2007 Results Presentation - Antofagasta plc

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2007 Results Presentation - Antofagasta plc

Highlights 2007 (comparatives vs 2006)• Continued project progressLos Pelambres repowering completed in H1Mauro construction nearly completedTesoro Northeast development initiatedEsperanza on track with first production expectedend 2010• New feasibility studiesReko Diq in Pakistan and Antucoya in Chile havestarted feasibility studies in 2008• Success in explorationResource estimate of 4.1 billion tonnes at WesternPorphyries in Reko DiqEncouraging results to date at Los Pelambres andthe Sierra Gorda district4


Market outlook5


Refined copper market and price outlook• Copper market fundamentals expectedto remain strong during 2008• Inventories remain at historically lowlevels with little room for de-stocking• Demand growth, although slower, isexpected to remain healthy at 3.5%– Slowdown in developed economies offset byrobust growth in China, South Asia and theMiddle East• Continued supply limitations through several factorsExchange Inventories (days of consumption)3530252015105Copper Price and Exchange Inventories01980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008Exchange Inventories as days of consumption at the end of each yearPrice in 2007 Money(c/lb) Adjusted by USA PPI for Industrial Commodities2008RunningAverage1Q-08Trend400350300250200150100500Price (cent/lb)– Lower grades, labour unrest, shortage of inputs, long lead time for project development and copper concentratedeficit• Market expected to remain tight through coming months with seasonal peak in demand• US dollar weakness, lower interest rates and inflationary pressures continue to supportinvestment in commodities and hence the copper price• Prices should stay high during 2008, with consensus estimates for r the year increasing to340 cents/lb in recent weeks6


Copper concentrates market outlook1000Market Balance (ktons of contained Cu)& Terms (Combined TC & RC & PP )40.0• Concentrates market deficit is expectedto continue into 2009• Caused by increase in smelting capacitythrough expansion and new facilities• Favourable calendar settlements forminers have continued, reducing tollingchargesMarket Balance (ktons Contained Cu)8006004002000-200-400-600-800-10002001 2002 2003 2004 2005 2006 2007 2008 2009 2010Source : Antofagasta Minerals30.020.010.00.0-10.0-20.0-30.0-40.0Spot TC & RC (combined discount incent/lb)– 2008 – 45 and 4.5 TC/RC with nil PP– 2007 – 60 and 6.0 TC/RC with nil PPMarket Balance (kton contained Cu.)Annual & Mid year TC+RC+PP (Combined Cent/lb)• Low utilisation rate for the smelting capacity is expected to remain for the coming years• Concentrates output growth could match smelting capacity by 2010 or 2011.– Dependent on timely development of existing projects7


Molybdenum market outlook• Continuing deficit in molybdenum market– 2007 deficit expected to continue into 2008• Continued demand growth above 4%expected– Supported by growth in the steel sector (stainlesssteel, steel alloys, tool steels) which accounts fornearly 80% of total consumption• Supply unable to react quickly to highdemand and prices, with growth expectedto expand at about 2% in 2008– Limited ability for further flex-grading or production increase as a by-product– Primary producers are facing difficulties in increasing production on (equipment, lower grades, technical issues)– New primary mines are not expected to be in operation until 2009-20102010• Roasting capacity is not a constraint due to new plants and expansions– Announced increases in Chile, Korea and the US sufficient to support port strong production growth in the coming years• Low level of inventories leave the market vulnerable to production/supply on/supply problems• General market view is that prices will stay strong– Consensus forecast over US$30/lb during 2008 and above US$25/lb in 2009Market Balance (ktons)30.025.020.015.010.05.00.0-5.0-10.0-15.0Molybdenum Market Balance (kton)and Prices (USD/lb)2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Market Balance (ktons)Nominal Price (US$/lb)During 2007 prices recovered asinventories were consumed and adeficit emerged.Roasting bottleneck in thewestern world delayed theavailability of this surplus.2008 RunningAverage2009 surplusdepends onthe succesfulconstruction ofnew primarymines.Source : Antofagasta Minerals35.025.015.05.0-5.0-15.0-25.0-35.08Price (USD/lb)


