REG - Antofagasta PLC - Q4 2024 PRODUCTION REPORT
16/01/2025 07:00
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RNS Number : 4974T Antofagasta PLC 16 January 2025
NEWS RELEASE, 16 JANUARY 2025
Q4 2024 PRODUCTION REPORT
12% INCREASE IN QUARTERLY OUTPUT, Full year production of 664,000 tonnes
Antofagasta plc CEO, Iván Arriagada said: "This was another sequentially
stronger quarter for the Company, with copper production higher across all
operations. Our solid performance on costs, at a time of rising costs in the
copper industry, demonstrates the importance of our Competitiveness Programme.
"Our key development projects at Los Pelambres and Centinela continue to
advance according to their respective programmes, on time and budget. Once
completed, these projects will deliver industry-leading copper growth, whilst
also increasing competitiveness and delivering a solid platform for further
growth over the longer term.
"Full year production guidance for 2025 is expected to be between 660,000 and
700,000 tonnes, and we expect a reduction in net cash costs, and capital
expenditure of $3.9 billion as we continue to invest for growth and
development.
"Copper remains the key critical mineral for the energy transition, global
economic growth and energy security, as it plays such a fundamental role in
the generation, transmission and storage of electricity. As a pure play copper
producer in Chile, we are well positioned to supply this growing demand."
GROUP PRODUCTION AND CASH COSTS Full Year Q4 Q3
2024 2023 % 2024 2024 %
Copper production Kt 664.0 660.6 0.5 200.3 179.0 11.9
Copper sales Kt 645.5 667.2 (3.3) 191.8 176.5 8.7
Gold production koz 186.9 209.1 (10.6) 68.2 51.8 31.7
Molybdenum production Kt 10.7 11.0 (2.7) 2.8 2.7 3.7
Cash costs before by-product credits ((1)) $/lb 2.37 2.31 2.6 2.01 2.33 (13.7)
Net cash costs ((1)) $/lb 1.64 1.61 1.9 1.23 1.62 (24.1)
(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 Q4 2024 was 200,300 tonnes, 12% higher on a
quarter-on-quarter basis, driven by increased production at all operations,
particularly Centinela Concentrates.
· Copper production in FY 2024 was 664,000 tonnes, 1% higher on a
year-on-year basis, reflecting higher production at Centinela Cathodes and Los
Pelambres, offset by lower grades at Centinela Concentrates.
· Gold production in Q4 2024 was 68,200 ounces, 32% higher on a
quarter-on-quarter basis, following higher gold grades at Centinela
Concentrates. Gold production in full year 2024 decreased by 11% to 186,900
ounces, reflecting lower grades at Centinela Concentrates.
· Molybdenum production in Q4 2024 was 2,800 tonnes, 4% higher than Q3
2024. Full year 2024 molybdenum production was 10,700 tonnes, in line with the
prior year.
CASH COSTS
· Cash costs before by-product credits in Q4 2024 were 14% lower at
$2.01/lb, driven by higher production at Centinela Concentrates and Los
Pelambres. Full year cash costs before by-product credits were 3% higher at
$2.37/lb, following lower copper grades at Los Pelambres.
· By-product credits in Q4 2024 were 78c/lb (Q3 2024: 71c/lb),
primarily because of higher gold production. Full year by-product credits were
73c/lb, a 4% increase year-on-year.
· Net cash costs in Q4 2024 were $1.23/lb, 24% lower than Q3 2024, with
this movement primarily resulting from lower underlying cash costs and
stronger by-product credits. Full year net cash costs were 2% higher on a
year-on-year basis at $1.64/lb, with this reflecting movements in the
underlying cash costs.
