REG - Antofagasta PLC - Q4 2022 PRODUCTION REPORT
18/01/2023 07:00
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RNS Number : 0327N Antofagasta PLC 18 January 2023
NEWS RELEASE, 18 JANUARY 2023
Q4 2022 PRODUCTION REPORT
STRONG FINAL QUARTER. FULL YEAR GUIDANCE ACHIEVED
Antofagasta plc CEO, Iván Arriagada said: "Antofagasta has ended the year on
a strong note, achieving full year production and cost guidance despite the
ongoing drought in Chile and higher input costs.
"In 2022, we produced 646,200 tonnes of copper at a cash cost of $1.61/lb.
With the Los Pelambres desalination and concentrator plants expected to be in
production during the second quarter of the year after finishing
commissioning, we forecast annual copper production in 2023 will increase to
between 670,000 and 710,000 tonnes with net cash costs of $1.65/lb.
"The recent strength in the copper market is a positive start to the year,
reflecting not just the relaxation of Covid restrictions in China and its
expected stronger growth, but also the fundamental long-term importance of
copper and the need for increased supply.
"In today's challenging operating environment, our Purpose of developing
mining for a better future is truer than ever. We continue to deliver an
essential commodity that plays a crucial role in the energy transition and the
development of a sustainable world, while also bringing real social benefits
to our country and local communities."
HIGHLIGHTS
PRODUCTION
· Group copper production for the full year was 646,200 tonnes, within
guidance and 10.4% lower than last year mainly due to the temporary reduction
in throughput (-12.0%) at Los Pelambres as a result of the drought and the
reduced concentrate pipeline availability in June, and expected lower grades
(-18.3%) at Centinela Concentrates
· Group copper production in Q4 2022 was 195,700 tonnes, 7.6% higher
than in the previous quarter due to higher throughput at Los Pelambres and
Centinela Concentrates
· Gold production for the full year was 176,800 ounces, within guidance
and 29.9% lower than in the previous year as a result of the expected lower
grades at Centinela. Production in Q4 increased by 19.6% compared to the
previous quarter to 56,100 ounces, mainly due to higher throughput and higher
grades at Centinela
· Molybdenum production in the quarter was 3,100 tonnes, 500 tonnes
higher than in the previous quarter on higher grades at Los Pelambres and
Centinela. For the full year, production was 9,700 tonnes, within guidance and
7.6% lower than in 2021 due to lower throughput and grades at Los Pelambres
CASH COSTS
· Cash costs before by-product credits in Q4 2022 were $2.00/lb, 12c/lb
lower than in Q3 2022 due to higher production at Centinela, partially offset
by higher input prices
· Cash costs before by-product credits in 2022 were $2.19/lb, 22.3%
higher than last year mainly due to the impact of the drought and higher input
prices during the period, particularly for diesel and sulphuric acid. Other
inflationary pressures also contributed to higher costs although this was
partly offset by the weaker Chilean peso and the savings coming from our Cost
and Competitiveness Programme (CCP)
· Net cash costs in Q4 2022 were $1.27/lb, 39c/lb lower than in the
previous quarter, reflecting the lower cash costs before by-products credits
and the increase in by-products credits on increased production and higher
realised prices
· Net cash costs for the full year were $1.61/lb, slightly below
guidance and 34.2% higher than in 2021 due to higher cash costs before
by-product credits
GROWTH PROJECTS UPDATE
· As at the end of 2022 the Los Pelambres Desalination Plant and
Concentrator Expansion projects, including design, procurement and
construction, were 93% complete, and both are due to be in production during
the second quarter of this year
· The first phase of the desalination plant will allow Los Pelambres to
reduce the risk of restrictions due to future water shortages. The
concentrator expansion will increase production by some 40,000 tonnes of
copper per full year for 4-5 years and then by 70,000 tonnes per year,
compared to how much would have been produced without the expansion
· The second phase of the desalination plant, the relocation of the
concentrate pipeline and other ancillary works are currently being permitted.
