 $m $m $m $m $m
Senior 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
1
(0.1)
(0.1)
(0.3)
(2.6)
(3.1)
Trade and other payables
(1,019.4)
(9.5)
(0.3)
\u2013
(1,092.2)
(2,151.3)
(834.4)
(1,813.0)
(1,151.6)
(5,950.3)
1.The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. VIII) Capital risk management The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy remains unchanged. The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings) which was net debt of $1,629.1 million at 31 December 2024 (2023 \u2013 net debt $1,159.8 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $4,316.3 million at 31 December 2024 (2023 \u2013 $2,919.4 million). The Group\u2019s total cash is held in a combination of interest-bearing accounts, term deposits and managed funds investing in high-quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however, they are included in net cash for monitoring and decision-making purposes. The Group has a risk-averse investment strategy. The Group\u2019s borrowings are detailed in Note 23. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of some of the borrowing facilities, the Group is required to comply with the following financial covenants: 1. Net Financial Debt/EBITDA. 2. EBITDA/Interest Expense. 3. Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value). The Group has complied with these covenants throughout the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "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 2024, sales of copper and molybdenum concentrate and copper cathodes represented 89.1% of revenue and therefore revenues and earnings depend significantly on London Metal Exchange (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. No such options were entered into in the current or comparative year. Details of those copper and molybdenum concentrate sales and copper cathode sales which remain open as to final pricing are given in Note 7. Commodity price sensitivity The sensitivity analysis below shows the impact of a reasonably possible change in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $15.3 million (2023 \u2013 increase by $19.0 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $15.3 million (2023 \u2013 decrease by $19.0 million). In addition, a movement in the average copper price during the year would impact revenue and earnings. A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $58.0 million (2023 \u2013 $60.6 million) and earnings per share by 5.9 cents (2023 \u2013 6.1 cents), based on production volumes in 2024, without taking into account the effects of provisional pricing. A $1/lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $9.1 million (2023 \u2013 $10.2 million), and earnings per share by 0.9 cents (2023 \u2013 1.0 cents), based on production volumes in 2024, 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 $8.4 million (2022 \u2013 $9.6 million), and earnings per share by 0.8 cents (2023 \u2013 1.0 cents), based on production volumes in 2024, and without taking into account the effects of provisional pricing. II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally 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 into by the Group in the year are given in Note 25(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 22, and the currency exposure of the Group\u2019s borrowings is given in Note 23(C). The effects of exchange gains and losses included in the income statement are given in Note 10. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of 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. At 31 December 2024, the Group had a net liability position in respect of Chilean peso denominated financial assets and liabilities of Ch$518 billion, equivalent to $520 million (31 December 2023 \u2013 Ch$536 billion, equivalent to $610 million). If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $19.8 million (2023 \u2013 increase of $23.8 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 $24.2 million (2023 \u2013 decrease of $29.1 million). III) Interest rate risk The Group\u2019s borrowings reflect a mixture of fixed and floating rate facilities. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. The interest rate exposure of the Group\u2019s borrowings is given in Note 23. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the net financial assets held as at the reporting date profit attributable to the owners of the parent would have increased by $12.9 million (2023 \u2013 increase of $5.1 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $1.2 million (2023 \u2013 increase of $28.9 million). There would have been no impact on the income statement. V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. These contracts meet the own-use criteria and are not recognised on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. Outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 21). As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours, and also maintains a $500 million revolving credit facility which can be drawn with three business days\u2019 notice. At the end of 2024, the Group was in a net debt position (2023 \u2013 net debt position), as disclosed in Note 32(C). Details of cash, cash equivalents and liquid investments are given in Note 22, while details of borrowings including the maturity profile are given in Note 23(E). Details of undrawn committed borrowing facilities are also given in Note 23. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
Less than Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(729.1)
(3,572.4)
(380.8)
(337.6)
(5,019.9)
Other loans (including short-term loans and bond)
(84.2)
(1,263.5)
(766.9)
(192.1)
(2,306.7)
Leases
(30.8)
(34.3)
(60.4)
(43.5)
(169.0)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.5)
(3.0)
Trade and other payables
(1,167.2)
(10.2)
\u2013
\u2013
(1,177.4)
Derivative financial instruments
(20.4)
(5.1)
\u2013
\u2013
(25.5)
(2,031.8)
(4,885.6)
(1,208.4)
(575.7)
(8,701.5)
Less than Between Between After 2023
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2023 $m $m $m $m $m
Senior 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
1
(0.1)
(0.1)
(0.3)
(2.6)
(3.1)
Trade and other payables
(1,019.4)
(9.5)
(0.3)
\u2013
(1,092.2)
(2,151.3)
(834.4)
(1,813.0)
(1,151.6)
(5,950.3)
1.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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "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 $1,629.1 million at 31 December 2024 (2023 \u2013 net debt $1,159.8 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $4,316.3 million at 31 December 2024 (2023 \u2013 $2,919.4 million). The Group\u2019s total cash is held in a combination of interest-bearing accounts, term deposits and managed funds investing in high-quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however, they are included in net cash for monitoring and decision-making purposes. The Group has a risk-averse investment strategy. The Group\u2019s borrowings are detailed in Note 23. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of some of the borrowing facilities, the Group is required to comply with the following financial covenants: 1. Net Financial Debt/EBITDA. 2. EBITDA/Interest Expense. 3. Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value).
