REG - Antofagasta PLC - Q3 2024 PRODUCTION REPORT
16/10/2024 07:00
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RNS Number : 3201I Antofagasta PLC 16 October 2024
NEWS RELEASE, 16 OCTOBER 2024
Q3 2024 PRODUCTION REPORT
15% increase in quarterly output, full year guidance for production and cash
costs UNCHANGED
Antofagasta plc CEO, Iván Arriagada said: "Copper production increased by 15%
in the third quarter, driven by destocking of inventories at Los Pelambres and
an increase in copper grades and recoveries at Centinela.
"Following the third quarter, we maintain our expectation to finish 2024 at
the lower end of our guidance range of 670-710,000 tonnes of copper
production, as destocking of concentrate inventories at Los Pelambres
continues in the fourth quarter, as well as Los Pelambres and Centinela both
exiting the third quarter with performance in line with expectations. Cash
cost guidance for the full-year also remain unchanged, driven by our improving
operational performance and robust gold prices.
"Construction across our growth and development projects continued during the
quarter as expected, with work at Los Pelambres and Centinela focused on
initial groundworks and the deployment of personnel and equipment to each
site. This follows the recently completed Phase 1 Expansion Project at Los
Pelambres facilitating a 31% year-on-year increase in the ore throughput rate
during the first nine months of 2024.
"Looking ahead, our portfolio of operations is expected to produce 660-700,000
tonnes of copper in 2025, with an incremental increase in output expected at
Centinela Concentrates."
GROUP PRODUCTION AND CASH COSTS Year to Date Q3 Q2
2024 2023 % 2024 2024 %
Copper production Kt 463.7 469.1 (1.2) 179.0 155.3 15.3
Copper sales Kt 453.7 453.8 - 176.5 161.5 9.3
Gold production koz 118.7 143.6 (17.3) 51.8 33.6 54.2
Molybdenum production Kt 7.9 8.1 (2.5) 2.7 2.5 8.0
Cash costs before by-product credits ((1)) $/lb 2.53 2.40 5.4 2.33 2.63 (11.4)
Net cash costs ((1)) $/lb 1.81 1.65 9.7 1.62 1.94 (16.5)
(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 Q3 2024 was 179,000 tonnes, 15% higher on a
quarter-on-quarter basis, driven by a partial destocking of inventories at Los
Pelambres and an increase in copper grades and recoveries at Centinela.
· Copper production in 9M 2024 was 463,700 tonnes, 1% lower on a
year-on-year basis, with rising output at Los Pelambres and Centinela Cathodes
serving to offset lower production at Centinela Concentrates.
· Gold production in Q3 2024 was 51,800 ounces, 54% higher on a
quarter-on-quarter basis, following higher gold grades at Centinela
Concentrates. For the first nine months of the year, gold production decreased
by 17% to 118,700 ounces, reflecting lower grades at Centinela.
· Molybdenum production in Q3 2024 was 2,700 tonnes, 8% higher than Q2
2024 and in line with Q1 2024. Year to date, molybdenum production was 7,900
tonnes, in line with the same period last year.
CASH COSTS
· Cash costs before by-product credits in Q3 2024 were $2.33/lb,
representing an 11% decrease on a quarter-on-quarter basis, driven by higher
production at both Los Pelambres and Centinela Concentrates. Year-to-date cash
costs before by-product credits rose by 5% in 9M 2024 to $2.53/lb, reflecting
lower production at Centinela Concentrates and lower grades at Los Pelambres.
· By-product credits in Q3 2024 were 71c/lb (Q2 2024: 69c/lb), with
lower molybdenum pricing offset by increases in gold production and gold
pricing at Centinela and Los Pelambres. By-product credits year-to-date of
72c/lb were broadly in line with 9M 2023, representing a balance of lower
production of molybdenum and gold, in addition to lower molybdenum pricing,
offset by higher gold pricing.
· Net cash costs in Q3 2024 were $1.62/lb, 17% lower than Q2 2024, with
this movement primarily resulting from lower underlying cash costs before
by-products. Year-to-date net cash costs were 10% higher on a year-on-year
basis at $1.81/lb, with this movement also reflective of the underlying
movement in cash costs before by-products.