Continued market cost pressures• Industry average minesite costs have doubled in thelast five years (from 39.2 to 75.3 cents per pound * )• High number of development projects has putfurther pressure on input costs and related supplies• Strong oil market prices continue12010080604020WTI Oil Price (in US$/barrel)• Energy prices in Chile under continued pressurewith shortfall of primary sources and toughapprovals for new generation capacity, thoughsituation should improve in 2010 when LNGprojects start operating• Sulphuric acid prices have increased sharply withhigh demand for fertilisers, and supply expected tobe tight until at least 2009• The strengthening of the Chilean peso against theUS dollar since December 2007 will impact pesodenominated costs02002 2003 2004 2005 2006 2007 2008Source: Bloomberg9,07,56,04,53,01,50,0Chilean Central and Northern GridsEnergy Prices (US$cents(US$cents/KWh)2002 2003 2004 2005 2006 2007Source: CNE, Chile Central Grid Northen Grid* Before by-products credits, shipping and treatment costs. Brook Hunt Copper r Costs: Mine and Projects – Summary & Analysis (2007 edition)9


Financialanalysis10


Financial highlights2007 2006 % changektonsktonsCopper production 428.1 465.5 8.0%Moly production 10.2 9.8 4.1%US$mUS$mRevenues (*) 3,827 3,870 1.1%EBITDA 2,824 2,957 4.5%Profit before tax 2,750 2,859 3.8%Earnings per share (cents) 140.2 137.4 2.0%Dividends per share (cents) – including special 49.6 48.2 2.9%Realised copper price (**) (cents/pound) 326.6 329.5 0.9%Realised moly price (**) (US$/pound) 31.7 24.6 28.9%(*) Presented net of tolling charges for concentrates of US$193.5m (US$277.2m in 2006)(**) Determined by comparing revenues with sales volume (without deducting tolling charges for concentrates)11


Cash flow 2007 (US$m)2,817.7806.0472.927.5485.2100.32,212.51,805.5681.293.2Initial CashCash flowfromoperationsIncome taxpaidNet capexInvestmentDisposalsGroupdividendsMinoritydividendsChange indebtNet interestandExchangeFinal cash12


Earnings per share and DividendsEarnings per share (cents)137.4 140.29.818.358.873.6• EPS up 2% in 2007• CAGR (2002-2007) 2007) of 70%2002 2003 2004 2005 2006 2007Dividends (cents per share)40.0 41.022.28.014.05.6 7.0 7.8 8.0 8.2 8.62002 2003* 2004 2005 2006 2007*Demerger of QuiñencoOrdinarySpecial• Dividends for the year (cents/share):Interim Final TotalOrdinary 3.2 5.4 8.6Special 3.0 38.0 41.0Total 6.2 43.4 49.6• Total dividend increased by 2.9% in200713


Operations reviewand outlook14


Operations review and outlook• Group copper production in 2007 of 428,100 tonnes (2006 – 465,500 tonnes)• Mainly reflecting grade variations and harder primary ore at Los Pelambres• Production in 2008 estimated at 463,000 tonnes mainly due to higher her grades at Los Pelambres• Molybdenum production in 2007 of 10,200 tonnes (2006 – 9,800 tonnes)• High grade area mined in 2006 and 2007• Production in 2008 estimated at 6,800 tonnes as grades decline• Continued benefit from strong commodity prices• Realised copper price of 327 cents per pound in 2007 (330 cents in 2006)• Realised molybdenum price of US$32 per pound in 2007 (US$25 per pound in 2006)• Reduced weighted average cash costs of 32 cents per pound (2006 – 40 cents)• Pre-credit costs up to 111 cents (2006 – 96 cents)• Pre-credit costs in 2008 estimated at 125 cents, mainly reflecting higher henergy and acid costs• Continued benefit from lower tolling charges15


Los Pelambres – review of operationsProduction and cash costs• EBITDA of US$2,178m; margin of 82%327351323 32429.37.916.4-17.18.7 7.9 8.7 9.829033049.3-10.810.26.8• Copper production in 2007 down by 11%– Lower grades and impact of higher proportion ofprimary ore– Production in 2008 expected to recover with highergrades and improved throughput2003 2004 2005 2006 2007 2008ECopper production ('000 tonnes)Cash cost (c/lb)Moly production ('000 tonnes)• Costs fluctuations mainly explained by marketconditions (*)(Cents/pound) 2006 2007 2008ETolling charges 39.7 29.6 17.9On-site and shipping 56.4 76.3 94.7By-products(**) (79.7) (116.7) (63.4)16.4 (10.8) 49.3• Moly production in 2007 up 4.1%– High grade area mined in 2006 and 2007– Production in 2008 down to 6,800 tonnes as mineplan moves to lower grade area• New labour agreements concluded in2007 ahead of schedule with both unions(*) A detailed cash cost reconciliation is provided on slide 35(**) 2008E based on moly price of 31.3US$ per poundCopper grades were as follows: 2003 – 0.91%, 2004 – 0.88%, 2005 – 0.80%, 2006 – 0.81%, 2007 – 0.71%, 2008E 0.79%16


