TIDMANTO
RNS Number : 8513U
Antofagasta PLC
12 April 2016
NEWS RELEASE,12 APRIL 2016
PUBLICATION OF 2015 ANNUAL REPORT AND 2016 NOTICE OF ANNUAL
GENERAL MEETING
Antofagasta plc (the "Company") will today post its 2015 Annual
Report and Financial Statements and notice of the Annual General
Meeting of the Company (the "2016 AGM Notice") to shareholders.
The 2015 Annual Report and Financial Statements, which was
approved by the Board of Directors on 14 March 2016, constitute the
Company's statutory accounts for the purposes of section 434 of the
Companies Act 2006 and the Annual Financial Report for the purposes
of DTR 4.1.
The Annual General Meeting will be held at Church House
Westminster, Dean's Yard, London SW1P 3NZ on 18 May 2015 from 10
a.m.
In compliance with LR 9.6.1, the Company has submitted to the
Financial Conduct Authority each of the following documents:
-- 2015 Annual Report and Financial Statements
-- 2016 AGM Notice
-- Form of Proxy for Ordinary Shareholders for Annual General Meeting
-- Form of Proxy for Preference Shareholders for Annual General Meeting
-- Letter to Shareholders regarding Electronic Communications
These documents will shortly be available for inspection via the
National Storage Mechanism, www.hemscott.com/nsm.do, which may be
searched by company name and filing date and/or document type. The
2015 Annual Report and Financial Statements and 2016 AGM Notice are
also available on the Company's website at
www.antofagasta.co.uk.
In compliance with DTR 6.3.5, the following information is
extracted from the 2015 Annual Report and Financial Statements and
should be read in conjunction with the Company's Preliminary
Results Announcement issued on 15 March 2016. Together, these
constitute the material required by DTR 6.3.5 to be communicated to
the media in full unedited text through a Regulatory Information
Service. This material is not a substitute for reading the full
2015 Annual Report and Financial Statements and page numbers and
cross-references in the extracted information below refer to page
numbers and cross-references in the 2015 Annual Report and
Financial Statements.
The information contained in this announcement and in the
Preliminary Results Announcement does not constitute the Group's
statutory accounts as defined in section 434 of the Companies Act
2006, but is derived from those accounts. The statutory accounts
for the year ended 31 December 2015 have been approved by the Board
and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting, which will be held on 18 May
2015. The auditors have reported on those accounts and their report
was unqualified, with no matters by way of emphasis, and did not
contain statements under section 498(2) of the Companies Act 2006
(regarding adequacy of accounting records and returns) or under
section 498(3) (regarding provision of necessary information and
explanations).
Statement of Directors' Responsibilities
The following information is extracted from page 116 of the 2015
Annual Report and Financial Statements.
"The Directors consider that the Annual Report and Financial
Statements, taken as a whole, is fair, balanced and understandable
and provides the information necessary for shareholders to assess
the Company's position and performance, business model and
strategy.
Each of the Directors, whose names and functions are listed in
the Corporate Governance Report confirm that, to the best of their
knowledge:
-- the Group financial statements, which have been prepared in
accordance with IFRSs as adopted by the EU, give a true and fair
view of the assets, liabilities, financial position and profit of
the Group; and
-- the Strategic Report and the Directors' Report include a fair
review of the development and performance of the business and the
position of the Group, together with a description of the principal
risks and uncertainties that it faces.
By order of the Board
Jean-Paul Luksic, Chairman
William Hayes, Senior Independent Director and Chairman of the
Audit and Risk Committee
14 March 2016"
Principal Risks and Uncertainties
The following description of Principal Risks and Uncertainties
is extracted from pages 35 to 38 of the 2015 Annual Report and
Financial Statements.
"Community relations
Risk
Failure to identify and manage local concerns and expectations
can have a negative impact on the Group. Relations with local
communities and stakeholders affect the Group's reputation and
social licence to operate and grow.
