09:42 Mon 29 Jun 2020
Antofagasta PLC - REPORT ON PAYMENTS TO GOVERNMENTS
NEWS RELEASE,
REPORT ON PAYMENTS TO GOVERNMENTS
"I am pleased to issue today
"All of our operating mines are located in
A copy of the report can be found below and on the Company's website at http://www.antofagasta.co.uk/investors/reports-presentations/ .
Investors - |
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Telephone |
+44 20 7808 0988 |
Telephone |
+44 20 7404 5959 |
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Will Medvei |
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Telephone |
+44 20 7808 0988 |
Telephone |
+44 20 7404 5959 |
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Media - |
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Telephone |
+56 2 2798 7000 |
2019 REPORT ON PAYMENTS TO GOVERNMENTS
INTRODUCTION
This report details payments to governments made by
Antofagasta is a
Three of
The Group's principal activity outside of
The parent company
All of the revenues and operating costs of the Group's mining operations, and the large majority of the mining division's corporate costs, are therefore recorded by Group legal entities within the same tax jurisdiction, namely
BASIS OF PREPARATION
Scope of report
Disclosure of payments to governments is required in respect of payments arising from the exploration, discovery, development and extraction of minerals; the payments included within this report therefore relate only to Antofagasta's mining activities, and exclude payments made by its transport division.
Groups are required to prepare a consolidated report disclosing payments made by the parent company and its subsidiary undertakings. Accordingly, this report reflects payments made by the Group companies conducting mining and exploration activities, or holding investments in the Group's mining operations, mining properties, infrastructure required for the mining operations and cash generated by the mining operations (Los Pelambres, Centinela, Antucoya,
Payments
The payments disclosed in this report are on a cash basis. Chilean corporate tax payments on account made during a year are typically based on the prior year's taxable profit, and therefore the tax cash payments are likely to differ from the current tax charge reflected in the Group's income statement. Any cash refunds for excess payments made in the previous year are offset against current year payments, and if the refunds exceed the payments the net refund is shown as a negative amount in this report.
The payments made to governments are required to be analysed into the following categories:
· Production entitlements
· Taxes - taxes levied on the production or profits of companies, excluding taxes levied on consumption, value added taxes, personal income taxes, sales taxes, property taxes or municipal charges.
In
The "taxes" reflected in this report in respect of the amounts levied on the profits generated by the Group's mining activities in
· Royalties - typically amounts levied based on production levels or revenues. As noted above, the Chilean mining "royalty" tax is a profits-based tax rather than a production or revenue-based royalty.
· Dividends
· Bonuses - signature, discovery and production bonuses
· Fees - licence fees, rental fees, entry fees and other considerations for mining licences or concessions.
· Infrastructure improvements - payments to governments for the construction of major public infrastructure such as highways, railways, bridges and port facilities. Payments which form part of the Group's social investment activities, for example contributions in respect of local schools, health care or community facilities, or improvements to the general environment of local communities, such as improvements to local roads and public spaces, are excluded.
Government
"Government" means any national, regional or local authority of a country, and includes a department, agency or undertaking that is a subsidiary undertaking where the authority is the parent undertaking.
Materiality
Under the Regulations a payment need not be disclosed if it is a single payment of less than the equivalent of
Analysis by project / entity
An analysis of payments by project is required where payments are attributable to specific projects. Projects are defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. Where agreements are substantially interconnected in operating and geographical terms, with substantially similar terms, those agreements should be treated as a single project. Payments may be disclosed at an entity level where payments are made in respect of obligations imposed at that entity level rather than at a project level.
Rounding
The amounts shown in this report have been rounded to the nearest
PAYMENTS TO GOVERNMENT - 2019
COUNTRY SUMMARY |
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Production entitlement US$ |
Taxes
US$ |
Royalties
US$ |
Dividends
US$ |
Bonuses
US$ |
Fees
US$ |
Infrastructure improvements US$ |
Total
US$ |
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Type |
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- |
398,097,000 |
- |
- |
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6,898,000 |
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404,995,000 |
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- |
- |
- |
- |
- |
984,000 |
- |
984,000 |
Total |
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398,097,000 |
- |
- |
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7,882,000 |
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405,979,000 |
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GOVERNMENT REPORT |
Production entitlement US$ |
Taxes
US$ |
Royalties
US$ |
Dividends
US$ |
Bonuses
US$ |
Fees
US$ |
Infrastructure improvements US$ |
Total
US$ |
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Type |
Tesorería General de la República de |
- |
398,097,000 |
- |
- |
- |
6,898,000 |
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404,995,000 |
Total |
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398,097,000 |
- |
- |
- |
6,898,000 |
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404,995,000 |
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PROJECT REPORT |
Production entitlement US$ |
Taxes
US$ |
Royalties
US$ |
Dividends
US$ |
Bonuses
US$ |
Fees
US$ |
Infrastructure improvements US$ |
Total
US$ |
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Type |
Los Pelambres |
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311,720,000 |
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941,000 |
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312,661,000 |
Centinela |
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76,197,000 |
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1,537,000 |
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77,734,000 |
Antucoya |
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(524,000) |
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- |
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192,000 |
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(332,000) |
Exploration activities (within |
- |
- |
- |
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4,117,000 |
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4,117,000 |
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(27,379,000) |
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- |
- |
- |
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(27,379,000) |
Inversiones Los Pelambres Ltda. |
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38,083,000 |
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38,083,000 |
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18,000 |
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18,000 |
Minera Pampa Fénix SCM |
- |
- |
- |
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93,000 |
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93,000 |
Total |
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398,097,000 |
- |
- |
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6,898,000 |
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404,995,000 |
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GOVERNMENT REPORT |
Production entitlement US$ |
Taxes
US$ |
Royalties
US$ |
Dividends
US$ |
Bonuses
US$ |
Fees
US$ |
Infrastructure improvements US$ |
Total
US$ |
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Type |
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- |
- |
- |
- |
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445,000 |
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445,000 |
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- |
- |
- |
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539,000 |
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539,000 |
Total |
- |
- |
- |
- |
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984,000 |
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984,000 |
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PROJECT REPORT |
Production entitlement US$ |
Taxes
US$ |
Royalties
US$ |
Dividends
US$ |
Bonuses
US$ |
Fees
US$ |
Infrastructure improvements US$ |
Total
US$ |
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Type |
Twin Metals |
- |
- |
- |
- |
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984,000 |
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984,000 |
Total |
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984,000 |
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984,000 |
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