REG - Antofagasta PLC - Q2 2024 PRODUCTION REPORT
17/07/2024 07:00
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RNS Number : 6637W Antofagasta PLC 17 July 2024
NEWS RELEASE, 17 JULY 2024
Q2 2024 PRODUCTION REPORT
quarterly production increases 20%, Full year production expected in the lower
end of guidance range
Antofagasta plc CEO, Iván Arriagada said: "With a 20% increase in copper
production in the second quarter, output in H1 2024 was close to the same
level seen in H1 2023, despite lower grades at both Los Pelambres and
Centinela. Los Pelambres achieved higher ore processing volumes in the second
quarter following the recently completed Phase 1 Expansion Project, and for
the second half of the year, production is also expected to include drawdowns
from Los Pelambres' concentrate inventories that accumulated in February 2024.
At Centinela, production in Q2 2024 also reflected lower recoveries that were
impacted by elevated levels of clay and fines in ores processed. Considering
the above, we expect that full year production will be in the lower end of our
guidance range of 670-710,000 tonnes, with cash cost guidance adjusted.
"At Antofagasta, through our consistent investment throughout the commodity
cycle, we have delivered growth and built a portfolio of high-quality,
long-life operations. At Centinela, construction work is progressing ahead of
schedule at the Second Concentrator Project. At Los Pelambres, the Phase 1
Expansion Project has successfully ramped-up to nameplate capacity, with work
now underway to double the capacity of the desalination plant to 800 litres
per second and to construct the new concentrate pipeline. Taken together,
these investments will add both growth and long-term security to the future of
our portfolio at a time when there is strong and widespread recognition of
copper's fundamental role in the energy transition."
GROUP PRODUCTION AND CASH COSTS Year to Date Q2 Q1
2024 2023 % 2024 2024 %
Copper production Kt 284.7 295.5 (3.7) 155.3 129.4 20.0
Copper sales Kt 277.2 295.4 (6.2) 161.5 115.7 39.6
Gold production koz 66.9 86.2 (22.4) 33.6 33.3 0.9
Molybdenum production Kt 5.2 4.9 6.1 2.5 2.7 (7.4)
Cash costs before by-product credits ((1)) $/lb 2.65 2.48 6.9 2.63 2.67 (1.5)
Net cash costs ((1)) $/lb 1.94 1.75 10.9 1.94 1.93 0.5
(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.
HIGHLIGHTS
PRODUCTION
· Copper production in Q2 2024 was 155,300 tonnes, 20% higher than Q1
2024, with this increase primarily driven by Los Pelambres following the
extended concentrate pipeline maintenance and cleaning activities that was
required in February. This increase was, however, offset by lower grades and
recoveries at Centinela's concentrator related to elevated levels of clay and
fines in ores processed.
· Copper production in H1 2024 was 284,700 tonnes, 4% lower
year-on-year, principally representing a balance of lower production from
Centinela concentrates, and higher production at Centinela cathodes and Los
Pelambres, with the latter happening despite the inventory build-up at Los
Pelambres in February 2024.
· Gold production in Q2 2024 was 33,600 ounces, 1% higher than Q1 2024,
with higher gold output at Los Pelambres offset by a similar decline in gold
production at Centinela. For the first six months of the year, gold production
decreased by 22% to 66,900 ounces, reflecting lower gold grades at Centinela.
· Molybdenum production in Q2 2024 was 2,500 tonnes, 7% lower than Q1
2024, with this decrease connected to lower molybdenum grades at Los
Pelambres. Year to date molybdenum production was 5,200 tonnes, 6% higher than
in the same period last year due to higher ore processing rates at Los
Pelambres.
CASH COSTS
· Cash costs before by-product credits in Q2 2024 were $2.63/lb,
representing a 2% decrease quarter-on-quarter, related to higher production at
Los Pelambres. Cash costs in H1 2024 were $2.65/lb, a year-on-year increase of
7% due to lower ore grade and recoveries at Centinela concentrates and lower
grades at Los Pelambres.
· By-product credits in Q2 2024 were 69c/lb (Q1 2024: 74c/lb), with
lower molybdenum sales at Los Pelambres offset by increases in pricing for
both molybdenum and gold. By-product credits year to date of 71c/lb were in
line with H1 2023, which represents a balance of lower gold production at
Centinela and higher pricing for gold.