PROJECT DEVELOPMENT UPDATE
· Centinela Second Concentrator: Full construction commenced in April
2024, with this project expected to deliver 170,000 tonnes per annum of
additional copper-equivalent production, with construction expected to
complete in 2027. Work during the period focussed on construction activities
and the mobilisation of personnel.
· Los Pelambres: Preliminary construction work continues 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.
Work on both these projects during the period focused on preparatory
groundwork, the deployment of personnel and the awarding of contracts.
GUIDANCE
· Total production guidance for 2024 is unchanged, with full year
output expected to be in the lower end of the Company's guidance range of
670-710,000 tonnes.
· Cash cost guidance for 2024, both before and after by-product
credits, is unchanged at $2.40/lb and $1.70/lb respectively.
· Capital expenditure guidance for 2024 is unchanged at $2.7 billion.
· Total full-year Group copper production in 2025 1 (#_ftn1) is
expected to be between 660,000 and 700,000 tonnes, with an incremental gain in
production at Centinela Concentrates.
· In line with previous years, the Company will provide its 2025
guidance for cash costs and capital expenditure in the Q4 2024 Production
Report, due for release in January 2025.
SAFETY AND SUSTAINABILITY
· The Company's strong safety performance was maintained in Q3 2024,
with operations continuing to operate fatality free. The Company's lost time
injury frequency rate and total recordable injury frequency rate, which are
key lagging indicators of safety, remain in line on a year-on-year basis at
0.75 and 1.71 respectively.
· As previously announced, a new declaration of severe drought
condition was issued at Los Pelambres on 26 July 2024, for a new one-year
period. Consequently, the water redistribution agreement approved by the DGA
(Chile's water administration department) in March 2024 took effect again and
certain conditions are required to be completed to enable Los Pelambres to
extract up to 400 litres per second according to its water rights at that
point of extraction. Los Pelambres continues working with the local water
council or JVRCH (Junta de Vigilancia Río Choapa) and the DGA to this effect,
with additional information and clarifications having been required by the DGA
to the JVRCH and with a view to establishing a common understanding for a more
expeditious renewal process in the 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 May
2025. The mine life after May 2025 is, therefore, subject to the approval of
and Environmental Impact Assessment (EIA).
· With 7 months to the current permit's expiry date (November 2024-May
2025), 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 Q4 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. The process envisages up to three rounds of comments and responses.
· Under local environmental regulations if the EIA is not favourably
resolved by the current permit expiry date in May 2025, Zaldívar will be
required to have in place at that time an approved temporary closure plan.
· 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
· During Q3 2024, the Company added UBS Group AG (UBS) as Corporate
Broker.
· Independent Non-Executive Director Tracey Kerr was appointed to the
Audit and Risk Committee, effective as of September 2024.
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
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MINING OPERATIONS
Los Pelambres
Copper production in Q3 2024 rose by 19% to 92,000 tonnes, following a partial
destocking of inventories that accumulated at the processing plant earlier in
the year (February 2024), with approximately 16,000 tonnes of material moved
to the Company's port facility during the period, where it is recorded as
copper production. As previously announced, the Company intends to draw down
on the remaining inventory of material, with a residual balance of
approximately 11,000 tonnes, in the coming 1-2 quarters. Underlying copper
production during the quarter was broadly in line quarter-on-quarter, with
higher grades serving to offset lower ore throughput rates, with the latter a
consequence of scheduled maintenance and harder ore types during the quarter.
The Company completed major maintenance during the period and does not have
any major maintenance scheduled for the remainder of the year.
Year-to-date copper production in 9M 2024 increased by 7% to 224,400 tonnes,
principally reflecting higher ore throughput rates as a result of the recent
completion of the Company's Phase 1 Expansion Project, delivering additional
water availability and processing capacity.
In respect of by-products, molybdenum production continued in line with
previous periods, increasing by 5% on a quarter-on-quarter basis to 2,100
tonnes in Q3 2024. Gold production of 13,000 ounces in Q3 2024, 25% higher
quarter-on-quarter, reflected the destocking of inventory material during the
period, in addition to higher ore grades.
Copper sales in Q3 2024 and year-to-date in 9M 2024 were broadly in line with
production during each period, with port operations continuing in line with
expectations.