The Group has complied with these covenants throughout the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "
D) Derivative financial instruments
Nominal
Carrying amount
Line item in the Amount removed
statement of Change in the value from cash flow Amount removed
financial position of hedging hedge reserve to from cost of hedging
where the hedging instrument Costs of hedging initial cost of hedged reserve to initial Line item in balance
Amount Assets Liabilities instrument is recognised in OCI recognised in OCI item cost of hedged item sheet affected by
$m $m $m included $m $m $m $m the removal
Foreign
currency risk
Foreign
847.0
\u2013
(25.5)
Derivative
25.5
\u2013
\u2013
\u2013
Property, plant
exchange financial and equipment
option contract instruments
(liabilities)
This relates to hedging of Chilean-peso-denominated costs associated with the Nueva Centinela project, which relates to the construction of new property,
plant and equipment for a period up to June 2026, with an average put rate of Ch$850.0/$1 and an average call rate of Ch$1,017.4/$1.
No hedge ineffectiveness was recognised.
Cash flow hedges
The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge
accounting.
Hedging Hedging
reserve reserve
2024 2023
$m $m
Balance at 1 January
\u2013
-
Cash flow hedges
\u2022
Foreign currency risk - Derivative financial instruments
25.5
-
Amount included in the cost of non-financial items
Tax on movements on reserves during the year
(6.9)
-
Balance at 31 December
18.6
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "26 Long-term incentive plan The long-term incentive plan (the \u201cPlan\u201d) forms part of the remuneration of senior managers in the Group. Directors are not eligible to participate in the Plan. Details of the awards Under the Plan, the Group may grant awards based on the price of ordinary shares in the Company and cannot grant awards over actual shares. \u2022 Restricted Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company\u2019s ordinary shares, subject to the relevant employee remaining employed by the Group when the Restricted Award vests, and \u2022 Performance Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company\u2019s ordinary shares subject to both the satisfaction of a performance condition and the relevant employee remaining employed by the Group when the Performance Award vests. When awards vest under the Plan, participants become entitled to receive a cash payment by reference to the number and portion of awards that have vested and the market value of the Company\u2019s ordinary shares on the date of vesting. There is no exercise price payable by participants in respect of the awards. Restricted Awards can only vest in full if participants remain employed by the Group for three years from the date that Restricted Awards are granted. In ordinary circumstances, the first one-third of a Restricted Award will vest after one year, the second one-third will vest after two years and the remaining one-third will vest after three years. There are no performance criteria attached to Restricted Awards. The fair value of Restricted Awards granted under the Plan is recorded as a compensation expense over the vesting periods, with a corresponding liability recognised for the fair value of the liability at the end of each period until settled. Performance Awards only vest if certain performance criteria are met. The performance criteria reflect a number of factors including total shareholder return, earnings levels, growth in the Group\u2019s reserves and resources and project delivery targets. The fair value of Performance Awards under the Plan is recorded as a compensation expense over the vesting period, with a corresponding liability at the end of each period until settled. Valuation process and accounting for awards The fair value of the awards is determined using a Monte Carlo simulation model. The inputs into the Monte Carlo simulation model are as follows:
2024
2023
Weighted average forecast share price at vesting date
$22.6
$21.6
Expected volatility
37.01%
37.21%
Expected life of awards
3 years
3 years
Expected dividend yields
4.60%
5.32%
Discount rate
1.48%
2.93%
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 with the objectives determined according to the characteristics of each plan. The number of awards outstanding at the end of the year is as follows:
Restricted Performance Restricted Performance
Awards Awards Awards Awards
Number Number Number Number
2024 2024 2023 2023
Outstanding at 1 January
459,508
997,018
438,519
1,176,947
Granted during the year
238,893
392,428
291,060
468,967
Cancelled during the year
(36,147)
(55,713)
(25,178)
(49,510)
Payments during the year
(197,647)
(238,993)
(244,893)
(599,386)
Outstanding at 31 December
464,607
1,094,740
459,508
997,018
Number of awards that have vested
188,479
\u2013
171,803
\u2013