· Net cash costs in Q2 2024 were $1.94/lb, in line with Q1 2024, with
lower cash costs before by-products, balanced in turn by lower credits for
by-products. Net cash costs were $1.94/lb for the first half of the year, 11%
higher than the same period in 2023, with this increase driven by the increase
in the underlying cash costs before by-product credits.
PROJECT DEVELOPMENT UPDATE
· Centinela Second Concentrator: Following definitive financing
agreements for the Centinela Second Concentrator Project, as announced on 19
March 2024, and the release of funds by lenders at the end of March, full
construction commenced in April 2024. Initial construction activities include
preparatory groundwork at the site of the planned second concentrator,
mobilisation of contracting personnel to site and the formal receipt of
construction schedules from all key contractors, with the overall project
progress being ahead of plan.
· Centinela water infrastructure: The Company announced completion of
the process whereby Minera Centinela ("Centinela") entered into a water
transportation agreement, involving its existing water supply and future water
supply to the Centinela Second Concentrator Project. Under the terms of the
agreement, Centinela's existing water transportation assets and rights have
been transferred to an international consortium for net cash proceeds of $600
million, which was received as of late June 2024. For accounting purposes, the
existing assets remain in the Group's balance sheet, with the cash receipt
resulting in the recognition of a corresponding other financial liability
balance. In addition, the planned expansion of the water transportation system
will now be undertaken by the acquiring consortium, resulting in a reduction
in the overall capital cost of the Centinela Second Concentrator Project by
approximately $380 million, with this reduction to be realised over the course
of the project's construction period.
· Los Pelambres: Preliminary construction work has commenced on schedule
at two key projects that are intended to enable future growth at Los
Pelambres: (1) Doubling the capacity of the recently completed desalination
plant to 800 litres per second, and (2) Replacement of the existing
concentrate pipeline.
2024 GUIDANCE
· Total production for 2024 is expected to be in the lower end of the
Company's 670-710,000 tonne guidance range. At Los Pelambres, given that the
existing concentrate pipeline is currently operating with enhanced parameters
for safety and maintenance, which are periodically reviewed by the Company,
combined with the high throughput rates that are being achieved at the
processing plant, the drawdown of the inventory accumulated in February 2024
is now expected to be completed in the next 2-3 quarters. In the case of
Centinela, following lower grades in H1 2024, the clay and fines content in
ore fed to the concentrator plant, which has impacted recoveries, is expected
to reduce towards the end of the year.
· Following projected production for the full year, cash cost guidance,
both before and after by-product credits, is now expected to be $2.40/lb and
$1.70/lb respectively (based on current spot prices).
· Capital expenditure guidance is unchanged at $2.7 billion.
SAFETY AND SUSTAINABILITY
· Safety remains a key priority for the Company, with strong safety
performance being recorded in 2024, with no fatalities, and the injury
frequency rate continuing at a level below 1.0. The Company's year-to-date
total recordable injury rate also continues at a level materially below
industry benchmarks for safety performance. 1 (#_ftn1)
· At Los Pelambres, following discussions with our stakeholders in the
Choapa Valley about water distribution arrangements under drought conditions
and the provisions of the new Water Code, a revised agreement is in place that
was approved in Q1 2024 by the relevant water authority. Under the terms of
this agreement, when in drought, Los Pelambres will be able to draw its full
freshwater intake requirements, subject to certain administrative conditions
being periodically renewed by the relevant water authority. In the absence of
an annual drought decree, Los Pelambres is entitled to draw the water required
for its operation by exercising its water rights.
· During the period the Company launched a micro-site covering its
sustainability performance in 2023 (https://sr.antofagasta.co.uk/
(https://sr.antofagasta.co.uk/) ), which is available in both English and
Spanish and is designed to help support engagement with the Company's local
and international stakeholders. This new website demonstrates the work
completed in areas such as people and communities, the environment and
corporate governance, which are central to our purpose of developing mining
for a better future.
ZALDÍVAR UPDATE
· In early 2024 approval was received from the authorities for the DIA
(Declaration of Environmental Impact) to extend the mining permit and,
therefore, align the water and mining permits at Zaldívar. This approval
ensures that the operation has rights to mine ore and extract water until
2025. The mine life after 2025 is, therefore, subject to the approval of and
Environmental Impact Assessment (EIA).
