REG - Antofagasta PLC - Q2 2023 PRODUCTION REPORT
19/07/2023 07:00
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RNS Number : 4297G Antofagasta PLC 19 July 2023
NEWS RELEASE, 19 JULY 2023
Q2 2023 PRODUCTION REPORT
PRODUCTION GUIDANCE UPDATED. NET CASH COST GUIDANCE UNCHANGED
Antofagasta plc CEO, Iván Arriagada said: "Copper production in the second
quarter increased to 149,600 tonnes, as throughput rates at Los Pelambres
improved. Net cash costs of $1.75/lb for the first half of 2023 were lower
than the prior year, reflecting the effectiveness of our cost control efforts
during this time of heightened inflationary pressures.
The desalination plant at Los Pelambres is now producing desalinated water,
with commissioning work ongoing. Certain critical construction activities were
rescheduled during the quarter, primarily as a result of sea swells that
extended the execution of the final phase of marine works, and these are now
substantially completed. At the Los Pelambres concentrator expansion,
construction work has required additional time and full commissioning is
expected to commence in early Q3. With both projects now moving into
commissioning, completion for this phase of growth is expected to be achieved
in the second half of 2023. However, this additional time in combination with
the lack of rainfall at Los Pelambres has impacted production and guidance for
the full year has been updated to 640-670,000 tonnes.
Looking ahead, we see resilience in the demand for copper as the global
decarbonisation journey continues, with copper essential for the transition,
and this underpins our ambition to grow our business to 900,000 tonnes of
annual copper production."
HIGHLIGHTS
PRODUCTION
· Copper production in Q2 2023 of 149,600 tonnes, 2.5% higher
quarter-on-quarter (Q1 2023: 145,900 tonnes), primarily due to improving plant
throughput at Los Pelambres.
· Copper production in H1 2023 of 295,500 tonnes, 10.0% higher
year-on-year (H1 2022: 268,600 tonnes), principally reflecting a 23.9%
increase in throughput rates at Los Pelambres.
· Gold production in Q2 2023 was 44,000 ounces, 4.3% ahead of the prior
quarter (Q1 2023: 42,200 ounces) due to higher grades and recoveries at
Centinela. For the first six months of the year, gold production increased by
16.8% to 86,200 ounces (H1 2022: 73,800 ounces).
· Molybdenum production in Q2 2023 was 2,400 tonnes, 4% lower than the
prior quarter (Q1 2023: 2,500 tonnes), due to lower contributing production
from both Los Pelambres and Centinela. For the year to date, production was
4,900 tonnes, 22.5% higher than in the same period last year (H1 2022: 4,000
tonnes) mainly due to higher throughput at Los Pelambres.
CASH COSTS
· Cash costs before by-product credits in Q2 2023 were $2.47/lb, 0.8%
lower than the prior quarter (Q1 2023: $2.49/lb), following higher production
and lower costs at Los Pelambres. Cash costs in H1 2023 were $2.48/lb, a
year-on-year increase of 4.6% due to higher input costs, in addition to the
appreciation of the Chilean peso.
· By-products credits in Q2 2023 were 51c/lb, compared to 95c/lb in Q1
2023, reflecting lower realised prices, particularly for molybdenum. However,
by-product credits year to date of 73c/lb were 18c/lb higher than the
comparable period last year due to higher realised prices for both gold and
molybdenum.
· Net cash costs in Q2 2023 were $1.96/lb, 27.3% higher than Q1 2023,
with this movement principally related to reduced by-products credits due to a
significant quarter-on-quarter reduction in molybdenum prices impacting
provisionally priced molybdenum sales from prior periods. Net cash costs were
$1.75/lb for the first half of the year, compared to $1.82/lb in the first
half of 2022, reflecting the slight increase in cash costs before by-product
credits more than offset by higher by-product credits.
GROWTH PROJECTS UPDATE
· The desalination plant for Los Pelambres is nearing the end of its
commission phase, with marine works substantially completed during Q2 2023,
having previously been delayed due to sea swells. The plant achieved an
average production ramp-up of 160 litres per second of desalinated water in
June 2023, and is expected to achieve its design capacity of 400 litres per
second during H2 2023.
· At the concentrator expansion project at Los Pelambres,
pre-operational testing work was initiated during Q2 2023, alongside the
commissioning of some ancillary sections of the project and the connection of
the main facilities to the national grid. The commissioning phase of this
growth project is expected to be completed in H2 2023.
· 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.
2023 GUIDANCE
· The delay to the completion of the desalination plant and
concentrator expansion, and the reduced availability of water in H1 2023, has
impacted expected copper production for the full year. Guidance is therefore
updated to 640-670,000 tonnes (previously 670-710,000 tonnes), with output
increasing quarter-on-quarter in H2 2023.