Cash costs before by-product credits fell by 3% in Q3 2024 to $2.07/lb, due to
higher copper production following higher ore grades processed, partially
offset by costs related to maintenance activities. Year-to-date costs before
by-product credits were $2.12/lb, representing a level 7% higher than the
prior year, with this increase reflecting a balance of lower ore grades and
increased production, lower unit costs for key consumables, such as diesel,
grinding media and explosives, and the depreciation of the Chilean peso.
Net cash costs in Q3 2024 rose by 8% on a quarter-on-quarter basis to
$1.36/lb, reflecting movements in molybdenum pricing during the period, with
by-product credits decreasing from 88c/lb in Q2 2024 to 71c/lb in Q3 2024.
Year-to-date net cash costs were 18% higher at $1.27/lb in 9M 2024, following
movements in the underlying cash costs before by-products and a reduction in
molybdenum pricing.
LOS PELAMBRES Year to Date Q3 Q2
2024 2023 % 2024 2024 %
Daily ore throughput kt 185.4 141.2 31.3 183.0 196.2 (6.7)
Copper grade % 0.54 0.63 (14.3) 0.55 0.52 5.8
Copper recovery % 88.5 89.2 (0.8) 88.4 89.0 (0.7)
Copper production kt 224.4 209.6 7.1 92.0 77.2 19.2
Copper sales kt 221.7 198.2 11.9 88.3 82.7 6.8
Molybdenum grade % 0.015 0.018 (16.7) 0.015 0.015 -
Molybdenum recovery % 83.6 85.7 (2.5) 80.9 84.9 (4.7)
Molybdenum production kt 6.3 5.8 8.6 2.1 2.0 5.0
Molybdenum sales kt 6.3 5.9 6.8 1.8 2.1 (14.3)
Gold grade g/t 0.031 0.041 (24.4) 0.032 0.029 10.3
Gold recovery % 69.8 66.6 4.8 70.1 69.6 0.7
Gold production koz 31.9 31.5 1.3 13.0 10.4 25.0
Gold sales koz 29.6 29.8 (0.7) 12.5 10.3 21.4
Cash costs before by-product credits((1)) $/lb 2.12 1.98 7.1 2.07 2.14 (3.3)
Net cash costs ((1)) $/lb 1.27 1.08 17.6 1.36 1.26 7.9
(1) Includes tolling charges of $0.20/lb in Q3 2024, $0.26/lb in Q2 2024,
$0.24/lb 9M 2024 and $0.23/lb 9M 2023.
Centinela
Total copper production during the period rose by 20% on a quarter-on-quarter
basis to 57,700 tonnes of copper, with this increase driven by improved
performance at Centinela Concentrates. Total year-to-date copper production in
9M 2024 was 150,700 tonnes, representing a level 13% below the same period in
2023, and principally reflects lower grades at Centinela Concentrates during
H1 2024.
Copper production at Centinela Concentrates rose by 53% quarter-on-quarter
during Q3 2024, with a 31% rise in copper grades the main driver for this
increase, in addition to increases in ore throughput rates and recoveries.
Despite scheduled maintenance during the quarter, Centinela Concentrates
achieved its nameplate ore throughput rate.
Year-to-date copper production in 9M 2024 was 36% lower, at 75,200 tonnes,
following lower ore grades in H1 2024.
At Centinela Cathodes, higher ore grades continue to result in higher
production levels during 2024, in line with the mine plan. Total copper
production at Centinela Cathodes in Q3 2024 was 26,100 tonnes, 5% lower
quarter-on-quarter, with this movement reflective of lower copper grades on a
quarter-on-quarter basis alongside lower recoveries, with higher throughput
rates serving to partially mitigate these two factors.
In relation to by-products, gold production quarter-on-quarter rose by 68% in
Q3 2024 to 38,800 ounces, with rising gold grades the principal factor,
alongside improved recoveries and ore throughput rates. Molybdenum production
of 600 tonnes in Q3 2024 was in line with the previous quarter, with higher
grades and lower recoveries serving to offset each other.
Copper sales in Q3 2024 and year-to-date in 9M 2024 were broadly in line with
production during each period, with port operations continuing in line with
expectations.
Cash costs before by-product credits fell by 27% in Q3 2024 to $2.48/lb,
reflecting the 20% increase in copper production, lower unit costs for key
consumables and the settlement of a three-year labour agreement during the
prior period. Cash costs before by-product credits in 9M 2024 were $2.99/lb,
representing a level 10% higher on a year-on-year basis, with this increase
the result of lower production during the year, offset by lower costs for
maintenance and input prices for key consumables, and depreciation of the
Chilean peso.
