Antofagasta PLC
12 April 2002
Antofagasta takes steps to value its 51% stake in Magistral
LONDON: 12 April 2002: Antofagasta plc announces that Anaconda Peru, its wholly
owned subsidiary, has elected not to exercise its right to increase its interest
in the Magistral Project from 51% to 65% by completing a bankable feasibility
study.
Antofagasta made its decision after considering its other mining opportunities
in Chile and elsewhere, which it decided had higher priority for exploration and
development. As a consequence Inca Pacific Resources Inc will remain as a 49%
investor in Magistral.
Anaconda Peru intends to obtain an independent valuation for its 51% interest in
Magistral, which is considered an excellent project suitable for development as
a medium size open pit copper molybdenum mine.
Ends
For further enquiries:
Philip Adeane, Antofagasta plc (44) 20 7382 7862
nwakefield@antofagasta.co.uk
Ricardo Muhr, Antofagasta Minerals S.A., Chile (56-2) 377 5070
rmuhr@aminerals.cl
Keith Irons, Bankside Consultants (44) 20 7444 4155
keith@bankside.com
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