GROWTH AND DEVELOPMENT PROJECTS
· Centinela Second Concentrator: Full construction activities continued
during Q4 2024, with work continuing to progress in line with expectations and
on budget, including the camp facilities, ore delivery system, concentrator
and tailings facility. Foundation works and the installation of concrete at
the site of the primary crusher have commenced, in addition to continued work
to pour concrete and earthworks at the planned concentrator and tailings
facility. Key equipment continues to be shipped to Chile on schedule.
· Los Pelambres: Construction of the new concentrate pipeline continued
in line with expectations and on budget in Q4 2024, with trench excavation
work underway and the welding of pipe sections. Following a successful
mobilisation of personnel and equipment during 2024, construction work to
double capacity of the Company's desalination plant is expected to commence in
Q1 2025, in line with the project schedule.
· The Company filed the Environmental Impact Assessment for the Los
Pelambres Development Options Project in December 2024, in line with
expectations. This project is a mine life extension beyond 2035, adding a
minimum of 15 additional years by increasing the capacity of the El Mauro
tailings facility, in addition to options to further increase the capacity of
the processing plant and existing desalinated water facility.
GUIDANCE
· As previously announced, 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. Output of
by-products is expected to be 210,000-230,000 ounces of gold and 15,000-16,500
tonnes of molybdenum.
· Group cash costs in 2025 before by-product credits are expected to be
between $2.25/lb and $2.45/lb.
· Group net cash costs in 2025 are expected to be between $1.45/lb and
$1.65/lb, with by-product credits expected to marginally increase
year-on-year.
· In 2025 consolidated Group capital expenditure, which excludes
Zaldívar, is expected to be $3.9 billion, in line with prior directional
guidance given in the Company's Full Year 2023 Announcement, as development
expenditure peaks on the Centinela Second Concentrator and as we advance other
growth projects at Los Pelambres and Centinela during the year.
SAFETY AND SUSTAINABILITY
· The Company achieved historical safety results in 2024 as the strong
safety record continues, with no fatalities in 2024 (2023: none), and the
Mining Division recorded a year-on-year decline in the frequency rates for
both lost time injuries and total recordable injuries.
· During drought conditions, a water redistribution agreement initially
approved by the DGA (Chile's water administration department) in March 2024 is
expected to take effect that requires certain conditions be completed to
enable Los Pelambres to extract up to 400 litres per second according to its
water rights at that point of extraction. While a declaration of drought was
issued on 26 July 2024, this condition was superseded by the subsequent
elimination of water restrictions on extractions as water availability
improved due to stronger precipitation during the year. During this time, Los
Pelambres has continued to work with the local water council or JVRCH (Junta
de Vigilancia Río Choapa) and the DGA to arrive at a revised agreement
including a more expeditious renewal process and validation that the
conditions required for taking effect have been complied with.
· During the quarter, the Company's Transport Division (FCAB) took
delivery of a hydrogen locomotive for operation at FCAB's yards, representing
the first of its kind in South America. The locomotive is expected to start
operating in 2025 and is part of the Company's strategy to evaluate
alternatives to replace diesel fuel and curb its carbon footprint.
ZALDÍVAR UPDATE
· In relation to the previously announced claim filed by the Consejo de
Defensa del Estado (CDE), an independent governmental agency that represents
the interests of the Chilean state, against the Company, Minera Escondida and
Albemarle due to the water extraction from the Monturaqui-Negrillar-Tilopozo
aquifer, in December 2024 the parties reached a settlement agreement, which
was thereafter approved by the Environmental Court in January 2025, thus
putting an end to the proceeding.
· The operation at Zaldívar has rights to mine ore and extract water
until May 2025. The mine life after May 2025 is, therefore, subject to the
approval of an Environmental Impact Assessment (EIA). This EIA is under review
by the relevant authorities, which contemplates up to three rounds of comments
and reviews.
· Responses to the second round of comments made by government agencies
in Chile were filed as planned in Q4 2024. For reference, the Company
responded to the first round of comments in Q1 2024. In line with
expectations, the third round of comments were received in January 2025.