Los Pelambres – Development• Plant repowering completed in the first half of 2007– Average throughput over the next 10 years expected to be130,000 tpd• Mauro tailings dam now 99% complete– Current operations remain unaffected as Quillayes remains inuse– Resolution of litigation remains pending• Initial results from exploration to south of open pitencouraging for longer-term future of mine17


El Tesoro – 2007 review and 2008 targets92.442.4Production and cash costs97.8 98.152.41.46% 1.35%66.194.0 90.093.078.6109.8141.62003 2004 2005 2006 2007 2008ECopper production ('000 tonnes)1.23% 1.16% 1.23% 1.13%• EBITDA of US$431m; Margin of 64%• Copper production of 93,000 tonnes,2.5% ahead of original budget– 2008 forecast – 90,000 tonnes• Cash costs increased to 109.8 cents– Impact of higher energy and acid prices (*)– 2008 forecast – 142 cents, mainly due to acidprice increasesCash cost (c/lb) Copper grade %• Development of Tesoro Northeast (**) toextend the life of El Tesoro plant by 3 yearsand help maintain near-term production– Additional 28.5 Mtons @ 1.03%– Initial capex of US$80m– Mining of reserves expected by H2 2009(*) A detailed cash cost reconciliation is provided on slide 35(**) Properties 51% owned by Antofagasta plc18


Michilla – 2007 review and 2008 targetsProduction and cash costs52.769.81.25%187.850.046.4 47.345.143.0143.5118.8 126.485.61.11% 1.10% 1.05% 1.04% 1.04%• EBITDA up 6.8% to US$169m; Margin of 53%• Copper production of 45,100 tonnes as targeted• Cash cost increased to 143.5 cents per pound ( * )– Higher energy costs (vs(2006)2003 2004 2005 2006 2007 2008ECopper grade %Copper production ('000 tonnes)Cash cost (c/lb)– One-off labour cost (bonus) from union negotiationcompleted ahead of schedule in year• Possible extension of mine life until 2012– Average production level between 40,000 and 50,000tonnes from 2010, depending on geological results– Studies to be completed by 2008 H1• Antucoya could further extend life of Michilla plant(*) A detailed cash cost reconciliation is provided on slide 3519


Transport and water businessNorthern ChileChile’s s second regionTransport• Combined rail and road volumes up 6.4% to 6.3million tonnesMejillonesAntofagastaTocopillaMichillaSierraGordaInteracidTerminalAltoNorteChuquicamataAugustaVictoriaEl AbraLomas BayasCalamaEl TesoroZaldivarEscondidaConchiEl SalvadorGaby• Total revenues (*) up 11.1% to US$117.0 million,EBITDA up 14.0% to US$48.9 million• Further growth opportunitiesWater– San Cristóbalbal: : additional 500,000 tonnes from 2008– Gaby: 15-year contract starting with 600,000 tonnes in 2008increasing to 1.2 million tonnes by 2012• Water volumes up 5% to 39.9 millions m 3• Total revenues (*) up 5.3% to US$67.1 million,EBITDA of US$40.7 million (down 1.7%)Rail NetworkRail stationOwned MineMineCity / port(*) Represents third party revenues, stated after eliminating sales to Antofagasta’smining division of US$10.5m (2006 – US$9.6m) from Transport business andUS$0.4m (2006 – nil) from Water division20


Looking aheadNew opportunities21


Esperanza Copper–Gold Project• Development on schedule despite tight marketconditions– Provisional environmental authorisations receivedallowing 30-month pre-stripping and early works tocommence– EIA approval expected by middle of 2008– Production expected by the end of 2010– Costs remain on budget subject to escalation, althoughmarkets conditions are tightTailings damProject layoutWaste damLow GradeStock Waste dam• Main contracts assigned– Final EPCM agreement with Kvaerner to be negotiatedin May– Long term energy contract assigned (short term contractto be signed in Q2 2008)– Fuel and explosive contracts signed– Short term water supply from group water business with100% sea water to be used when operation begins22


