Antofagasta Plc
Antofagasta Plc
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The latest 9-months sees Antofagasta lift FY/CY 18 copper expectations at lower costs
A strong June 2017 half (H1 17) with copper production up, costs down and better copper prices, has seen big Chilean miner Antofagasta lift its after tax net profit to $US454.6, up 186.8% on H1 16 for an interim dividend up 232.3% to 10.3cps.
Chilean miner Antofagasta Minerals, one of the biggest global copper producers, is facing potential strikes by workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue, Reuters reports.
Chilean copper giant Antofagasta is maintaining its full year production guidance of 685,000-720,000t at net cash cost of $US1.30/lb despite March qtr (Q1FY2017) outpit falling to 171,900t at $1.27/lb (Q4FY2016: 205,500t at $1.13/lb) on the back of predicted grade declines at Los Pelambres and Centinela mines.
Gold production also fell to 53,300oz (91,100oz) on lower grades at Centinela.
The action by Barrick and JV partner Antofagasta against Pakistan over the denial of a mining lease at their Reko Diq copper-gold project in Baluchistan will go to a hearing after an arbitration tribunal rejected the Pakistan government's bid to dismiss the claims.
Higher copper production at Antofagasta’s Centinela mine and additional production from the new Antucoya and Zaldívar operations, partly offset by the closure of Michilla, all in Chile, have seen Dec 2016 year (FY/CY16) copper production up 12.5% to 709,400t on 2015.
Twin Metals Minnesota, the wholly owned subsidiary of Chilean copper giant Antofagasta, is exploring its legal rights over the shock refusal by the US Forest Service and Bureau of Land Management to renew two of its long-held federal mining leases in the Iron Range region of NE Minnesota.
The company, which is developing underground copper-nickel mining proposals, says the leases were issued in 1966 and have been renewed twice without controversy. Its current renewal application was filed in mid-2013.
Environmental regulators have approved the proposed expansion of Antofagasta Minerals’ Centinela Copper Mine in N Chile, opening the door for a $US4.35B investment by the company, Reuters reports.
The expansion project, set to be rolled out in 2 stages, will double Centinela's copper output to over 400,000tpa. Engineering studies are expected to be completed in “the coming months" for board submission in 2018, then financing.
The expansion is expected to extend the life of the mine to 2056.
Antofagasta Minerals has sold its Michilla copper mine in Chile for $US52M to local Haldeman Mining, Reuters reports.
Michilla, which ceased operations at the end of 2015, produced 29,400t of copper in its last year of operation. Haldeman is controlled by Chile's Solari families, who are also major shareholders in Latin American retail giant Falabella.
Chilean copper miner Antofagasta may face penalties up to a $US23.8M fine or indefinite closure of Los Pelambres mine after Chile's environmental regulator presented 9 charges for mismanaging water resources and nearby flora. Reuter reports 5 of the charges are considered serious.
The mine has 10 days to submit a plan to remedy the offences or 15 days to present a defence to the charges.