The Group has recorded a liability of $17.9 million at 31 December 2024, of which $8.9 million is due after more than one year (31 December 2023 \u2013 $13.9 million of which $7.5 million was due after more than one year) and total expenses of $15.0 million for the year (2023 \u2013 expense of $12.6 million). ", "dimensions": { "concept": "antofagastaplc:DisclosureOfLongTermIncentivePlan", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "27 Post-employment benefit obligations A) Defined contribution schemes The Group operates defined contribution schemes for a limited number of employees. The amount charged to the income statement in 2024 was $0.1 million (2023 \u2013 $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain payable at the end of either year. B) Severance provisions Employment terms at some of the Group\u2019s operations provide for payment of a severance payment when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on 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 2024 by Ernst & Young, a qualified actuary in Santiago, Chile which is not connected with the Group. The main assumptions used to determine the actuarial present value of benefit obligations were as follows:
2024 2023
% %
Average nominal discount rate
1
5.3%
6.2%
Average rate of increase in salaries
1.7%
1.9%
Average staff turnover
3.2%
3.2%
1.The average nominal discount rate shown in the table above is a weighted average of the discount rates applied to the individual companies, weighted by the number of employees per company. The table below showing the assumptions applied in the calculation of the provision shows the simple average of the discount rates applied to the individual companies, which therefore differs from the weighted average rate shown in the table above.. Amounts included in the income statement in respect of severance provisions are as follows:
2024 2023
$m $m
Current service cost (charge to operating profit)
(25.4)
(25.7)
Interest cost (charge to other finance items)
(8.1)
(7.2)
Foreign exchange credit to other finance items
16.9
3.6
Total charge to income statement
(16.6)
(29.3)
Movements in the present value of severance provisions were as follows:
2024 2023
$m $m
Balance at the beginning of the year
(139.9)
(137.3)
Current service cost
(25.4)
(25.7)
Actuarial (losses)/gains
(12.2)
10.7
Unwinding of discount on provisions
(8.1)
(7.2)
Paid in the year
16.3
16.0
Foreign currency exchange difference
17.1
3.6
Balance at the end of the year
(152.2)
(139.9)
The weighted average duration of the severance payment obligation is 9 years. Description of assumptions used Discount rate 3311 DDeecceemmbbeerr 22002244
31 December 2023
Nominal discount rate
5.25%
6.52%
Reference rate name
20-year Chilean Central Bank Bonds
20-year Chilean Central Bank Bonds
Governmental or corporate rate
Governmental
Governmental
Reference rating
AA\u2013/AA+
AA\u2013/AA+
Corresponds to an issuance market (primary) or secondary market
Secondary
Secondary
Issuance currency associated to the reference rate
Chilean peso
Chilean peso
Date of determination of the reference interest rate
08 November 2024
31 October 2023
Source of the reference interest rate
Bloomberg
Bloomberg
The discount rate is the interest rate used to discount the estimated future severance payments to their present value. The nominal discount rate shown in the table above is a simple average of the discount rates applied to the individual companies. The table above shows the principal instruments and assumptions utilised in determining the discount rate. Rate of increase in salaries This represents the estimated average rates of future salary increases, reflecting likely future promotions and other changes. This has been based on historical information for the Group for the period from 2020 to 2024. Turnover rate This represents the estimated average level of future employee turnover. This has been based on historical information for the Group for the period from 2020 to 2024. Sensitivity analysis Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and staff turnover. The sensitivity analysis below has been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. \u2022 If the discount rate is 100 basis points higher, the defined benefit obligation would decrease by $7.2 million (2023 \u2013 decrease by $6.5 million). If the discount rate is 100 basis points lower, the defined benefit obligation would increase by $7.7 million (2023 \u2013 increase by $7.1 million). \u2022 If the expected salary growth increases by 1%, the defined benefit obligation would increase by $7.8 million (2023 \u2013 increase by $7.0 million). If the expected salary growth decreases by 1%, the defined benefit obligation would decrease by $7.3 million (2023 \u2013 decrease by $6.5 million). \u2022 If the staff turnover increases by 1%, the defined benefit obligation would decrease by $2.1 million (2023 \u2013 decrease by $2.9million). If the staff turnover decreases by 1%, the defined benefit obligation would increase by $2.4 million (2023 \u2013 increase by $3.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "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 2024 was $0.1 million (2023 \u2013 $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain payable at the end of either year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "28 Deferred tax assets and liabilities
