TIDMANTO
RNS Number : 4297G
Antofagasta PLC
19 July 2023
NEWS RELEASE, 19 JULY 2023
Q2 2023 PRODUCTION REPORT
PRODUCTION GUIDANCE UPDATED. NET CASH COST GUIDANCE
UNCHANGED
Antofagasta plc CEO, Iván Arriagada said: "Copper production in
the second quarter increased to 149,600 tonnes, as throughput rates
at Los Pelambres improved. Net cash costs of $1.75/lb for the first
half of 2023 were lower than the prior year, reflecting the
effectiveness of our cost control efforts during this time of
heightened inflationary pressures.
The desalination plant at Los Pelambres is now producing
desalinated water, with commissioning work ongoing. Certain
critical construction activities were rescheduled during the
quarter, primarily as a result of sea swells that extended the
execution of the final phase of marine works, and these are now
substantially completed. At the Los Pelambres concentrator
expansion, construction work has required additional time and full
commissioning is expected to commence in early Q3. With both
projects now moving into commissioning, completion for this phase
of growth is expected to be achieved in the second half of 2023.
However, this additional time in combination with the lack of
rainfall at Los Pelambres has impacted production and guidance for
the full year has been updated to 640-670,000 tonnes.
Looking ahead, we see resilience in the demand for copper as the
global decarbonisation journey continues, with copper essential for
the transition, and this underpins our ambition to grow our
business to 900,000 tonnes of annual copper production."
HIGHLIGHTS
PRODUCTION
-- Copper production in Q2 2023 of 149,600 tonnes , 2.5% higher
quarter-on-quarter (Q1 2023: 145,900 tonnes), primarily due to
improving plant throughput at Los Pelambres.
-- Copper production in H1 2023 of 295,500 tonnes, 10.0% higher
year-on-year (H1 2022: 268,600 tonnes), principally reflecting a
23.9% increase in throughput rates at Los Pelambres.
-- Gold production in Q2 2023 was 44,000 ounces , 4.3% ahead of
the prior quarter (Q1 2023: 42,200 ounces) due to higher grades and
recoveries at Centinela. For the first six months of the year, gold
production increased by 16.8% to 86,200 ounces (H1 2022: 73,800
ounces).
-- Molybdenum production in Q2 2023 was 2,400 tonnes , 4% lower
than the prior quarter (Q1 2023: 2,500 tonnes), due to lower
contributing production from both Los Pelambres and Centinela. For
the year to date, production was 4,900 tonnes, 22.5% higher than in
the same period last year (H1 2022: 4,000 tonnes) mainly due to
higher throughput at Los Pelambres.
CASH COSTS
-- Cash costs before by-product credits in Q2 2023 were
$2.47/lb, 0.8% lower than the prior quarter (Q1 2023: $2.49/lb),
following higher production and lower costs at Los Pelambres. Cash
costs in H1 2023 were $2.48/lb, a year-on-year increase of 4.6% due
to higher input costs, in addition to the appreciation of the
Chilean peso.
-- By-products credits in Q2 2023 were 51c/lb, compared to
95c/lb in Q1 2023, reflecting lower realised prices, particularly
for molybdenum. However, by-product credits year to date of 73c/lb
were 18c/lb higher than the comparable period last year due to
higher realised prices for both gold and molybdenum.
-- Net cash costs in Q2 2023 were $1.96/lb, 27.3% higher than Q1
2023, with this movement principally related to reduced by-products
credits due to a significant quarter-on-quarter reduction in
molybdenum prices impacting provisionally priced molybdenum sales
from prior periods. Net cash costs were $1.75/lb for the first half
of the year, compared to $1.82/lb in the first half of 2022,
reflecting the slight increase in cash costs before by-product
credits more than offset by higher by-product credits.
GROWTH PROJECTS UPDATE
-- The desalination plant for Los Pelambres is nearing the end
of its commission phase, with marine works substantially completed
during Q2 2023, having previously been delayed due to sea swells.
