TIDMANTO
RNS Number : 3207D
Antofagasta PLC
19 October 2022
NEWS RELEASE, 19 OCTOBER 2022
Q3 2022 PRODUCTION REPORT
40% QUARTER ON QUARTER PRODUCTION INCREASE
Antofagasta plc CEO, Iván Arriagada said: "As we guided last
quarter, production has significantly improved in the third quarter
of the year due to greater water availability at Los Pelambres
increasing throughput, the movement of the concentrates that were
temporarily stockpiled in June, and the higher grades at Centinela
Concentrates. Across the Group, copper production increased by
40%.
"In the first nine months of 2022 we produced 450,600 tonnes of
copper at a net cash cost of $1.76/lb and we remain on track to
achieve the lower end of our full year production guidance of
640-660,000 tonnes.
"Following the lifting of the suspension of the marine
construction works at the Los Pelambres desalination plant project,
its completion is now expected in H1 2023 and Group copper
production in 2023 is estimated at between 670,000 and 710,000
tonnes."
HIGHLIGHTS
PRODUCTION
-- Group copper production in Q3 2022 was 181,900 tonnes , 40.1%
higher than in the previous quarter with production nearly doubling
at Los Pelambres, on improved water availability, and higher grades
at Centinela
-- Group copper production for the first nine months of the year
was 450,600 tonnes , 17.0% lower than in the same period last year
mainly due to the temporary reduction in throughput (-23.8%) at Los
Pelambres as a result of the drought and the reduced concentrate
pipeline availability in June, and expected lower grades (-21.7%)
at Centinela Concentrates
-- Gold production for the quarter was 46,900 ounces, 32.5%
higher than in the previous quarter mainly due to higher throughput
at Los Pelambres and higher grades at Centinela. The year-to-date
production decreased by 35.6% to 120,700 ounces as a result of the
expected lower grades at Centinela
-- Molybdenum production in the quarter was 2,600 tonnes , 30.0%
higher than the previous quarter on increased throughput at Los
Pelambres. For the year-to-date, production was 6,600 tonnes, 1,800
tonnes lower than in the same period last year due to lower
throughput and grades at Los Pelambres
CASH COSTS
-- Cash costs before by-product credits in Q3 2022 were $2.12/lb
, 28c/lb lower than in the second quarter reflecting the improved
production during the period
-- Cash costs before by-product credits in the first nine months
of the year were $2.27/lb , 29.7% higher than in the same period
last year mainly due to the temporary decrease in production in H1
and higher input prices during the period, particularly for diesel
and sulphuric acid. Other inflationary pressures were largely
offset by the weaker Chilean peso
-- Net cash costs were $1.66/lb in Q3 2022 and $1.76/lb for the
year-to-date, a 12.6% decrease compared with the previous quarter
and 53.0% higher than the same period last year, respectively. This
increase reflects the increase in cash costs before by-product
credits and lower by-product credits due to lower by-product
production
GROWTH PROJECTS UPDATE
-- As at the end of Q3 the Los Pelambres Desalination Plant and
Expansion projects, including design, procurement and construction,
were 88% complete
-- As previously reported, on 15 August unusually high sea
swells overturned a construction platform working on the marine
works of the desalination plant project and work was temporarily
halted pending recovery of lost equipment and materials. This
suspension was lifted on 3 October and as a result of this and
adjusted working conditions for assumed continuing swells, it is
now expected that completion of the desalination plant will be in
H1 2023
-- Expected completion of the Los Pelambres concentrator plant
expansion in Q1 2023 remains unchanged, as is the estimated total
capital cost of the Los Pelambres Expansion project
-- Progress continues on the engineering and remaining project
studies for the Centinela Second Concentrator project. I n line
with our disciplined approach to capital allocation, the decision
on when to submit the project to the Board for approval during 2023
will c onsider the completion date of the Los Pelambres Expansion
project as well as ongoing discussions on the tax reform and mining
royalty bills
GUIDANCE
-- Copper production guidance for 2022 is unchanged at the lower
end of the 640-660,000 tonnes range
-- The Cost and Competitiveness Programme is on track to achieve
the targeted savings of over $50 million during the year
-- In 2023 copper production is expected to be between 670,000
and 710,000 tonnes, with completion of the Los Pelambres
desalination and concentrator plants, and lower production at
Centinela Cathodes
-- Sustaining and mine development capital expenditure are
expected to average approximately $1 billion per year for the
coming years with some larger projects being advanced such as the
expansion of the Los Pelambres desalination plant and the
replacement of its concentrate pipeline. Development expenditure in
2023 will include the residual expenditure on the Los Pelambres
Expansion project and any expenditure of the Second Concentrator at
Centinela if it is approved during the year. Capital expenditure
guidance will be given in January 2023
SUSTAINABILITY
-- As previously announced, Antucoya has obtained the Copper
Mark, for compliance with this independently verified responsible
production standard, joining Centinela and Zaldívar who received it
in 2021. In turn, Los Pelambres is in the final phase of
verification following successfully completion of the site
review
OTHER
-- Zaldívar submitted an Environmental Impact Assessment (EIA)
in 2018 which included an application to extend its water
extraction permit from 2025 to 2029 (with decreasing extraction
levels in 2030-2031) together with the extension of the permit to
mine, which expires in 2024. This application is still pending
approval.