Esperanza Copper–Gold Project• Key project parameters– Average plant throughput of 97,000 tpd– Capital cost of approximately US$1.5 billion(before escalation, working capital and any financing costs)– Production (first ten years annual average):• Concentrate:700,000 tonnes• Payable copper: 195,000 tonnes• Payable gold:• Payable silver:229,000 ounces1.6 million ounces• Molybdenum production expected from 2015• Mine life of 15 years– Telegrafo deposit could extend the life or expandthe capacity of the Esperanza plant23


Reko Diq Copper Gold Project• 50-50 joint venture with Barrick, with the Governmentof Balochistan holding a 25% interest in the mainexploration licence• 18-month programme completed at a cost of US$43m,including exploration and scoping study• Western porphyries resource estimate increased to 4.1billions tonnes at 0.50% copper and 0.29 g/t gold (*)– Copper contained increased by 136%– Gold contained increased by 157%• Feasibility study initiated in February 2008– 72,000 tonnes per day plant capacity– Expected to be completed early 2009(*) Previous estimate: 1.6 billion tonnes at 0.54% Copper and 0.29 g/t Gold24


Antucoya project• Deposit located 45 km from Michilla• Total resources of 531 Mton@ @ 0.39% copper (*)• Feasibility study initiated in February 2008– Run of Mine leaching with copper solution sentto Michilla plant– Ore to be treated: 236 Mtons, , with an averagecopper grade of 0.31%– 10 year mine-life– Copper production of 30,000 – 50,000 tonnesper year(*) Based on a cut-off grade of 0.3%. Includes Buey Muerto resources of 205 Mton @ 0.39% copper, which are 51% owned by Antofagasta plc25


Exploration and future potential• The Group has access to three world class areas– Los PelambresExisting resource of 2.9 billion tonnesTwo-year exploration programme completed with encouraginginitial results– Reko Diq– Sierra Gorda districtRevised resource of 4.1 billion tonnes at Western Porphyries,and additional 0.8 billion tonnes in other areasCombined resources of 3.0 billion tonnes (including Tesoro,Esperanza, Telegrafo and other targets)Encouraging results at Caracoles, approximately 10km southof Esperanza• Continuing search for new opportunities on a global basis26


Conclusion• Very satisfactory year in 2007– Good operating and financial performance(Copper production p– 428,100 tonnes, molybdenum production – 10,200 tonnes)– Continued progress with capital projects– Increased mineral resources through successful exploration• Outlook for 2008 remains positive– Copper production expected to increase to approximately 463,000 tonnes(molybdenum production down to 6,800 tonnes)– Feasibility studies to enhance the Group’s s project pipeline– Market fundamentals remain sound27


Backup28


Brief history• 1888 Antofagasta Railway incorporated and listed in London• 1979 Luksic Group acquires controlling interest and beginsinvesting in mining, financial and industrial sectors in Chile• 1996 Financial and industrial interests exchanged for 33.6% interestin Quiñenco• 1997 Development of large-scale mining projects commences• 2000 Start of low-cost copper production with Los Pelambres• 2003 Demerger of 33.6% interest in QuiñencoAcquisition of Aguas de Antofagasta• 2006 Acquisition of exploration interests in PakistanAcquisition of Equatorial Mining to consolidate 100%ownership of El Tesoro mine29


Geographical locations – Operations and explorationUnited Kingdom:Registered Office,LondonChile: Operations (*)• Los Pelambres (289.9 ktonscopper and 10.2 ktons moly)• El Tesoro (93.0 ktons copper)• Michilla (45.1 ktons copper)• Transport and Water divisionsChile: Projects and Exploration• Esperanza• Antucoya• Exploration in Sierra Gorda District• Pelambres expansion studies andexplorationPakistan:ExplorationJoint Venture withBarrick Gold inReko Diq* Figures relate to 2007 production30


