TIDMANTO
RNS Number : 4429Q
Antofagasta PLC
18 October 2023
Q3 2023 PRODUCTION REPORT
Quarterly Copper output increases 16%
Antofagasta plc CEO, Iván Arriagada said: "We are pleased to
report a 16% increase in copper production in the quarter. This
reflects strong performance at our two largest operations - Los
Pelambres and Centinela, with the former underpinned by greater
water availability from our recently constructed desalination
plant.
"In the first nine months of 2023, we registered a 4% increase
in copper production, a 19% increase in gold production and 23%
increase in molybdenum production, reducing our net cash costs by
6% to $1.65/lb.
"Full year production and cost guidance remains unchanged.
"We continue to invest in our assets to deliver growth, and we
are benefitting from the continuing ramp up of our Phase 1
expansion at Los Pelambres, where our desalination plant is
improving our water availability. As a result, ore throughput rates
increased by 14% in Q3 2023, compared to the previous quarter,
increasing both copper and by-product output. Furthermore,
commissioning work at the Company's fourth concentrator line at Los
Pelambres continues, with this project expected to deliver
additional copper in 2024.
"Following the progress with the Phase 1 Expansion at Los
Pelambres, Group copper production in 2024 is estimated at between
670,000 and 710,000 tonnes.
"Antofagasta represents a pure-play copper producer that
understands the world's requirement for responsibly sourced copper
to facilitate the energy transition. We are well-positioned to make
our contribution, delivering our growth projects for the global
decarbonisation journey that lies ahead. Sustainability is at the
core of what we do and through prioritising safe production,
emissions reduction, efficient water use, biodiversity conservation
and community engagement we will continue to generate value for all
our stakeholders."
HIGHLIGHTS
PRODUCTION
-- Copper production in Q3 2023 of 173,600 tonnes , 16.0% higher
on a quarter-on-quarter basis (Q2 2023: 149,600 tonnes),
principally reflecting higher output at both Los Pelambres and
Centinela.
-- Copper production in the first nine months of 2023 of 469,100
tonnes, 4.1% higher on a year-on-year basis (9M 2022: 450,600
tonnes), because of higher copper in concentrate production at both
Los Pelambres and Centinela.
-- Gold production in Q3 2023 was 57,400 ounces , 30.5% higher
than the prior quarter (Q2 2023: 44,000 ounces) primarily due to
increased production at Centinela. For the first nine months of the
year, gold production increased by 19.0% to 143,600 ounces (9M
2022: 120,700 ounces).
-- Molybdenum production in Q3 2023 was 3,200 tonnes , 33.3%
higher than the prior quarter (Q2 2023: 2,400 tonnes), with both
Los Pelambres and Centinela contributing greater output. Year to
date, production was 8,100 tonnes, 22.7% higher than in the same
period last year (9M 2022: 6,600 tonnes), with higher output from
both Los Pelambres and Centinela.
CASH COSTS
-- Cash costs before by-product credits in Q3 2023 were
$2.27/lb, 8.1% lower than the prior quarter (Q2 2023: $2.47/lb),
following higher copper production and lower input prices,
principally electricity costs. Cash costs before by-product credits
in the first nine months of 2023 were $2.40/lb, a year-on-year
increase of 5.7% due to inflation, higher labour costs following
the conclusion of labour agreements during the period and the
stronger Chilean peso, partially offset by lower input prices.
-- By-products credits in Q3 2023 were 80c/lb, compared to
51c/lb in Q2 2023, reflecting higher by-product output. By-product
credits on a year to date basis followed a similar trend, rising to
75c/lb in the first nine months of 2023, compared to 51c/lb in the
comparable period last year.
-- Net cash costs in Q3 2023 were $1.47/lb, 25.0% lower than Q2
2023, due to both lower cash costs and higher by-product credits.
Net cash costs were $1.65/lb for the first nine months of 2023, in
line with the Company's guidance for the full year.
