2012 Half Year Results Presentation - Antofagasta plc

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2012 Half Year Results Presentation - Antofagasta plc

Molybdenum marketMolybdenum price and market balance• Estimates are for a market surplus of 5 to 10 millionpounds in 2012.o Demand growing only at 0.6% y/y worldwideaffected by the world economic slowdown.o Supply is performing well with increasedproduction from both by-product and primarymines.• Molybdenum price started strongly during the first twomonths of the year (around 14 US$/lb) and from thenuntil August there has been a steady decline to levelsbelow 12 US$/lb in line with demand construction in theEurozone and an overstock in China.• The price correction is putting pressure on small anduncompetitive mines in China and also on the highercost mines in the western world.• Market consensus is that price will remain trading in the9 – 13 US$/lb range for the balance of 2012.45

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