Mitigation
The Group has dedicated teams at its central office and at each
of its operations. These establish and maintain relations with
local communities based on trust and mutual benefit throughout the
mining lifecycle, from exploration to final remediation. The Group
seeks to identify any potentially negative operational impacts and
minimise these through responsible behaviour. This means acting
transparently and ethically, prioritising the safety and health of
its employees and contractors, promoting dialogue, complying with
commitments to stakeholders and establishing mechanisms to prevent
or address a crisis. These steps are undertaken in the early stages
of each project and continue throughout the life of each operation.
The Group also contributes to the development of communities in the
areas of influence in which it operates, particularly through human
capital development - the education, training and employment of the
local population. The Group endeavours to communicate clearly and
transparently with local communities in line with the established
Community Relations Plan, including the use of a grievance
management process, local perception surveys, local media and
community engagement.
Reference
Details of the Group's community relations activities are
included in the Managing a sustainable business section on pages 53
to 63.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Strategic resources
Risk
Disruption to the supply of any of the Group's key strategic
inputs such as electricity, water, fuel, sulphuric acid and mining
equipment could have a negative impact on production. Longer term,
any restrictions on the availability of key strategic resources
such as water and electricity could affect the Group's
opportunities for growth.
A significant portion of the Group's input costs are influenced
by external market factors.
Mitigation
Contingency plans are in place to address any short-term
disruptions to strategic resources. The Group commences early
negotiations in supply contracts for key inputs to ensure supply
continuity. Certain key supplies are purchased from several sources
to mitigate potential disruption arising from exposure to a single
supplier.
Technological and innovative solutions, such as using sea water
in the Group's mining operations, can help mitigate exposure to
potential scarcity of resources.
Access to energy is a priority for the Group and during 2014 and
2015, it secured several sources of non-traditional energy such as
wind and solar power.
Reference
Information on the Group's arrangements for the supply of key
inputs are included within the Key inputs section on pages 19 to
21, and details of significant operational or cost factors related
to key inputs are included within the Operational review on pages
39 to 52.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
Operational
Risk
Mining operations are subject to a number of circumstances not
wholly within the Group's control. These include damage to or
breakdown of equipment or infrastructure, unexpected geological
variations or technical issues, extreme weather conditions and
natural disasters, any of which could adversely affect production
and/or costs.
Mitigation
The key risks relating to each operation are identified as part
of the regular risk review process undertaken by the individual
operations. This process also identifies appropriate mitigation
techniques for such risks. Monthly reports to the Board provide a
variance analysis of operational and financial performance,
allowing potential key issues to be identified in good time and any
necessary actions, such as monitoring or control activities, to
take place.
The Group has a Business Continuity Plan and Disaster Recovery
Plan for all key processes within its operations in case of crisis
or natural disaster. The Group also has insurance to provide
protection from some, but not all, of the costs that may arise from
such events.
Reference
Details of the performance of each of the Group's operations are
included within the Operational review on pages 39 to 52.
Application to Strategy
Applies to:
-- the existing core business
Project management
Risk
Failure to effectively manage the Group's development projects
could result in delays in the start of production and cost
overruns.
Mitigation
The Group has a project management system consisting of
standards, manuals and procedures containing the best practices
applicable and enforceable in all phases of project development.
The project management system supports the decision-making process
by balancing risk versus benefit, increasing the likelihood of
success and providing a common defining language and standards. All
geometallurgical models are reviewed by independent experts.
Additionally, during the project lifecycle, quality checks for
each of the standards applied are carried out by a panel of experts
from within the Group. This panel reviews each feasibility study to
assess the technical and commercial viability of the project.
Detailed progress reports on ongoing projects are regularly
reviewed, including assessments of progress against key project
milestones and performance against budget.
Reference
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Details of the progress of the Group's projects are included
within the Operational review on pages 39 to 51.