These projects will further secure Los Pelambres' water supply and operational
integrity
· Progress continues on the engineering and pre-investment studies for
the Centinela Second Concentrator project. In line with our disciplined
approach to capital allocation, the project will be sent to the Board for
final investment approval during 2023 following completion of the Los
Pelambres Expansion project and once there is sufficient clarity on the
outcomes of the ongoing discussions on the mining royalty and tax reform
bills, and the rewriting of the Chilean constitution
2023 GUIDANCE
· Group production in 2023 is expected to be 670-710,000 tonnes of
copper (as previously announced), 220-240,000 ounces of gold and 10-11,500
tonnes of molybdenum. Copper guidance reflects that the Los Pelambres
desalination and concentrator plants will be in production during the second
quarter of the year partly offset by lower grades at Centinela Cathodes. Gold
and molybdenum guidance reflects the higher grades and recoveries expected at
Centinela Concentrates
· Copper and by-product production is expected to increase quarter on
quarter through the year
· Group cash costs in 2023 before by-product credits are expected to be
$2.20/lb, in line with 2022 reflecting higher production and decreased input
costs, offset by inflation and a stronger Chilean peso
· Group net cash costs in 2023 are expected to be $1.65/lb as
by-product credits are forecast to decrease reflecting the expected fall in
gold and molybdenum prices
· Capital expenditure in 2023 is expected to be $1.9 billion, as
sustaining and mine development expenditure increase for the year to
approximately $1.5 billion due to inflation, higher-than-average mine
development at Centinela Concentrates, detail engineering works on the Los
Pelambres desalination expansion and concentrate pipeline projects and the
expansion of the tailing dump facility at Centinela. Development expenditure
reduces to $400 million and includes residual expenditure on the Los Pelambres
Expansion project and on engineering and pre-investment commitment phase work
on the Centinela Second Concentrator project
SUSTAINABILITY
· With no serious safety incidents in 2022, the Group achieved
improvements in all safety indicators during the year, including the Mining
division's Lost Time Injury Frequency Rate down by 32% and High Potential
Incidents down by 39%
· All the Group's mining operations have now obtained the Copper Mark for
compliance with this independently verified responsible production standard,
with Los Pelambres receiving the Mark during Q4
· Centinela started to operate 100% with seawater, ending the
extraction of continental water at the end of December. On completion of the
planned expansion of the desalination plant at Los Pelambres, which is
expected in 2025, seawater and reused and recycled water will account for over
90% of the Mining division's operational water use
OTHER
· As previously announced, on 15 December the Company exited its
interest in the Reko Diq project in Pakistan. The exit proceeds, which
totalled $946 million, are expected to be recognised as an exceptional item in
the Company's 2022 financial results, and to be received by the Company by the
end of 2023
· The Government presented a revised draft mining royalty bill to
Congress in October which was approved by the Senate Mining and Energy
Committee in January and passed to the Senate Treasury Committee for
discussion. The bill will then be debated in the Senate before being passed to
the lower house for its consideration
· After the proposed new Chilean constitution was rejected in a national
referendum in September 2022, Congress has adopted a new plan for drafting the
constitution. The plan includes specific boundaries for the scope of the
drafting process. It is expected that the new constitution will be put to a
vote in a national referendum by the end of the year
· As announced on 29 December, access to Los Pelambres was temporarily
blocked by a small group of people without connection to any specific incident
and who were requesting compensation. The blockade was lifted the following
day and engagement with communities will continue in accordance with existing
programmes and channels of communication
· During 2023 negotiations are scheduled with the workers' unions at
Zaldívar (July) and Centinela (November, two unions), with the supervisors'
union at Centinela (May) and with five unions at the Transport division
GROUP PRODUCTION AND CASH COSTS Year to Date Q4 Q3
2022 2021 % 2022 2022 %
Copper production kt 646.2 721.5 (10.4) 195.7 181.9 7.6
Copper sales kt 642.5 725.6 (11.5) 201.5 178.0 13.2
Gold production koz 176.8 252.2 (29.9) 56.1 46.9 19.6
Molybdenum production kt 9.7 10.5 (7.6) 3.1 2.6 19.2
Cash costs before by-product credits ((1)) $/lb 2.19 1.79 22.3 2.00 2.12 (5.7)
Net cash costs ((1)) $/lb 1.61 1.20 34.2 1.27 1.66 (23.5)
(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.
