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Antofagasta PLC (ANTO.L)

ANTO.L on London Stock Exchange

830.50GBp
24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Antofagasta says World Bank's ICSID confirmed Pakistan violated bilateral Treaty
Tuesday, 21 Mar 2017 07:12am EDT 

Antofagasta Plc : REKO DIQ Project arbitration ruling . ICSID Tribunal decision rejected Pakistan's defence against liability, confirmed that Pakistan had violated several provisions of bilateral investment treaty . damages phase of proceedings will begin on march 22; tribunal will consider submissions from parties to determine amount that Pakistan must pay TCC . Ruling on quantum of damages is expected in 2018. . At conclusion of this phase, Tethyan will receive an award entitling it to fair market value of project at time that mining lease application was denied . Tribunal of world bank's ICSID issued decision on arbitration claims that Tethyan copper filed against Pakistan .Tribunal decision on claims that Tethyan copper filed in relation to unlawful denial of mining lease for REKO DIQ project in Pakistan in 2011.  Full Article

Antofagasta FY pretax profit rises 17.2 pct to $284.6 mln
Tuesday, 14 Mar 2017 03:06am EDT 

Antofagasta Plc : Fy revenue rose 12.3 percent to $3.622 billion . FY pretax profit rose 17.2 pct to $284.6 million . Final dividend $0.153 per share . Total dividend $0.184 per share . To declare a final dividend of 15.3 cents per share, bringing dividend for full year to 18.4 cents per share . Fy capital expenditure down by 24.2 pct to $795.1 million . Fy ebitda $1,626.1 million, 78.7% higher than previous year . Fy operating cost reduction of $242 million . Fy group copper production increased to 709,400 tonnes by 12.5% compared to 2015 . FY group cash costs before by-product credits were $1.54/lb, 27c/lb lower than last year . Production in 2017 is expected to be 685-720,000 tonnes of copper 185-205,000 ounces of gold and 8,500-9,500 tonnes of molybdenum . In medium term, expect to see a steady shift from a copper market in balance to a slight deficit, leading to further improvement in prices . In 2017, further cost savings of $140 million under cost and competitiveness programme are included in unit cost guidance figures . Cash cost before by-product credits in 2017 expected to be similar to 2016 at $1.55/lb,net cash cost are expected to be about $1.30/lb . Capital expenditure for 2017 is estimated at less than $900 million with some $100 million carried over from 2016 . Group does not foresee copper returning to lows of 2016.  Full Article

Antofagasta to exit Chilean hydropower project
Friday, 20 Jan 2017 02:00am EST 

Antofagasta Plc : Los pelambres had entered into a power purchase agreement with Alto Maipo for provision of up to 110mw over a 20 year period from completion date of project . Los Pelambres's carrying value of project is $356 million .Agreement with Alto Maipo for provision of up to 110mw over a 20 year period from completion date of project..  Full Article

Aes Gener says to acquire Antofagasta's stake in Alto Maipo
Thursday, 19 Jan 2017 03:38pm EST 

Aes Gener Sa : Aes gener says will acquire antofagasta's 40 percent stake in alto maipo power project . Aes gener says costs on project overran by 22 percent Further company coverage: [ASG.SN] (Reporting By Rosalba O'Brien) ((rosalba.obrien@thomsonreuters.com;)).  Full Article

Antofagasta names Francisca Castro as non-exec director
Wednesday, 26 Oct 2016 10:16am EDT 

Antofagasta Plc : Board changes . Hugo Dryland to retire from role as non-executive director; Francisca Castro appointed non-exec director .Changes will take effect from Nov. 1 2016.  Full Article

Antofagasta sees 2017 production 685-720,000 tonnes
Wednesday, 26 Oct 2016 02:14am EDT 

Antofagasta Plc : Gold production was 70,300 ounces in quarter, a 33.1% increase on q2 2016 largely due to higher gold grades at centinela . Production in 2017 is expected to be in range of 685-720,000 tonnes .Net cash costs guidance for 2016 is lowered from $1.30/lb to $1.25/lb;sees 2016 and 2017 capex below $900 million.  Full Article

Antofagasta H1 profit rises
Tuesday, 16 Aug 2016 02:00am EDT 

Antofagasta Plc : Half yearly financial report . H1 revenue fell 18.5 pct to $1.45 bln . H1 pretax profit $276.1 mln . H1 EBITDA increased 2.3 pct to $571.6 mln . H1 capital expenditure of $385.4 mln, $276.9 mln lower than in first half of 2015 . Interim dividend of 3.1 cents per share . H1 revenue 18.5 pct lower at $1.45 bln, on lower copper prices and sales volumes, and closure of Michilla at end of 2015 . H1 EBITDA margin (2) strengthened to 39.5 pct, up from 31.5 pct in same period last year . Group copper production for year is expected to be at lower end of 710-740,000 tonnes guided in January . Production for year is weighted to second half of year . We are cautious in our outlook and remain conservative in our approach to managing capital . Full year expenditure expected to be lower than original guidance . Group net debt of $1.04 bln, almost unchanged since end of 2015 .FY expectations: unit costs $0.05/lb lower with cash costs before by-product credits of $1.60/lb and net cash costs of $1.30/lb.  Full Article

Antofagasta sees FY copper production at lower-end of forecast
Wednesday, 27 Jul 2016 02:00am EDT 

Antofagasta Plc : Q2 2016 production report . Copper production in q2 2016 was 166,200 tonnes, a 5.8% increase on q1 2016 . Molybdenum production at los pelambres was 1,600 tonnes in q2 2016, compared to 1,700 tonnes in q1 2016 . Cash costs before by-product credits in q2 2016 were $1.57/lb, 3.7% lower than in q1 2016 . Net cash costs were $1.25/lb in q2 2016, a 2.3% decrease compared with previous quarter . Sees production for year weighted to second half . Group copper production for first six months of year was 323,300 tonnes, 6.6% higher than in same period last year . Gold production was 52,800 ounces in q2 2016, a 6.9% decrease on q1 2016 largely due to lower production at centinela . Cash costs before by-product credits for first six months of year were $1.60/lb, $0.28/lb lower than same period last year . Group copper production for full year is expected to be at lower end of 710-740,000 tonnes guided in january . Revised estimation of deferred stripping costs at los pelambres in 2016 .Changes introduced in estimation method impacted los pelambres accounting for $0.08/lb of reduction in costs for group for h1 versus year ago.  Full Article

Antofagasta chairman sees another year or two of low copper prices
Wednesday, 18 May 2016 02:01am EDT 

Antofagasta Plc : No doubt that 2015 was a difficult year -chairman . During 2016 we aim to reduce our costs by a further $160 million, or 6 pct of last year's gross cash costs - chairman .Are expecting another year or two of low copper prices - chairman.  Full Article

Antofagasta PLC - Fire affects plant at Chilean Antofagasta's Centinela copper mine - Reuters
Thursday, 24 Dec 2015 10:56am EST 

Antofagasta PLC:Antofagasta Plc said that a fire affected a plant at its Centinela copper mine in northern Chile on Wednesday night, but underscored that nobody was injured and that production would not be impacted. - RTRS.The fire affected the electrowinning unit of Centinela's hydrometallurgy plant and was extinguished minutes after it started, Antofagasta said in a statement on Thursday. - RTRS."This fire will not alter the company's rate of production. Operations at the hydrometallurgical plant are resuming after a risk control was performed," the company said. - RTRS.Antofagasta said it was investigating the cause of the fire, adding that key equipment at the plant was not damaged, though the building that houses the unit was partially affected and is being evaluated - RTRS.  Full Article

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