GROWTH PROJECTS UPDATE
-- Following the commissioning of the Phase 1 desalination plant
for Los Pelambres, ramp up towards its design capacity of 400
litres per second is on track, with an average output of 248 litres
per second during Q3 2023 and with exiting run rates which exceed
380 litres per second.
-- Following completion of the fourth concentrator line at Los
Pelambres, commissioning is underway.
-- Following the commissioning of the Phase 1 Expansion at Los
Pelambres, the company expects to double the capacity of the
desalination plant to 800 litres per second, as well as replacing
the concentrate pipeline and the construction of certain planned
enclosures at the El Mauro tailings storage facility. The
Environmental Impact Assessment ("EIA"), for this combined phase of
work is expected to be approved in Q4 2023.
-- As previously announced, an updated study into the
development of the Centinela Second Concentrator project is
expected to be submitted to the Board for consideration by the end
of the year.
GUIDANCE
-- Copper production guidance for 2023 is unchanged at
640-670,000 tonnes. The Company's reiterates full year guidance for
cash costs ($2.30/lb) and net costs ($1.65/lb). Full year capex is
expected to be $2.0 billion (previously $1.9 billion) following the
advancement of certain development projects within the Company's
portfolio, as referenced in the Q2 2023 quarterly report.
-- In 2024 copper production is expected to be between 670,000
and 710,000 tonnes, with the increase in production principally
reflecting the progress with the Phase 1 Expansion at Los
Pelambres.
SAFETY AND SUSTAINABILITY
-- The Group's safety metrics have continued to record positive
results in 2023, with no fatalities, a lost time injury frequency
rate for the first nine months of 2023 of 0.60 (9M 2022: 0.88) and
a 33% reduction in high potential incidents.
-- In August 2023, the Company announced full and unqualified
compliance with the Global Industry Standard on Tailings Management
("GISTM") at two of its tailings facilities. The Company met the
required timeline for compliance for one facility at Los Pelambres
and reported two years ahead of schedule for another facility at
Centinela. The GISTM is the first global standard on tailings
facility management, which integrates social, environmental and
technical considerations into its compliance framework. The Company
has a further two tailings facilities, which are required to report
compliance under GISTM before August 2025.
-- In June 2023, Zaldívar submitted an EIA application to extend
its mining and water environmental permits through to 2051. This
includes a proposal to develop the primary sulphide ore deposit and
extend the current life of mine at an estimated investment over the
mine life of $1.2 billion. It also includes a plan to change the
mine's water source from the local aquifer to either seawater or
water provided by third parties. This will follow a transition
period during which the current continental water extraction permit
is extended from 2025 to 2028. In parallel, the Company has
submitted a Declaration of Environmental Impact ("DIA") to align
the expiry date of Zaldivar's current mining permit (2024) to the
current water permit (2025).
-- The Company released a Social Value Report and a Tax Report
in July 2023, with disclosures on the economic contribution and the
community engagement as a result of the Company's activities.
-- Considering the continuing drought in central Chile and the
recent changes in the Water Code, discussions have been held during
the year with stakeholders in the Choapa Valley about water
distribution arrangements in the area and an agreement has been
reached with local communities. The relevant water authority has
continued in the process of reviewing this proposal. This ongoing
process involves no material change to the availability of
continental water at Los Pelambres.
LEGISLATIVE
-- The process to develop a proposal for a new constitution in
Chile is progressing on schedule. The members of the Constitutional
Council that will draft the revised constitution were elected in
May 2023 and the Council is expected to deliver a proposed new
constitutional text in Q4 2023. This will then be submitted to a
vote in a national referendum on 17 December 2023.
OTHERS
-- The Company has concluded three-year labour agreements with
the workers unions in both the mine and plant at Los Pelambres, and
with the employee union at Zaldívar. During Q4 2023 negotiations
are scheduled with two workers unions at Centinela.
-- In September 2023, a court in the United States dismissed the
claims filed by Twin Metals Minnesota ("TMM") to challenge the
administrative actions that resulted in the rejection of its
preference right lease applications, the cancellation of its
federal leases 1352 and 1353 and the rejection of its Mine Plan of
Operations for the Maturi Deposit in Minnesota. Twin Metals is
reviewing the filing issued by the court and is considering next
steps, including whether to exercise its right to appeal.