· The impact of the updated production guidance is partly offset by
strong cost control across the Company's operations and, full year cash costs
before by-product credits are now expected to be $2.30/lb (previously
$2.20/lb).
· Guidance for cash costs after by-products remains unchanged at
$1.65/lb, assuming no significant changes in the current by-product prices and
the Chilean peso exchange rate.
· Capital expenditure guidance is also unchanged at $1.9 billion
assuming no further appreciation of the Chilean peso. Opportunities to
accelerate the execution of selected development projects will continue to be
evaluated.
SAFETY AND SUSTAINABILITY
· There were no fatalities in H1 2023 (FY 2022: zero), and safety
indicators remain strong, with a year-to-date lost time injury frequency rate
("LTIFR") of 0.58 (FY 2022: 0.84).
· Currently, Zaldívar is permitted to extract water and mine until
2025 and 2024 respectively. To ensure the continuity of this operation, in
March 2023 Zaldívar submitted a Declaration of Environmental Impact ("DIA"),
a more limited scope and simplified procedure than an Environmental Impact
Assessment ("EIA"). The DIA submitted requests that the mining permit be
extended from 2024 to 2025, to expire at the same date as the current water
permit. After this, and after withdrawing an earlier EIA application filed in
2018 which remained unresolved, in June 2023 Zaldívar submitted an EIA
application to extend its mining and water environmental permits through to
2051. This EIA includes a proposal to develop the primary sulphide ore
deposit, extending the current life of mine and requiring estimated
investments over the mine life of $1.2 billion, and a conversion of the water
source for Zaldívar to either seawater or water from third parties, following
a transition period during which the current continental water extraction
permit is extended from 2025 to 2028.
· With the continuing drought in central Chile and changes in the Water
Code in 2022, discussions were held with stakeholders in the Choapa Valley
about water distribution arrangements in the area. An agreement has been
reached with local communities and the relevant water authority
representatives, and this agreement is in the process of final review and
execution. This ongoing process involves no material change to the current
availability of continental water at Los Pelambres.
LEGISLATIVE
· In May 2023, both the Chilean Senate and lower house of Congress
approved the proposed revision to Chile's mining royalty bill, with final
Presidential approval expected shortly. The terms include a 1% ad valorem
royalty on copper sales, and a royalty ranging from 8% to 26% on operating
profits depending on each mining operation's level of profitability, combined
with a provision establishing that total taxation (including corporate income,
the new royalty tax and tax on dividends) should not exceed 46.5% of
profitability. It is expected that this new law will come into effect at the
beginning of 2024. Since Centinela and Antucoya have tax stability agreements,
the new royalty rates will only apply from 2030 and 2031 respectively. There
will be a one-off non-cash adjustment to the deferred tax balances of each of
the Group's mining operations reflecting the impact of the change in the 31
December 2023 results.
· The process to approve a new constitution in Chile continues. In May
2023, the members of the Constitutional Council that will draft the revised
constitution were elected. The Council is expected to agree a final draft of
the revised constitution in Q4 2023, before it is presented for approval in a
national referendum on 17 December 2023.
OTHER
· Following confirmation by the Australian Tax Office that the proceeds
from the sale of the Group's interest in Reko Diq (amounting to $945 million)
were not taxable, the funds have been distributed to the Company during H1
2023. The Company will apply its capital allocation model to determine the
final use of the proceeds.
· The half-year effective tax rate is expected to be approximately 30%,
partially reflecting a one-off adjustment of the provision for deferred
withholding tax.
GROUP PRODUCTION AND CASH COSTS Year to Date Q2 Q1
2023 2022 % 2023 2023 %
Copper production kt 295.5 268.6 10.0 149.6 145.9 2.5
Copper sales kt 295.4 263.0 12.3 146.4 149.0 (1.7)
Gold production koz 86.2 73.8 16.8 44.0 42.2 4.3
Molybdenum production kt 4.9 4.0 22.5 2.4 2.5 (4.0)
Cash costs before by-product credits ((1)) $/lb 2.48 2.37 4.6 2.47 2.49 (0.8)
Net cash costs ((1)) $/lb 1.75 1.82 (3.8) 1.96 1.54 27.3
(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 - London Media - 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 Pica cpica@aminerals.cl
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MINING OPERATIONS
Los Pelambres
Throughput improved by 24.2% in Q2 2023, enabling copper production to
increase by 16.7% to 69,200 tonnes during the period (Q1 2023: 59,300 tonnes),
with ore grades and recovery rates remaining broadly in line
quarter-on-quarter. Operations were impacted by the continued lack of rainfall
in Q2 2023 and the rescheduled ramp-up of the desalination plant.