Investors - London Media - London
Andrew Lindsay alindsay@antofagasta.co.uk (mailto:alindsay@antofagasta.co.uk) Carole Cable antofagasta@brunswickgroup.com (mailto:antofagasta@brunswickgroup.com)
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Rosario Orchard rorchard@antofagasta.co.uk (mailto:rorchard@antofagasta.co.uk)
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
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MINING OPERATIONS
Los Pelambres
Copper production at Los Pelambres during the quarter was 88,800 tonnes, 1.1%
higher than in the previous quarter due to higher grades and a 10.0% increase
in throughput. Production in Q3 benefited from approximately 10,000 tonnes of
copper in concentrates that had been stockpiled at the plant in June following
the incident at the concentrate pipeline. This stockpiled material was
recorded as production during Q3.
For the full year, copper production was 275,000 tonnes, 15.3% lower than last
year. This decrease was mainly driven by the expected reduced throughput,
which was down 12% due to the expected restrictions on water availability
during 2022 as a result of the accumulated impact of the long-running drought
conditions in the Los Pelambres area.
Molybdenum production was 2,400 tonnes in Q4 2022, 300 tonnes higher than in
the previous quarter. However, for the full year, production was 7,200 tonnes,
a decrease of 21.7% compared to 2021, due to a decline in throughput and
grades.
Cash costs before by-product credits in Q4 were $1.73/lb, 1.1% lower than in
the previous quarter. For the full year cash costs before by-product credits
were $1.84/lb, 15.7% higher than in 2021. This was due to the lower production
due to the drought, higher input prices (mainly diesel, explosives and energy)
and general inflation, partially offset by the weaker Chilean peso.
By-product credits in Q4 were $0.95/lb compared with $0.56/lb in Q3 due to an
increase in molybdenum production and market price, up 14.3% and 32.9%
respectively. For the full year, by-product credits increased from $0.70/lb in
2021 to $0.74/lb in 2022 due to higher realised by-product prices despite
lower production.
Net cash costs for the quarter were $0.78/lb, 41c/lb lower than in Q3. For the
full year net cash costs were $1.10/lb, 21c/lb higher than in 2021, reflecting
the increase in cash costs before by-product credits, partially offset by
higher by-product credits.
Major maintenance is scheduled for Q3 and is included in full year guidance.
LOS PELAMBRES Year to Date Q4 Q3
2022 2021 % 2022 2022 %
Daily ore throughput kt 136.9 155.5 (12.0) 176.7 160.7 10.0
Copper grade % 0.64 0.66 (3.0) 0.64 0.61 4.9
Copper recovery % 89.3 90.3 (1.1) 88.3 88.4 (0.1)
Copper production kt 275.0 324.7 (15.3) 88.8 87.8 1.1
Copper sales kt 271.2 324.5 (16.4) 94.6 80.4 17.7
Molybdenum grade % 0.017 0.019 (10.5) 0.017 0.016 6.3
Molybdenum recovery % 85.6 84.5 1.3 87.1 84.8 2.7
Molybdenum production kt 7.2 9.2 (21.7) 2.4 2.1 14.3
Molybdenum sales kt 6.8 9.2 (26.1) 2.2 1.8 22.2
Gold grade g/t 0.042 0.044 (4.5) 0.042 0.040 5.0
Gold recovery % 70.0 71.8 (2.5) 69.0 67.2 2.7
Gold production koz 43.1 53.2 (19.0) 13.8 13.9 (0.7)
Gold sales koz 42.3 51.1 (17.2) 14.3 12.8 11.7
Cash costs before by-product credits ((1)) $/lb 1.84 1.59 15.7 1.73 1.75 (1.1)
Net cash costs ((1)) $/lb 1.10 0.89 23.6 0.78 1.19 (34.5)
(1) Includes tolling charges of $0.21/lb in Q4 2022, $0.17/lb in Q3 2022,
$0.18/lb FY 2022, and $0.15/lb FY 2021
Centinela
Production for the full year was 247,500 tonnes, 9.7% lower than last year due
to expected lower ore grades at Centinela Concentrates, partially offset by
higher throughput. During Q4 production was 73,700 tonnes, 17.9% higher than
the previous quarter as grades and recoveries increased, and throughput
reached record levels at Centinela Concentrates.