GROUP PRODUCTION AND CASH COSTS Year to Date Q3 Q2
--------------------- ------ ------
2023 2022 % 2023 2023 %
------------------------------------- ------ ------ ----- ------ ------ -------
Copper production kt 469.1 450.6 4.1 173.6 149.6 16. 0
453. 2. 158.
Copper sales kt 8 441.0 9 4 146.4 8. 2
Gold production koz 143.6 120.7 19.0 57.4 44.0 30.5
Molybdenum production kt 8.1 6.6 22.7 3.2 2.4 33.3
------------------------------ ------ ------ ------ ----- ------ ------ -------
Cash costs before by-product 5. ( 8.1
credits (1) $/lb 2.40 2.27 7 2. 27 2.47 )
(6. ( 25.0
Net cash costs (1) $/lb 1.65 1.76 3 ) 1. 47 1.96 )
------------------------------ ------ ------ ------ ----- ------ ------ -------
(1) Cash cost is a non-GAAP measure used by the mining industry
to express the cost of production in US dollars per pound of copper
produced.
Investors Media - London
- London
Rosario Orchard rorchard@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Robert Simmons rsimmons@antofagasta.co.uk Telephone +44 20 7404 5959
Telephone +44 20 7808 0988
Media - Santiago
Pablo Orozco porozco@aminerals.cl
Carolina cpica@aminerals.cl
Pica
Telephone +56 2 2798 7000
Register on our website to receive our email alerts at the
following address:
https://www.antofagasta.co.uk/investors/news/email-alerts/
LinkedIn
MINING OPERATIONS
Los Pelambres
Copper production increased by 17.2% to 81,100 tonnes during the
period (Q2 2023: 69,200 tonnes), primarily as a result of a higher
tonnage of ore processed, reflecting improved water availability
and the ramp up of the Company's desalination plant.
In the first nine months of 2023, copper production increased by
12.6% to 209,600 tonnes compared with the same period last year (9M
2022: 186,200 tonnes), due to the same water-related reasons as
outlined above, in addition to the reduced availability of the
Company's concentrate pipeline in June 2022, which lowered the ore
processing rate in the prior period.
Molybdenum production rose by 41.2% during the quarter to 2,400
tonnes (Q2 2023: 1,700 tonnes), reflecting higher throughput at the
Company's molybdenum plant. Gold production rose by 22.7% to 11,900
ounces in Q3 2023 (Q2 2023: 9,700 ounces), reflecting higher ore
throughput volumes and higher ore grades.
At the end of September, adverse weather conditions at the port
temporarily delayed some 7,500 tonnes of shipments over the period
end. The delayed shipments were shipped in early October and will
therefore be recorded as sales in Q4. Considering this, copper
sales during the period fell by 4.4% to 69,100 tonnes (Q2 2023:
72,300 tonnes). Year to date copper sales of 198,200 tonnes
represent an increase of 12.2%, broadly mirroring copper production
for the same period.
Cash costs before by-product credits were 3.1% lower at $1.88/lb
in Q3 2023, reflecting the positive effect of increased copper
production, lower electricity costs and the depreciation of the
Chilean peso, which were partially offset by the labour agreement
reached during the period. Cash costs before by-product credits of
$1.98/lb in the first nine months of 2023 were 4.8% higher, driven
by inflation and higher electricity costs, offset in part by higher
production volumes.
Net cash costs (after by-product credits) fell by 34.5% on a
quarter-on-quarter basis to $0.95/lb in Q3 2023, due to higher
by-product production. Year to date net cash costs of $1.08/lb were
14.3% below the same period in 2022, reflecting elevated by-product
production volumes and pricing.
The Company's desalination project continues to ramp up its
water supply to Los Pelambres, approaching its design capacity of
400 litres per second, with an average of 248 litres per second
achieved across Q3 2023.
The commissioning of the fourth concentrator line at Los
Pelambres continues into the fourth quarter of the year.