· Separate to the above EIA, under local environmental regulations, if
a permit allowing continuity of operations 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. In line with this
eventual regulatory condition being required, the Company filed in December
2024 a temporary closure plan application with the mining authority. However,
the Company's full year guidance for 2025 is presented based on 12-months of
normal operations at Zaldívar.
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:
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MINING OPERATIONS
Los Pelambres
Copper production in Q4 2024 rose by 4% to 95,200 tonnes, reflecting higher
grades and ore processing volumes and including the destocking of all the
remaining inventories that accumulated at the processing plant in February
2024 due to extended cleaning and maintenance being required on the
concentrate pipeline.
Full year copper production was 319,600 tonnes, representing a 6% increase
year-on-year, with this increase related to higher ore processing rates
following completion of the Phase 1 Expansion Project, delivering additional
water availability and processing capacity, more than compensating a planned
reduction in ore grades processed.
In respect of by-products, molybdenum production of 2,000 tonnes was in line
with the prior quarter. Gold production rose by 13% during the quarter to
14,700 ounces as a result of higher grades.
Copper sales during the quarter and full year were largely in line with
production, with port operations proceeding in line with expectations.
Cash costs before by-product credits were $1.99/lb in Q4 2024, representing a
4% decline quarter-on-quarter, as a result of lower input prices, an increase
in production and depreciation of the Chilean peso. Full year cash costs
before by-product credits of $2.09/lb were 9% higher than the prior year,
impacted primarily by lower ore grades partially compensated by increased
production, lower unit costs for key consumables such as diesel and
electricity, grinding media and explosives, and depreciation of the Chilean
peso.
Net cash costs in Q4 2024 were 9% lower at $1.24/lb, with by-product credits
increasing to 75c/lb. This movement reflects lower cash costs before
by-products and an increase in by-product credits. Full year 2024 net cash
costs were 11% higher at $1.27/lb, as a result of higher underlying cash costs
offset by stronger by-products credits increasing to 82c/lb.
Major maintenance is scheduled to take place in Q1 and Q3 2025, which has been
factored into full year guidance.
LOS PELAMBRES Full Year Q4 Q3
2024 2023 % 2024 2024 %
Daily ore throughput kt 185.6 152.4 21.8 186.0 183.0 1.6
Copper grade % 0.55 0.62 (11.3) 0.57 0.55 3.6
Copper recovery % 88.8 89.3 (0.6) 89.5 88.4 1.2
Copper production kt 319.6 300.3 6.4 95.2 92.0 3.5
Copper sales kt 315.3 299.0 5.5 93.6 88.3 6.0
Molybdenum grade % 0.015 0.017 (11.8) 0.016 0.015 6.7
Molybdenum recovery % 83.0 85.5 (2.9) 81.4 80.9 0.6
Molybdenum production kt 8.4 8.1 3.7 2.0 2.1 (4.8)
Molybdenum sales kt 8.6 8.1 6.2 2.2 1.8 22.2
Gold grade g/t 0.033 0.038 (13.2) 0.037 0.032 15.6
Gold recovery % 70.0 69.0 1.4 70.6 70.1 0.7
Gold production koz 46.6 43.3 7.6 14.7 13.0 13.1
Gold sales koz 43.8 42.1 4.0 14.2 12.5 13.6
Cash costs before by-product credits((1)) $/lb 2.09 1.92 8.9 1.99 2.07 (3.9)
Net cash costs ((1)) $/lb 1.27 1.14 11.4 1.24 1.36 (8.8)
(1) Includes tolling charges of $0.17/lb in Q4 2024, $0.20/lb in Q3 2024,
$0.22/lb 2024 and $0.23/lb 2023.
Centinela
Total copper production at Centinela rose by 27% during the quarter to 73,100
tonnes, which mainly corresponds to an increase at Centinela Concentrates.