For the full year, copper in concentrate production was 149,300 tonnes, 19.5%
lower than in 2021, reflecting expected lower ore grades (18.3%), partially
offset by the concentrator averaging above design capacity throughput for the
full year. Production for the quarter was 45,500 tonnes, 21.0% higher than in
Q3.
Full year copper cathode production was 98,200 tonnes, 10.6% higher than in
2021 mainly due to expected higher grades and recoveries, despite lower
throughput. Cathode production during the quarter was 28,200 tonnes, 13.3%
higher than the previous quarter primarily on higher ore grades and
recoveries, partially offset by lower throughput.
Gold production for the full year was 133,700 ounces, 32.8% lower than in
2021, as grades, which are correlated to copper grades, and recoveries
decreased. For the quarter, production was 42,300 ounces, 28.2% higher than
the previous quarter on higher grades and throughput.
Cash costs before by-product credits for the full year were $2.44/lb, 30.5%
higher than in 2021 due to the impact of lower copper production and higher
input costs. Cash costs before by-product credits were $2.04/lb in Q4 2022,
17.4% lower than in the previous quarter reflecting the strong operating
performance in the quarter.
For the full year, by-product credits were $0.69/lb, 5c/lb lower than in 2021
due to lower gold production partially offset by higher molybdenum production
and price. In Q4 by-product credits increased by 25c/lb compared with Q3 as
molybdenum and gold production increased together with prices.
During the full year net cash costs were $1.75/lb, 62c/lb higher than 2021 due
to higher cash costs before by-product credits, partially offset by higher
by-product credits. Net cash costs in Q4 were $1.24/lb, 35.4% lower than in
the previous quarter.
During 2023 negotiations are scheduled with the supervisors' union in May and
two workers' unions in November.
Major maintenance is scheduled in Q1 and Q3 2023 and is included in full year
guidance.
CENTINELA Year to Date Q4 Q3
2022 2021 % 2022 2022 %
CONCENTRATES
Daily ore throughput kt 108.9 105.1 3.6 115.9 105.1 10.3
Copper grade % 0.49 0.60 (18.3) 0.54 0.52 3.8
Copper recovery % 80.5 84.8 (5.1) 81.7 79.7 2.5
Copper production kt 149.3 185.4 (19.5) 45.5 37.6 21.0
Copper sales kt 148.6 187.7 (20.8) 45.1 39.0 15.6
Molybdenum grade % 0.013 0.009 44.4 0.014 0.012 16.7
Molybdenum recovery % 56.9 47.9 18.8 49.3 58.1 (15.1)
Molybdenum production kt 2.4 1.3 84.6 0.7 0.5 40.0
Molybdenum sales kt 2.4 1.2 100.0 0.6 0.7 (14.3)
Gold grade g/t 0.17 0.24 (29.2) 0.19 0.17 11.8
Gold recovery % 65.0 71.0 (8.5) 65.5 64.0 2.3
Gold production koz 133.7 199.0 (32.8) 42.3 33.0 28.2
Gold sales koz 132.3 193.5 (31.6) 39.9 34.1 17.0
Daily ore throughput kt 55.0 57.8 (4.8) 52.5 55.0 (4.5)
Copper grade % 0.69 0.62 11.3 0.76 0.73 4.1
Copper recovery % 66.2 65.6 0.9 68.5 64.0 7.0
Copper production - heap leach kt 94.2 85.3 10.4 27.0 23.8 13.4
Copper production - total ((1)) kt 98.2 88.8 10.6 28.2 24.9 13.3
Copper sales kt 97.5 88.4 10.3 28.2 26.7 5.6
Total copper production kt 247.5 274.2 (9.7) 73.7 62.5 17.9
Cash costs before by-product credits ((2)) $/lb 2.44 1.87 30.5 2.04 2.47 (17.4)
Net cash costs ((2)) $/lb 1.75 1.13 54.9 1.24 1.92 (35.4)
(1) Includes production from ROM material
(2) Includes tolling charges of $0.15/lb in Q4 2022, $0.15/lb in Q3 2022,
$0.14/lb FY 2022, and $0.12/lb FY 2021
Antucoya
Production for the full year was 79,200 tonnes, 0.8% higher than last year due
to higher throughput, which averaged 89,400 tonnes per day for the year, the
plant's design capacity. During Q4 production was 21,800 tonnes, 3.8% higher
than the previous quarter due to record throughput of 93,400 tonnes per day,
offset by expected lower grades and resulting lower recoveries. A record
production of 8,100 tonnes was achieved in December.