Commissioning activities for the ball mill and SAG mill are
underway, with incremental volumes of additional copper production
from this equipment coming in 2024.
LOS PELAMBRES Year to Date Q3 Q2
----------------------- ------ ------
2023 2022 % 2023 2023 %
------------------------------------- ------ ------ ------- ------ ------ -------
Daily ore throughput Kt 141.2 123.4 14.4 164.1 143.4 14.4
Copper grade % 0.63 0.64 (1.6) 0.61 0.64 (4.7)
Copper recovery % 89.2 89.7 (0.6) 89.2 89.2 0.0
Copper production Kt 209.6 186.2 12.6 81.1 69.2 17.2
Copper sales Kt 198.2 176.6 12.2 69.1 72.3 (4.4)
------------------------------ ------ ------ ------ ------- ------ ------ -------
Molybdenum grade % 0.018 0.017 5.9 0.017 0.018 (5.6)
Molybdenum recovery % 85.7 84.9 0.9 84.6 85.5 (1.1)
Molybdenum production Kt 5.8 4.8 20.8 2.4 1.7 41.2
Molybdenum sales Kt 5.9 4.5 31.1 2.1 1.9 10.5
Gold grade g/t 0.041 0.042 (2.4) 0.041 0.038 7.9
Gold recovery % 66.6 70.5 (5.5) 63.7 67.0 (4.9)
Gold production Koz 31.5 29.3 7.5 11.9 9.7 22.7
Gold sales Koz 29.8 28.0 6.4 9.3 10.8 (13.9)
------------------------------ ------ ------ ------ ------- ------ ------ -------
Cash costs before by-product
credits (1) $/lb 1.98 1.89 4.8 1.88 1.94 (3.1)
Net cash costs (1) $/lb 1.08 1.26 (14.3) 0.95 1.45 (34.5)
------------------------------ ------ ------ ------ ------- ------ ------ -------
(1) Includes tolling charges of $0.24/lb in Q3 2023, $0.23/lb in
Q2 2023, $0.23/lb in the first nine months of 2023 and $0.17/lb in
the first nine months of 2022.
Centinela
Total copper production at Centinela in the third quarter was
23.9% higher quarter-on-quarter at 63,800 tonnes (Q2 2023: 51,500
tonnes), linked to higher grades and ore throughput. Total copper
production in the first nine months of 2023 of 173,100 tonnes
represents a level 0.4% lower on a year-on-year basis (9M 2022:
173,800 tonnes), with the rise in copper in concentrate production
mirroring a similar decrease in copper cathode production.
Third quarter copper in concentrate production was 18.9% higher
at 42,800 tonnes (Q2 2023: 36,000 tonnes), largely due to higher
copper grades and ore throughput. Copper cathode production during
the quarter rose by 36.1% to 21,100 tonnes (Q2 2023: 15,500 tonnes)
due to higher throughput volumes.
Gold production in Q3 2023 rose by 32.3% to 45,500 ounces (Q2
2023: 34,400 ounces) as a result of higher gold grades. Molybdenum
production during Q3 2023 rose by 14.3% to 800 tonnes (Q2 2023: 700
tonnes) as a consequence of higher ore processed at the Company's
molybdenum plant. On a year-on-year basis, production of gold and
molybdenum rose by 22.8% and 35.3% respectively in the first nine
months of 2023, as a result of higher gold grades and molybdenum
recovery rates.
Sales of copper in concentrates rose by 41.3% during Q3 2023
following adverse weather conditions at the Company's port in the
previous quarter, which resulted in deferral of sales into the
period. Sales of copper in concentrates in the first nine months of
2023 rose by 10.7%, broadly in line with production volumes. Sales
of copper cathodes rose by 34.0% in Q3 2023 following the
aforementioned easing of port restrictions.
Cash costs before by-product credits fell in Q3 2023 by 15.6% to
$2.54/lb, principally as a result of higher production volumes, the
conclusion of a 3-year labour agreement during the previous quarter
and the depreciation of the Chilean peso. During the first nine
months of 2023, cash costs before by-product credits rose by 4.6%
on a year-on-year basis to $2.72/lb, reflecting higher input costs
for labour and electricity, partially offset by lower pricing for
diesel and sulphuric acid.
