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Investments accounted for using the equity method (Tables) | 12 Months Ended
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Jun. 30, 2019
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Summary of Ownership Interest in Equity Accounted Investments | Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s ownership interest in equity accounted investments results are listed in the table below. For a complete list of the Group’s associates and joint ventures, refer to Exhibit 8.1 – List of Subsidiaries.
Significant associates and joint ventures |  | Country of incorporation/ principal place of business |  | Associate or joint venture |  | Principal activity |  | Reporting date |  | Ownership interest |
| 2019 % |  |  | 2018 % |
Cerrejón |  | Anguilla/ Colombia/ Ireland |  | Associate |  | Coal mining in Colombia |  | 31 December |  |  | 33.33 |  |  |  | 33.33 |
Compañía Minera Antamina S.A. (Antamina) |  | Peru |  | Associate |  | Copper and zinc mining |  | 31 December |  |  | 33.75 |  |  |  | 33.75 |
Samarco Mineração S.A. (Samarco) |  | Brazil |  | Joint venture |  | Iron ore mining |  | 31 December |  |  | 50.00 |  |  |  | 50.00 |
Summary of Movements of Investments Accounted for using the Equity Method | The movement for the year in the Group’s investments accounted for using the equity method is as follows:
Year ended 30 June 2019 US$M |  | Investment in associates |  |  | Investment in joint ventures |  |  | Total equity accounted investments |
At the beginning of the financial year |  |  | 2,473 |  |  |  | – |  |  |  | 2,473 |
(Loss)/profit from equity accounted investments, related impairments and expenses (1) |  |  | 399 |  |  |  | (945 | ) |  |  | (546 | )
Investment in equity accounted investments |  |  | 207 |  |  |  | 96 |  |  |  | 303 |
Dividends received from equity accounted investments |  |  | (510 | ) |  |  | – |  |  |  | (510 | )
Other |  |  | – |  |  |  | 849 |  |  |  | 849 |
At the end of the financial year |  |  | 2,569 |  |  |  | – |  |  |  | 2,569 |
(1) | US$(945) million represents US$(96) million share of loss from US$(96) million funding provided during the period and US$(849) million movement in provisions related to the Samarco dam failure including US$(579) million change in estimate, US$(7) million exchange translation and US$(263) million Samarco Germano dam decommissioning provision. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information.
Summary of Financial Information of Significant Equity Accounted Investments | The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. BHP Billiton Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Billiton Brasil has no funding obligation, is US$250 million (2018: US$550 million).
|  | Associates |  |  | Joint ventures |  |  |  |
2019 US$M |  | Antamina |  |  | Cerrejón |  |  | Individually immaterial (1) |  |  | Samarco (2) |  |  | Individually immaterial |  |  | Total |
Current assets |  |  | 1,065 |  |  |  | 845 |  |  |  |  |  |  |  | 290 | (3) |  |  |  |  |  |  |  |
Non-current assets |  |  | 4,495 |  |  |  | 2,664 |  |  |  |  |  |  |  | 6,103 |  |  |  |  |  |  |  |  |
Current liabilities |  |  | (498 | ) |  |  | (344 | ) |  |  |  |  |  |  | (6,704 | ) (4) |  |  |  |  |  |  |  |
Non-current liabilities |  |  | (1,076 | ) |  |  | (801 | ) |  |  |  |  |  |  | (5,830 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – 100% |  |  | 3,986 |  |  |  | 2,364 |  |  |  |  |  |  |  | (6,141 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – Group share |  |  | 1,345 |  |  |  | 788 |  |  |  |  |  |  |  | (3,071 | ) |  |  |  |  |  |  |  |
Adjustments to net assets related to accounting policy adjustments |  |  | – |  |  |  | 65 |  |  |  |  |  |  |  | 366 | (5) |  |  |  |  |  |  |  |
Impairment of the carrying value of the investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (525 | ) (6) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3,145 | (7) |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 85 | (8) |  |  |  |  |  |  |  |
Carrying amount of investments accounted for using the equity method |  |  | 1,345 |  |  |  | 853 |  |  |  | 371 |  |  |  | – |  |  |  | – |  |  |  | 2,569 |
Revenue – 100% |  |  | 3,203 |  |  |  | 2,094 |  |  |  |  |  |  |  | 24 |  |  |  |  |  |  |  |  |
Profit/(loss) from Continuing operations – 100% |  |  | 1,168 |  |  |  | 309 |  |  |  |  |  |  |  | (2,166 | ) (9) |  |  |  |  |  |  |  |
Share of operating profit/(loss) of equity accounted investments |  |  | 394 |  |  |  | 103 |  |  |  |  |  |  |  | (1,075 | ) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 108 |  |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 22 | (8) |  |  |  |  |  |  |  |
(Loss)/profit from equity accounted investments, related impairments and expenses |  |  | 394 |  |  |  | 103 |  |  |  | (98 | ) |  |  | (945 | ) |  |  | – |  |  |  | (546 | )
Comprehensive income/(loss) – 100% |  |  | 1,168 |  |  |  | 309 |  |  |  |  |  |  |  | (2,166 | ) |  |  |  |  |  |  |  |
Share of comprehensive income/(loss) – Group share in equity accounted investments |  |  | 394 |  |  |  | 103 |  |  |  | (98 | ) |  |  | (945 | ) |  |  | – |  |  |  | (546 | )
Dividends received from equity accounted investments |  |  | 361 |  |  |  | 134 |  |  |  | 15 |  |  |  | – |  |  |  | – |  |  |  | 510 |
|  | Associates |  |  | Joint ventures |  |  |  |