During the quarter, cash costs were $2.58/lb compared to $2.40/lb in Q3,
mainly due to the payment of a one-off signing bonus following the successful
completion of a new three-year labour agreement. For the full year cash costs
were $2.50/lb, 22.5% higher than in 2021 due to increased input costs,
particularly for sulphuric acid, diesel and explosives.
Major maintenance scheduled in Q2 2023 is included in full year guidance.
ANTUCOYA Year to Date Q4 Q3
2022 2021 % 2022 2022 %
Daily ore throughput kt 89.4 85.5 4.6 93.4 89.8 4.0
Copper grade % 0.34 0.34 0.0 0.35 0.36 (2.8)
Copper recovery % 69.0 69.1 (0.1) 68.7 69.4 (1.0)
Copper production kt 79.2 78.6 0.8 21.8 21.0 3.8
Copper sales kt 80.8 80.4 0.5 22.6 21.1 7.1
Cash costs $/lb 2.50 2.04 22.5 2.58 2.40 7.5
Zaldívar
Attributable copper production for the year was 44,500 tonnes, 1.1% higher
than in 2021 mainly due to higher grades, partially offset by lower
throughput. During the quarter Zaldívar produced 11,300 tonnes of copper,
6.6% higher than in the previous quarter with recoveries 10 percentage points
higher, although this was partially offset by lower throughput.
Cash costs for the full year were $2.39/lb, unchanged from the previous year.
The long leach cycle (approximately 210 days) generates a time lag in costs,
so the full effect of higher input prices is not fully reflected. During the
quarter, cash costs were $2.75/lb compared to $2.55/lb in Q3.
In 2023, the labour agreement with the worker's union expires in July.
Major maintenance scheduled in Q1 and Q3 2023 is included in full year
guidance.
ZALDÍVAR Year to Date Q4 Q3
2022 2021 % 2022 2022 %
Daily ore throughput kt 40.4 44.4 (9.0) 38.6 44.3 (12.9)
Copper grade % 0.79 0.74 6.8 0.76 0.77 (1.3)
Copper recovery ((1)) % 54.0 53.9 0.2 59.6 49.7 19.9
Copper production - heap leach ((2)) kt 31.9 32.0 (0.3) 8.3 7.8 6.4
Copper production - total ((2,3)) kt 44.5 44.0 1.1 11.3 10.6 6.6
Copper sales ((2)) kt 44.4 44.6 (0.4) 10.9 10.8 0.9
Cash costs $/lb 2.39 2.39 0.0 2.75 2.55 7.8
(1) Metallurgical recoveries during the period. Prior periods have been
restated
(2) Group's 50% share
(3) Includes production from secondary leaching
Transport Division
Total transport volumes in 2022 increased by 6.1% to an all-time record 7.1
million tonnes as new rail transport contracts have ramped up during the year.
In Q4, transport volumes were 1.8 million tonnes, 4.8% higher than the
previous quarter.