· The formal process for reviewing the EIA submitted for Zaldívar
continues, with responses to the second round of queries raised by various
government agencies in Chile currently being prepared by the Company for
planned submission in 2024. For reference, the Company had responded to the
first round of queries in Q1 2024, and a summary of the EIA submitted and the
application process to date was provided in the Company's Q1 2024 Production
Report.
· Separate to the above permits, and as previously reported, the Company
(as well as other named defendants) submitted a response contradicting the
allegations made by the Consejo de Defensa del Estado (CDE), an independent
governmental agency that represents the interests of the Chilean state, who
previously filed a claim against Minera Escondida, Albemarle and Zaldívar,
alleging that their extraction of water from the Monturaqui-Negrillar-Tilopozo
aquifer over the years has impacted the underground water level. The
evidentiary record is now closed, and a decision from the Court is pending.
However, conversations regarding a potential settlement are continuing.
CORPORATE
· In April 2024, the Company announced that it had agreed the pricing of
the issuance of $750 million of Senior Unsecured Notes due 2034, with the use
of net proceeds for general corporate purposes. Further details are available
on the Company's website (www.antofagasta.co.uk (http://www.antofagasta.co.uk)
).
· The Company held its Annual General Meeting on 8 May 2024, with all
resolutions passed during the meeting.
OTHER
· During the period, the Company concluded a three-year labour agreement
with a workers union at Centinela, with discussions completed ahead of
schedule. Following the conclusion of this process, the Company has no further
labour agreements due to expire in 2024.
· The Company published its Report on Payments to Governments on 28
June 2024, showing that 99.9% of the Company's taxes and other payments to
governments in 2023 were paid in Chile.
Investors - London Media - London
Rosario Orchard rorchard@antofagasta.co.uk (mailto:rorchard@antofagasta.co.uk) Carole Cable antofagasta@brunswickgroup.com (mailto:antofagasta@brunswickgroup.com)
Robert Simmons rsimmons@antofagasta.co.uk (mailto:rsimmons@antofagasta.co.uk) Telephone +44 20 7404 5959
Telephone +44 20 7808 0988
Media - Santiago
Pablo Orozco porozco@aminerals.cl (mailto:porozco@aminerals.cl)
Carolina Pica cpica@aminerals.cl (mailto:cpica@aminerals.cl)
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/
(https://www.antofagasta.co.uk/investors/news/email-alerts/)
MINING OPERATIONS
Los Pelambres
Copper production of 77,200 tonnes in Q2 2024 represented a 40% increase
compared to the prior quarter, following extended maintenance on the Los
Pelambres concentrate pipeline during February 2024, offset by lower grades in
Q2 2024. Following the completion of the Phase 1 Expansion, Los Pelambres
recorded its first quarterly ore throughput with the newly expanded processing
plant, which reflected the newly installed fourth concentrator line and the
availability of desalinated water from this expansion. Copper production in H1
2024 was 132,500 tonnes, representing a year-on-year increase of 3%. This
movement reflects a balance between the higher level of ore processing in 2024
following the completion of the Phase 1 Expansion Project, offset by the
accumulation of concentrate inventories due to extended maintenance in Q1 2024
at the concentrate pipeline and lower grades.
As referenced above, pipeline maintenance in Q1 2024 resulted in an inventory
of concentrate being stockpiled at the processing plant. The Company is
seeking to transfer this material to the Company's port at Los Vilos over the
course of the next 2-3 quarters, where it will be recorded as production.
In respect of by-products, Los Pelambres produced 2,000 tonnes of molybdenum
in Q2 2024, 9% below the prior quarter because of lower molybdenum grades.
Gold production rose by 24% in Q2 2024 to 10,400 ounces, reflecting higher
processing rates and the Q1 2024 increase in inventories.
Copper sales in Q2 2024 and H1 2024 were broadly in line with production
during each period, with port operations continuing in line with expectations.
Cash costs before by-product credits in Q2 2024 of $2.14/lb represented a
level 2% below the prior period, with higher production, partially offset by
lower ore grades. Cash costs before by-product credits rose by 6% in H1 2024
on a year-on-year basis to $2.16/lb, reflecting a balance of lower ore grades
and increased production, the depreciation of the Chilean peso and lower unit
costs for key consumables, such as diesel, grinding media and explosives.