Accelerated Temporary
capital differences Withholding Short-term Mining tax
allowances on provisions tax differences (royalty) Tax losses Total
$m $m $m $m $m $m $m
At 1 January 2023
(1,467.1)
129.1
(71.6)
(67.8)
(111.9)
124.5
(1,464.8)
(Charge)/credit to income
(34.4)
14.0
3.2
(1.1)
(2.6)
18.0
(2.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
50.8
(85.1)
\u2013
(34.3)
Tax on exceptional items
\u2013
\u2013
\u2013
(41.8)
\u2013
\u2013
(41.8)
Reclassification
95.3
(77.1)
1.8
(30.0)
11.3
(1.3)
\u2013
Charge deferred in equity
\u2013
(2.9)
\u2013
(37.0)
(0.9)
\u2013
(40.8)
At 31 December 2023 and 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
2
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
1.A deferred tax expense of $126.7 million has been recognised in respect of the exceptional items, reflecting a fair value gain of $12.7 million in respect of the agreement the Groupentered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) and $114.0 million of deferred tax relating to theAntucoya impairment reversal.2.The $5.9 million of deferred tax recognised directly in equity relates to $7.7 million of deferred tax expense in respect of the movements in the fair value of equity investments (see Note19) and $1.8 million of deferred tax income in respect of actuarial loss on defined benefit plans.The charge to the income statement of $32.7 million (2023 \u2013 $2.9 million) included an impact from foreign exchange differences of $0.3 million (2023 \u2013$0.3 million). Additionally, the deferred tax balance includes a gain from a change in criteria for the royalty deferred tax in 2024, totalling $67.1 million(2023 \u2013 $91.9 million).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):
2024 2023
$m $m
Net deferred tax assets
9.7
72.0
Net deferred tax liabilities
(1,692.7)
(1,656.6)
Net deferred tax balances
(1,683.0)
(1,584.6)
The $9.7 million net deferred tax asset balance (2023 \u2013 $72.0 million) relates to the total deferred tax position of those individual Group entities whichhave a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset bydeferred tax liabilities in respect of accelerated capital allowances and other temporary differences.At 31 December 2024, the Group had unused tax losses of $661.4 million in respect of which no deferred tax asset has been recognised, as the relevantentities are currently loss-making; $141.1 million (2023 \u2013 $24.8 million) of these tax losses relate to Chilean entities where the tax losses can be carriedforward indefinitely, and $520.3 million (2023 \u2013 $496.8 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project.$267.5 million (2023 \u2013 $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carriedforward indefinitely.The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in aposition to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $7,397.9 million (31 December2023 \u2013 $7,101.1 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests inBuenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, ifthe Group maintains its existing interest in Buenaventura, it will qualify for the UK Substantial Shareholding Exemption in respect of its holding inBuenaventura, as it will have held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains taxin respect of its investment. Accordingly, it is expected that in March 2025 the Group will de-recognise its existing deferred tax liability.Temporary differences arising in connection with interests in associates are insignificant. The deferred tax balance of $1,683.0 million (2023 \u2013 $1,584.6 million) includes $1,535.0 million (2023 \u2013 $1,567.2 million) due in more than one year.The deferred tax assets of $9.7 million are all due in more than one year (2023 \u2013 $72.0 million). The deferred tax liabilities of $1,692.7 million (2023 \u2013 $1,656.6) include $208.8 million due in less than 1 year and $1,571.5 million due in more than one year.All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "29 Decommissioning and restoration provisions
2024 2023
$m $m
Balance at the beginning of the year
(441.1)
(488.2)
Charge to operating profit in the year
(0.8)
(12.8)
Unwind of discount to net interest in the year
(10.8)
(10.2)
Adjustment to provision discount rates
0.1
1.6
Capitalised adjustment to provision
1
13.0
31.9
Utilised in year
10.7
36.8
Foreign currency exchange difference
0.9
(0.2)
Balance at the end of the year
(428.0)
(441.1)
Short-term provisions
(5.9)
(15.2)
Long-term provisions
(422.1)
(425.9)
Total
(428.0)
(441.1)
1. Corresponds to the update of financial parameters or update of closure plans. 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 2024, the real discount rates ranged from 2.43% to 2.58% (31 December 2023: 2.29% to 2.41%). It is estimated that the provision will be utilised from 2025 until 2058 based on current mine plans, with approximately 15% of the total provision balance expected to be utilised between 2025 and 2034, approximately 55% between 2035 and 2044, approximately 30% between 2045 and 2054 and approximately 1% between 2054 and 2058. 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. Within this Annual Report, the Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This process includes 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "30 Share capital and other reserves I) Share capital The ordinary share capital of the Company is as follows:
