2012 Half Year Results Presentation - Antofagasta plc

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Brief History1888Antofagasta RailwayCompany incorporated andlisted in London1979Luksic Group acquirescontrolling interest andbegins investing in mining,financial and industrialsectors in Chile1996Financial and industrialinterests exchanged for33.6% interest inQuiñenco1997Development of largescalemining projectscommences2000Start of low-cost copperproduction with LosPelambres2003Demerger of 33.6% interestin QuiñencoAcquisition of Aguas deAntofagasta2012• Initiation ofAntucoyaconstruction• Closing of theagreement withMarubeni for its 30%interest in Antucoyaproject2011• Early stage earn-inagreements in Sweden,Turkey, Portugal, Namibiaand Canada• Incorporation ofFranconia assets in TwinMetals Minnesota• Approval of Antucoyaproject and inclusion ofMarubeni as a partner inthe project2010• Commissioning of LosPelambres expansion• Nokomis: agreement withDuluth Metals• Commissioning ofEsperanza• Early stage earn-inagreements in Alaska andAustralia2009• Esperanza Project FinanceUS$1.05bn• Los Pelambres expansionfinance US$750m• Early stage earn-inagreements in Europe,Africa and Latin America• Underground coalgasification prospect2008• Inclusion of Marubeni as apartner in Esperanza andEl Tesoro• Initiation of Esperanzaconstruction• Energía Andina S.A., jointventure with ENAP forgeothermal opportunities2006• Acquisition ofexploration interests inPakistan• Acquisition of EquatorialMining to consolidatecontrol of the SierraGorda district24
OverviewLUKSICGROUP65%LSE-FREEFLOAT35%• FTSE 100 since March 2004• Market cap (22 August 2012): US$17.4bnTRANSPORTFCAB (Chile)FCA (Bolivia)Combined rail and roadtonnages of approx.8.3 million tons per yearMININGOperating assets (Chile)Los Pelambres – Esperanza – El Tesoro – Michilla• 700,000 tonnes of copper in concentrate and cathodes• 280,000 ounces of gold.• 11,000 tonnes of molybdenum in concentrateExploration and evaluation studies in Chile, the United States and Pakistan Earn-in agreements inEurope, Africa, the Americas and AustraliaWATERAguas de Antofagasta(Chile)Approx. 48 million m 3sold per year(Volumes represent 2012 forecasts)25
Page 1: 2012 Half Year Results Presentation
Page 4 and 5: Operational Results
Page 6 and 7: Esperanza• H1 2012 production of
Page 8 and 9: Pricing environment and outlook500L
Page 10 and 11: Financial highlights2012 H1 2011 H1
Page 12 and 13: Net income reconciliationNet income
Page 14 and 15: Consistently strong capitalreturnsD
Page 16 and 17: Growth opportunitiesGroup explorati
Page 18 and 19: Centinela Mining District(formerlyS
Page 20 and 21: Los Pelambres• Total mineral reso
Page 22 and 23: Conclusion• Strong operational pe
Page 26 and 27: Our business and strategy3. Growth
Page 28 and 29: Chile: OperationsGeographical locat
Page 30 and 31: Debt analysis (US$mUS$m)2,366492965
Page 32 and 33: Production and realisedprices analy
Page 34 and 35: Purchased ore2%Spare parts5%Sulphur
Page 36 and 37: Cash cost analysis2011 H1 vs. 2012
Page 38 and 39: Realised pricesand mark-toto-market
Page 40 and 41: Operations and projectsLos Pelambre
Page 42 and 43: Chile’s Antofagasta RegionTranspo
Page 44 and 45: Copper concentrates market• The p
Page 46 and 47: Reserves and resources(at 31 Decemb
Page 48 and 49: Antofagasta contactsLondon(Antofaga

2012 Half Year Results Presentation - Antofagasta plc

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