REG - Antofagasta PLC - HALF YEARLY FINANCIAL REPORT <Origin Href="QuoteRef">ANTO.L</Origin> - Part 5

AntofagastaAnnouncement

29/10/2014 15:04

- Part 5: For the preceding part double click  ID:nRSZ9632Pd 

tolling charges for concentrates at
Los Pelambres and Centinela concentrates.  Cash costs exclude depreciation, financial income and expenses, hedging gains
and losses, exchange gains and losses and corporation tax for all four operations. 
 
(iv)          Realised copper prices are determined by comparing revenue from copper sales (grossing up for tolling charges
for concentrates) with sales volumes for each mine in the period. Realised molybdenum and gold prices are calculated on a
similar basis. Realised prices reflect gains and losses on commodity derivatives, which are included within revenue. 
 
(v)           The totals in the tables above may include some small apparent differences as the specific individual figures
have not been rounded. 
 
(vi)          The production information in Note 21(a) and the cash cost information in Note 21(b) is derived from the
Group's production report for the second quarter of 2014, published on 31 July 2014. 
 
22. Update to Mineral Resources Estimate (not subject to audit or review) 
 
Antofagasta plc ("Group") has updated the Mineral Resources Estimate for the Los Volcanes deposit in northern Chile.  In
the 2013 year-end publication of Mineral Resources, Los Volcanes deposit was reported, as a range of tonnes and grade,
under the heading 'Other Mineral Inventory'.  Los Volcanes is 51% owned by Antofagasta plc. 
 
The Competent Person for Mineral Resources is Guillermo Müller (Comision Calificadora de Competencias en Recursos y
Reservas - Ley 20.235 -N° registro 0147), Resource Evaluation Manager for Antofagasta Minerals S.A. 
 
At 30 June 2014 
 
                            Tonnage               Copper  Molybdenum  Gold       Attributable Tonnage  
                            (millions of tonnes)  (%)     (%)         (g/tonne)  (millions of tonnes)  
                            2014                  2014    2014        2014       2014                  
                                                                                                       
 Mineral resources                                                                                     
 Los Volcanes (see note i)                                                                             
 Oxides                                                                                                
 Inferred                   77.7                  0.40    -           -          39.6                  
 Sub-total                  77.7                  0.40    -           -          39.6                  
                                                                                                       
 Sulphides                                                                                             
 Inferred                   1,158.4               0.46    -           -          590.8                 
 Total                      1,236.2               0.46    -           -          630.4                 
 
 
Notes to Mineral Resources Estimate 
 
(i)         Los Volcanes 
 
Based on the 2013 resource model, Antofagasta plc recently completed a Scoping Study on the Volcanes deposit.  The SS
demonstrated potential technical and economic viability of the project. Mineral Resources have been estimated using a 0.20%
copper cut-off grade, for both Oxide and Sulphide materials, and include those mineral resources contained within an
un-smoothed, optimised pit shell using Antofagasta's long term copper price. 
 
Los Volcanes is 51% owned by Antofagasta plc, with the remaining 49% owned by Mineral invest Establishment, a company
controlled by the Luksic family. 
 
This information is provided by RNS
The company news service from the London Stock Exchange