The plant achieved an average production ramp-up of 160 litres per
second of desalinated water in June 2023, and is expected to
achieve its design capacity of 400 litres per second during H2
2023.
-- At the concentrator expansion project at Los Pelambres,
pre-operational testing work was initiated during Q2 2023,
alongside the commissioning of some ancillary sections of the
project and the connection of the main facilities to the national
grid. The commissioning phase of this growth project is expected to
be completed in H2 2023.
-- An updated study into the development of the Centinela Second
Concentrator project is expected to be submitted to the Board for
consideration by the end of the year.
2023 GUIDANCE
-- The delay to the completion of the desalination plant and
concentrator expansion, and the reduced availability of water in H1
2023, has impacted expected copper production for the full year.
Guidance is therefore updated to 640-670,000 tonnes (previously
670-710,000 tonnes), with output increasing quarter-on-quarter in
H2 2023.
-- The impact of the updated production guidance is partly
offset by strong cost control across the Company's operations and,
full year cash costs before by-product credits are now expected to
be $2.30/lb (previously $2.20/lb).
-- Guidance for cash costs after by-products remains unchanged
at $1.65/lb, assuming no significant changes in the current
by-product prices and the Chilean peso exchange rate.
-- Capital expenditure guidance is also unchanged at $1.9
billion assuming no further appreciation of the Chilean peso.
Opportunities to accelerate the execution of selected development
projects will continue to be evaluated.
SAFETY AND SUSTAINABILITY
-- There were no fatalities in H1 2023 (FY 2022: zero), and
safety indicators remain strong, with a year-to-date lost time
injury frequency rate ("LTIFR") of 0.58 (FY 2022: 0.84).
-- Currently, Zaldívar is permitted to extract water and mine
until 2025 and 2024 respectively. To ensure the continuity of this
operation, in March 2023 Zaldívar submitted a Declaration of
Environmental Impact ("DIA"), a more limited scope and simplified
procedure than an Environmental Impact Assessment ("EIA"). The DIA
submitted requests that the mining permit be extended from 2024 to
2025, to expire at the same date as the current water permit. After
this, and after withdrawing an earlier EIA application filed in
2018 which remained unresolved, in June 2023 Zaldívar submitted an
EIA application to extend its mining and water environmental
permits through to 2051. This EIA includes a proposal to develop
the primary sulphide ore deposit, extending the current life of
mine and requiring estimated investments over the mine life of $1.2
billion, and a conversion of the water source for Zaldívar to
either seawater or water from third parties, following a transition
period during which the current continental water extraction permit
is extended from 2025 to 2028.
-- With the continuing drought in central Chile and changes in
the Water Code in 2022, discussions were held with stakeholders in
the Choapa Valley about water distribution arrangements in the
area. An agreement has been reached with local communities and the
relevant water authority representatives, and this agreement is in
the process of final review and execution. This ongoing process
involves no material change to the current availability of
continental water at Los Pelambres.
LEGISLATIVE
-- In May 2023, both the Chilean Senate and lower house of
Congress approved the proposed revision to Chile's mining royalty
bill, with final Presidential approval expected shortly. The terms
include a 1% ad valorem royalty on copper sales, and a royalty
ranging from 8% to 26% on operating profits depending on each
mining operation's level of profitability, combined with a
provision establishing that total taxation (including corporate
income, the new royalty tax and tax on dividends) should not exceed
46.5% of profitability. It is expected that this new law will come
into effect at the beginning of 2024. Since Centinela and Antucoya
have tax stability agreements, the new royalty rates will only
apply from 2030 and 2031 respectively. There will be a one-off
non-cash adjustment to the deferred tax balances of each of the
Group's mining operations reflecting the impact of the change in
the 31 December 2023 results.
-- The process to approve a new constitution in Chile continues. In May 2023, the members of the Constitutional Council that will draft the revised constitution were elected. The Council is expected to agree a final draft of the revised constitution in Q4 2023, before it is presented for approval in a national referendum on 17 December 2023.