2024 2023 2024 2023
Number Number $m $m
Authorised
Ordinary shares of 5p each
1,300,000,000
1,300,000,000
118.9
118.9
2024 2023 2024 2023
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 2024 or 2023. Details of the Company\u2019s preference share capital, which is included within borrowings in accordance with IAS 32 Financial Instruments, are given in Note 23A(xiv).II) Other reserves and retained earningsThe share premium account, fair value and translation reserves and retained earnings for both 2024 and 2023 are included within the consolidatedstatement of changes in equity as follows:
2024 2023
$m $m
Share premium
At 1 January and 31 December
199.2
199.2
Hedging reserves
1
At 1 January
\u2013
\u2013
Change in fair value of hedging instruments
2
(17.9)
\u2013
Tax on the above
4.8
\u2013
At 31 December
(13.1)
\u2013
Equity investment revaluation reserve
3
At 1 January
108.4
8.4
Gains on equity investment
22.0
100.0
Reclassification
4
(130.4)
\u2013
At 31 December
\u2013
108.4
Foreign currency translation reserves
5
At 1 January
(3.9)
(3.4)
Currency translation adjustment
(1.2)
(0.5)
At 31 December
(5.1)
(3.9)
Total other reserves per balance sheet
(18.2)
104.5
Retained earnings
At 1 January
8,558.4
8,333.5
Parent and subsidiaries\u2019 profit for the period
753.2
848.6
Equity-accounted units\u2019 (loss)/profit after tax for the period
76.2
(13.5)
Actuarial gains/(losses)
6
(9.4)
3.0
Reclassification
4
130.4
\u2013
Total comprehensive income for the year
950.4
838.1
Dividends paid
(317.4)
(613.2)
At 31 December
9,191.4
8,558.4
1.Hedging reserves comprise cash flow hedge reserve of $13.1m and cost of hedging of nil. See Note 25(D) for further information.2.Change in fair value of hedging instruments is net of the non-controlling interest impacts of $7.6 million.3.The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 19. 4.Corresponds to the reclassification of the fair value gain relating to the Buenaventura shares from the Equity investment revaluation reserve to Retained earnings, as explained in Note 19.5.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 cumulativedifferences relating to an investment are transferred to the income statement when the investment is disposed of.6.Actuarial gains or losses relating to long-term employee benefits of the Group and associates and joint ventures are as described in Note 26, and these figures are net of the non-controlling interest impacts.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "
I) Share capital
The ordinary share capital of the Company is as follows:
2024 2023 2024 2023
Number Number $m $m
Authorised
Ordinary shares of 5p each
1,300,000,000
1,300,000,000
118.9
118.9
2024 2023 2024 2023
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 2024 or 2023. Details of the Company\u2019s preference share
capital, which is included within borrowings in accordance with IAS 32 Financial Instruments, are given in Note 23A(xiv).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "
II) Other reserves and retained earnings
The share premium account, fair value and translation reserves and retained earnings for both 2024 and 2023 are included within the consolidated
statement of changes in equity as follows:
2024 2023
$m $m
Share premium
At 1 January and 31 December
199.2
199.2
Hedging reserves
1
At 1 January
\u2013
\u2013
Change in fair value of hedging instruments
2
(17.9)
\u2013
Tax on the above
4.8
\u2013
At 31 December
(13.1)
\u2013
Equity investment revaluation reserve
3
At 1 January
108.4
8.4
Gains on equity investment
22.0
100.0
Reclassification
4
(130.4)
\u2013
At 31 December
\u2013
108.4
Foreign currency translation reserves
5
At 1 January
(3.9)
(3.4)
Currency translation adjustment
(1.2)
(0.5)
At 31 December
(5.1)
(3.9)
Total other reserves per balance sheet
(18.2)
104.5
Retained earnings
At 1 January
8,558.4
8,333.5
Parent and subsidiaries\u2019 profit for the period
753.2
848.6
Equity-accounted units\u2019 (loss)/profit after tax for the period
76.2
(13.5)
Actuarial gains/(losses)
6
(9.4)
3.0
Reclassification
4
130.4
\u2013
Total comprehensive income for the year
950.4
838.1
Dividends paid
(317.4)
(613.2)
At 31 December
9,191.4
8,558.4
1.
Hedging reserves comprise cash flow hedge reserve of $13.1m and cost of hedging of nil. See Note 25(D) for further information.
2.
Change in fair value of hedging instruments is net of the non-controlling interest impacts of $7.6 million.
3.
The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 19.
4.
Corresponds to the reclassification of the fair value gain relating to the Buenaventura shares from the Equity investment revaluation reserve to Retained earnings, as explained in Note 19.
5.
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.
6.