Total full year copper production was 8% lower in 2024, at 223,800 tonnes,
with this decrease related to lower production at Centinela Concentrates due
to lower grades, partially offset by higher output at Centinela Cathodes.
Copper production at Centinela Concentrates increased by 48%
quarter-on-quarter in Q4 2024 to 46,600 tonnes, which was the result of higher
ore grades, ore throughput rates and recoveries. Full year copper production
in 2024 was 121,800 tonnes, 25% below the prior year, primarily due to lower
grades.
At Centinela Cathodes, total copper cathode production rose by 2% in Q4 2024
to 26,500 tonnes, following higher grades and recoveries during the period,
partially mitigated by a decline in the ore throughput rate. Total copper
cathode production in 2024 was 102,000 tonnes, representing a 29% increase
year-on-year. The key drivers for this increase were higher grades, an
improved throughput rate and higher recoveries.
Copper sales during Q4 2024 were largely in line with production. Full year
copper sales reflect the scheduling of loading vessels between periods, as a
consequence of adverse weather conditions in the north of Chile and at the
Company's port at the end of the year.
Cash costs before by-product credits were $1.80/lb in Q4 2024, representing a
quarter-on-quarter decrease of 27%, reflecting higher production from
Centinela Concentrates, lower maintenance costs and costs for key consumables
such as electricity and depreciation of the Chilean peso. Full year 2024 cash
costs before by-product credits of $2.60/lb were 1% higher year-on-year, which
was 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 were 54% lower in Q4 2024 at $0.64/lb, with this reflecting
movements in the underlying cash cost and a 7% increase in the by-product
credit to $1.16/lb. Full year net cash costs were 2% lower year-on-year at
$1.60/lb, with this movement representing a balance of an increase in the
underlying cash cost and a 6% increase in the by-product credit.
Major maintenance is scheduled to take place in Q1 and Q3 2025, which has been
factored into full year guidance.
CENTINELA Full Year Q4 Q3
2024 2023 % 2024 2024 %
CONCENTRATES
Daily ore throughput kt 103.6 107.4 (3.5) 117.2 105.9 10.7
Copper grade % 0.41 0.52 (21.2) 0.53 0.42 26.2
Copper recovery % 80.4 83.2 (3.4) 83.2 79.1 5.2
Copper production kt 121.8 162.7 (25.1) 46.6 31.6 47.5
Copper sales kt 114.7 166.9 (31.3) 44.8 29.5 51.9
Molybdenum grade % 0.012 0.013 (7.7) 0.014 0.011 27.3
Molybdenum recovery % 65.2 66.7 (2.2) 62.7 64.2 (2.3)
Molybdenum production kt 2.4 2.9 (17.2) 0.7 0.6 16.7
Molybdenum sales kt 2.3 3.0 (23.3) 0.7 0.6 16.7
Gold grade g/t 0.18 0.21 (14.3) 0.23 0.19 21.1
Gold recovery % 66.6 66.6 - 69.4 67.5 2.8
Gold production koz 140.3 165.8 (15.4) 53.5 38.8 37.9
Gold sales koz 133.2 162.8 (18.2) 54.5 34.9 56.2
CATHODES
Daily ore throughput kt 60.1 58.3 3.1 61.4 64.0 (4.1)
Copper grade % 0.64 0.53 20.8 0.65 0.63 3.2
Copper recovery % 71.5 67.0 6.7 71.2 70.2 1.4
Copper production - heap leach kt 99.9 75.6 32.1 26.0 25.6 1.6
Copper production - total ((1)) kt 102.0 79.3 28.6 26.5 26.1 1.5
Copper sales kt 97.8 81.0 20.7 23.1 27.7 (16.6)
Total copper production kt 223.8 242.0 (7.5) 73.1 57.7 26.7
Cash costs before by-product credits((2)) $/lb 2.60 2.57 1.2 1.80 2.48 (27.4)
Net cash costs((2)) $/lb 1.60 1.63 (1.8) 0.64 1.40 (54.3)
(1) Includes production from ROM material
(2) Includes tolling charges of $0.13/lb in Q4 2024, $0.14/lb in Q3 2024,
$0.14/lb 2024 and $0.17/lb 2023.