Application to Strategy
Applies to:
-- organic and sustainable growth of the core business
-- growth beyond the core business
Political, legal and regulatory
Risk
The Group may be affected by political instability and
regulatory developments in the countries in which it is operating,
pursuing projects or conducting exploration activities. Issues
regarding the granting of permits or amendments to permits already
granted, and changes to the legal environment or regulations, could
adversely affect the Group's operations and development
projects.
Mitigation
The Group assesses political risk as part of its evaluation of
potential projects, including the nature of any foreign investment
agreements. Political, legal and regulatory developments affecting
the Group's operations and projects are monitored on a continuous
basis. The Group operates in full compliance with the existing
laws, regulations, licences, permits and rights in each country in
which it operates.
The Group monitors proposed changes in government policies and
regulations and belongs to several associations that consult with
the government on these changes.
Reference
Details of any significant political, legal or regulatory issues
that impact the Group's operations are included within the
Operational review on pages 39 to 52.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
Safety and health
Risk
Safety and health incidents could result in harm to the Group's
employees, contractors or to local communities.
Ensuring their safety and wellbeing is first and foremost an
ethical obligation for the Group as stated in the Charter of
Values.
Poor safety records or serious accidents could have a long-term
impact on the Group's morale, reputation and production.
Mitigation
Safety and health risk management procedures are being
strengthened, with particular focus on preventing fatalities and
the early identification of risks.
The corporate Safety and Health department provides a common
strategy to the Group's operations and co-ordinates all safety and
health matters. The Group has a Significant Incident Report system
which is an important part of the Group's overall approach to
safety.
This approach includes a goal of zero fatalities and minimising
the number of accidents. This goal requires all contractors to
comply with the Group's Occupational Health and Safety Plan, which
is monitored through monthly audits and supported by regular
training and awareness campaigns for employees, contractors, and
employees' families and local communities, particularly with regard
to road safety.
Reference
Further information about the Group's activities in respect of
safety and health is set out in the Managing a sustainable business
section on pages 53 to 63.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Environmental management
Risk
An operational incident that damages the environment could
affect the Group's relationship with local stakeholders and its
reputation, undermining its social licence to operate and to
grow.
The Group operates in challenging environments, including the
Atacama Desert where water scarcity is a key issue.
Mitigation
The Group has a comprehensive approach to incident prevention.
Relevant risks are assessed, monitored and controlled. The Group
works to raise awareness among employees and provide training to
promote operational excellence. Potential environmental impacts are
key considerations when assessing project viability and the
integration of innovative technology in the project design to
mitigate these effects is encouraged. The Group pioneered the use
of sea water for mining operations in Chile and has installed
capacity to produce thickened tailings at Centinela as it strives
to ensure maximum efficiency in water use, achieving high rates of
reuse and recovery.
Reference
Further information in respect of the Group's environmental
activities is set out in the Managing a sustainable business
section on pages 53 to 63.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Growth opportunities
Risk
The Group may fail to identify attractive acquisition
opportunities or may select inappropriate targets.
The long-term commodity price forecast and other assumptions
used when assessing potential projects and other investment
opportunities have a significant influence on the forecast return
on investment and if incorrectly estimated could result in the
wrong decisions being made.
Mitigation
The Group assesses a wide range of potential growth
opportunities, both internal projects and external opportunities. A
rigorous assessment process is followed to evaluate all potential
business acquisitions, which are subjected to different stress test
scenarios for sensitivity analysis and to determine the risks
associated with the project or opportunity.
The Group's Business Development Committee reviews potential
growth opportunities and potential transactions, and approves or
recommends them within authority levels set by the Board.
Reference
Details of the Group's growth opportunities are set out in the
Operational review on pages 39 to 51.
Application to Strategy
Applies to:
-- organic and sustainable growth of the core business
-- growth beyond the core business
Commodity prices
Risk
The Group's results are heavily dependent on commodity prices -
principally copper and, to a lesser extent, gold and molybdenum.
The prices of these commodities are strongly influenced by a
variety of external factors, including world economic growth,
inventory balances, industry demand and supply, possible
substitution, etc.
