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Principal joint ventures | 12 Months Ended
--- | ---
Dec. 31, 2018
Disclosure Of Joint Ventures [Abstract] |
Principal joint ventures | 35 Principal joint ventures
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 (%)
Chile |  |  |  |  |
Minera Escondida Limitada (a) | Copper mining and refining | - | - | - | 30
Oman |  |  |  |  |
Sohar Aluminium Co. L.L.C. (b) | Aluminium smelting; power generation | 37,500 | Ordinary | 20 | 20
This list includes only those joint ventures 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 joint ventures are held by intermediate holding companies and not directly by Rio Tinto plc or Rio Tinto Limited.
(a) | Although the Group has a 30% interest in Minera Escondida Limitada, participant and management agreements provide for an Owners’ Council whereby significant commercial and operational decisions about the relevant activities that significantly affect the returns that are generated in effect require the joint approval of both Rio Tinto and BHP Billiton (holders of a 57.5% interest). It is therefore determined that Rio Tinto has joint control.
The year end of Minera Escondida Limitada is 30 June. The amounts included in the consolidated financial statements of Rio Tinto are, however, based on accounts of Minera Escondida Limitada that are coterminous with those of the Group.
(b) | Although the Group holds a 20% interest in Sohar Aluminium Co. L.L.C., decisions about relevant activities that significantly affect the returns that are generated require agreement of all parties to the arrangement. It is therefore determined that Rio Tinto has joint control.
Summary information for joint ventures that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the joint ventures’ financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto.
| Minera |  | Minera |  | Sohar |  | Sohar |
| Escondida |  | Escondida |  | Aluminium |  | Aluminium |
| Limitada (a) |  | Limitada (a) |  | Co. L.L.C. (b) |  | Co. L.L.C. (b) |
| 2018 |  | 2017 |  | 2018 |  | 2017 |
| US$m |  | US$m |  | US$m |  | US$m |
Revenue |  | 7,580 |  |  | 6,037 |  |  | 810 |  |  | 460 |
Depreciation and amortisation |  | (1,727 | ) |  | (1,690 | ) |  | (120 | ) |  | (145 | )
Other operating costs |  | (3,230 | ) |  | (2,617 | ) |  | (440 | ) |  | (205 | )
Operating profit |  | 2,623 |  |  | 1,730 |  |  | 250 |  |  | 110 |
Finance expense |  | (163 | ) |  | (120 | ) |  | (35 | ) |  | (35 | )
Income tax |  | (873 | ) |  | (627 | ) |  | (40 | ) |  | - |
Profit after tax |  | 1,587 |  |  | 983 |  |  | 175 |  |  | 75 |
Total comprehensive income |  | 1,587 |  |  | 983 |  |  | 175 |  |  | 75 |
Non-current assets |  | 13,027 |  |  | 13,814 |  |  | 3,085 |  |  | 3,230 |
Current assets |  | 2,413 |  |  | 2,760 |  |  | 340 |  |  | 305 |
Current liabilities |  | (1,637 | ) |  | (1,727 | ) |  | (230 | ) |  | (205 | )
Non-current liabilities |  | (4,460 | ) |  | (4,617 | ) |  | (955 | ) |  | (1,270 | )
Net assets |  | 9,343 |  |  | 10,230 |  |  | 2,240 |  |  | 2,060 |
Assets and liabilities above include: |  |  |  |  |  |  |  |  |  |  |  |
– c ash and cash equivalents |  | 697 |  |  | 460 |  |  | 15 |  |  | 95 |
– current financial liabilities |  | (230 | ) |  | (330 | ) |  | (100 | ) |  | (130 | )
– non-current financial liabilities |  | (2,763 | ) |  | (2,840 | ) |  | (795 | ) |  | (1,120 | )
Dividends received from joint venture (Rio Tinto share) |  | 786 |  |  | 780 |  |  | - |  |  | - |
Reconciliation of the above amounts to the investment recognised in the Group balance sheet |
Group interest |  | 30 | % |  | 30 | % |  | 20 | % |  | 20 | %
Net assets |  | 9,343 |  |  | 10,230 |  |  | 2,240 |  |  | 2,060 |
Group's ownership interest |  | 2,803 |  |  | 3,069 |  |  | 448 |  |  | 412 |
Other adjustments |  | - |  |  | 4 |  |  | (1 | ) |  | (3 | )
Carrying value of Group's interest |  | 2,803 |  |  | 3,073 |  |  | 447 |  |  | 409 |
(a) | In addition to its “Investment in equity accounted units”, the Group recognises deferred tax liabilities of US$413 million (2017: US$500 million) relating to tax on unremitted earnings of equity accounted units.
(b) | Under covenants stipulated in the agreement to Sohar Aluminium Co. L.L.C.’s secured loan facilities, Sohar Aluminium Co. L.L.C. is currently restricted from making any shareholder distributions until 2021 unless a specified amount of the loan facilities is funded.

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