Antucoya
Copper production rose by 8% in Q4 2024 to 20,800 tonnes, reflecting higher
ore throughput and recoveries, with these factors partially mitigated by lower
grades processed. Full year 2024 production rose by 3% to 80,400 tonnes, which
reflected a record year for ore tonnes processed, with higher recoveries
offset by lower grades on a year-on-year basis.
Cash costs of $2.23/lb during Q4 2024 represented a quarter-on-quarter
decrease of 19%, with this reflecting higher production, and a reduction in
acid consumption rates and maintenance costs, offset by higher costs
associated with inventories. Full year cash costs of $2.53/lb represented a 4%
year-on-year decrease, representing higher production, lower unit costs for
key consumables, and depreciation of the Chilean peso, with these factors
mitigated by higher level of mining activities during the period.
Major maintenance is scheduled to take place in Q1 and Q3 2025, which has been
factored into full year guidance.
ANTUCOYA Year to Date Q4 Q3
2024 2023 % 2024 2024 %
Daily ore throughput kt 92.7 88.6 4.6 95.3 85.2 11.9
Copper grade % 0.32 0.33 (3.0) 0.31 0.32 (3.1)
Copper recovery % 69.4 67.9 2.2 71.8 70.2 2.3
Copper production kt 80.4 77.8 3.3 20.8 19.3 7.8
Copper sales kt 79.2 78.4 1.0 19.5 21.3 (8.5)
Cash costs $/lb 2.53 2.63 (3.8) 2.23 2.74 (18.6)
Zaldívar
Total attributable copper production rose by 12% quarter-on-quarter to 11,200
tonnes in Q4 2024, following higher ore throughput rates. Full year copper
production in 2024 was 1% lower than the previous year, with 40,100 tonnes
produced, with a 15% year-on-year drop in copper grades in line with
expectations, being partly compensated by higher ore throughput rates.
Cash costs of $3.09/lb in Q4 2024 were 1% higher on a quarter-on-quarter
basis, with this movement related to the utilisation of inventory from prior
periods, offset by higher production, lower consumption rates of key
consumables and depreciation of the Chilean peso. Full year cash costs of
$3.02/lb in 2024 represent a level 2% higher than 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 maintenance and the
settlement of a three-year labour agreement in the prior period. These factors
were balanced by lower production due to lower grade and an increase in costs
associated with the utilisation of inventory from prior periods.
Major maintenance is scheduled in Q1 2025 which has been factored into full
year guidance.
ZALDÍVAR Full Year Q4 Q3
2024 2023 % 2024 2024 %
Daily ore throughput kt 42.1 35.0 20.3 51.5 42.4 21.5
Copper grade % 0.67 0.79 (15.2) 0.64 0.64 -
Copper recovery % 57.3 57.6 (0.5) 57.4 58.7 (2.2)
Copper production - heap leach ((1)) kt 27.8 28.5 (2.5) 7.9 6.7 17.9
Copper production - total ((1,2)) kt 40.1 40.5 (1.0) 11.2 10.0 12.0
Copper sales ((1)) kt 38.5 41.9 (8.1) 10.8 9.7 11.3
Cash costs $/lb 3.02 2.95 2.4 3.09 3.05 1.3
(1) Group's 50% share.
(2) Includes production from secondary leaching.
Transport Division
The total volume transported in Q4 2024 was 1.8 million tonnes, representing
an in-line result quarter-on-quarter. The full year 2024 result of 7.1 million
tonnes was also in line with the previous period.