Net cash costs, which include a credit for sales of molybdenum and gold
by-products, in Q2 2024 were $1.26/lb - 11% higher than the prior period. This
increase in second quarter costs principally reflects a decrease in the
by-product credit received to 88c/lb (Q1 2024: 105c/lb), which is the result
of a lower sales volume of molybdenum, offset by stronger realised pricing.
Net cash costs in H1 2024 were 3% higher than H1 2023, primarily as a result
of the increase in the underlying cash costs, with an increase in the
by-product credit to 95c/lb (H1 2023: 87c/lb) serving to partially mitigate
this increase.
LOS PELAMBRES Year to Date Q2 Q1
2024 2023 % 2024 2024 %
Daily ore throughput kt 186.7 129.5 44.2 196.2 177.1 10.8
Copper grade % 0.54 0.65 (16.9) 0.52 0.56 (7.1)
Copper recovery % 88.6 89.2 (0.7) 89.0 88.2 0.9
Copper production kt 132.5 128.5 3.1 77.2 55.3 39.6
Copper sales kt 133.4 129.2 3.3 82.7 50.7 63.1
Molybdenum grade % 0.015 0.018 (16.7) 0.015 0.016 (6.3)
Molybdenum recovery % 84.9 86.3 (1.6) 84.9 84.9 -
Molybdenum production kt 4.2 3.4 23.5 2.0 2.2 (9.1)
Molybdenum sales kt 4.6 3.7 24.3 2.1 2.5 (16.0)
Gold grade g/t 0.031 0.042 (26.2) 0.029 0.034 (14.7)
Gold recovery % 69.6 68.5 1.6 69.6 69.6 -
Gold production koz 18.9 19.6 (3.6) 10.4 8.4 23.8
Gold sales koz 17.2 20.5 (16.1) 10.3 6.8 51.5
Cash costs before by-product credits((1)) $/lb 2.16 2.04 5.9 2.14 2.19 (2.3)
Net cash costs ((1)) $/lb 1.21 1.17 3.4 1.26 1.14 10.5
(1) Includes tolling charges of $0.26/lb in Q2 2024, $0.27/lb in Q1 2024,
$0.27/lb in H1 2024 and $0.22/lb in H1 2023.
Centinela
Total copper production in Q2 2024 of 48,000 tonnes represents a level 7%
higher on a quarter-on-quarter basis, reflecting levels of copper cathode
production, following higher ore throughput rates and elevated copper grades,
offset by lower production at Centinela's concentrator related to ore grades
and recoveries. Total copper production in H1 2024 was 15% lower on a
year-on-year basis at 93,000 tonnes, with this movement primarily driven by
lower grades at the concentrator.
At Centinela's concentrator, copper in concentrate production was 10% lower in
Q2 2024, with 20,600 tonnes produced. This level of production is the result
of lower copper grades and lower recoveries, partially offset by an increase
in ore throughput rates. Lower recoveries in Q2 were the result of elevated
levels of clay and fines encountered within ores processed during the period,
with this impact on recoveries expected to reduce towards the end of the year.
Copper in concentrate production in H1 2024 was 41% below the same period in
2023, with 43,600 tonnes produced. This year-on-year decrease in output
reflects the lower grades and harder ores mined in Q1 2024, in line with the
mine plan, and the factors described above for Q2 2024.
Cathode production in Q2 2024 was 25% higher on a quarterly basis, at 27,400
tonnes, with this following higher grades and ore throughput rates during the
period. Cathode production in H1 2024 of 49,400 tonnes represents a level 41%
higher than the same period in 2023 and reflects an increase in the factors
discussed above for Q2 2024, as well as higher recovery rates.
Gold production during the quarter was 7% lower on a quarter-on-quarter basis
at 23,100 ounces, which was the result of lower recoveries. Gold production in
H1 2024 was 48,000 ounces, representing a level 28% lower than the same period
in 2023, and this year-on-year change is primarily the result of lower gold
grades within the ores processed, as well as lower recoveries.
Cash costs before by-product credits in Q2 2024 were $3.38/lb, 5% higher on a
quarter-on-quarter basis, due to the full inclusion of the one-off payment
from the settlement of a 3-year labour agreement during the period and lower
grades at the concentrator, partially offset by lower costs for maintenance
and input prices for key consumables. Cash costs before by-product credits in
H1 2024 were $3.31/lb, 17% higher on a year-on-year basis due to lower
production, driven by lower grades, offset by depreciation of the Chilean
peso.
