Business
Closing of Marubeni and Antom
Closing of Marubeni and Antom.
About this update from Antofagasta Plc
[{"type":"text","content":"\n RNS Number : 9622B Antofagasta PLC 25 August 2008 \n \n\nFor immediate release\n\nAntofagasta plc\n\n\nAntofagasta achieves closing of Marubeni and Antomin transactions\n\nLondon, 25 August 2008 \nOn 24 April 2008 Antofagasta plc ('Antofagasta') announced that it had entered into an agreement with Marubeni Corporation ('Marubeni') under which Marubeni would enter as an investment partner in the Sierra Gorda district by acquiring a 30% interest in both Minera Esperanza and Minera El Tesoro and agreeing to fund its 30% share of the development costs of the US$1.9 billion Esperanza project. This transaction closed today. The final cash consideration received by Antofagasta from Marubeni was US$1,401 million, reflecting the base consideration of US$1,310 million plus interest and other adjustments specified in the agreement signed on 24 April.\nAntofagasta also announced on 24 April 2008 that it had entered into an agreement to acquire the remaining approximately 49% interest in Antomin Limited ('Antomin') which it did not already own from Mineralinvest Establishment ('Mineralinvest'). Conditions for closing of this transaction were also achieved today. The final consideration payable by Antofagasta to Mineralinvest was US$243 million, reflecting the base consideration of US$240 million plus interest to completion.\nFollowing closing of these agreements, Antofagasta retains a 70% interest in both Minera Esperanza and Minera El Tesoro. \n\n\n\n\n\nEnquiries - London\n\nAntofagasta plc\nTel: +44 20 7808 0988\nwww.antofagasta.co.uk\n\nDesmond O'Conor\nEmail: [email protected]\n\nHussein Barma\nEmail: [email protected]\n\n\nEnquiries - Santiago\n\nAntofagasta Minerals S.A.\nTel: + 56 2 798 7000\n\nAlejandro Rivera\nTel: +56 2 798 7145\nEmail: [email protected] \n\n\n\n\nPress Enquiries - London\n\nBankside Consultants\nTel: +44 20 7367 8874\n\nOliver Winters\nEmail: [email protected]\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEAFPSASEPEAE \n ","length":5470,"tagNa...