In the first six months of 2023, copper production increased by 30.6% to
128,500 tonnes compared with the same period last year (H1 2022: 98,400
tonnes). This increase was mainly driven by higher throughput, which was up
23.9% compared with the same period in the prior year.
Molybdenum production fell by 5.6% during the quarter to 1,700 tonnes (Q1
2023: 1,800 tonnes), as a lower grade section of the ore body was mined. Gold
production fell by 2.0% to 9,700 ounces in Q2 2023 (Q1 2023: 9,900 ounces),
reflecting lower grades and recoveries.
Cash costs before by-product credits were 10.6% lower at $1.94/lb in Q2 2023,
reflecting 16.7% higher copper production. Net cash costs (after by-product
credits) rose by 72.6% quarter-on-quarter to $1.45/lb in Q2 2023, following a
significant quarter-on-quarter reduction in molybdenum pricing, which impacted
provisionally priced molybdenum sales from prior periods. Cash costs before
by-product credits of $2.04/lb in H1 2023 were 1.0% higher, representing a
balance between higher production and higher input costs. Year to date net
cash costs of $1.17/lb were 11.4% below the costs in the same period in 2022,
reflecting higher by-product credits in early 2023.
The 400 litres per second desalination project has now entered its
commissioning phase. Marine works are now substantially complete, with the
plant achieving an average production of 160 litres per second of desalinated
water in June 2023. The project will help to stabilise water availability and
lower water extraction rates locally, and completion of commissioning is
expected in H2 2023.
Pre-operational testing of the fourth concentrator line at Los Pelambres has
commenced following connection to the national grid. Commissioning of
ancillary circuits such as the flotation circuit has commenced, and the
Company is working towards mechanical completion of the entire project. The
commissioning phase of this growth project is expected to be completed in H2
2023.
LOS PELAMBRES Year to Date Q2 Q1
2023 2022 % 2023 2023 %
Daily ore throughput kt 129.5 104.5 23.9 143.4 115.5 24.2
Copper grade % 0.65 0.66 (1.5) 0.64 0.66 (3.0)
Copper recovery % 89.2 90.7 (1.7) 89.2 89.2 0.0
Copper production kt 128.5 98.4 30.6 69.2 59.3 16.7
Copper sales kt 129.2 96.3 34.2 72.3 56.8 27.3
Molybdenum grade % 0.018 0.017 5.9 0.018 0.019 (5.3)
Molybdenum recovery % 86.3 85.0 1.5 85.5 87.3 (2.1)
Molybdenum production kt 3.4 2.7 25.9 1.7 1.8 (5.6)
Molybdenum sales kt 3.7 2.7 37.0 1.9 1.8 5.6
Gold grade g/t 0.042 0.043 (2.3) 0.038 0.046 (17.4)
Gold recovery % 68.5 72.9 (6.0) 67.0 70.0 (4.3)
Gold production koz 19.6 15.4 27.3 9.7 9.9 (2.0)
Gold sales koz 20.5 15.2 34.9 10.8 9.8 10.2
Cash costs before by-product credits ((1)) $/lb 2.04 2.02 1.0 1.94 2.17 (10.6)
Net cash costs ((1)) $/lb 1.17 1.32 (11.4) 1.45 0.84 72.6
(1) Includes tolling charges of $0.23/lb in Q2 2023, $0.21/lb in Q1 2023,
$0.22/lb in H1 2023 and $0.17/lb in H1 2022.
Centinela
Total copper production at Centinela was 10.7% lower quarter-on-quarter at
51,500 tonnes in Q2 2023 (Q1 2023: 57,700 tonnes), primarily linked to lower
grades at both the concentrator and cathode operations. Total copper
production in H1 2023 of 109,200 tonnes represents a level 1.9% lower
year-on-year (H1 2022: 111,300 tonnes), representing a balance of lower copper
cathode production and higher output of copper in concentrates.
Second quarter copper in concentrate production was 5.8% lower at 36,000
tonnes (Q1 2023: 38,200 tonnes), with grades 5.9% lower during the period.
Throughput and recoveries at the concentrator remained broadly in line at an
average of 105,100 tonnes per day and 82.5% respectively. Copper cathode
production during the quarter fell by 20.5% to 15,500 tonnes (Q1 2023: 19,500
tonnes) as a result of processing lower grades and recoveries during the
period.