Net cash costs in Q2 2024 were $2.57/lb, representing a quarter-on-quarter
increase of 8% as result of an increase in the underlying cash cost, with
by-product credits remaining in line. Net cash costs in H1 2024 were 32%
higher at $2.48/lb, with this increase reflected in movements in the
underlying cash cost and lower by-product credits because of lower gold
production.
CENTINELA Year to Date Q2 Q1
2024 2023 % 2024 2024 %
CONCENTRATES
Daily ore throughput kt 95.6 104.2 (8.3) 101.0 90.1 12.1
Copper grade % 0.33 0.50 (34.0) 0.32 0.35 (8.6)
Copper recovery % 78.4 82.9 (5.4) 75.4 81.5 (7.5)
Copper production kt 43.6 74.2 (41.2) 20.6 23.0 (10.4)
Copper sales kt 40.3 71.5 (43.6) 25.0 15.3 63.4
Molybdenum grade % 0.011 0.014 (21.4) 0.010 0.011 (9.1)
Molybdenum recovery % 67.8 69.9 (3.0) 68.7 67.0 2.5
Molybdenum production kt 1.0 1.5 (33.3) 0.5 0.5 -
Molybdenum sales kt 1.0 1.5 (33.3) 0.5 0.5 -
Gold grade g/t 0.14 0.18 (22.2) 0.14 0.14 -
Gold recovery % 63.1 65.9 (4.2) 61.9 64.4 (3.9)
Gold production koz 48.0 66.7 (28.0) 23.1 24.9 (7.2)
Gold sales koz 43.8 58.4 (25.0) 27.4 16.4 67.1
CATHODES
Daily ore throughput kt 57.4 51.5 11.5 60.2 54.7 10.1
Copper grade % 0.64 0.53 20.8 0.67 0.60 11.7
Copper recovery % 72.3 66.2 9.2 72.8 71.6 1.7
Copper production - heap leach kt 48.3 32.9 46.8 27.1 21.3 27.2
Copper production - total ((1)) kt 49.4 35.0 41.1 27.4 22.0 24.5
Copper sales kt 47.1 37.1 27.0 25.9 21.2 22.2
Total copper production kt 93.0 109.2 (14.8) 48.0 45.0 6.7
Cash costs before by-product credits((2)) $/lb 3.31 2.82 17.4 3.38 3.23 4.6
Net cash costs((2)) $/lb 2.48 1.88 31.9 2.57 2.39 7.5
(1) Includes production from ROM material
(2) Includes tolling charges of $0.13/lb in Q2 2024, $0.16/lb in Q1 2024,
$0.15/lb in H1 2024 and $0.18/lb in H1 2023.
Antucoya
Copper production in Q2 2024 of 20,700 tonnes was 6% higher than the prior
quarter, with this increase coming primarily as a result of higher throughput
volumes, in addition to increased recoveries. Copper production in H1 2024 of
40,300 tonnes represents a level 6% above the same period in 2023, reflecting
higher throughput rates.
Cash costs in Q2 2024 were $2.55/lb, 2% lower than Q1 2024, which mirrors the
increased level of production. Cash costs in H1 2024 of $2.58/lb were 5% lower
as a result of depreciation of the Chilean peso and reduced unit costs for key
consumables.
ANTUCOYA Year to Date Q2 Q1
2024 2023 % 2024 2024 %
Daily ore throughput kt 95.2 89.8 6.0 99.9 90.5 10.4
Copper grade % 0.32 0.33 (3.0) 0.32 0.33 (3.0)
Copper recovery % 67.9 67.4 0.7 69.4 66.2 4.8
Copper production kt 40.3 38.0 6.1 20.7 19.6 5.6
Copper sales kt 38.4 37.4 2.7 19.2 19.2 -
Cash costs $/lb 2.58 2.72 (5.1) 2.55 2.61 (2.3)
Zaldívar
Total attributable production during Q2 2024 was 9,400 tonnes of copper, in
line on a quarter-on-quarter basis, primarily reflecting lower grades, offset
by higher ore throughput rates following the completion of maintenance in Q1
2024. Copper production in H1 2024 at Zaldívar was 5% lower than the same
period in 2023, as a result of lower grades and recoveries, with these factors
partially offset by an increase in ore throughput rates.
Cash costs of $2.97/lb in Q2 2024 were in line on a quarter-on-quarter basis.
