Antofagasta PLC
14 January 2000
Antofagasta plc
Registered Office TELEPHONE: 0171 374 8091
PARK HOUSE TELEX: 8954 4284 ANRAIL G
16 FINSBURY CIRCUS FACSIMILE: 0171 628 3773
LONDON EC2M 7AH REGISTERED IN LONDON
No. 1627889
First Shipments of Copper Concentrates from Los Pelambres
LONDON: Friday, 14 January 2000 - Antofagasta plc (ANTO.L), the UK-listed
mining group based in Chile, announces that shipments of copper concentrates
began yesterday from its newly built Punta Chungo port facility at Los Vilos.
The initial shipment of 10,000 tonnes is destined for Japanese smelters. A
second shipment of 25,000 tonnes is scheduled for 20 January.
Production of concentrates at the US$1.36 billion Los Pelambres mine began at
the end of October 1999. Los Pelambres is expected to reach full production
by March 2000 and will produce thereafter an average of 271,000 tonnes of
copper in concentrates in the first five years and 246,000 tonnes per year
over the 30-year mine life.
Antofagasta holds a 60% equity interest in the mine and the remaining 40% is
held by two consortia of Japanese industrial groups, comprising Nippon Mining
and Metals Co. Ltd, Marubeni Corporation and Mitsui and Co. Ltd. (25%) and
Mitsubishi Materials Corporation and Mitsubishi Corporation (15%).
Antofagasta has a current market capitalisation of approximately £920 million
and in addition to mining operations, its principal activities include rail
and road transportation and water distribution. It also holds a 33.6%
investment in Quinenco S.A., a diversified industrial and financial group
operating in Latin America and listed in ADR form on the New York Stock
Exchange.
Enquiries: Antofagasta
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
Tel: +44 171 374 8091
Issued By:
Keith Irons Email: keith@bankside.com
Bankside Consultants Limited
Tel: +44 171 220 7477