VolumesPayable copper - moly and cash cost55.4445461 472498467 46642835139.2 38.8 38.9 36.440.231.624.3615.56.97.88.77.98.79.810.213.91999 2000 2001 2002 2003 2004 2005 2006 2007Copper production (000 tonnes)Cash costs (cents/pound)Moly production (000 tonnes)Railway tonnages (million tons)Water volumes sold ('000 m3)5.03.93.94.14.4 4.54.34.532,575 33,07437,798 39,8582.02.52.83.11996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 20072004 2005 2006 200731


Mining dataLos PelambresCopper sales (‘000 tonnes) 289.4 324.8 10.9%Realised price (cents/pound) 328.3 335.0 2.0%Moly sales (‘000 tonnes) 10.0 9.9 1.0%Realised price (US$/pound) 31.7 24.6 28.9%Cash cost (cents/pound)(including by-product credits)(cents/pound) (10.8)2007 2006 % change(10.8) 16.4 165.9%El TesoroCopper sales (‘000 tonnes)Realised price (cents/pound)Cash cost (cents/pound)000 tonnes) 93.3(cents/pound) 327.6(cents/pound) 109.893.3 95.3 2.1%327.6 316.4 3.5%109.8 78.6 39.7%MichillaCopper sales (‘000 tonnes)Realised price (cents/pound)Cash cost (cents/pound)000 tonnes) 45.8(cents/pound) 313.8(cents/pound) 143.545.8 47.7 4.0%313.8 318.5 1.5%143.5 126.4 13.5%32


Reserves and Resources(at 31 Dec 2007)TonnageCopperMolybdenumGoldSilvermillions of tonnes(%)(%)(g/tonne)(g/tonne)2007 2006 2007 2006 2007 2006 2007 2006 2007 2006Ore reservesLos Pelambres 1,667.0 1,664.8 0.64 0.65 0.017 0.018 0.033 0.033 0.99 1.03El Tesoro 127.4 116.7 0.80 0.74 - - - - - -Michilla 12.0 15.6 0.97 1.09 - - - - - -Esperanza sulphides 480.0 - 0.57 - 0.010 - 0.236 - - -Total reserves 2,286.4 1,797.1 0.63 0.66Mineral resources (including ore reserves)Los Pelambres 2,928.0 2,938.8 0.61 0.61 0.015 0.017 0.032 0.030 0.80 0.80El Tesoro 167.6 165.5 0.76 0.72 - - - - - -Michilla 62.7 65.6 1.50 1.35 - - - - - -Esperanza sulphides 1,130.5 775.7 0.45 0.54 0.011 0.012 0.162 0.204 - -Esperanza oxides 119.6 72.4 0.35 0.43 0.007 0.007 0.149 0.188 - -Reko Diq - Western Porphyries 4,149.0 1,609.0 0.50 0.54 - - 0.291 0.292 - -Total resources 8,557.4 5,627.0 0.54 0.59The ore reserves and mineral resources shown in the tables above relate only to the Group’s current operations and its principal projects.The Group also owns or is interested in a number of other properties which have been the subject of exploration programmes. These include:• Sierra Gorda region - various oxide deposits with a combined mineral resource estimate of 241 million tonnes with an average copper grade of 0.48%• Telegrafo Norte – estimated resources of 404 million tonnes of 0.41% copper, 0.1 g/t of gold and 0.013% of molybdenum• Telegrafo Sur – estimated resources of 898 million tonnes of 0.45% copper, 0.17 g/t of gold and 0.013% of molybdenum• Antucoya – estimated resources of 531.4 million tonnes with an average copper grade of 0.39%The reserves and resources figures represent full reserves and resources, rnot the Group’s s attributable share for each mine/project.33


EBITDA - Analysis 2007 (US$m)2,957.328.783.7156.3 6.8 7.964.410.516.616.62,824.0284.5EBITDA2006CopperpricesCoppervolumesMoly pricesMolyvolumesGold andsilverTollingchargesMiningoperatingcostsCommercialCostsExplorationcostsEBITDATransport,Water andCorporateEBITDA200734