During the period, 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 tasked with the defence of the interests of the
State of Chile before the courts, 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.
Since the EIA remains unresolved and the litigation by the CDE is
outstanding the company has been in discussions with the local
environmental authority and is planning to submit a DIA(1) , a
limited scope and less detailed procedure than an EIA, requesting
that the permit to mine be extended to 2025 in line with current
water permit to achieve continuity while the water extraction
permit is under review
-- On 4 September the proposed new Chilean constitution was
rejected in a national referendum. Congress is now considering how
to proceed, but is expected to propose an alternative plan for
drafting a new constitution for the country
-- The Government presented a draft mining royalty bill to
Congress in July. Following representations from the mining
industry, academics, trade unions and other interested parties, the
bill is expected to be simplified. The bill will then be debated in
the Senate before being passed to the lower house for its
consideration, which is expected to be before the end of the
year
-- Labour agreements were successfully concluded during the period with the supervisors' union at Zaldívar, and in October with the supervisors' union at Los Pelambres and the workers' union at Antucoya. Together with the earlier agreement with the supervisors' union at Antucoya, this completes the labour negotiations scheduled for 2022
GROUP PRODUCTION AND CASH COSTS Year to Date Q3 Q2
----------------------- ------ ------
2022 2021 % 2022 2022 %
------------------------------ ------ ------ ------ ------- ------ ------ -------
Copper production kt 450.6 542.6 (17.0) 181.9 129.8 40.1
Copper sales kt 441.0 528.4 (16.5) 178.0 147.1 21.0
Gold production koz 120.7 187.3 (35.6) 46.9 35.4 32.5
Molybdenum production kt 6.6 8.4 (21.4) 2.6 2.0 30.0
------------------------------ ------ ------ ------ ------- ------ ------ -------
Cash costs before by-product
credits (2) $/lb 2.27 1.75 29.7 2.12 2.40 (11.7)
Net cash costs (2) $/lb 1.76 1.15 53.0 1.66 1.90 (12.6)
------------------------------ ------ ------ ------ ------- ------ ------ -------
(1) Declaración de Impacto Ambiental (Environmental Impact
Declaration)
(2) 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.
There will be a Q&A video conference call today at 1:00pm
BST hosted by Iván Arriagada - Chief Executive Officer and Mauricio
Ortiz - Chief Financial Officer. Participants can join the
conference call here .
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
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MINING OPERATIONS
Los Pelambres
In the first nine months of 2022, copper production at Los
Pelambres was 186,200 tonnes, 25.6% lower than in the same period
last year. This decrease includes the impact of the reduced
availability of the concentrate pipeline in June, but was mainly
driven by the expected reduced throughput, which was down 23.8%
compared with the prior year due to the lack of water due to the
water scarcity in H1. The precipitation in recent months has
allowed for a progressive increase in throughput.
As throughput increased by 46.0% during the quarter, copper
production nearly doubled to 87,800 tonnes; including approximately
10,000 tonnes from copper in concentrates stockpiled at the plant
in June.
Molybdenum production was 2,100 tonnes in Q3 2022, 700 tonnes
higher than in the previous quarter. Production for the
year-to-date decreased to 4,800 tonnes from 7,500 tonnes in the
same period in 2021, due to lower throughput and grades.
Gold production for the first nine months of 2022 was 29,300
ounces, 12,100 ounces lower than in the same period last year due
to expected lower throughput and grades.