Net cash costs in Q3 2023 fell by 29.2% to $1.55/lb, with
by-product credits increasing from $0.82/lb in Q2 2023 to $0.99/lb
in Q3 2023, the result of higher production of both gold and
molybdenum by-products. Net cash costs in the first nine months of
2023 fell by 10.2% to $1.76/lb, reflecting strong by-product
production and pricing year-to-date in 2023.
CENTINELA Year to Date Q3 Q2
----------------------- ------ ------
2023 2022 % 2023 2023 %
------------------------------------- ------ ------ ------- ------ ------ -------
CONCENTRATES
Daily ore throughput kt 106.0 106.5 (0.5) 109.5 105.1 4.2
Copper grade % 0.51 0.47 8.5 0.53 0.48 10.4
Copper recovery % 82.9 79.9 3.8 82.8 82.5 0.4
Copper production kt 117.0 103.8 12.7 42.8 36.0 18.9
Copper sales kt 114.6 103.5 10.7 43.1 30.5 41.3
------------------------------ ------ ------ ------ ------- ------ ------ -------
Molybdenum grade % 0.013 0.013 0.0 0.011 0.013 (15.4)
Molybdenum recovery % 69.3 59.9 15.7 67.7 68.6 (1.3)
Molybdenum production kt 2.3 1.7 35.3 0.8 0.7 14.3
Molybdenum sales kt 2.4 1.8 33.3 0.9 0.7 28.6
Gold grade g/t 0.19 0.16 18.8 0.22 0.18 22.2
Gold recovery % 66.4 64.8 2.5 67.2 66.8 0.6
Gold production koz 112.1 91.3 22.8 45.5 34.4 32.3
Gold sales koz 103.8 92.5 12.2 45.4 24.9 82.3
------ ------ ------- ------ ------ -------
CATHODES
Daily ore throughput kt 56.2 55.9 0.5 65.6 53.5 22.6
Copper grade % 0.52 0.67 (22.4) 0.51 0.50 2.0
Copper recovery % 65.4 65.4 0.0 64.0 63.2 1.3
Copper production - heap
leach kt 53.1 67.2 (21.0) 20.2 14.7 37.4
Copper production - total
(1) kt 56.1 70.0 (19.9) 21.1 15.5 36.1
Copper sales kt 58.0 69.2 (16.2) 20.9 15.6 34.0
------------------------------ ------ ------ ------ ------- ------ ------ -------
(0. 4
Total copper production kt 173.1 173.8 ) 63.8 51.5 23.9
Cash costs before by-product (15.
credits (2) $/lb 2.72 2.60 4.6 2.54 3.01 6 )
(29.
Net cash costs (2) $/lb 1.76 1.96 (10.2) 1.55 2.19 2 )
------------------------------ ------ ------ ------ ------- ------ ------ -------
(1) Includes production from ROM material.
(2) Includes tolling charges of $0.18/ lb in Q3 2023, $0.18/lb
in Q2 2023, $0.18/ lb in the first nine months of 2023 and $0.14/
lb in the first nine months of 2022.
Antucoya
Copper production at in Q3 2023 Antucoya fell by 4.2% to 18,300
tonnes in Q3 2023 (Q2 2023: 19,100 tonnes), with this movement
primarily driven by planned maintenance during the period. Copper
production fell by 1.9% in the first nine months of 2023 to 56,300
tonnes (9M 2023: 57,400 tonnes), with lower copper recoveries and
ore tonnages.
Cash costs for Q3 2023 rose by 0.4% to $2.65/lb, principally
reflecting the impact of lower mine development costs and the
depreciation of the Chilean peso, balanced by higher costs related
to scheduled maintenance activities.
Antucoya recorded a cash cost of $2.70/lb in the first nine
months of 2023 representing a level 9.3% higher year-on-year, with
key drivers of this increase being cost inflation and higher
sulphuric acid consumption rates, partially offset by reduced mine
development costs and lower unit costs for input materials such as
sulphuric acid and diesel.