Actuarial gains or losses relating to long-term employee benefits of the Group and associates and joint ventures are as described in Note 26, and these figures are net of the non-
controlling interest impacts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "31 Non-controlling interests The non-controlling interests of the Group during 2024 and 2023 were as follows:
Share of
profit/(loss)
Non-controlling At for the financial Capital Share of Hedging and At 31 December
interest 1 January 2024 year increase dividends actuarial gains 2024
%
Country
$m $m $m $m $m $m
Minera Los Pelambres SCM
40.0
Chile
1,429.6
329.1
\u2013
(240.0)
(0.9)
1,517.8
Minera Centinela SCM
30.0
Chile
1,448.3
52.1
156.7
\u2013
(7.0)
1,650.1
Minera Antucoya SCM
30.0
Chile
224.9
108.0
\u2013
\u2013
\u2013
332.9
Sociedad Contractual Minera El Encierro
42.8
Chile
(6.3)
(2.6)
0.1
\u2013
\u2013
(8.8)
Total
3,096.5
486.6
156.8
(240.0)
(7.9)
3,492.0
Share of
profit/(loss)
Non-controlling At for the financial Share of Hedging and At 31 December
interest 1 January 2023 year dividends actuarial losses 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
\u2013
2.0
1,448.3
Minera Antucoya SCM
30.0
Chile
219.3
5.5
\u2013
0.1
224.9
Sociedad Contractual Minera El Encierro
42.8
Chile
(2.2)
(4.1)
\u2013
\u2013
(6.3)
Total
3,016.9
464.3
(388.0)
3.3
3,096.5
The proportion of the voting rights is proportional to the economic interest for each of the companies listed above. For material entities with non-controlling interests, the summarised financial position and cash flow information for the years ended 31 December 2024 and 31 December 2023 is set out below:
Los Pelambres Centinela Antucoya
2024 2024 2024
$m $m $m
Non-controlling interest (%)
40.0%
30.0%
30.0%
Cash and cash equivalents
497.4
825.2
149.3
Current assets
1
1,472.3
2,111.9
533,4
Non-current assets
6,414.0
6,033.8
1,747.8
Current liabilities
(1,541.5)
(935.1)
(160.2)
Non-current liabilities
(2,535.3)
(1,942.0)
(431.6)
Net cash from operating activities
1,418.9
771.3
286.4
Net cash used in investing activities
(792.0)
(1,374.0)
(112.3)
Net cash (used in)/from financing activities
(332.5)
1,238.2
41.6
1. The current assets include cash and cash equivalents.
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
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. The current assets include cash and cash equivalents. A) Notes to the summarised financial position and cash flow i. The amounts disclosed for each subsidiary are based on the amounts included in the consolidated financial statements (100% of the results and balances of the subsidiary rather than the non-controlling interest proportionate share) before 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "32 Notes to the consolidated cash flow statement A) Reconciliation of profit before tax to cash flow from operations
2024 2023
$m $m
Profit before tax
2,071.1
1,965.5
Depreciation
1,568.2
1,211.3
Net loss on disposals
5.6
\u2013
Net finance expense/(income) \u2013 excluding exceptional items
64.8
(29.1)
Net share of loss/(profit) of associates and joint ventures
(76.2)
13.5
Exceptional items (see Note 4)
(422.4)
(167.1)
Increase in inventories
(166.5)
(31.6)
Decrease/(Increase) in debtors
243.1
(57.9)
(Decrease)/Increase in creditors
(10.7)
137.0
Decrease in provisions
(0.8)
(14.5)
Cash flow generated from operations
3,276.2
3,027.1
B) Analysis of changes in net debt
Movement
between At
At Amortisation of Capitalisation of maturity 31 December
1 January 2024 Cash flow New leases finance costs interest categories Fair value gains Exchange 2024
$m $m $m $m $m $m $m $m $m
Cash and cash
644.7
1,550.1
\u2013
\u2013
\u2013
\u2013
\u2013
(5.6)
2,189.2
equivalents
Liquid investments
2,274.7
(148.5)
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
2,127.1
Total cash and cash 2,919.4
1,401.6
\u2013
\u2013
\u2013
\u2013
0.9
(5.6)
4,316.3
equivalents
and liquid investments
Borrowings due within
(794.1)
154.0
\u2013
\u2013
\u2013
(579.8)
\u2013
\u2013
(1,219.9)
one year
Borrowings due after one (3,057.9)
(1,459.9)
\u2013
(13.5)
(17.9)
579.8
\u2013
\u2013
(3,969.4)
year
Other financial liabilities \u2013
4.6
\u2013
\u2013
\u2013
(10.7)
\u2013
\u2013
(6.1)
due within one year
Other financial liabilities \u2013
(598.6)
\u2013
\u2013
\u2013
10.7
\u2013
\u2013
(587.9)
due after one year
Leases due within one (107.8)
152.7
\u2013
\u2013
\u2013
(141.4)
\u2013
\u2013
(96.5)
year
Leases due after one year
(116.9)
\u2013
(111.1)
\u2013
\u2013
141.4
\u2013
23.4
(63.2)
Preference shares
(2.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
(2.4)
Total borrowings and
other liabilities from
financing activities
(4,079.2)
(1,747.2)
(111.1)
(13.5)
(17.9)
\u2013
\u2013
23.5
(5,945.4)
Net (debt)
(1,159.8)
(345.6)
(111.1)
(13.5)
(17.9)
\u2013
0.9
17.9
(1,629.1)
Movement
between At
At Amortisation of Capitalisation maturity 31 December
1 January 2023 Cash flow New leases finance costs of interest categories Other Exchange 2023
$m $m $m $m $m $m $m $m $m
Cash and cash
810.4
(162.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(3.7)
644.7
equivalents
Liquid investments
1,580.8
674.2
\u2013
\u2013
\u2013
\u2013
19.7
\u2013
2,274.7
Total cash and cash
2,391.2
512.2
\u2013
\u2013
\u2013
\u2013
19.7
(3.7)
2,919.4
equivalents
and liquid investments
Borrowings due within
(377.4)
116.7
\u2013
\u2013
\u2013
(533.4)
\u2013
\u2013
(794.1)
one year
Borrowings due after one
(2,765.4)
(797.2)
\u2013
(12.7)
(16.0)
533.4
\u2013
\u2013
(3,057.9)
year
Leases due within one