During H1 2024, cash costs of $2.97/lb were in line with the same period in
2023, reflecting a balance of depreciation of the Chilean peso, lower unit
costs for key consumables and a reduction in costs associated with planned
maintenance, offset by an increase in costs associated with the utilisation of
inventory from prior periods and consumption rates.
ZALDÍVAR Year to Date Q2 Q1
2024 2023 % 2024 2024 %
Daily ore throughput kt 37.9 32.6 16.3 40.7 35.2 15.6
Copper grade % 0.70 0.75 (6.7) 0.63 0.78 (19.2)
Copper recovery % 56.5 61.1 (7.5) 56.9 56.1 1.4
Copper production - heap leach ((1)) kt 13.2 13.7 (3.6) 6.2 7.0 (11.4)
Copper production - total ((1,2)) kt 18.9 19.8 (4.5) 9.4 9.5 (1.1)
Copper sales ((1)) kt 18.0 20.3 (11.3) 8.6 9.3 (7.5)
Cash costs $/lb 2.97 2.96 0.3 2.97 2.97 -
(1) Group's 50% share.
(2) Includes production from secondary leaching.
Transport Division
The total volume transported in Q2 2024 was 1.8 million tonnes, representing a
4% increase quarter-on-quarter, and the H1 2024 result was 3.5 million tonnes
representing a 1% decrease year-on-year. Rail volumes performed ahead of both
prior periods as a result of higher demand for the transportation of
concentrates and sulphuric acid. Road volumes for Q2 2024 and YTD 2024 were
both lower, predominantly as a result of reduced levels of activity related to
customers producing lithium brines.
TRANSPORT Year to Date Q2 Q1
2024 2023 % 2024 2024 %
Rail kt 2,767 2,673 3.5 1,421 1,346 5.6
Road kt 738 878 (15.9) 362 376 (3.7)
Total tonnage transported kt 3,505 3,551 (1.3) 1,783 1,722 3.5
Commodity prices and exchange rates
Year to Date Q2 Q1
2024 2023 % 2024 2024 %
Copper
Market price $/lb 4.13 3.95 4.6 4.42 3.83 15.4
Realised price $/lb 4.40 3.99 10.3 4.69 3.97 18.1
Gold
Market price $/oz 2,205 1,932 14.1 2,338 2,070 12.9
Realised price $/oz 2,314 1,989 16.3 2,399 2,176 10.2
Molybdenum
Market price $/lb 20.9 27.1 (22.9) 21.8 19.9 9.5
Realised price $/lb 22.8 25.0 (8.8) 24.9 21.1 18.0
Exchange rates
Chilean peso per $ 941 806 16.7 935 947 (1.3)
Spot commodity prices for copper, gold and molybdenum as at 30 June 2024 were
$4.30/lb, $2,329/oz and $22.9/lb respectively, compared with $3.96/lb,
$2,211/oz and $19.7/lb as at 31 March 2024 and $3.84/lb, $2,062/oz and
$20.0/lb as at 31 December 2023.
The provisional pricing adjustments for copper, gold and molybdenum for the
quarter were positive $100.8 million, positive $3.8 million and positive $18.8
million respectively.
Depreciation, amortisation and loss on disposals
For the first half of 2024, depreciation, amortisation and loss on disposals
will be approximately $0.65 billion.
Tax
The effective tax rate in H1 2024 is expected to be approximately 43%, which
includes the impact of the new mining royalty in 2024.
Year to Date Q2 Q1
2024 2023 % 2024 2024 %
Copper
Market price $/lb 4.13 3.95 4.6 4.42 3.83 15.4
Realised price $/lb 4.40 3.99 10.3 4.69 3.97 18.1
Gold
Market price $/oz 2,205 1,932 14.1 2,338 2,070 12.9
Realised price $/oz 2,314 1,989 16.3 2,399 2,176 10.2
Molybdenum
Market price $/lb 20.9 27.1 (22.9) 21.8 19.9 9.5
Realised price $/lb 22.8 25.0 (8.8) 24.9 21.1 18.0
Exchange rates
Chilean peso per $ 941 806 16.7 935 947 (1.3)
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.
1 (#_ftnref1) Group-level total recordable injury frequency rates of 1.81
and 1.85 in FY 2023 and H1 2024 respectively, compared to latest data
available ICMM data (link
(https://www.icmm.com/en-gb/research/health-safety/benchmarking-2022-safety-data)
).
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