Mitigation
The Group considers exposure to commodity price fluctuations to
be an integral part of the business and its usual policy is to sell
its products at prevailing market prices. The Group monitors the
commodity markets closely to determine the effect of price
fluctuations on earnings, capital expenditure and cash flows. Very
occasionally the Group uses derivative instruments to manage its
exposure to commodity price fluctuations when it feels it to be
appropriate. The Group runs its business plans under various
different commodity price scenarios and develops contingency plans
as required.
As at the end of 2015, the Group held no open commodity hedging
positions.
Reference
The sensitivity of the Group's earnings to movements in
commodity prices is set out in Note 26 to the financial
statements.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Foreign currency
Risk
The Group's sales are mainly denominated in US dollars and some
of the Group's operating costs are in Chilean pesos.
The strengthening of the Chilean peso may negatively affect the
Group's financial results.
Mitigation
As copper exports account for over 50% of Chile's exports, there
is a correlation between the copper price and the US dollar/Chilean
peso exchange rate. This natural hedge partly mitigates the Group's
foreign exchange exposure. However, the Group closely monitors the
foreign exchange markets and the macroeconomic variables that
affect it and on occasion maintains a focused currency hedging
programme to reduce short-term exposure to fluctuations in the US
dollar against the Chilean peso.
Reference
Details of the Group's currency hedging arrangements are shown
in Note 26 to the financial statements.
Identification of new mineral resources
Risk
The Group needs to identify new mineral resources to ensure
continued future growth and does so through exploration and
acquisition. There is a risk that exploration activities may not
identify sufficient viable mineral resources.
Mitigation
The Group conducts exploration programmes both in Chile and
other countries. The Group has entered into early-stage exploration
agreements and strategic alliances with third parties in a number
of countries and has also acquired equity interests in companies
with known geological potential. The Group focuses its exploration
activities on stable and secure countries to reduce country risk
exposure.
Reference
A review of the Group's exploration activities is set out in the
Operational review on pages 50 and 51.
Application to Strategy
Applies to:
-- the existing core business
Ore reserves and mineral resources estimates
Risk
The Group's ore reserves and mineral resources estimates are
subject to a number of assumptions and estimates, including
geological, metallurgical and technical factors, future commodity
prices and production costs. Fluctuations in these variables may
result in some reserves or resources being deemed uneconomic, which
could lead to a reduction in reserves and/or resources.
Mitigation
The Group's reserves and resources estimates are updated
annually to reflect material extracted during the year, the results
of drilling programmes and any revised assumptions. The Group
follows the Australasian Joint Ore Reserves Committee ("JORC") Code
in reporting its ore reserves and mineral resources, which requires
that the reserves and resources estimates are based on work
undertaken by a Competent Person, as defined by the Code. In
addition, the Group's reserves and resources estimates are subject
to a comprehensive programme of internal and external audits.
Reference
The ore reserves and mineral resources estimates, along with
supporting explanations, are set out on pages 186 to 193.
Application to Strategy
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Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Talent management and labour relations
Risk
The Group's highly skilled workforce and experienced management
team are critical to maintaining current operations, implementing
development projects, achieving long-term growth and preserving
current operations without major disruption. Managing talent and
maintaining a high-quality labour force is a key priority for the
Group and any failures in this respect could have a negative impact
on the performance of the existing operations and future
growth.
Mitigation
There are long-term labour agreements in place with employees at
each of the Group's mining operations, which help to ensure labour
stability. These agreements were last renegotiated in 2014 for a
period of up to four years for all of the Group's operations,
except for ZaldÃvar which was acquired during 2015 and whose labour
agreement continues until 2017.
The Group seeks to identify and address labour issues that may
arise throughout the period covered by existing labour agreements
and to anticipate any potential issues in good time. Contractors
are an important part of the Group's workforce and under Chilean
law are subject to the same duties and responsibilities as the
Group's own employees. The Group's approach is to treat contractors
as strategic associates and its goal is to build long-term mutually
beneficial contractor relationships. The Group maintains
constructive relationships with its employees and the unions that
represent them through regular communication and consultation.
