2010 Full Year Results Presentation - Antofagasta plc
2010 Full Year Results Presentation - Antofagasta plc
2010 Full Year Results Presentation - Antofagasta plc
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Market drivers – commodity prices<br />
400<br />
350<br />
300<br />
250<br />
Commodity prices (Base 100 = 1 January 2005)<br />
Copper<br />
Molybdenum<br />
Gold<br />
• High copper prices expected to continue in<br />
2011<br />
- Healthy supply-demand fundamentals<br />
- Visible inventories below two weeks of consumption<br />
- Chinese consumption improving v/s <strong>2010</strong><br />
- Copper demand picking up in Europe<br />
200<br />
150<br />
100<br />
50<br />
0<br />
2005-01 2006-01 2007-01 2008-01 2009-01 <strong>2010</strong>-01 2011-01<br />
Average Average Average Average Average Average 31 Dec<br />
2005 2006 2007 2008 2009 <strong>2010</strong> <strong>2010</strong><br />
Copper 167 305 323 315 234 342 442<br />
(Usc/lb)<br />
Molybdenum 32 24.8 30.1 28.9 11.1 15.7 16.4<br />
(US$/lb)<br />
Gold 445 604 696 872 973 1224 1,410<br />
(US$/oz)<br />
• Copper concentrates market remains in a<br />
heavy deficit which is expected to continue<br />
over the coming years<br />
• Favourable market scenario for molybdenum<br />
justified by solid fundamentals<br />
- High marginal production cost provides firm support<br />
for molybdenum prices<br />
• Positive outlook for commodity prices in<br />
2011<br />
- Good fundamentals enhanced by continuous<br />
interest from financial investors, although high<br />
volatility is expected<br />
* See pages 51 to 55 for further details<br />
5
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