Net cash costs fell by 46% in Q3 to $1.40/lb as a result of the reduction in
underlying cash costs before by-product credits, and by-product credits
increasing to $1.08/lb (Q2 2024: $0.81/lb) following higher output of
by-products and elevated gold prices. Year-to-date net cash costs in 9M 2024
were $2.07/lb, representing a level 18% higher than the prior year,
principally as a result of lower production volumes.
CENTINELA Year to Date Q3 Q2
2024 2023 % 2024 2024 %
CONCENTRATES
Daily ore throughput kt 99.0 106.0 (6.6) 105.9 101.0 4.9
Copper grade % 0.36 0.51 (29.4) 0.42 0.32 31.3
Copper recovery % 78.7 82.9 (5.1) 79.1 75.4 4.9
Copper production kt 75.2 117.0 (35.7) 31.6 20.6 53.4
Copper sales kt 69.9 114.6 (39.0) 29.5 25.0 18.0
Molybdenum grade % 0.011 0.013 (15.4) 0.011 0.010 10.0
Molybdenum recovery % 66.5 69.3 (4.0) 64.2 68.7 (6.6)
Molybdenum production kt 1.6 2.3 (30.4) 0.6 0.5 20.0
Molybdenum sales kt 1.6 2.4 (33.3) 0.6 0.5 20.0
Gold grade g/t 0.16 0.19 (15.8) 0.19 0.14 35.7
Gold recovery % 65.0 66.4 (2.1) 67.5 61.9 9.0
Gold production koz 86.8 112.1 (22.6) 38.8 23.1 68.0
Gold sales koz 78.7 103.8 (24.2) 34.9 27.4 27.4
CATHODES
Daily ore throughput kt 59.6 56.2 6.0 64.0 60.2 6.3
Copper grade % 0.63 0.52 21.2 0.63 0.67 (6.0)
Copper recovery % 71.5 65.4 9.3 70.2 72.8 (3.6)
Copper production - heap leach kt 74.0 53.1 39.4 25.6 27.1 (5.5)
Copper production - total ((1)) kt 75.5 56.1 34.6 26.1 27.4 (4.7)
Copper sales kt 74.7 58.0 28.8 27.7 25.9 6.9
Total copper production kt 150.7 173.1 (12.9) 57.7 48.0 20.2
Cash costs before by-product credits((2)) $/lb 2.99 2.72 9.9 2.48 3.38 (26.6)
Net cash costs((2)) $/lb 2.07 1.76 17.6 1.40 2.57 (45.5)
(1) Includes production from ROM material
(2) Includes tolling charges of $0.14/lb in Q3 2024, $0.13/lb in Q2 2024,
$0.14/lb YTD 2024 and $0.18/lb 9M 2023.
Antucoya
Copper production fell by 7% in Q3 2024 to 19,300 tonnes explained by lower
throughput rates during the period due to planned maintenance activities,
lowering to similar levels as achieved during FY 2023. Year-to-date copper
production in 9M 2024 was 6% ahead of the prior period at 59,600 tonnes,
primarily as a result of higher ore throughput rates.
Cash costs rose by 8% in Q3 2024 to $2.74/lb, following lower production and
costs associated with maintenance of mining equipment during the period.
Year-to-date cash costs fell by 3% during 9M 2024 to $2.63/lb, with this
decrease related to higher production, lower unit costs for key consumables
such as sulphuric acid and the depreciation of the Chilean peso, partially
offset by higher level of mining activities during the period.
ANTUCOYA Year to Date Q3 Q2
2024 2023 % 2024 2024 %
Daily ore throughput kt 91.8 87.0 5.5 85.2 99.9 (14.7)
Copper grade % 0.32 0.33 (3.0) 0.32 0.32 -
Copper recovery % 68.6 67.6 1.5 70.2 69.4 1.2
Copper production kt 59.6 56.3 5.9 19.3 20.7 (6.8)
Copper sales kt 59.7 53.1 12.4 21.3 19.2 10.9
Cash costs $/lb 2.63 2.70 (2.6) 2.74 2.55 7.5
Zaldívar
Total attributable copper production rose by 6% quarter-on-quarter in Q3 2024,
following higher ore throughput rates, copper grades and copper recoveries,
with increased throughput rates achieved despite the completion of scheduled
maintenance activities during the period. Total year-to-date copper production
in 9M 2024 was 4% lower than the previous year, with 28,900 tonnes produced as
a result of lower copper grades and lower recoveries, partially mitigated by
higher ore throughput rates.