ANTUCOYA Year to Date Q3 Q2
-------------------- ----- -----
2023 2022 % 2023 2023 %
----------------------------- ----- ----- ------ ----- ----- -------
Daily ore throughput kt 87.0 88.1 (1.2) 81.5 94.7 (13.9)
Copper grade % 0.33 0.33 0.0 0.34 0.33 3.0
Copper recovery % 67.6 69.1 (2.2) 67.8 68.0 (0.3)
Copper production kt 56.3 57.4 (1.9) 18.3 19.1 (4.2)
Copper sales kt 53.1 58.2 (8.8) 15.7 18.3 (14.2)
---------------------- ------ ----- ----- ------ ----- ----- -------
Cash costs $/lb 2.70 2.47 9.3 2.65 2.64 0.4
---------------------- ------ ----- ----- ------ ----- ----- -------
Zaldívar
The Group's equity-reported copper production at Zaldívar was
10,400 tonnes in Q3 2023, 6.1% higher than the prior quarter (Q2
2023: 9,800 tonnes), with this increase primarily attributable to a
greater volume of ore during the period. Copper production in the
first nine months of 2023 declined by 9.1% to 30,100 tonnes (9M
2022: 33,100 tonnes), mainly reflecting lower ore tonnages leached
during the year.
Zaldívar recorded a cash cost of $2.98/lb in Q3 2023,
representing a 1.7% decrease quarter-on-quarter as a result of
lower costs for contractors and materials, in addition to the
depreciation of the Chilean peso, partially offset by higher labour
costs following the conclusion of a labour agreement during the
period.
Cash costs in the first nine months of 2023 rose by 30.4%
year-on-year to $2.96/lb, reflecting lower production, inflation
and increased costs for maintenance and spare parts.
ZALDÍVAR Year to Date Q3 Q2
--------------------- ----- -----
2023 2022 % 2023 2023 %
----------------------------- ----- ----- ------- ----- ----- ------
Daily ore throughput kt 33.9 40.9 (17.1) 36.5 31.7 15.1
Copper grade % 0.77 0.80 (3.8) 0.82 0.80 2.5
Copper recovery % 59.8 52.3 14.3 57.7 61.6 (6.3)
Copper production -
heap leach (1) kt 21.0 23.6 (11.0) 7.2 6.8 5.9
Copper production -
total (1,2) kt 30.1 33.1 (9.1) 10.4 9.8 6.1
Copper sales (1) kt 30.0 33.5 (10.4) 9.7 9.7 0.0
Cash costs $/lb 2.96 2.27 30.4 2.98 3.03 (1.7)
----- ----- ----- -----
(1) Group's 50% share.
(2) Includes production from secondary leaching.
Transport Division
Total transport volumes in Q3 2023 were 1.8 million tonnes, 1.6%
higher than the previous quarter, driven by a 3.9% increase in road
services to mining clients. Total transport volumes in the first
nine months of 2023 were 1.5% higher compared to the same period in
2022, primarily related to operational interruptions at the port
that were attributed to a fire in 2022.
TRANSPORT Year to Date Q3 Q2
-------------------- ------ ------
2023 2022 % 2023 2023 %
-------------------------------- ------ ------ ---- ------ ------ ----
Rail kt 4,047 4,018 0.7 1,374 1,365 0.7
Road kt 1,331 1,279 4.1 453 436 3.9
Total tonnage transported kt 5,379 5,297 1.5 1,828 1,800 1.6
------ ------ ------ ------
Commodity prices and exchange rates
Year to Date Q3 Q2
---------------------- ------ ------
2023 2022 % 2023 2023 %
------ ------ ------ ------ ------
Copper
Market price $/lb 3.90 4.12 (5.3) 3.79 3.85 (1.6)
Realised price $/lb 3.91 3.78 3.4 3.77 3.49 8.0
---------------- ------- ------ ------ ------ ------ ------ ------
Gold
Market price $/oz 1,932 1,825 5.9 1,929 1,976 (2.4)
Realised price $/oz 1,952 1,795 8.7 1,898 1,941 (2.2)
---------------- ------- ------ ------ ------ ------ ------ ------
Molybdenum
Market price $/lb 26.0 17.8 46.1 23.7 20.9 13.4
Realised price $/lb 25.1 17.2 45.9 25.3 12.7 99.2
---------------- ------- ------ ------ ------ ------ ------ ------
Exchange rates
Chilean peso per $ 821 859 (4.4) 853 801 6.5
---------------- ------- ------ ------ ------ ------ ------ ------
Spot commodity prices for copper, gold and molybdenum as at 30
September 2023 were $3.73/lb, $1,871/oz and $22,5/lb respectively,
compared with $3.72/lb, $1,908/oz and $21,6/lb as at 30 June 2023
and $3.80/lb, $1,824/oz and $31,8/lb as at 31 December 2022.