Cash costs before by-product credits in Q3 were $1.75/lb, 15.0%
lower than in previous quarter mainly due to higher production, and
for the first nine months of 2022 were $1.89/lb, 22.7% higher than
the same period last year. This increase was due to the lower
copper production, higher input prices (mainly diesel and
explosives) and general inflation, partially offset by the weaker
Chilean peso.
Net cash costs in Q3 2022 of $1.19/lb decreased by 18c/lb
compared to Q2 2022 reflecting the lower cash costs before
by-product credits, partially offset by lower by-product credits.
For the year to date, net cash cost increased by 53.7% to $1.26/lb
due to the higher cash costs before by-product credits and lower
by-product credits.
As at the end of Q3 the Los Pelambres Expansion project was 88%
complete, and completion of the desalination plant is expected in
H1 2023 and the concentrator expansion in Q1 2023.
The labour agreement with the supervisors' union was
successfully concluded this month.
LOS PELAMBRES Year to Date Q3 Q2
----------------------- ------ ------
2022 2021 % 2022 2022 %
------------------------------ ------ ------ ------ ------- ------ ------ -------
Daily ore throughput kt 123.4 161.9 (23.8) 160.7 110.1 46.0
Copper grade % 0.64 0.65 (1.5) 0.61 0.64 (4.7)
Copper recovery % 89.7 89.9 (0.2) 88.4 89.3 (1.0)
Copper production kt 186.2 250.4 (25.6) 87.8 44.3 98.2
Copper sales kt 176.6 234.7 (24.8) 80.4 54.4 47.8
------------------------------ ------ ------ ------ ------- ------ ------ -------
Molybdenum grade % 0.017 0.020 (15.0) 0.016 0.018 (11.1)
Molybdenum recovery % 84.9 84.4 0.6 84.8 83.9 1.1
Molybdenum production kt 4.8 7.5 (36.0) 2.1 1.4 50.0
Molybdenum sales kt 4.5 7.0 (35.7) 1.8 1.5 20.0
Gold grade g/t 0.042 0.045 (6.7) 0.040 0.042 (4.8)
Gold recovery % 70.5 71.0 (0.7) 67.2 72.4 (7.2)
Gold production koz 29.3 41.4 (29.2) 13.9 6.8 104.4
Gold sales koz 28.0 36.9 (24.1) 12.8 8.8 45.5
------------------------------ ------ ------ ------ ------- ------ ------ -------
Cash costs before by-product
credits (1) $/lb 1.89 1.54 22.7 1.75 2.06 (15.0)
Net cash costs (1) $/lb 1.26 0.82 53.7 1.19 1.37 (13.1)
------------------------------ ------ ------ ------ ------- ------ ------ -------
(1) Includes tolling charges of $0.17/lb in Q3 2022, $0.18/lb in
Q2 2022, $0.17/lb YTD 2022 and $0.16/lb YTD 2021
Centinela
Centinela produced 62,500 tonnes of copper during the quarter,
12.4% higher than in the previous quarter on higher copper grades,
slightly offset by lower throughput. Production for the
year-to-date was 173,800 tonnes, 14.3% lower than in the same
period last year, due to expected lower ore grades at Centinela
Concentrates.
Production of copper in concentrate was 37,600 tonnes in Q3
2022, 12.9% higher than in the previous quarter on higher grades,
partially offset by lower throughput due to a major maintenance
completed during the quarter. For the first nine months of the
year, copper in concentrate production was 103,800 tonnes, 24.8%
lower than in the same period last year, mainly due to expected
lower copper grades which were 0.47% compared to 0.60%.
Copper cathode production during the quarter was 24,900 tonnes,
12.2% higher than in Q2 2022 primarily as grades increased by
17.7%. For the year-to-date, copper cathode production was 70,000
tonnes, 8.0% higher than in the same period last year primarily due
to expected higher grades.
Gold production was 33,000 ounces in the quarter, 15.4% higher
than the previous quarter on higher grades, and for the first nine
months was 91,300 ounces, 37.4% lower than the same period last
year as grades, which are correlated to copper grades, and
recoveries decreased.
Cash costs before by-product credits were $2.47/lb, 7.1% lower
than in the previous quarter. Cash costs before by-product credits
for the first nine months of the year were $2.60/lb, 42.9% higher
than the same period in 2021 primarily due to lower copper
production and higher input costs, particularly for diesel,
sulphuric acid and explosives. Other inflationary pressures were
largely offset by the weaker Chilean peso.