Gold production in Q2 2023 rose by 6.5% to 34,400 ounces (Q1 2023: 32,300
ounces), whilst molybdenum production fell by 12.5% to 700 tonnes (Q1 2023:
800 tonnes), reflecting changes in the grade processed for both by-products.
On a year-on-year basis, production of gold and molybdenum rose by 14.2% and
15.4% respectively in H1 2023, as a result of higher grades across the period.
Sales of copper in concentrates fell by 25.6% during Q2 2023 following adverse
weather conditions at the Company's port, which resulted in a delay in sales
until after the end of the period. Sales of copper in concentrates in H1 2023
rose by 10.9%, largely mirroring the rise seen in copper production during the
period. Sales of copper cathodes broadly mirrored production tonnes for both
Q2 2023 and H1 2023.
Cash costs before by-product credits rose by 13.2% to $3.01/lb in Q2 2023, as
a result of lower copper production and the conclusion of a 3-year labour
agreement during the quarter, involving a one off closure payment fully
settled in the period. During H1 2023, cash costs before by-product credits
rose by 5.2% on a year-on-year basis to $2.82/lb, reflecting higher input
costs for labour as noted above, partially offset by lower pricing for diesel
and sulphuric acid. The appreciation of the Chilean peso during H1 2023 also
provided inflationary pressure to the Company's cost base on a year-on-year
basis.
Net cash costs rose by 36.9% to $2.19/lb in Q2 2023, with by-product credits
decreasing from $1.06/lb in Q1 2023 to $0.82/lb in Q2 2023, which primarily
relates to a significant quarter-on-quarter reduction in molybdenum prices,
which impacted provisionally priced molybdenum sales from prior periods. Net
cash costs in H1 2023 fell by 5.1% to $1.88/lb, reflecting strong pricing for
molybdenum in early 2023.
CENTINELA Year to Date Q2 Q1
2023 2022 % 2023 2023 %
CONCENTRATES
Daily ore throughput kt 104.2 107.3 (2.9) 105.1 103.2 1.8
Copper grade % 0.50 0.44 13.6 0.48 0.51 (5.9)
Copper recovery % 82.9 80.0 3.6 82.5 83.3 (1.0)
Copper production kt 74.2 66.2 12.1 36.0 38.2 (5.8)
Copper sales kt 71.5 64.5 10.9 30.5 41.0 (25.6)
Molybdenum grade % 0.014 0.013 7.7 0.013 0.016 (18.8)
Molybdenum recovery % 69.9 60.7 15.2 68.6 71.0 (3.4)
Molybdenum production kt 1.5 1.3 15.4 0.7 0.8 (12.5)
Molybdenum sales kt 1.5 1.2 25.0 0.7 0.8 (12.5)
Gold grade g/t 0.18 0.15 20.0 0.18 0.17 5.9
Gold recovery % 65.9 65.3 0.9 66.8 65.1 2.6
Gold production koz 66.7 58.4 14.2 34.4 32.3 6.5
Gold sales koz 58.4 58.3 0.2 24.9 33.5 (25.7)
CATHODES
Daily ore throughput kt 51.5 56.3 (8.5) 53.5 49.4 8.3
Copper grade % 0.53 0.64 (17.2) 0.50 0.56 (10.7)
Copper recovery % 66.2 66.1 0.2 63.2 69.2 (8.7)
Copper production - heap leach kt 32.9 43.4 (24.2) 14.7 18.2 (19.2)
Copper production - total ((1)) kt 35.0 45.1 (22.4) 15.5 19.5 (20.5)
Copper sales kt 37.1 42.5 (12.7) 15.6 21.5 (27.4)
Total copper production kt 109.2 111.3 (1.9) 51.5 57.7 (10.7)
Cash costs before by-product credits ((2)) $/lb 2.82 2.68 5.2 3.01 2.66 13.2
Net cash costs ((2)) $/lb 1.88 1.98 (5.1) 2.19 1.60 36.9
(1) Includes production from ROM material.
(2) Includes tolling charges of $0.18/lb in Q2 2023, $0.17/lb in Q1 2023, $0.18/lb in H1 2023 and $0.14/lb in H1 2022.
Antucoya
Copper production at Antucoya rose by 1.6% to 19,100 tonnes in Q2 2023 (Q1
2023: 18,800 tonnes), with this increase attributable to average daily
throughput rates increasing by 11.7% in the second quarter. Copper production
rose by 4.4% in H1 2023 to 38,000 tonnes (H1 2022: 36,400 tonnes) as a result
of a higher tonnage of ore processed and higher grade ore.
Cash costs for Q2 2023 fell by 5.7% to $2.64/lb, principally reflecting higher
copper production and lower prices for key consumables such as sulphuric acid
and diesel.