OTHER
-- Following confirmation by the Australian Tax Office that the
proceeds from the sale of the Group's interest in Reko Diq
(amounting to $945 million) were not taxable, the funds have been
distributed to the Company during H1 2023. The Company will apply
its capital allocation model to determine the final use of the
proceeds.
-- The half-year effective tax rate is expected to be
approximately 30%, partially reflecting a one-off adjustment of the
provision for deferred withholding tax.
GROUP PRODUCTION AND CASH COSTS Year to Date Q2 Q1
---------------------- ------ ------
2023 2022 % 2023 2023 %
------------------------------------- ------ ------ ------ ------ ------ ------
Copper production kt 295.5 268.6 10.0 149.6 145.9 2.5
Copper sales kt 295.4 263.0 12.3 146.4 149.0 (1.7)
Gold production koz 86.2 73.8 16.8 44.0 42.2 4.3
Molybdenum production kt 4.9 4.0 22.5 2.4 2.5 (4.0)
------------------------------ ------ ------ ------ ------ ------ ------ ------
Cash costs before by-product
credits (1) $/lb 2.48 2.37 4.6 2.47 2.49 (0.8)
Net cash costs (1) $/lb 1.75 1.82 (3.8) 1.96 1.54 27.3
------------------------------ ------ ------ ------ ------ ------ ------ ------
(1) Cash cost is a non-GAAP measure used by the mining industry
to express the cost of production in US dollars per pound of copper
produced.
Investors Media - London
- London
Rosario Orchard rorchard@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Robert Simmons rsimmons@antofagasta.co.uk Telephone +44 20 7404 5959
Telephone +44 20 7808 0988
Media - Santiago
Pablo Orozco porozco@aminerals.cl
Carolina cpica@aminerals.cl
Pica
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MINING OPERATIONS
Los Pelambres
Throughput improved by 24.2% in Q2 2023, enabling copper
production to increase by 16.7% to 69,200 tonnes during the period
(Q1 2023: 59,300 tonnes), with ore grades and recovery rates
remaining broadly in line quarter-on-quarter. Operations were
impacted by the continued lack of rainfall in Q2 2023 and the
rescheduled ramp-up of the desalination plant.
In the first six months of 2023, copper production increased by
30.6% to 128,500 tonnes compared with the same period last year (H1
2022: 98,400 tonnes). This increase was mainly driven by higher
throughput, which was up 23.9% compared with the same period in the
prior year.
Molybdenum production fell by 5.6% during the quarter to 1,700
tonnes (Q1 2023: 1,800 tonnes), as a lower grade section of the ore
body was mined. Gold production fell by 2.0% to 9,700 ounces in Q2
2023 (Q1 2023: 9,900 ounces), reflecting lower grades and
recoveries.
Cash costs before by-product credits were 10.6% lower at
$1.94/lb in Q2 2023, reflecting 16.7% higher copper production. Net
cash costs (after by-product credits) rose by 72.6%
quarter-on-quarter to $1.45/lb in Q2 2023, following a significant
quarter-on-quarter reduction in molybdenum pricing, which impacted
provisionally priced molybdenum sales from prior periods. Cash
costs before by-product credits of $2.04/lb in H1 2023 were 1.0%
higher, representing a balance between higher production and higher
input costs. Year to date net cash costs of $1.17/lb were 11.4%
below the costs in the same period in 2022, reflecting higher
by-product credits in early 2023.
The 400 litres per second desalination project has now entered
its commissioning phase. Marine works are now substantially
complete, with the plant achieving an average production of 160
litres per second of desalinated water in June 2023. The project
will help to stabilise water availability and lower water
extraction rates locally, and completion of commissioning is
expected in H2 2023.
Pre-operational testing of the fourth concentrator line at Los
Pelambres has commenced following connection to the national grid.
Commissioning of ancillary circuits such as the flotation circuit
has commenced, and the Company is working towards mechanical
completion of the entire project. The commissioning phase of this
growth project is expected to be completed in H2 2023.