By-product credits in Q3 were $0.55/lb compared with $0.63/lb in
Q2. For the first nine months, by-product credits decreased from
$0.72/lb in 2021 to $0.64/lb in 2022 due to lower gold
production.
Net cash costs in Q3 2022 were $1.92/lb, 5.4% lower than the
previous quarter. During the first nine months of the year net cash
costs were $1.96/lb, 86c/lb higher than in the same period in 2021
reflecting the increase in cash costs before by-product credits and
the slightly lower by-product credits.
CENTINELA Year to Date Q3 Q2
----------------------- ------ ------
2022 2021 % 2022 2022 %
------------------------------ ------ ------ ------ ------- ------ ------ -------
CONCENTRATES
Daily ore throughput kt 106.5 103.2 3.2 105.1 110.6 (5.0)
Copper grade % 0.47 0.60 (21.7) 0.52 0.45 15.6
Copper recovery % 79.9 84.8 (5.8) 79.7 78.8 1.1
Copper production kt 103.8 138.0 (24.8) 37.6 33.3 12.9
Copper sales kt 103.5 137.1 (24.5) 39.0 42.0 (7.1)
------------------------------ ------ ------ ------ ------- ------ ------ -------
Molybdenum grade % 0.013 0.009 44.4 0.012 0.013 (7.7)
Molybdenum recovery % 59.9 48.5 23.5 58.1 61.7 (5.8)
Molybdenum production kt 1.7 0.9 88.9 0.5 0.6 (16.7)
Molybdenum sales kt 1.8 0.9 100.0 0.7 0.7 0.0
Gold grade g/t 0.16 0.24 (33.3) 0.17 0.15 13.3
Gold recovery % 64.8 71.2 (9.0) 64.0 64.0 0.0
Gold production koz 91.3 145.9 (37.4) 33.0 28.6 15.4
Gold sales koz 92.5 139.4 (33.6) 34.1 36.1 (5.5)
------ ------ ------- ------ ------ -------
CATHODES
Daily ore throughput kt 55.9 57.8 (3.3) 55.0 57.3 (4.0)
Copper grade % 0.67 0.61 9.8 0.73 0.62 17.7
Copper recovery % 65.4 65.0 0.6 64.0 64.5 (0.8)
Copper production - heap
leach kt 67.2 62.0 8.4 23.8 21.3 11.7
Copper production - total
(1) kt 70.0 64.8 8.0 24.9 22.2 12.2
Copper sales kt 69.2 63.6 8.8 26.7 20.0 33.5
------------------------------ ------ ------ ------ ------- ------ ------ -------
Total copper production kt 173.8 202.8 (14.3) 62.5 55.6 12.4
Cash costs before by-product
credits (2) $/lb 2.60 1.82 42.9 2.47 2.66 (7.1)
Net cash costs (2) $/lb 1.96 1.10 78.2 1.92 2.03 (5.4)
------------------------------ ------ ------ ------ ------- ------ ------ -------
(1) Includes production from ROM material
(2) Includes tolling charges of $0.15/lb in Q3 2022, $0.14/lb in
Q2 2022, $0.14/lb YTD 2022 and $0.11/lb YTD 2021
Antucoya
Total copper production at Antucoya during the quarter was
21,000 tonnes, 11.1% higher than in the previous quarter reflecting
higher grades, slightly offset by lower throughput due to major
scheduled maintenance. Production in the first nine months of 2022
was 57,400 tonnes was very similar to the same period last
year.
During the quarter, cash costs were $2.40/lb compared to
$2.59/lb in Q2. For the year-to-date, cash costs were $2.47/lb,
20.5% higher than the same period last year due to increased input
costs, particularly for sulphuric acid, diesel and explosives.
Other inflationary pressures were largely offset by the weaker
Chilean peso.
The labour agreement with the workers' union was successfully
concluded this month.