The provisional pricing adjustments for copper, gold and
molybdenum for the quarter were negative $10.4 million, positive
$2.2 million and positive $9.9 million respectively.
The provisional pricing adjustments for copper, gold and
molybdenum for the year to date were positive $23.0 million,
positive $4.0 million and negative $30.4 million respectively.
Cautionary Statement
This announcement contains certain forward-looking statements.
All statements other than historical facts are forward-looking
statements. Examples of forward-looking statements include, without
limitation, those regarding the Group's strategy, plans, objectives
or future operating or financial performance, reserve and resource
estimates, commodity demand and trends in commodity prices, growth
opportunities, and any assumptions underlying or relating to any of
the foregoing. Words such as "intend", "aim", "project",
"anticipate", "estimate", "plan", "believe", "expect", "may",
"should", "will", "continue" and similar expressions identify
forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that are beyond the
Group's control. Given these risks, uncertainties and assumptions,
actual results, performance or achievements could differ materially
from any future results, performance or achievements expressed or
implied by these forward-looking statements, which apply only as at
the date of this report. These forward-looking statements are based
on numerous assumptions regarding the Group's present and future
business strategies and the environment in which the Group will
operate in the future. Important factors that could cause actual
results, performance or achievements to differ from those in the
forward-looking statements include, but are not limited to: natural
events, global economic and financial conditions (which may affect
our business, results of operations or financial condition);
various political, economic, legal, regulatory, social and other
risks and uncertainties across jurisdictions in which the Group
operates; changes to mining concessions or the imposition of new
mining royalties, or changes to existing mining royalties in the
jurisdictions in which the Group operates; the Group's ability to
comply with the extensive body of regulations governing the mining
industry, as well as the need to manage relationships with local
communities; the ongoing effects of the global COVID-19 pandemic;
demand, supply and prices for copper and other long-term commodity
price assumptions (as they materially affect the timing and
feasibility of future projects and developments); trends in the
copper mining industry and conditions of the international copper
markets; the effect of currency exchange rates on commodity prices
and operating costs; the availability and costs associated with
mining inputs and labour; operating or technical difficulties in
connection with mining or development activities; risks, hazards
and/or events and conditions inherent to the mining industry, which
may affect our operations or facilities; employee relations;
climate change as well as the effects of extreme weather
conditions; the outcome of any litigation arbitration, regulatory
or administrative proceedings to which the Group is and may be
subject in the future; and actions and activities of governmental
authorities, including changes to laws, regulations or
taxation.
Except as required by applicable law, rule or regulation, the
Group does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Past performance cannot be
relied on as a guide to future performance.
No statement in this announcement is intended as a profit
forecast or estimate for any period. No statement in this
announcement should be interpreted to indicate a particular level
of profit and, as a consequence, it should not be possible to
derive a profit figure for any future period from this report.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLMRBRTMTIBBAJ
(END) Dow Jones Newswires
October 18, 2023 02:00 ET (06:00 GMT)
Antofagasta (LSE:ANTO)
Historical Stock Chart
From Apr 2024 to May 2024
Antofagasta (LSE:ANTO)
Historical Stock Chart
From May 2023 to May 2024