LOS PELAMBRES Year to Date Q2 Q1
----------------------- ------ ------
2023 2022 % 2023 2023 %
------------------------------------- ------ ------ ------- ------ ------ -------
Daily ore throughput kt 129.5 104.5 23.9 143.4 115.5 24.2
Copper grade % 0.65 0.66 (1.5) 0.64 0.66 (3.0)
Copper recovery % 89.2 90.7 (1.7) 89.2 89.2 0.0
Copper production kt 128.5 98.4 30.6 69.2 59.3 16.7
Copper sales kt 129.2 96.3 34.2 72.3 56.8 27.3
------------------------------ ------ ------ ------ ------- ------ ------ -------
Molybdenum grade % 0.018 0.017 5.9 0.018 0.019 (5.3)
Molybdenum recovery % 86.3 85.0 1.5 85.5 87.3 (2.1)
Molybdenum production kt 3.4 2.7 25.9 1.7 1.8 (5.6)
Molybdenum sales kt 3.7 2.7 37.0 1.9 1.8 5.6
Gold grade g/t 0.042 0.043 (2.3) 0.038 0.046 (17.4)
Gold recovery % 68.5 72.9 (6.0) 67.0 70.0 (4.3)
Gold production koz 19.6 15.4 27.3 9.7 9.9 (2.0)
Gold sales koz 20.5 15.2 34.9 10.8 9.8 10.2
------------------------------ ------ ------ ------ ------- ------ ------ -------
Cash costs before by-product
credits (1) $/lb 2.04 2.02 1.0 1.94 2.17 (10.6)
Net cash costs (1) $/lb 1.17 1.32 (11.4) 1.45 0.84 72.6
------------------------------ ------ ------ ------ ------- ------ ------ -------
(1) Includes tolling charges of $0.23/lb in Q2 2023, $0.21/lb in
Q1 2023, $0.22/lb in H1 2023 and $0.17/lb in H1 2022.
Centinela
Total copper production at Centinela was 10.7% lower
quarter-on-quarter at 51,500 tonnes in Q2 2023 (Q1 2023: 57,700
tonnes), primarily linked to lower grades at both the concentrator
and cathode operations. Total copper production in H1 2023 of
109,200 tonnes represents a level 1.9% lower year-on-year (H1 2022:
111,300 tonnes), representing a balance of lower copper cathode
production and higher output of copper in concentrates.
Second quarter copper in concentrate production was 5.8% lower
at 36,000 tonnes (Q1 2023: 38,200 tonnes), with grades 5.9% lower
during the period. Throughput and recoveries at the concentrator
remained broadly in line at an average of 105,100 tonnes per day
and 82.5% respectively. Copper cathode production during the
quarter fell by 20.5% to 15,500 tonnes (Q1 2023: 19,500 tonnes) as
a result of processing lower grades and recoveries during the
period.
Gold production in Q2 2023 rose by 6.5% to 34,400 ounces (Q1
2023: 32,300 ounces), whilst molybdenum production fell by 12.5% to
700 tonnes (Q1 2023: 800 tonnes), reflecting changes in the grade
processed for both by-products. On a year-on-year basis, production
of gold and molybdenum rose by 14.2% and 15.4% respectively in H1
2023, as a result of higher grades across the period.
Sales of copper in concentrates fell by 25.6% during Q2 2023
following adverse weather conditions at the Company's port, which
resulted in a delay in sales until after the end of the period.
Sales of copper in concentrates in H1 2023 rose by 10.9%, largely
mirroring the rise seen in copper production during the period.
Sales of copper cathodes broadly mirrored production tonnes for
both Q2 2023 and H1 2023.
Cash costs before by-product credits rose by 13.2% to $3.01/lb
in Q2 2023, as a result of lower copper production and the
conclusion of a 3-year labour agreement during the quarter,
involving a one off closure payment fully settled in the period.
During H1 2023, cash costs before by-product credits rose by 5.2%
on a year-on-year basis to $2.82/lb, reflecting higher input costs
for labour as noted above, partially offset by lower pricing for
diesel and sulphuric acid. The appreciation of the Chilean peso
during H1 2023 also provided inflationary pressure to the Company's
cost base on a year-on-year basis.
