REG - Antofagasta PLC - COMPLETION OF DULUTH ACQUISITION <Origin Href="QuoteRef">ANTO.L</Origin>

AntofagastaAnnouncement

28/01/2015 02:02

RNS Number : 7778C
Antofagasta PLC
21 January 2015
NEWS RELEASE, 21 January, 2015 
COMPLETION OF DULUTH ACQUISITION 
Antofagasta plc is pleased to announce that its wholly-owned subsidiary, Antofagasta Investment Company Limited ("Antofagasta"), has obtained all the necessary approvals and applications to complete the acquisition of Duluth Metals Limited ("Duluth") previously announced on 3 November 2014. 
Under the terms of the agreement Antofagasta acquired all the shares of Duluth for an all cash consideration of C$0.45 per share, approximately C$53 million. The acquisition of Duluth by Antofagasta consolidates Antofagasta's ownership in the Twin Metals Minnesota Project ("TMM") to 100%. The TMM Project is a copper-nickel-platinum-palladium-gold-silver project in the Duluth Complex in north-eastern Minnesota, USA.
Diego Hernandez, CEO of Antofagasta plc, commented:
"The completion of the Duluth acquisition is a positive next step in building the company's long term growth pipeline. The Duluth Complex is an attractive geological deposit and now the pre-feasibility study is complete, we will focus on further optimisations of the project and advance the permitting process."
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Investors - London   Media (Brunswick)
Andrew Lindsay   alindsay@antofagasta.co.uk   Carole Cable antofagasta@brunswickgroup.com
Paresh Bhanderi   pbhanderi@antofagasta.co.ukRobin Wrench  antofagasta@brunswickgroup.com
Telephone   +44 20 7808 0988 Telephone +44 20 7404 5959
Investors - Santiago  
Alejandro Rivera   arivera@aminerals.cl
Telephone   +56 2 2798 7000
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