Cash costs of $3.05/lb in Q3 2024 were in line on a quarter-on-quarter basis,
with this movement principally driven by the utilisation of inventory from
prior periods, offset by lower costs associated with initiatives implemented
under the Competitiveness Programme. Year-to-date cash costs of $3.00/lb in 9M
2024 represent a level in line with the same period in 2023, reflecting a
balance of lower unit costs for key consumables such as sulphuric acid,
depreciation of the Chilean peso, a reduction in costs associated with
unplanned maintenance and the settlement of a three-year labour agreement in
the prior period. These factors were offset by lower production and an
increase in costs associated with the utilisation of inventory from prior
periods.
ZALDÍVAR Year to Date Q3 Q2
2024 2023 % 2024 2024 %
Daily ore throughput kt 39.4 33.9 16.2 42.4 40.7 4.2
Copper grade % 0.68 0.77 (11.7) 0.64 0.63 1.6
Copper recovery % 57.2 59.8 (4.3) 58.7 56.9 3.2
Copper production - heap leach ((1)) kt 19.9 21.0 (5.2) 6.7 6.2 8.1
Copper production - total ((1,2)) kt 28.9 30.1 (4.0) 10.0 9.4 6.4
Copper sales ((1)) kt 27.7 30.0 (7.7) 9.7 8.6 12.8
Cash costs $/lb 3.00 2.96 1.4 3.05 2.97 2.7
(1) Group's 50% share.
(2) Includes production from secondary leaching.
Transport Division
The total volume transported in Q3 2024 was 1.8 million tonnes, representing a
result in line quarter-on-quarter, and the 9M 2024 result of 5.3 million
tonnes was also in line with the same period in 2023.
Rail volumes in Q3 2024 and 9M 2024 were in line with both prior periods, with
volumes of key materials transported largely unchanged between both periods.
Road volumes in Q3 2024 rose by 9% on a quarter-on-quarter basis following
higher demand for the transportation of concentrates and sulphuric acid.
Year-to-date road volumes in 9M 2024 were 15% lower than the prior year as a
result of reduced levels of activity related to customers producing lithium
brines.
TRANSPORT Year to Date Q3 Q2
2024 2023 % 2024 2024 %
Rail kt 4,163 4,047 2.9 1,396 1,421 (1.8)
Road kt 1,134 1,331 (14.8) 396 362 9.4
Total tonnage transported kt 5,297 5,379 (1.5) 1,792 1,783 0.5
Commodity prices and exchange rates
Year to Date Q3 Q2
2024 2023 % 2024 2024 %
Copper
Market price $/lb 4.14 3.90 6.2 4.18 4.42 (5.4)
Realised price $/lb 4.36 3.91 11.5 4.30 4.69 (8.3)
Gold
Market price $/oz 2,296 1,932 18.8 2,474 2,338 5.8
Realised price $/oz 2,439 1,952 24.9 2,600 2,399 8.4
Molybdenum
Market price $/lb 21.2 26.0 (18.5) 21.8 21.8 -
Realised price $/lb 21.9 25.1 (12.7) 19.7 24.9 (20.9)
Exchange rates
Chilean peso per $ 938 821 14.3 931 935 (0.4)
Spot commodity prices for copper, gold and molybdenum as at 30 September were
$4.43/lb, $2,640/oz and $21.6/lb respectively, compared with $4.30/lb,
$2,329/oz and $22.9/lb as at 30 June 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 $36.0 million, positive $6.8 million and negative $13.7
million respectively.
The provisional pricing adjustments for copper, gold and molybdenum for the
year to date were positive $154.8 million, positive $10.2 million and positive
$13.1 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.
1 (#_ftnref1) Range based on 12 months of copper production from Los
Pelambres, Centinela, Antucoya and Zaldívar. Production range provided does
not include copper production attributable from the Company's 19% holding in
Compañía de Minas Buenaventura S.A.A. (Buenaventura).
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