TRANSPORT Year to Date Q4 Q3
2022 2021 % 2022 2022 %
Rail kt 5,368 5,222 2.8 1,350 1,310 3.1
Road kt 1,741 1,481 17.6 461 418 10.3
Total tonnage transported kt 7,108 6,702 6.1 1,811 1,728 4.8
Commodity prices and exchange rates
Year to Date Q4 Q3
2022 2021 % 2022 2022 %
Copper
Market price $/lb 4.00 4.23 (5.4) 3.63 3.51 3.4
Realised price $/lb 3.84 4.37 (12.1) 3.97 3.28 21.0
Gold
Market price $/oz 1,800 1,799 0.1 1,728 1,730 (0.1)
Realised price $/oz 1,801 1,788 0.7 1,813 1,633 11.0
Molybdenum
Market price $/lb 18.7 15.9 17.6 21.4 16.1 32.9
Realised price $/lb 20.8 17.4 19.5 28.9 16.0 80.6
Exchange rates
Chilean peso per $ 872 760 14.7 913 927 (1.5)
Spot commodity prices for copper, gold and molybdenum as at 31 December 2022
were $3.80/lb, $1,824/oz and $31.8/lb respectively, compared with $3.47/lb,
$1,672/oz and $18.3/lb as at 30 September 2022 and $4.40/lb, $1,820/oz and
$18.7/lb as at 31 December 2021.
The provisional pricing adjustments for copper, gold and molybdenum for the
quarter were positive $134.7 million, positive $3.0 million and positive $55.0
million respectively and for the full year were negative $169.7 million,
positive $3.5 million and positive $42.2 million respectively.
Depreciation, amortisation and loss on disposals
For the full year depreciation, amortisation and loss on disposals increased
by $55 million to $1.14 billion.
Exceptional item
As previously announced, on 15 December the Company exited its interest in the
Reko Diq project in Pakistan. The exit proceeds, which totalled $946 million,
are expected to be recognised as an exceptional item in the Company's 2022
financial results, and to be received by the Company by the end of 2023.
2023 Guidance
Los Pelambres Centinela Antucoya Zaldívar Group
Production
Copper kt 320 - 335 235 - 250 70 - 75 45 - 50 670 - 710
Gold koz 45 - 55 175 - 185 - - 220 - 240
Molybdenum kt 7.5 - 8.5 2.5 - 3.0 - - 10.0 - 11.5
Grade
Copper % 0.62% 0.52% 0.35% 0.77% -
Cash costs
Cash costs before $/lb 1.85 2.55 2.45 2.70 2.20
by-product credits((1))
Net cash costs ((1, 2)) $/lb 1.25 1.70 2.45 2.70 1.65
(1) Assumed CLP/USD exchange rate of 850
(2) Includes by-product credits at a gold price of $1,750/oz and a molybdenum
price of $18.0/lb
As previously announced, copper production for 2023 is expected to be
670-710,000 tonnes with the Los Pelambres desalination and concentrator
expansion expected to be in production during Q2 2023, and lower production at
Centinela Cathodes. Copper production is expected to increase quarter on
quarter through the year.
Gold production for 2023 is expected to be 220-240,000 ounces, as grades and
recoveries increase at Centinela Concentrates.
Molybdenum production is expected to be 10-11,500 tonnes, as a result of
higher throughput at Los Pelambres and higher recoveries at Centinela.
Group cash costs in 2023 before by-product credits are expected to be
$2.20/lb, in line with 2022 reflecting higher production and decreased input
costs, offset by inflation and a stronger Chilean peso.
Group net cash costs in 2023 are expected to be $1.65/lb as by-product credits
are expected to decrease as gold and molybdenum prices fall.
Capital expenditure in 2023 is expected to be $1.9 billion, as sustaining and
mine development expenditure increase for the year to approximately $1.5
billion, and development expenditure reduces to $400 million. Development
capital expenditure includes residual expenditure on the Los Pelambres
Expansion project and on engineering and pre-investment work on the Centinela
Second Concentrator project.
_____________________________________________________________________________________________
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
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