Antucoya recorded a cash cost of $2.72/lb in H1 2023 representing a level 8.8%
higher year-on-year, with key drivers being an increase in the acid
consumption rate, higher input costs and the appreciation of the Chilean peso.
As previously referenced in the Group's Q1 2023 Production Report, maintenance
is expected to be carried out in Q3 2023.
ANTUCOYA Year to Date Q2 Q1
2023 2022 % 2023 2023 %
Daily ore throughput kt 89.8 87.2 3.0 94.7 84.8 11.7
Copper grade % 0.33 0.32 3.1 0.33 0.33 0.0
Copper recovery % 67.4 69.0 (2.3) 68.0 66.8 1.8
Copper production kt 38.0 36.4 4.4 19.1 18.8 1.6
Copper sales kt 37.4 37.1 0.8 18.3 19.1 (4.2)
Cash costs $/lb 2.72 2.50 8.8 2.64 2.80 (5.7)
Zaldívar
The Group's equity-reported copper production at Zaldívar was 9,800 tonnes in
Q2 2023, in line with the prior quarter (Q1 2023: 10,000 tonnes), with lower
daily throughput offset by higher grades and recoveries. Copper production in
H1 2023 declined by 12.0% to 19,800 tonnes (H1 2022: 22,500 tonnes),
reflecting lower ore throughput rates and lower grades during the period.
Zaldívar recorded a cash cost of $3.03/lb in Q2 2023, representing a 4.8%
increase quarter-on-quarter as a result of lower copper production, higher
costs for maintenance and spare parts, with operations benefiting to a lesser
degree from lower costs for key input consumables such as sulphuric acid and
diesel.
Cash costs in H1 2023 rose by 38.3% year-on-year to $2.96/lb, reflecting lower
production, increased costs for maintenance and spare parts, and the
appreciation of the Chilean peso.
ZALDÍVAR Year to Date Q2 Q1
2023 2022 % 2023 2023 %
Daily ore throughput kt 32.6 39.3 (17.0) 31.7 33.6 (5.7)
Copper grade % 0.75 0.81 (7.4) 0.80 0.70 14.3
Copper recovery % 61.1 53.7 13.8 62.0 60.6 2.3
Copper production - heap leach ((1)) kt 13.7 15.8 (13.3) 6.8 7.0 (2.9)
Copper production - total ((1,2)) kt 19.8 22.5 (12.0) 9.8 10.0 (2.0)
Copper sales ((1)) kt 20.3 22.7 (10.6) 9.7 10.6 (8.5)
Cash costs $/lb 2.96 2.14 38.3 3.03 2.89 4.8
(1) Group's 50% share.
(2) Includes production from secondary leaching.
Transport Division
Total transport volumes in Q2 2023 were 1.8 million tonnes, 2.8% higher than
the previous quarter, driven by a 4.3% increase in rail services to mining
clients. Total transport volumes in the first half were 0.5% lower in H1 2023
compared to H1 2022, primarily related to operational interruptions at the
port that were attributed to a fire in 2022.
TRANSPORT Year to Date Q2 Q1
2023 2022 % 2023 2023 %
Rail kt 2,673 2,708 (1.3) 1,365 1,309 4.3
Road kt 878 861 2.0 436 442 (1.4)
Total tonnage transported kt 3,551 3,570 (0.5) 1,800 1,751 2.8
Commodity prices and exchange rates
Year to Date Q2 Q1
2023 2022 % 2023 2023 %
Copper
Market price $/lb 3.95 4.43 (10.8) 3.85 4.05 (4.9)
Realised price $/lb 3.99 4.13 (3.4) 3.49 4.48 (22.1)
Gold
Market price $/oz 1,932 1,873 3.2 1,976 1,890 4.6
Realised price $/oz 1,989 1,899 4.7 1,941 2,029 (4.3)
Molybdenum
Market price $/lb 27.1 18.7 44.9 20.9 32.8 (36.3)
Realised price $/lb 25.0 18.0 38.9 12.7 37.0 (65.7)
Exchange rates
Chilean peso per $ 806 826 (2.4) 801 810 (1.1)
Spot commodity prices for copper, gold and molybdenum as at 30 June 2023 were
$3.72/lb, $1,908/oz and $21.6/lb respectively, compared with $4.05/lb,
$1,979/oz and $24.0/lb as at 31 March 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 $101.2 million, negative $3.6 million and negative $62.0
million respectively.
The provisional pricing adjustments for copper, gold and molybdenum for the
year to date were positive $33.4 million, positive $1.8 million and negative
$40.3 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.
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. END DRLRPMFTMTABBRJRecent news on Antofagasta
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