Antofagasta PLC
12 July 2000
Los Pelambres wins early release from Completion Guarantee
London 12 July 2000- ANTOFAGASTA PLC is pleased to announce that on 10 July
2000, it successfully satisfied all its obligations under the Completion
Guarantee of the Los Pelambres Project. The guarantee was issued in favour of
various Banks and Financial Institutions which participated in the financing
of the Project, and covered the timely construction and start-up of the
Project.
The Banks and Financial Institutions involved in the financing of the Project
have released Antofagasta from all its obligations under the Completion
Guarantee including the release of the escrow account amounting to US$133
million and their charge over the company's 33.6% interest in the shares of
Quinenco S.A.
The Los Pelambres project has been successfully completed within the original
forecast budget of US$1.36 billion. The construction and start-up of the
project was achieved 30 days ahead of schedule and the satisfaction and
release of Antofagasta's obligations have taken place 18 months earlier than
the projected final completion date.
Production in the first 6 months of this year was 146,000 tonnes of fine
copper in concentrates and the plant is now operating at approximately 12%
over its planned capacity. Los Pelambres is now expected to produce over
300,000 tonnes of copper in 2000.
Enquiries:
Philip Adeane, Managing Director Email: itrevor@antofagasta.co.uk
Hussein Barma, Chief Financial Officer hbarma@antofagasta.co.uk
Neil Herbert, Financial Controller nherbert@antofagasta.co.uk
Antofagasta plc Tel: +44 207 374 8091
Issued By:
Keith Irons / Sarah Campbell Email: keith@bankside.com
Bankside Consultants Ltd Tel: +44 207 220 7477
Antofagasta plc
Park House, 16 Finsbury Circus, London EC2M 7AH
TEL. NO: 020 7374 8091 FAX NO: 020 7628 3773