Union representatives are regularly involved in discussions about
the future of the workforce.
The Group develops the talents of its employees through training
and development, invests in initiatives to widen the talent pool
and focuses on maintaining good relationships with employees,
unions and contractors.
The Group's performance management system is designed to provide
reward and remuneration structures and personal development
opportunities to attract and retain key employees. The Group has in
place a talent management system to identify and develop internal
candidates for critical management positions, as well as processes
to identify suitable external candidates where appropriate.
Reference
Details of the Group's relations with its employees and
contractors are set out within the Managing a sustainable business
section on pages 53 to 63 and within the Operational review on
pages 39 to 52.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business"
Related party transactions
The following description of related party transactions is
extracted from Note 36 on page 176 of the 2015 Annual Report and
Financial Statements. A condensed version of this note was
published in the Preliminary Results Announcement as Note 28.
"36. Related Party Transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Group and its
associates are disclosed below.
The transactions which Group companies entered into with related
parties who are not members of the Group are set out below. There
are not guarantees given or received and no provisions for doubtful
debts related to the amount of outstanding balances.
a) Quiñenco S.A.
Quiñenco S.A. ("Quiñenco") is a Chilean financial and industrial
conglomerate, the shares of which are traded on the Santiago Stock
Exchange. The Group and Quiñenco are both under the control of the
Luksic family, and three Directors of the Company, Jean-Paul
Luksic, Andronico Luksic and Gonzalo Menéndez, are also directors
of Quiñenco.
The following material transactions took place between the Group
and the Quiñenco group of companies, all of which were on normal
commercial terms:
-- the Group earned interest income of $0.6 million (2014 - $0.5
million) during the year on deposits with Banco de Chile S.A., a
subsidiary of Quiñenco. Deposit balances at the end of the year
were $110.4 million (2014 - $70.1 million);
-- the Group earned interest income of $0.7 million (2014 - $1.5
million) during the year on investments with Banchile Corredores de
Bolsa S.A., a subsidiary of Quiñenco. Investment balances at the
end of the year were $12.1 million (2014 - $26.3 million);
-- the Group bought fuel from ENEX S.A. a subsidiary of Quiñenco
of $32.4 million (2014 - $54.3 million). The balance due to ENEX
S.A. at the end of the year was nil (2014 - nil).
b) Michilla/Minera Cerro Centinela S.A.
In March 2014, the Group acquired an additional 25.7% interest
in Michilla for $30.9 million, increasing the Group's interest from
74.2% to 99.9%. This included the acquisition of the 7.973% stake
held by Minera Cerro Centinela S.A., an entity ultimately
controlled by the Luksic family, for $9.6 million. Prior to this
transaction, Michilla paid dividends of $1.6 million to Minera
Cerro Centinela S.A.
c) CompañÃa de Inversiones Adriático S.A.
In 2013, the Group leased office space on normal commercial
terms from CompañÃa de Inversiones Adriático S.A., a company
controlled by the Luksic family, at a cost of less than $0.5
million (2014 - $0.7 million).
d) Antofagasta Terminal Internacional S.A.
As explained in Note 17, the Group has a 30% interest in
Antofagasta Terminal Internacional S.A. ("ATI") which is accounted
for as an associate. During 2015, the Group has not received
dividends from ATI (2014 - nil).
e) Antomin Limited, Antomin 2 Limited and Antomin Investors
Limited
The Group holds a 51% interest in Antomin 2 Limited ("Antomin
2") and Antomin Investors Limited ("Antomin Investors"), which own
a number of copper exploration properties. The Group originally
acquired its 51% interest in these properties for a nominal
consideration from Mineralinvest Establishment, a company
controlled by the Luksic family, which continues to hold the
remaining 49% of Antomin 2 and Antomin Investors. During the year
ended 31 December 2015, the Group incurred $4.2 million (year ended
31 December 2014 - $17.0 million) of exploration work at these
properties.
f) Tethyan Copper Company Limited
As explained in Note 17, the Group has a 50% interest in Tethyan
Copper Company Limited ("Tethyan"), which is a joint venture with
Barrick Gold Corporation over Tethyan's mineral interests in
Pakistan. During 2015, the Group contributed $4.0 million (2014 -
$8.5 million) to Tethyan. The balance due from Tethyan to Group
companies at the end of the year was nil (2014 - nil).
g) EnergÃa Andina S.A.