Net cash costs rose by 36.9% to $2.19/lb in Q2 2023, with
by-product credits decreasing from $1.06/lb in Q1 2023 to $0.82/lb
in Q2 2023, which primarily relates to a significant
quarter-on-quarter reduction in molybdenum prices, which impacted
provisionally priced molybdenum sales from prior periods. Net cash
costs in H1 2023 fell by 5.1% to $1.88/lb, reflecting strong
pricing for molybdenum in early 2023.
CENTINELA Year to Date Q2 Q1
----------------------- ------ ------
2023 2022 % 2023 2023 %
------------------------------------- ------ ------ ------- ------ ------ -------
CONCENTRATES
------------------------------ ------ ------ ------ ------- ------ ------ -------
Daily ore throughput kt 104.2 107.3 (2.9) 105.1 103.2 1.8
Copper grade % 0.50 0.44 13.6 0.48 0.51 (5.9)
Copper recovery % 82.9 80.0 3.6 82.5 83.3 (1.0)
Copper production kt 74.2 66.2 12.1 36.0 38.2 (5.8)
Copper sales kt 71.5 64.5 10.9 30.5 41.0 (25.6)
------------------------------ ------ ------ ------ ------- ------ ------ -------
Molybdenum grade % 0.014 0.013 7.7 0.013 0.016 (18.8)
Molybdenum recovery % 69.9 60.7 15.2 68.6 71.0 (3.4)
Molybdenum production kt 1.5 1.3 15.4 0.7 0.8 (12.5)
Molybdenum sales kt 1.5 1.2 25.0 0.7 0.8 (12.5)
Gold grade g/t 0.18 0.15 20.0 0.18 0.17 5.9
Gold recovery % 65.9 65.3 0.9 66.8 65.1 2.6
Gold production koz 66.7 58.4 14.2 34.4 32.3 6.5
Gold sales koz 58.4 58.3 0.2 24.9 33.5 (25.7)
------------------------------ ------ ------ ------ ------- ------ ------ -------
CATHODES
------------------------------ ------ ------ ------ ------- ------ ------ -------
Daily ore throughput kt 51.5 56.3 (8.5) 53.5 49.4 8.3
Copper grade % 0.53 0.64 (17.2) 0.50 0.56 (10.7)
Copper recovery % 66.2 66.1 0.2 63.2 69.2 (8.7)
Copper production - heap
leach kt 32.9 43.4 (24.2) 14.7 18.2 (19.2)
Copper production - total
(1) kt 35.0 45.1 (22.4) 15.5 19.5 (20.5)
Copper sales kt 37.1 42.5 (12.7) 15.6 21.5 (27.4)
------------------------------ ------ ------ ------ ------- ------ ------ -------
Total copper production kt 109.2 111.3 (1.9) 51.5 57.7 (10.7)
Cash costs before by-product
credits (2) $/lb 2.82 2.68 5.2 3.01 2.66 13.2
Net cash costs (2) $/lb 1.88 1.98 (5.1) 2.19 1.60 36.9
------------------------------ ------ ------ ------ ------- ------ ------ -------
(1) Includes production from ROM material.
(2) Includes tolling charges of $0.18/lb in Q2 2023, $0.17/lb in
Q1 2023, $0.18/lb in H1 2023 and $0.14/lb in H1 2022.
Antucoya
Copper production at Antucoya rose by 1.6% to 19,100 tonnes in
Q2 2023 (Q1 2023: 18,800 tonnes), with this increase attributable
to average daily throughput rates increasing by 11.7% in the second
quarter. Copper production rose by 4.4% in H1 2023 to 38,000 tonnes
(H1 2022: 36,400 tonnes) as a result of a higher tonnage of ore
processed and higher grade ore.
Cash costs for Q2 2023 fell by 5.7% to $2.64/lb, principally
reflecting higher copper production and lower prices for key
consumables such as sulphuric acid and diesel.