Cash cost analysisLos Pelambres2006 16.4Exchange rate and local inflation 1.7Decrease in tolling charges (10.1)Machinery hire, fuel, tyres and other input costs 6.3Increase in freight costs 2.6Labour cost increases 2.0Lower production (impact on unit costs) 7.2Others 0.2Higher by-products credits (37.0)2007 (10.8)El Tesoro2006 78.6Exchange rate and local inflation 1.6Energy costs 12.7Fuel, acid and other costs 5.6Higher acid consumption 1.8Processing of previous old stockpile 7.9Labour costs increases 1.9Lower stripping ratio (1.6)Other cost increases 1.42007 109.8Michilla2006 126.4Energy costs 2.7Higher costs of third party services 5.4Labour cost increases 1.3Lower production (impact on unit costs) 6.3Other cost increases 1.32007 143.52007 (10.8)Exchange rate and local inflation 2.2Decrease in tolling charges (11.6)Energy costs 15.6Machinery hire, fuel, tyres and other input costs 10.6Increase in freight costs 3.9Higher production (impact on unit costs) (11.7)Others (2.1)Lower by-products credits 53.32008 (budget) 49.32007 109.8Exchange rate and local inflation 1.8Acid costs 19.4Energy costs 4.6Lower production (impact on unit costs) 2.9Processing of previous old stockpile 3.2Other (0.2)2008 (budget) 141.62007 143.5Acid costs 22.7Energy Costs 4.3Tyres, reactives and other costs 12.0Higher costs of third party services 11.1Purchase of copper sulphide in 2007 (7.4)Lower production (impact on unit costs) 4.6Other cost increases (3.0)352008 (budget) 187.8


Copper Market DataWorld Copper Consumption 2002 2003 2004 2005 2006 2007(' 000 tonnes)North America 3,049 2,895 3,073 2,892 2,703 2,6933% -5% 6% -6% -7% 0%of which US 2,420 2,250 2,392 2,203 2,069 2,1495% -7% 6% -8% -6% 4%South & Central America 410 495 546 557 593 593-23% 21% 10% 2% 6% 0%Europe 4,422 4,475 4,680 4,657 5,069 4,900-3% 1% 5% 0% 9% -3%of which West. Europe 3,672 3,579 3,738 3,619 3,965 3,724-4% -3% 4% -3% 10% -6%Asia 6,655 7,229 8,077 8,400 8,660 9,45210% 9% 12% 4% 3% 9%of which China 2,558 3,022 3,458 3,794 3,954 4,62113% 18% 14% 10% 4% 17%of which Japan 1,164 1,202 1,282 1,260 1,296 1,2332% 3% 7% -2% 3% -5%Australasia 190 164 169 133 136 14511% -14% 3% -21% 2% 7%Africa 200 203 209 209 212 25718% 1% 3% 0% 2% 21%World Total 14,919 15,367 16,753 16,849 17,373 18,0393.3% 3.0% 9.0% 0.6% 3.1% 3.8%*Source: CRU International Ltd, Jan 200836


Copper Market DataCopper mine production 2002 2003 2004 2005 2006 2007(' 000 tonnes)South & central America 5,658 6,005 6,783 6,696 6,766 7,118Chile 4,574 4,942 5,474 5,369 5,398 5,571Peru 850 837 1,033 1,008 1,046 1,171North America 1,999 1,965 2,072 2,118 2,099 2,157USA 1,120 1,103 1,149 1,157 1,212 1,210Canada 589 548 577 594 595 609Asia 2,814 2,707 2,681 2,947 2,897 2,995China 624 655 776 807 908 965Indonesia 1,163 1,003 842 1,064 817 798Australasia 1,108 1,042 1,038 1,110 1,067 1,012Australia 897 846 864 917 873 844Central and east. Europe 1,212 1,210 1,274 1,268 1,283 1,240Africa 544 585 637 682 866 987Western Europe 205 216 232 241 232 243World Total 13,540 13,730 14,716 15,061 15,211 15,751* Source: CRU International Ltd, Jan 200837


Antofagasta contactsLondon(Antofagasta plc)Santiago de Chile(Antofagasta Minerals S.A.)Desmond O’Conor Chief Executive Officer (UK)Hussein Barma Chief Financial Officer (UK)Philip Holden Group Finance ManagerTel: +44 20 7808 0988Fax: +44 20 7808 0986Alejandro Rivera Vice-President ofDevelopment andCorp FinanceSebastian GilMauricio AlamoTel: +562 798 7145Fax: +562 798 7445BusinessDevelopment ManagerHead of Financial AnalysisE-mail: doconor@antofagasta.co.ukhbarma@antofagasta.co.ukpholden@antofagasta.co.ukE-mail: arivera@aminerals.clsgil@aminerals.clmalamo@aminerals.clwww.antofagasta.co.uk38

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