Antofagasta Hldgs PLC
19 November 1999
ANTOFAGASTA HOLDINGS P.L.C.
Antofagasta closes financing arrangements
for El Tesoro Project
For IMMEDIATE release - 19 November 1999
LONDON: 19 November 1999 - Antofagasta Holdings P.L.C. announces that
on 18 November 1999, CCM El Tesoro completed the project finance
arrangements with a number of lending institutions raising US$205
million of limited recourse project debt for the El Tesoro mining
project.
Following the closing of the US$296 million project financing on 18
November, it is expected that mine construction will begin
immediately. Full environmental approvals for the project have been
granted by the relevant Chilean Government authorities. The project
will develop an exotic copper oxide deposit yielding a maximum of
75,000 tonnes per year of LME Grade A copper cathodes over an
expected mine life of 18 years, with cash operating costs averaging
approximately US45c/lb in the first 10 years.
The acquisition of a controlling interest in CCM El Tesoro from
Lanzville Investment Establishment was approved by independent
shareholders at an Extraordinary General Meeting on 9 February 1998.
In consideration for the interests acquired, the Company has today
issued 7,000,000 new ordinary shares to Lanzville, which is
controlled by Mr. A A Luksic. As a result, Mr Luksic's beneficial
interest in the ordinary shares has increased to 64.3%. This includes
the interests of Lanzville whose holdings increased to 13%. The new
shares were today admitted to listing on the London Stock Exchange.
Enquiries:
Philip Adeane, Managing Director Email: itrevor@antofagasta.co.uk
Neil Herbert, Financial Controller nherbert@antofagasta.co.uk
Antofagasta Holdings Tel: +44 171 374 8091
Issued By:
Keith Irons Email: keith@bankside.com
Bankside Consultants Ltd Tel: +44 171 220 7477