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Principal associates | 12 Months Ended
--- | ---
Dec. 31, 2018
Disclosure Of Significant Investments In Associates [Abstract] |
Principal associates | Notes to the 2018 financial statements continued 36 Principal associates
At 31 December 2018
Company and country of incorporation/operation | Principal activities | Number of shares held | Class of shares held | Proportion of class held (%) | Group interest (%)
Australia |  |  |  |  |
Boyne Smelters Limited (a) | Aluminium smelting | 153,679,560 | Ordinary | 59.4 | 59.4
Brazil |  |  |  |  |
Mineração Rio do Norte S.A. (b) | Bauxite mining | 25,000,000,000 | Ordinary | 12.5 | 12
47,000,000,000 | Preferred | 11.75
US |  |  |  |  |
Halco (Mining) Inc. | (c) | 4,500 | Common | 45 | 45
This list includes only those associates that have a more significant impact on the profit or operating assets of the Group. Refer to note 47 for a list of related undertakings. The Group’s principal associates are held by intermediate holding companies and not directly by Rio Tinto plc or Rio Tinto Limited.
(a) | The parties that collectively control Boyne Smelters Limited do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the parties. Although each combination requires Rio Tinto’s approval, this is not joint control as defined under IFRS 11. Rio Tinto is therefore determined to have significant influence over this company.
(b) | Although the Group holds only 12% of Mineração Rio do Norte S.A., it has representation on its board of directors and a consequent ability to participate in the financial and operating policy decisions. It is therefore determined that Rio Tinto has significant influence.
(c) | Halco (Mining) Inc. has a 51% indirect interest in Compagnie des Bauxites de Guinée, a bauxite mine, the core assets of which are located in Guinea.
Summary information for associates that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the associate’s financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto.
|  |  | Boyne |  | Boyne |
|  |  | Smelters |  | Smelters |
|  |  | Limited (a) |  | Limited (a) |
|  |  | 2018 |  | 2017 |
|  |  | US$m |  | US$m |
Revenue |  |  |  | - |  |  | - |
(Loss)/profit after tax |  |  |  | (12 | ) |  | 5 |
Other comprehensive (loss)/income (b) |  |  |  | (68 | ) |  | 56 |
Total comprehensive (loss)/income |  |  |  | (80 | ) |  | 61 |
Non-current assets |  |  |  | 1,268 |  |  | 1,468 |
Current assets |  |  |  | 93 |  |  | 88 |
Current liabilities |  |  |  | (113 | ) |  | (99 | )
Non-current liabilities |  |  |  | (842 | ) |  | (996 | )
Net assets |  |  |  | 406 |  |  | 461 |
Reconciliation of the above amounts to the investment recognised in the Group balance sheet
Group interest |  |  |  | 59.4 | % |  | 59.4 | %
Net assets |  |  |  | 406 |  |  | 461 |
Group's ownership interest |  |  |  | 241 |  |  | 274 |
Loans to equity accounted units |  |  |  | 129 |  |  | 159 |
Carrying value of Group's interest |  |  |  | 370 |  |  | 433 |
(a) | Boyne Smelters Limited is a tolling operation; as such it is dependent on its participants for funding which is provided through cash calls. Rio Tinto has made certain prepayments to Boyne for toll processing of alumina. These are charged to Group operating costs as processing takes place.
(b) | “Other comprehensive (loss)/income” is net of amounts recognised by subsidiaries in relation to quasi equity loans.
Summary information for joint ventures and associates that are not individually material to the Group
| Joint |  | Joint |  |  |  |  |  |  |
| ventures |  | ventures |  | Associates |  | Associates |
| 2018 |  | 2017 |  | 2018 |  | 2017 |
| US$m |  | US$m |  | US$m |  | US$m |
Carrying value of Group's interest |  | - |  |  | - |  |  | 679 |  |  | 571 |
Profit after tax |  | - |  |  | - |  |  | 9 |  |  | 25 |
Other comprehensive income |  | - |  |  | - |  |  | (23 | ) |  | 14 |
Total comprehensive income |  | - |  |  | - |  |  | (14 | ) |  | 39 |

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