Report 2022
Tax
Antofagasta plc
OUR APPROACH | OUR BUSINESS |
high mountain area, choapa province, coquimbo region.
THE SOCIAL IMPACT OF OUR TAX CONTRIBUTION | APPENDICES | 2 |
Contents
3 Our approach
- About this Tax Report
- A word from our CEO
- A word from our CFO
11 Our business
- The Social impact of our tax contribution
- Generating a positive impact and development in the areas where we operate
- Antofagasta plc tax strategy
- Economic contribution during the mining lifecycle
22 Tax description
- Payments detail of the companies of Antofagasta's mining division
- Sworn statements and global fiscal transparency
- Appendices
- Independent review opinion
- Reconciliation between tax charge and tax payments
- Reconciliation: Annual Report and payments to governments
- Reconciliation: Payments to governments and tax payments 2022
We strongly believe in a more sustainable world. Therefore, only 100 copies of this 2022 Tax Report have been printed.
OUR APPROACH | OUR BUSINESS |
Our approach
THE SOCIAL IMPACT OF OUR TAX CONTRIBUTION
APPENDICES
3
OUR APPROACH | OUR BUSINESS | THE SOCIAL IMPACT OF OUR TAX CONTRIBUTION |
APPENDICES
4
Our approach
Antofagasta plc is one of the ten largest copper producers in the world. We are an international mining company with an operational base in Chile. We have high trained professionals in the sector and we always strive for excellence in everything we do. We are interested in helping to set the path for the mining of the future.
Antofagasta plc is listed on the London Metal Exchange and is part of the FTSE 100 index. It participates in sustainability indices, DJSI, FTSE4Good and STOXX Global ESG Leaders.
The Luksic Group controls about 65% of Antofagasta plc's common shares and the remaining 35% is held by institutional or individual shareholders. Mining represents more than 97% of revenues and
EBITDA.
Antofagasta plc owns the Ferrocarril de Antofagasta a Bolivia (FCAB), which provides rail and road transportation services in northern Chile, primarily for mining clients, including the transfer of cathodes from our operations, which represents 3% of our revenue.
The Group operates four open-cut copper mines located in Chile, two of which also produce by-products, molybdenum and gold.
Minera Centinela, Minera Antucoya and Minera Zaldívar are located in the Antofagasta region, in northern Chile. Minera Los Pelambres is located in the Coquimbo region, in the central zone of the country.
Our vision is to be an international mining company, focused on copper and its by-products, known for its operating efficiency, creation of sustainable value, high profitability and as a preferred partner in the global mining industry.
We are committed to sustainable mining and contributing to the development of Chile and the wellbeing of people who live in our areas of influence.
Our commitment is to comply with the tax laws and practices in all the territories in which we operate. Compliance for the Anto- fagasta Group means paying the right amount of tax, in the right place, at the right time, and involves disclosing all relevant facts and circumstances to the tax authorities and claiming relief and incentives where available and in the manner in which they were intended to be claimed.
plant workers, minera centinela, antofagasta region.
OUR APPROACH | OUR BUSINESS |
Key performance highlights in 2022
Record year for safety, and strong growth in mineral resources. Production in transition while Los Pelambres advances its expansion projects.
NON-FINANCIAL HIGHLIGHTS
THE SOCIAL IMPACT OF OUR TAX CONTRIBUTION | APPENDICES |
FINANCIAL HIGHLIGHTS
5
SAFETY
0.84
COPPER PRODUCTION2
646,200
MINERAL RESOURCES3
20.1bn
NET CASH COSTS4
EBITDA4 | PROFIT BEFORE TAX EXCLUDING |
EXCEPTIONAL ITEMS |
0
Fatalities LTIFR1
Record safety performance, with no fatal accidents, and all our safety indicators improved during the year.
tonnes
Copper production decreased by 10% mainly due to the temporary reduction in throughput at Los Pelambres as a result of the drought and the reduced concentrate pipeline availability in June, and expected lower grades at Centinela Concentrates.
tonnes
Total mineral resources increased by 1 billion tonnes during the year.
GROWTH PROJECTS
$1.61/lb
Increased by 34% since 2021 mainly due to the impact of the drought and higher input prices, partly offset by the weaker Chilean peso and savings coming from our Cost and Competitiveness Programme.
$2,930m
Decreased by 39% with an EBITDA margin of 50%, reflecting a decrease in copper sales, a lower copper price, higher inflation and higher input prices.
$1,614.2m
Profit before tax decreased by 56%.
Zaldívar Chloride Leach project
UNDERLYING EARNINGS | EBITDA MINING | TOTAL DIVIDEND PER |
PER SHARE EXCLUDING | DIVISION4 | SHARE |
WATER
WITHDRAWAL
73 GL
of which 45.4% was sea water.
GENDER
DIVERSITY
20.4%
of our employees are woman.
SCOPE 1 AND 2
EMISSIONS
1.3 million tCO2e
Decreased by 37% since 2021.
TOTAL ECONOMIC
CONTRIBUTION
$7.4bn
We generate economic value for all our stakeholders, 4% higher than last year.
100%
completed in 2022.
Esperanza Sur Pit project
100%
pre-stripping completed by December 2023.
Los Pelambres Expansion project
93%
complete as at the end of 2022 with the desalination plant and the concentrator plant expansion due to be in production during the second quarter of 2023.
Centinela Second Concentrator project
Engineering and pre-investment studies underway.
EXCEPTIONAL ITEMS4 | ||
$59.7¢ | $2,850m | $59.7¢ |
Underlying earnings per share de- | Equivalent to a payout ratio of 100%. | |
creased by 82.8 cents or 58% com- | ||
pared with 2021 on lower EBITDA. | ||
EBITDA TRANSPORT | ||
DIVISION4 | ||
$80m |
1 The Lost Time Injury Frequency Rate is the number of accidents with lost time per million hours worked.
2 100% of production at Los Pelambres, Centinela and Antucoya, and 50% of Zaldívar's production.
3 Mineral resources (including ore reserves) relating to the Group's subsidiaries on a 100% basis and Zaldívar on a 50% basis.
4 Non-IFRS measure, refer to the alternative performance measures section in Antofagasta plc's Annual Report 2022 on page 238.
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Disclaimer
Antofagasta plc published this content on 20 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2023 06:23:14 UTC.