2018 US$M |  | Antamina |  |  | Cerrejón |  |  | Individually immaterial (1) |  |  | Samarco (2) |  |  | Individually immaterial |  |  | Total |
Current assets |  |  | 1,099 |  |  |  | 1,187 |  |  |  |  |  |  |  | 79 | (3) |  |  |  |  |  |  |  |
Non-current assets |  |  | 4,385 |  |  |  | 2,485 |  |  |  |  |  |  |  | 6,023 |  |  |  |  |  |  |  |  |
Current liabilities |  |  | (532 | ) |  |  | (585 | ) |  |  |  |  |  |  | (5,811 | ) (4) |  |  |  |  |  |  |  |
Non-current liabilities |  |  | (1,064 | ) |  |  | (663 | ) |  |  |  |  |  |  | (4,265 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – 100% |  |  | 3,888 |  |  |  | 2,424 |  |  |  |  |  |  |  | (3,974 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – Group share |  |  | 1,312 |  |  |  | 808 |  |  |  |  |  |  |  | (1,987 | ) |  |  |  |  |  |  |  |
Adjustments to net assets related to accounting policy adjustments |  |  | 1 |  |  |  | 75 |  |  |  |  |  |  |  | 357 | (5) |  |  |  |  |  |  |  |
Impairment of the carrying value of the investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (525 | ) (6) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 2,092 | (7) |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 63 | (8) |  |  |  |  |  |  |  |
Carrying amount of investments accounted for using the equity method |  |  | 1,313 |  |  |  | 883 |  |  |  | 277 |  |  |  | – |  |  |  | – |  |  |  | 2,473 |
Revenue – 100% |  |  | 3,866 |  |  |  | 2,453 |  |  |  |  |  |  |  | 30 |  |  |  |  |  |  |  |  |
Profit/(loss) from Continuing operations – 100% |  |  | 1,613 |  |  |  | 576 |  |  |  |  |  |  |  | (1,558 | ) (9) |  |  |  |  |  |  |  |
Share of operating profit/(loss) of equity accounted investments |  |  | 544 |  |  |  | 192 |  |  |  |  |  |  |  | (823 | ) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 251 |  |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 63 | (8) |  |  |  |  |  |  |  |
Profit/(loss) from equity accounted investments, related impairments and expenses |  |  | 544 |  |  |  | 192 |  |  |  | (80 | ) |  |  | (509 | ) |  |  | – |  |  |  | 147 |
Comprehensive income/(loss) – 100% |  |  | 1,613 |  |  |  | 576 |  |  |  |  |  |  |  | (1,558 | ) |  |  |  |  |  |  |  |
Share of comprehensive income/(loss) – Group share in equity accounted investments |  |  | 544 |  |  |  | 192 |  |  |  | (80 | ) |  |  | (509 | ) |  |  | – |  |  |  | 147 |
Dividends received from equity accounted investments |  |  | 496 |  |  |  | 181 |  |  |  | 16 |  |  |  | – |  |  |  | – |  |  |  | 693 |
|  | Associates |  |  | Joint ventures |  |  |  |
2017 US$M |  | Antamina |  |  | Cerrejón |  |  | Individually immaterial |  |  | Samarco (2) |  |  | Individually immaterial |  |  | Total |
Revenue – 100% |  |  | 2,905 |  |  |  | 2,247 |  |  |  |  |  |  |  | 28 |  |  |  |  |  |  |  |  |
Profit/(loss) from Continuing operations – 100% |  |  | 1,010 |  |  |  | 388 |  |  |  |  |  |  |  | (1,520 | ) (9) |  |  |  |  |  |  |  |
Share of operating profit/(loss) of equity accounted investments |  |  | 341 |  |  |  | 129 |  |  |  |  |  |  |  | (760 | ) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 588 |  |  |  |  |  |  |  |  |
Profit/(loss) from equity accounted investments, related impairments and expenses |  |  | 341 |  |  |  | 129 |  |  |  | (26 | ) |  |  | (172 | ) |  |  | – |  |  |  | 272 |
Comprehensive income/(loss) – 100% |  |  | 1,010 |  |  |  | 388 |  |  |  |  |  |  |  | (1,520 | ) |  |  |  |  |  |  |  |
Share of comprehensive income/(loss) – Group share in equity accounted investments |  |  | 341 |  |  |  | 129 |  |  |  | (26 | ) |  |  | (172 | ) |  |  | – |  |  |  | 272 |
Dividends received from equity accounted investments |  |  | 425 |  |  |  | 163 |  |  |  | 32 |  |  |  | – |  |  |  | – |  |  |  | 620 |
(1) | The unrecognised share of profit for the period was US$15 million (2018: unrecognised share of loss for the period was US$56 million), which decreased the cumulative losses to US$181 million (2018: increase to US$196 million).
(2) | Refer to note 4 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Billiton Brasil’s share of Samarco’s losses.
(3) | Includes cash and cash equivalents of US$246 million (2018: US$23 million).
(4) | Includes current financial liabilities (excluding trade and other payables and provisions) of US$5,510 million (2018: US$5,066 million).
(5) | Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable.
(6) | In the year ended 30 June 2016 BHP Billiton Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment).
(7) | BHP Billiton Brasil has recognised accumulated additional share of Samarco losses of US$(3,145) million resulting from US$(310) million share of loss from funding provided to Samarco and US$(2,835) million from provisions relating to the Samarco dam failure, including US$(319) million recognised as net finance costs.
(8) | Share of Samarco’s losses for which BHP Billiton Brasil does not have an obligation to fund.
(9) | Includes depreciation and amortisation of US$85 million (2018: US$73 million; 2017: US$88 million), interest income of US$22 million (2018: US$31 million; 2017: US$57 million), interest expense of US$342 million (2018: US$385 million; 2017: US$473 million) and income tax benefit/(expense) of US$52 million (2018: US$(154) million; 2017: US$(851) million).

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