REG - Antofagasta PLC - Q3 2023 PRODUCTION REPORT
18/10/2023 07:00
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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
(https://www.antofagasta.co.uk/media/4576/230727-social-value-report-2022.pdf)
and a Tax Report
(https://www.antofagasta.co.uk/media/4573/rep_impuestos2022_tax_14.pdf) 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
Copper sales kt 453.8 441.0 2.9 158.4 146.4 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 credits ((1)) $/lb 2.40 2.27 5.7 2.27 2.47 (8.1)
Net cash costs ((1)) $/lb 1.65 1.76 (6.3) 1.47 1.96 (25.0)
(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
Telephone +56 2 2798 7000
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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
Total copper production kt 173.1 173.8 (0.4) 63.8 51.5 23.9
Cash costs before by-product credits ((2)) $/lb 2.72 2.60 4.6 2.54 3.01 (15.6)
Net cash costs ((2)) $/lb 1.76 1.96 (10.2) 1.55 2.19 (29.2)
(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.
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. END DRLMRBRTMTIBBAJRecent news on Antofagasta
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