Antofagasta PLC Antofagasta plc expects lower cash costs in 2015 (5225F)
February 23 2015 - 2:00AM
UK Regulatory
TIDMANTO
RNS Number : 5225F
Antofagasta PLC
23 February 2015
NEWS RELEASE, 23 February, 2015
Antofagasta plc expects lower cash costs in 2015
Following the completion of an internal review Antofagasta plc
is pleased to announce that it now anticipates cash costs for 2015
to be lower than previously guided. This has been driven by certain
input costs becoming more favourable, particularly a weaker Chilean
peso and lower oil prices. Antofagasta now expects net cash costs
for 2015 to be $1.40 per pound, approximately 10 cents per pound
lower than previous guidance and in line with 2014 net cash cost
performance.
Production guidance for 2015 remains unchanged at 710,000 tonnes
of copper, 250,000 ounces of gold and 8,000 tonnes of
molybdenum.
Diego Hernandez, CEO of Antofagasta plc, commented:
"Antofagasta has a tradition of carefully setting guidance for
the year, and we work hard to achieve that guidance. The guidance
we provided previously was based on assumptions we made several
months ago, but in light of the current outlook for the peso and
the oil price we have decided to rebase our assumptions for
2015."
Revised 2015 Guidance
Los Pelambres Centinela Michilla Antucoya(1) Group
------------------------------ ------ -------------- ---------- --------- ------------ ------
Cash costs (2)
------------------------------ ------ -------------- ---------- --------- ------------ ------
Cash costs before by-product
credits $/lb 1.50 2.10 2.30 2.10 1.75
Net cash costs (3) $/lb 1.15 1.60 2.30 2.10 1.40
------------------------------ ------ -------------- ---------- --------- ------------ ------
(1) Ramp-up starting in Q2 2015
(2) Assumes Chilean peso/US dollar rate of CHP620 and WTI price
of $50/bbl
(3) Includes by-product credits at an average gold price of
$1,300/oz and a molybdenum price of $9.5/lb
____________
Investors - London Media (Brunswick)
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Paresh Bhanderi pbhanderi@antofagasta.co.uk Robin Wrench antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Investors - Santiago
Alejandro Rivera arivera@aminerals.cl
Telephone +56 2 2798 7000
____________
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The company news service from the London Stock Exchange
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