Rail volumes during the quarter rose by 4% to 1.5 million tonnes, following
strong demand for rail services from key customers. A similar trend was also
observed in full year rail transport volumes, which increased by 4% to 5.6
million tonnes. Road transport volumes declined in 9% and 14%
quarter-on-quarter and year-on-year respectively, reflecting levels of
activity with customers that produce lithium brines.
TRANSPORT Full Year Q4 Q3
2024 2023 % 2024 2024 %
Rail kt 5,613 5,381 4.3 1,450 1,396 3.9
Road kt 1,494 1,729 (13.6) 360 396 (9.1)
Total tonnage transported kt 7,107 7,110 - 1,810 1,792 1.0
Commodity prices and exchange rates
Full Year Q4 Q3
2024 2023 % 2024 2024 %
Copper
Market price $/lb 4.15 3.85 7.8 4.17 4.18 (0.2)
Realised price $/lb 4.18 3.89 7.5 3.75 4.30 (12.8)
Gold
Market price $/oz 2,387 1,942 22.9 2,664 2,474 7.7
Realised price $/oz 2,528 1,990 27.0 2,669 2,600 2.7
Molybdenum
Market price $/lb 21.3 24.2 (12.0) 21.7 21.8 (0.5)
Realised price $/lb 21.8 22.0 (0.9) 21.5 19.7 9.1
Exchange rates
Chilean peso per $ 944 839 12.5 963 931 3.4
Spot commodity prices for copper, gold and molybdenum as at 31 December were
$3.95/lb, $2,610/oz and $21.1/lb respectively, compared with $4.43/lb,
$2,640/oz and $21.6/lb as at 30 September 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 negative $166.7 million, positive $1.1 million and negative $4.3
million respectively.
The provisional pricing adjustments for copper, gold and molybdenum for the
year to date were negative $11.9 million, positive $11.3 million and positive
$8.9 million respectively.
Depreciation, amortisation and loss on disposals
For the full year 2024, depreciation, amortisation and loss on disposals will
be approximately $1.6 billion.
Tax
The full year effective tax rate in 2024 is expected to be between 35-38%.
2025 Guidance
Los Pelambres Centinela Antucoya Zaldívar Group
Production
Copper kt 310-325 230-245 80-85 40-45 660-700
Gold koz 55-65 155-165 - - 210-230
Molybdenum kt 12.0-13.0 3.0-3.5 - - 15.0-16.5
Grade
Copper % 0.53 0.52 0.32 0.63
Cash costs
Cash costs before $/lb 2.05-2.25 2.30-2.50 2.60-2.80 2.80-3.00 2.25-2.45
by-product credits((1))
Net cash costs ((1, 2)) $/lb 1.05-1.25 1.35-1.55 2.60-2.80 2.80-3.00 1.45-1.65
(1) Assumed CLP/USD exchange rate of 900.
(2) Includes by-product credits at a gold price of $2,100/oz and a molybdenum
price of $19/lb.
As previously announced, Group production in 2025 is expected to be
660,000-700,000 tonnes of copper. Output of by-products is expected to be
210,000-230,000 ounces of gold and 15,000-16,500 tonnes of molybdenum.
In 2025, Los Pelambres will be mining an area of the pit with a different
grade profile (lower copper, higher molybdenum) to historic levels. It is
planned for Los Pelambres to return to historic copper and molybdenum grade
profiles in 2026.
Group cash costs before by-product credits in 2025 are expected to be
$2.25-2.45/lb.
Group net cash costs in 2025 are expected to be $1.45-1.65/lb, with by-product
credits expected to increase year-on-year.
In 2025, consolidated Group capital expenditure, which excludes Zaldívar, is
expected to be $3.9 billion. This includes approximately $1.8 billion of
development capital expenditure, which is principally related to the Centinela
Second Concentrator Project. Group capital expenditure is expected to decline
in 2026 as development capital expenditures reduce at Centinela.
_________________________________________________________________________________________
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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. END DRLBAMRTMTJBBTARecent news on Antofagasta
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