Antofagasta PLC LOS PELAMBRES DESALINATION PROJECT UPDATE (7526B)
05 October 2022 - 12:37AM
UK Regulatory
TIDMANTO
RNS Number : 7526B
Antofagasta PLC
04 October 2022
NEWS RELEASE, 4 OCTOBER 2022
LOS PELAMBRES DESALINATION PROJECT UPDATE
On 12 September the Company announced that severe sea swells had
overturned a construction platform working on the marine works of
the Los Pelambres desalination plant project. At that time, the
environmental regulator, the SMA, halted all marine works pending
the recovery of the lost equipment and materials. This restriction
expired on 3 October and has not been extended.
Sea conditions continue to prevent the complete recovery of all
the lost equipment and this has prevented the resumption of marine
construction work since this restriction was enforced in September.
As a result, the suspension of the works has impacted the
completion schedule for the desalination plant project. A revised
schedule incorporating this delay together with the impact of
continued sea swells on the remaining marine works is being
finalised.
There is not expected to be a material increase in the total
capital cost of the project as a result of the delayed resumption
of works.
Despite the revision of the completion date of the desalination
plant, water availability this year at Los Pelambres will allow
Group copper production in 2022 to reach the lower end of the
640-660,000 tonne guidance range.
The completion of the desalination plant is now estimated to
impact previously planned production in 2023 by approximately
30,000 tonnes. This will be reflected in the Group's total copper
production guidance for the year which will be announced in the
Company's Q3 Production Report on 19 October.
The overturned platform has caused no significant environmental
impact to date.
Investors Media - London
- London
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Rosario Orchard rorchard@antofagasta.co.uk
Telephone +44 20 7808 0988 Media - Santiago
Pablo Orozco porozco@aminerals.cl
Carolina Pica cpica@aminerals.cl
Telephone +56 2 2798 7000
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
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