Antucoya recorded a cash cost of $2.72/lb in H1 2023
representing a level 8.8% higher year-on-year, with key drivers
being an increase in the acid consumption rate, higher input costs
and the appreciation of the Chilean peso.
As previously referenced in the Group's Q1 2023 Production
Report, maintenance is expected to be carried out in Q3 2023.
ANTUCOYA Year to Date Q2 Q1
-------------------- ----- -----
2023 2022 % 2023 2023 %
----------------------------- ----- ----- ------ ----- ----- ------
Daily ore throughput kt 89.8 87.2 3.0 94.7 84.8 11.7
Copper grade % 0.33 0.32 3.1 0.33 0.33 0.0
Copper recovery % 67.4 69.0 (2.3) 68.0 66.8 1.8
Copper production kt 38.0 36.4 4.4 19.1 18.8 1.6
Copper sales kt 37.4 37.1 0.8 18.3 19.1 (4.2)
---------------------- ------ ----- ----- ------ ----- ----- ------
Cash costs $/lb 2.72 2.50 8.8 2.64 2.80 (5.7)
---------------------- ------ ----- ----- ------ ----- ----- ------
Zaldívar
The Group's equity-reported copper production at Zaldívar was
9,800 tonnes in Q2 2023, in line with the prior quarter (Q1 2023:
10,000 tonnes), with lower daily throughput offset by higher grades
and recoveries. Copper production in H1 2023 declined by 12.0% to
19,800 tonnes (H1 2022: 22,500 tonnes), reflecting lower ore
throughput rates and lower grades during the period.
Zaldívar recorded a cash cost of $3.03/lb in Q2 2023,
representing a 4.8% increase quarter-on-quarter as a result of
lower copper production, higher costs for maintenance and spare
parts, with operations benefiting to a lesser degree from lower
costs for key input consumables such as sulphuric acid and
diesel.
Cash costs in H1 2023 rose by 38.3% year-on-year to $2.96/lb,
reflecting lower production, increased costs for maintenance and
spare parts, and the appreciation of the Chilean peso.
ZALDÍVAR Year to Date Q2 Q1
--------------------- ----- -----
2023 2022 % 2023 2023 %
---------------------------------- ----- ----- ------- ----- ----- ------
Daily ore throughput kt 32.6 39.3 (17.0) 31.7 33.6 (5.7)
Copper grade % 0.75 0.81 (7.4) 0.80 0.70 14.3
Copper recovery % 61.1 53.7 13.8 62.0 60.6 2.3
Copper production - heap
leach (1) kt 13.7 15.8 (13.3) 6.8 7.0 (2.9)
Copper production - total
(1,2) kt 19.8 22.5 (12.0) 9.8 10.0 (2.0)
Copper sales (1) kt 20.3 22.7 (10.6) 9.7 10.6 (8.5)
Cash costs $/lb 2.96 2.14 38.3 3.03 2.89 4.8
----- ----- ----- -----
(1) Group's 50% share.
(2) Includes production from secondary leaching.
Transport Division
Total transport volumes in Q2 2023 were 1.8 million tonnes, 2.8%
higher than the previous quarter, driven by a 4.3% increase in rail
services to mining clients. Total transport volumes in the first
half were 0.5% lower in H1 2023 compared to H1 2022, primarily
related to operational interruptions at the port that were
attributed to a fire in 2022.