ANTUCOYA Year to Date Q3 Q2
-------------------- ----- -----
2022 2021 % 2022 2022 %
---------------------- ------ ----- ----- ------ ----- ----- ------
Daily ore throughput kt 88.1 83.6 5.4 89.8 92.1 (2.5)
Copper grade % 0.33 0.34 (2.9) 0.36 0.32 12.5
Copper recovery % 69.1 68.3 1.2 69.4 68.6 1.2
Copper production kt 57.4 57.7 (0.5) 21.0 18.9 11.1
Copper sales kt 58.2 60.5 (3.8) 21.1 19.7 7.1
---------------------- ------ ----- ----- ------ ----- ----- ------
Cash costs $/lb 2.47 2.05 20.5 2.40 2.59 (7.3)
---------------------- ------ ----- ----- ------ ----- ----- ------
Zaldívar
Copper production for the quarter was 10,600 tonnes, 3.6% lower
than in the previous quarter due to lower grades and recoveries,
partially offset by higher throughput. Production for the
year-to-date was 33,100 tonnes, 4.7% higher than the same period
last year due to higher grades, partially offset by lower
throughput.
Cash costs during the quarter were $2.55/lb, $0.37/lb higher
than Q2 2022 primarily due to lower production, higher sulphuric
acid consumption and the payment of a one-off signing bonus
following the successful completion of a new 3-year labour
agreement.
Cash costs for the first nine months of the year were $2.27/lb,
compared with $2.42/lb in the same period in 2021, mainly due to
higher production partially offset by higher input prices.
ZALDÍVAR Year to Date Q3 Q2
-------------------- ----- -----
2022 2021 % 2022 2022 %
--------------------------- ------ ----- ----- ------ ----- ----- ------
Daily ore throughput kt 40.9 42.9 (4.7) 44.3 39.0 13.6
Copper grade % 0.80 0.73 9.6 0.77 0.78 (1.3)
Copper recovery (1) % 52.3 52.8 (0.9) 49.7 54.2 (8.3)
Copper production - heap
leach (2) kt 23.6 23.0 2.6 7.8 7.6 2.6
Copper production - total
(2,3) kt 33.1 31.6 4.7 10.6 11.0 (3.6)
Copper sales (2) kt 33.5 32.7 2.4 10.8 11.1 (2.7)
Cash costs $/lb 2.27 2.42 (6.2) 2.55 2.18 17.0
----- ----- ----- -----
(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 Q3 2022 were 1.7 million tonnes, 6.5%
lower than the previous quarter, mainly due to customers'
maintenance and lower demand for transport services.
For the first nine months of the year, transport volumes
increased by 7.2% compared to the same period in 2021 as new rail
transport contracts have ramped up during the period.
TRANSPORT Year to Date Q3 Q2
--------------------- ------ ------
2022 2021 % 2022 2022 %
--------------------------- ---- ------ ------ ----- ------ ------ ------
Rail kt 4,018 3,883 3.5 1,310 1,398 (6.3)
Road kt 1,279 1,059 20.8 418 451 (7.3)
Total tonnage transported kt 5,297 4,942 7.2 1,728 1,849 (6.5)
------ ------ ------ ------
Commodity prices and exchange rates
Year to Date Q3 Q2
----------------------- ------ ------
2022 2021 % 2022 2022 %
------ ------ ------- ------ ------
Copper
Market price $/lb 4.12 4.17 (1.2) 3.51 4.32 (18.8)
Realised price $/lb 3.78 4.27 (11.5) 3.28 3.42 (4.1)
---------------- ------ ------ ------ ------- ------ ------ -------
Gold
Market price $/oz 1,825 1,801 1.3 1,730 1,873 (7.6)
Realised price $/oz 1,795 1,778 1.0 1,633 1,821 (10.3)
---------------- ------ ------ ------ ------- ------ ------ -------
Molybdenum
Market price $/lb 17.8 14.9 19.5 16.1 18.4 (12.5)
Realised price $/lb 17.2 17.2 0.0 16.0 16.4 (2.4)
---------------- ------ ------ ------ ------- ------ ------ -------
Exchange rates
per
Chilean peso $ 859 738 16.4 927 843 10.0
---------------- ------ ------ ------ ------- ------ ------ -------
Spot commodity prices for copper, gold and molybdenum as at 30
September 2022 were $3.47/lb, $1,672/oz and $18.3/lb respectively,
compared with $3.74/lb, $1,815/oz and $17.1/lb as at 30 June 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 negative $97.5 million, negative
$3.2 million and positive $0.5 million respectively.
The provisional pricing adjustments for copper, gold and
molybdenum for the year to date were negative $304.4 million,
positive $0.5 million and negative $12.7 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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