As explained in Note 17, the Group has a 50.1% interest in
EnergÃa Andina, which is a joint venture with Origin Energy
Geothermal Chile Limitada for the evaluation and development of
potential sources of geothermal and solar energy. The balance due
from EnergÃa Andina S.A. to the Group at 31 December 2015 was nil
(2014 - less than $0.1 million). During the year ended 31 December
2015, the Group contributed $1.3 million to EnergÃa Andina (2014 -
$7.7 million).
h) Compañia Minera ZaldÃvar SpA
The Group's 50% (2014 - 0%) interest in Minera ZaldÃvar was
acquired on 1 December 2015 (see Note 17), which is a joint venture
with Barrick Gold Corporation. Antofagasta is the operator of
ZaldÃvar from 1 December 2015 onwards. The balance due from
ZaldÃvar to Group companies at the end of the year was less than
$0.1 million.
i) Directors and other key management personnel
Information relating to Directors' remuneration and interests
are given in the Remuneration Report on page 96. Information
relating to the remuneration of key management personnel including
the Directors is given in Note 8.
j) Inversiones Hornitos S.A.
As explained in Note 17, the Group has a 40% interest in
Inversiones Hornitos S.A., which is accounted for as an associate.
The Group paid $140.5 million (year ended 31 December 2014 - $175.3
million) to Inversiones Hornitos in relation to the energy supply
contract at Centinela. During 2015, the Group has received
dividends from Inversiones Hornitos S.A. for $12.1 million (2014 -
$20.0 million).
k) Parque Eólico El Arrayán S.A.
As explained in Note 17, the Group has a 30% interest in Parque
Eólico El Arrayán S.A. ("El Arrayán"), which is accounted for as an
associate. The Group paid $42.0 million (year ended 31 December
2014 - $12.0 million) to El Arrayán in relation to the energy
supply contract at Los Pelambres. During 2015, the Group has
contributed nil to El Arrayán (2014 - $2.6 million).
l) Alto Maipo SpA
As explained in Note 17, the Group has a 40% interest in Alto
Maipo SpA ("Alto Maipo"), which is accounted for as an associate.
During 2014, the Group made capital contributions for $42.8 million
to Alto Maipo (2014 - $nil). The balance due from Alto Maipo to the
Group at 31 December 2015 was $229.7 (2014 - $152.4 million),
representing loan financing with an interest rate of LIBOR
six-month plus 4.25%.
Investors Media
- London - London
Andrew Lindsay alindsay@antofagasta.co.uk Carole antofagasta@brunswickgroup.com
Cable
Paresh Bhanderi pbhanderi@antofagasta.co.uk Will Medvei antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Investors Media
- Santiago - Santiago
Alfredo aatucha@aminerals.cl Pablo porozco@aminerals.cl
Atucha Orozco
Telephone +56 2 2798 7000 Carolina cpica@aminerals.cl
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Pica
Telephone +56 2 2798 7000
----------------- ---------------------------- ------------ -------------------------------
Cautionary statement about forward - looking statements
This announcement contains certain forward-looking statements.
All statements other than historical facts are forward-looking
statements. Examples of forward-looking statements include 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 could differ materially from any future results
expressed or implied by these forward-looking statements, which
speak only as at the date of this report. Important factors that
could cause actual results to differ from those in the
forward-looking statements include: global economic conditions;
demand, supply and prices for copper; 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; employee relations; litigation;
and actions and activities of governmental authorities, including
changes in 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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