(55.1)
81.2
\u2013
\u2013
\u2013
(133.9)
\u2013
\u2013
(107.8)
year
Leases due after one year
(76.6)
\u2013
(178.6)
\u2013
\u2013
133.9
\u2013
4.4
(116.9)
Preference shares
(2.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.5)
Total borrowings and
other liabilities from
financing activities
(3,277.0)
(599.3)
(178.6)
(12.7)
(16.0)
\u2013
\u2013
4.4
(4,079.2)
Net debt
(885.8)
(87.1)
(178.6)
(12.7)
(16.0)
\u2013
19.7
0.7
(1,159.8)
C) Net debt
2024 2023
$m $m
Cash, cash equivalents and liquid investments
4,316.3
2,919.4
Total borrowings and other financial liabilities
(5.945.4)
(4,079.2)
Net debt
(1,629.1)
(1,159.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "33 Exchange rates Assets and liabilities denominated in foreign currencies are translated into US dollars and Sterling at the period-end rates of exchange. Results denominated in foreign currencies have been translated into US dollars at the average rate for each period.
2024
2023
Year-end rates
$1.254 = \u00a31;
$1.275 = \u00a31;
$1 = Ch$996.5 $1 = Ch$877.12
Average rates
$1.277 = \u00a31;
$1.244 = \u00a31;
$1 = Ch$944.1 $1 = Ch$839.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "34 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below. The transactions entered into with related parties who are not members of the Group are set out below. There are no guarantees given or received and no provisions for doubtful debts related to the amount of outstanding balances. A) Qui\u00f1enco SA Qui\u00f1enco SA (\u201cQui\u00f1enco\u201d) is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock Exchange, and in which members of the Luksic family are interested. Two Directors of the Company, Jean-Paul Luksic and Andronico Luksic C, 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: \u2022 The Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $318.4 million (2023 \u2013 $337.8 million). The balance due to ENEX SA at the end of the year was $17.9 million (2023 \u2013 $13.3 million) \u2022 The Group earned interest income of $1.0 million (2023 \u2013 $0.9 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 $30.5 million (2023 \u2013 nil) \u2022 The Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $13.2 million (2023 \u2013 $9.0 million). The balance due to Hapag Lloyd at the end of the year was nil (2023 \u2013 nil) \u2022 The Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Qui\u00f1enco, of $0.3 million (2023 \u2013 $0.2 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2023 \u2013 nil). B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA In 2024, 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 $0.6 million (2023 \u2013 $0.8 million). C) Antomin 2 Limited and Antomin Investors Limited The Group holds a 51% interest in Antomin 2 Limited (\u201cAntomin 2\u201d) and Antomin Investors Limited (\u201cAntomin Investors\u201d), which own a number of copper exploration properties. The Group originally acquired its 51% interest in these properties for a nominal consideration from Mineralinvest Establishment (\u201cMineralinvest\u201d), a company in which members of the Luksic family are interested, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. During the year ended 31 December 2024, the Group incurred $0.1 million (year ended 31 December 2023 \u2013 $0.1 million) of exploration expense at these properties. As detailed in Note 37, subsequent to the year-end, in January 2025 the Group entered into an agreement with Mineralinvest to acquire its 49% interest in Antomin Investors. D) Compa\u00f1ia Minera Zald\u00edvar SpA The Group has a 50% interest in Zald\u00edvar (see Note 18), which is a joint venture with Barrick Gold Corporation. Antofagasta is the operator of Zald\u00edvar. The balance due from Zald\u00edvar to Group companies at the end of the year was $2.2 million (2023 \u2013 $6.7 million). During 2024, Zald\u00edvar declared dividends of nil to the Group (2023 \u2013 nil). E) Compa\u00f1ia de Minas Buenaventura S.A.A The Group has a 18.94% interest in Compa\u00f1\u00eda de Minas Buenaventura S.A.A, which is an associate. During the year ended 31 December 2024, the Group has received dividends from Buenaventura of $3.5 million. F) Directors and other key management personnel Information relating to Directors\u2019 remuneration and interests is included in the Remuneration Report, which does not form part of these financial statements. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "34 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below. The transactions entered into with related parties who are not members of the Group are set out below. There are no guarantees given or received and no provisions for doubtful debts related to the amount of outstanding balances. A) Qui\u00f1enco SA Qui\u00f1enco SA (\u201cQui\u00f1enco\u201d) is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock Exchange, and in which members of the Luksic family are interested. Two Directors of the Company, Jean-Paul Luksic and Andronico Luksic C, 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: \u2022 The Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $318.4 million (2023 \u2013 $337.8 million). The balance due to ENEX SA at the end of the year was $17.9 million (2023 \u2013 $13.3 million) \u2022 The Group earned interest income of $1.0 million (2023 \u2013 $0.9 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 $30.5 million (2023 \u2013 nil) \u2022 The Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $13.2 