TRANSPORT Year to Date Q2 Q1
---------------------- ------ ------
2023 2022 % 2023 2023 %
Rail kt 2,673 2,708 (1.3) 1,365 1,309 4.3
Road kt 878 861 2.0 436 442 (1.4)
Total tonnage transported kt 3,551 3,570 (0.5) 1,800 1,751 2.8
------ ------ ------ ------
Commodity prices and exchange rates
Year to Date Q2 Q1
----------------------- ------ ------
2023 2022 % 2023 2023 %
----------------------- ------ ------ ------- ------ ------ -------
Copper
Market price $/lb 3.95 4.43 (10.8) 3.85 4.05 (4.9)
Realised price $/lb 3.99 4.13 (3.4) 3.49 4.48 (22.1)
---------------- ------ ------ ------ ------- ------ ------ -------
Gold
Market price $/oz 1,932 1,873 3.2 1,976 1,890 4.6
Realised price $/oz 1,989 1,899 4.7 1,941 2,029 (4.3)
---------------- ------ ------ ------ ------- ------ ------ -------
Molybdenum
Market price $/lb 27.1 18.7 44.9 20.9 32.8 (36.3)
Realised price $/lb 25.0 18.0 38.9 12.7 37.0 (65.7)
---------------- ------ ------ ------ ------- ------ ------ -------
Exchange rates
per
Chilean peso $ 806 826 (2.4) 801 810 (1.1)
---------------- ------ ------ ------ ------- ------ ------ -------
Spot commodity prices for copper, gold and molybdenum as at 30
June 2023 were $3.72/lb, $1,908/oz and $21.6/lb respectively,
compared with $4.05/lb, $1,979/oz and $24.0/lb as at 31 March 2023
and $3.80/lb, $1,824/oz and $31.8/lb as at 31 December 2022.
The provisional pricing adjustments for copper, gold and
molybdenum for the quarter were negative $101.2 million, negative
$3.6 million and negative $62.0 million respectively.
The provisional pricing adjustments for copper, gold and
molybdenum for the year to date were positive $33.4 million,
positive $1.8 million and negative $40.3 million respectively.
_____________________________________________________________________________________________
Cautionary Statement
This announcement contains certain forward-looking statements.
All statements other than historical facts are forward-looking
statements. Examples of forward-looking statements include, without
limitation, those regarding the Group's strategy, plans, objectives
or future operating or financial performance, reserve and resource
estimates, commodity demand and trends in commodity prices, growth
opportunities, and any assumptions underlying or relating to any of
the foregoing. Words such as "intend", "aim", "project",
"anticipate", "estimate", "plan", "believe", "expect", "may",
"should", "will", "continue" and similar expressions identify
forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that are beyond the
Group's control. Given these risks, uncertainties and assumptions,
actual results, performance or achievements could differ materially
from any future results, performance or achievements expressed or
implied by these forward-looking statements, which apply only as at
the date of this report. These forward-looking statements are based
on numerous assumptions regarding the Group's present and future
business strategies and the environment in which the Group will
operate in the future. Important factors that could cause actual
results, performance or achievements to differ from those in the
forward-looking statements include, but are not limited to: natural
events, global economic and financial conditions (which may affect
our business, results of operations or financial condition);
various political, economic, legal, regulatory, social and other
risks and uncertainties across jurisdictions in which the Group
operates; changes to mining concessions or the imposition of new
mining royalties, or changes to existing mining royalties in the
jurisdictions in which the Group operates; the Group's ability to
comply with the extensive body of regulations governing the mining
industry, as well as the need to manage relationships with local
communities; the ongoing effects of the global COVID-19 pandemic;
demand, supply and prices for copper and other long-term commodity
price assumptions (as they materially affect the timing and
feasibility of future projects and developments); trends in the
copper mining industry and conditions of the international copper
markets; the effect of currency exchange rates on commodity prices
and operating costs; the availability and costs associated with
mining inputs and labour; operating or technical difficulties in
connection with mining or development activities; risks, hazards
and/or events and conditions inherent to the mining industry, which
may affect our operations or facilities; employee relations;
climate change as well as the effects of extreme weather
conditions; the outcome of any litigation arbitration, regulatory
or administrative proceedings to which the Group is and may be
subject in the future; and actions and activities of governmental
authorities, including changes to laws, regulations or
taxation.
Except as required by applicable law, rule or regulation, the
Group does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Past performance cannot be
relied on as a guide to future performance.
No statement in this announcement is intended as a profit
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END
DRLRPMFTMTABBRJ
(END) Dow Jones Newswires
July 19, 2023 02:00 ET (06:00 GMT)
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