million (2023 \u2013 $9.0 million). The balance due to Hapag Lloyd at the end of the year was nil (2023 \u2013 nil) \u2022 The Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Qui\u00f1enco, of $0.3 million (2023 \u2013 $0.2 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2023 \u2013 nil). B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA In 2024, 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 $0.6 million (2023 \u2013 $0.8 million). C) Antomin 2 Limited and Antomin Investors Limited The Group holds a 51% interest in Antomin 2 Limited (\u201cAntomin 2\u201d) and Antomin Investors Limited (\u201cAntomin Investors\u201d), which own a number of copper exploration properties. The Group originally acquired its 51% interest in these properties for a nominal consideration from Mineralinvest Establishment (\u201cMineralinvest\u201d), a company in which members of the Luksic family are interested, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. During the year ended 31 December 2024, the Group incurred $0.1 million (year ended 31 December 2023 \u2013 $0.1 million) of exploration expense at these properties. As detailed in Note 37, subsequent to the year-end, in January 2025 the Group entered into an agreement with Mineralinvest to acquire its 49% interest in Antomin Investors. D) Compa\u00f1ia Minera Zald\u00edvar SpA The Group has a 50% interest in Zald\u00edvar (see Note 18), which is a joint venture with Barrick Gold Corporation. Antofagasta is the operator of Zald\u00edvar. The balance due from Zald\u00edvar to Group companies at the end of the year was $2.2 million (2023 \u2013 $6.7 million). During 2024, Zald\u00edvar declared dividends of nil to the Group (2023 \u2013 nil). E) Compa\u00f1ia de Minas Buenaventura S.A.A The Group has a 18.94% interest in Compa\u00f1\u00eda de Minas Buenaventura S.A.A, which is an associate. During the year ended 31 December 2024, the Group has received dividends from Buenaventura of $3.5 million. F) Directors and other key management personnel Information relating to Directors\u2019 remuneration and interests is included in the Remuneration Report, which does not form part of these financial statements. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "35 Litigation and contingent liabilities The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. The Group cannot predict the outcome of individual legal actions or claims or complaints or investigations. As a result, the Group may become subject to liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may incur, in the future, judgement or enter into settlements of claims that could lead to material cash outflows. The Group does not expect a material loss 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "35 Litigation and contingent liabilities The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. The Group cannot predict the outcome of individual legal actions or claims or complaints or investigations. As a result, the Group may become subject to liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may incur, in the future, judgement or enter into settlements of claims that could lead to material cash outflows. The Group does not expect a material loss 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "36 Ultimate Parent Company The immediate parent company of the Group is Metalinvest Establishment and the ultimate parent company is 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 interests 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "37 Post-balance-sheet events A) Antomin Investors Limited As detailed in Note 34, the Group holds a 51% interest in Antomin Investors, which owns a number of copper exploration properties. The Group originally acquired its 51% interest in these properties for a nominal consideration from Mineralinvest, a company in which members of the Luksic family are interested, which continues to hold the remaining 49% of Antomin Investors. In January 2025, the Group entered into an agreement with Mineralinvest to acquire its 49% interest in Antomin Investors\u2019 copper exploration properties in the Centinela District for $80 million. Properties currently held by Antomin Investors that are outside the Centinela District will be demerged into a new entity, held 51% by the Group and 49% by Mineralinvest. The acquisition of Antomin Investors is expected to complete later in 2025, following that demerger. This transaction further consolidates the Group\u2019s mining property interests in the Centinela District, providing flexibility for future growth options. This transaction was overseen and approved by a committee of independent Directors who sought and received confirmation from a financial adviser, a major international investment bank with extensive experience in advising UK issuers on such matters, that the terms of the transaction were fair and reasonable as far as the shareholders of the companies were concerned. B) Los Pelambres financing In March 2025, Los Pelambres completed a $2 billion financing associated with its water assets. Through a structured financing solution, Los Pelambres, via a wholly owned subsidiary, has secured a $2 billion facility, which comprises an initial tranche of $1,550 million with a private placement bond with a 20-year term in addition to a second tranche with a group of commercial banks, amounting to the remaining $450 million with a term of approximately 9 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }