TIDMANTO
RNS Number : 0471L
Antofagasta PLC
16 April 2018
NEWS RELEASE, 16 APRIL 2018
PUBLICATION OF 2017 ANNUAL REPORT AND 2018 NOTICE OF ANNUAL
GENERAL MEETING
Antofagasta plc (the "Company") will today post its 2017 Annual
Report and Financial Statements and notice of the Annual General
Meeting of the Company (the "2018 AGM Notice") to shareholders.
The 2017 Annual Report and Financial Statements, which were
approved by the Board of Directors on 12 March 2018, 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 23 May 2018 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:
-- 2017 Annual Report and Financial Statements
-- 2018 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.
In compliance with DTR 6.3.5, the following information is
extracted from the 2017 Annual Report and Financial Statements and
should be read in conjunction with the Company's Preliminary
Results Announcement issued on 13 March 2018. 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
2017 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 2017 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 2017 have been approved by the Board
and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting. 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 125 of the 2017
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 his or
her knowledge:
-- the Group financial statements, which have been prepared in
accordance with IFRS 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
Ollie Oliveira, Senior Independent Director"
Principal Risks and Uncertainties
The following description of Principal Risks and Uncertainties
is extracted from pages 19 to 23 of the 2017 Annual Report and
Financial Statements.
"Financial risks
Risk - Growth opportunities
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 poor
decisions.
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 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
Operating Review on pages 44 to 47.
Application to Strategy
Applies to:
-- organic and sustainable growth of the core business
-- growth beyond the core business
Risk - Commodity prices
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, when it feels appropriate, the Group uses derivative
instruments to manage its exposure to commodity price fluctuations.
The Group runs its business plans through various different
commodity price scenarios and develops contingency plans as
required.
Reference
The sensitivity of the Group's earnings to movements in
commodity prices is set out in Note 24 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
Risk - Foreign currency
The Group's sales are mainly denominated in US dollars although
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 monitors the foreign
exchange markets and the macroeconomic variables that affect them
and on occasion implements 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 24 to the financial statements.
Application to Strategy
Applies to:
-- the existing core business
Operating risks
Risk - Strategic inputs
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 negotiates early with
suppliers of 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
potentially scarce resources.
The Group also utilises several sources of renewable energy such
as wind and solar power as well as conventional sources such as
coal and gas-fired generators.
Reference
Details on the strategic inputs of the Group are included within
the Operating Review on pages 28 to 32 and details on projects
reviews are included within the Project Committee report on pages
100 to 101.
Application to Strategy
Applies to:
-- the existing core business
Risk - Operating
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
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
variance analysis of operating and financial performance, and allow
potential key issues to be identified in good time and any
necessary actions, such as monitoring or control activities, to be
implemented to prevent unplanned downtime.
The Group has Business Continuity Plans and Disaster Recovery
Plans for all key processes within its operations in order to
mitigate the consequences of a crisis or natural disaster. The
Group also has property damage and business interruption insurance
to provide protection from some, although 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 Operating Review on pages 34 to 43.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
Risk - Project management
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 with benefit, increasing the likelihood of
success and providing a common language and standards. All
geometallurgical models are reviewed by independent experts.
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 and how it can be
safely developed. Detailed progress reports on ongoing projects are
regularly reviewed and include assessments of progress against key
project milestones and performance against budget.
Reference
Details on the progress of the Group's projects are included
within the Operating Review on pages 44 to 47, and details on
project reviews are included within the Projects Committee report
on pages 100 to 101.
Application to Strategy
Applies to:
-- organic and sustainable growth of the core business
-- growth beyond the core business
Risk - Political, legal and regulatory
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
Political, legal and regulatory developments affecting the
Group's operations and projects are monitored continually. The
Group operates in full compliance with the existing laws,
regulations, licences, permits and rights in each country in which
it operates.
The Group assesses political risk as part of its evaluation of
potential projects, including the nature of any foreign investment
agreements.
The Group monitors proposed changes in government policies and
regulations and belongs to several associations that engage with
the government on these changes. This helps to improve the Group's
internal processes and better prepare it to meet any new regulatory
requirements.
Reference
Details of any significant political, legal or regulatory issues
that may impact the Group's operations are included within the
Operating Review on pages 34 to 43.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
Risk - Identification of new mineral resources
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 in
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 risk
exposure.
Reference
A review of the Group's exploration activities is set out in the
Operating Review on page 33.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Risk - Ore reserves and mineral resources estimates
The Group's ore reserves and mineral resources estimates are
subject to a number of assumptions, 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 Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves ("the JORC Code") in reporting
its ore reserves and mineral resources. This requires reserves and
resources estimates to be 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 196 to 205.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Sustainability Risks
Risk - Safety and health
Safety and health incidents could result in harm to the Group's
employees, contractors or local communities. Ensuring their safety
and wellbeing is first and foremost an ethical obligation for the
Group, as stated in the Group core values.
A poor safety record or serious accidents could have a long-term
impact on the Group's morale, reputation and production.
Mitigation
The Group is seeking continuous improvement of its safety and
health risk management procedures, with particular focus on the
early identification of risk and preventing fatalities.
The Corporate Safety and Health Department provides a common
strategy for 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 overall approach to safety.
The Group's goal of zero fatalities and minimising the number of
accidents requires all contractors to comply with the Group's
Occupational Safety and Health Plan. This is monitored through
monthly audits and supported by regular training and awareness
campaigns for employees, contractors, employees' families and local
communities, particularly with regard to road safety.
Critical controls and verification tools are regularly
strengthened through the verification programme and regular audits
of critical controls for potentially high risk activities.
Reference
Details of the Group's safety and health activities are included
on pages 56 to 57.
Application to Strategy
Applies to:
-- the existing core business
Risk - Community relations
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 a dedicated team that establishes and maintains
relations with local communities. These are based on trust and
mutual benefit throughout the mining lifecycle, from exploration to
final remediation. The Group seeks to identify early any
potentially negative operating impacts and minimise these through
responsible behaviour. This means acting transparently and
ethically, prioritising the safety and health of its employees and
contractors, avoiding environmental incidents, 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 contributes to the development of communities in the
areas 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, and local media and
community engagement.
Reference
Further information about the Group's activities in respect of
community relations is set out on pages 60 to 61.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
Risk - Environmental management
An operating incident that damages the environment could affect
both 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 in order to
achieve the goal of zero incidents with significant environmental
impact. The Group works to raise awareness among employees and
contractors and provides training to promote operating 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. For example, the Group strives to ensure maximum
efficiency in water use, pioneering the use of sea water for mining
operations in the arid Antofagasta Region of Chile and, most
recently, introducing thickened tailings technology at Centinela to
achieve high rates of reuse and recovery.
Reference
Further information in respect of the Group's environmental
activities is set out on pages 62 to 64.
Application to Strategy
Applies to:
-- organic and sustainable growth of the core business
-- growth beyond the core business
Risk - Talent management and labour relations
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
The Group maintains good relations with its employees and unions
founded on trust, continuous dialogue and good working conditions.
The Group is committed to safety, non-discrimination and compliance
with Chile's strict regulations on labour matters.
There are long-term labour agreements in place with employee
unions at each of the Group's mining operations, which help to
ensure labour stability.
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
including increasing the number of women in the workplace, and
focuses on maintaining good relationships with employees, unions
and contractors.
The Group's Employee Performance Management System is designed
to attract and retain key employees by creating suitable reward and
remuneration structures and providing personal development
opportunities. The Group has a talent management system to identify
and develop internal candidates for key management positions, as
well as identifying suitable external candidates where
appropriate.
Reference
Details of the Group's relations with its employees and
contractors are set out on pages 31 to 32.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
Risk - Corruption activities
The Group's operations or projects around the world could be
affected by risks related to corruption or bribery, including
operating disruptions or delays resulting from a refusal to make
"facilitation payments". Such risks depend on the economic or
political stability of the country in which the Group is
operating.
Mitigation
The Group employs procedures and controls against any kind of
corruption, including open channels of communication that any
employee or external party can use in order to raise any concerns
or complaints.
In addition, the Group has Ethics Committees composed of senior
executives at each of its operations, responsible for investigating
complaints and taking any necessary measures. They in turn report
such investigations to the Corporate Ethics Committee, which
decides whether any further action is required.
All employees in the Group receive training on the Group
Compliance Model, which is subject to external certification.
There are also control procedures in place that help to prevent
corruption, covering such issues as conflicts of interest,
suitability of suppliers, receiving and giving of gifts and
hospitality, and facilitation payments.
Reference
Further information about the Group's activities in respect of
corruption activities is set out on pages 56 to 65.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business
Risk - Information Security
Breaches in, or failures of, the Group's information security
management could adversely impact its business activities.
Mitigation
The Group's information security management model is designed
with defensive structural controls to prevent and mitigate the
effects of computer risks. It employs a set of rules and
procedures, including a Disaster Recovery Plan, to restore critical
IT functions.
Application to Strategy
Applies to:
-- the existing core business
-- organic and sustainable growth of the core business
-- growth beyond the core business"
Related party transactions
The following description of related party transactions is
extracted from Note 34 on page 185 of the 2017 Annual Report and
Financial Statements. A condensed version of this note was
published in the Preliminary Results Announcement as Note 25.
"34 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 and joint ventures 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 no guarantees given or received and no provisions for doubtful
debts related to the amount of outstanding balances.
a) Quiñenco SA
Quiñenco SA ("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 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 (2016 - $0.1
million) during the year on deposits with Banco de Chile SA, a
subsidiary of Quiñenco. Deposit balances at the end of the year
were $18.0 million (2016 - $34.5 million);
- the Group earned interest income of $0.4 million (2016 - $0.3
million) during the year on investments with BanChile Corredores de
Bolsa SA, a subsidiary of Quiñenco. Investment balances at the end
of the year were $16.5 million (2016 - nil);
- the Group made purchases of fuel from ENEX SA, a subsidiary of
Quiñenco, of $185.3 million (2016 - $161.6 million). The balance
due to ENEX SA at the end of the year was nil (2016 - nil).
b) CompañÃa de Inversiones Adriático SA
In 2017, the Group leased office space on normal commercial
terms from CompañÃa de Inversiones Adriático SA, a company
controlled by the Luksic family, at a cost of $0.6 million (2016 -
less than $0.6 million).
c) 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, which continues to
hold the remaining 49% of Antomin 2 and Antomin Investors.
Mineralinvest is owned by a Liechtenstein foundation, in which
members of the Luksic family are interested. During the year ended
31 December 2017 the Group incurred $0.6 million (year ended 31
December 2016 - $1.0 million) of exploration work at these
properties.
d) 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 2017 the Group contributed $9.3 million (2016 -
$10.0 million) to Tethyan.
e) EnergÃa Andina SA
As explained in Note 17, the Group has a 50.1% interest in
Energia Andina SA, which is a joint venture with Origin Energy
Geothermal Chile Limitada for the evaluation and development of
potential sources of geothermal and solar energy. During the year
ended 31 December 2017 the Group contributed $0.1 million to
EnergÃa Andina (2016 - $1.0 million).
f) Compañia Minera ZaldÃvar SpA
The Group has a 50% interest in Minera ZaldÃvar which was
acquired on 1 December 2015 (see Note 16), 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
$5.2 million (2016 - $4.2 million). During 2017 the Group received
dividends from Minera Zaldivar of $60.0 million (2016 - nil).
g) Inversiones Hornitos SA
As explained in Note 17, the Group has a 40% interest in
Inversiones Hornitos SA, which is accounted for as an associate.
The Group paid $175.2 million (year ended 31 December 2016 - $144.0
million) to Inversiones Hornitos in relation to the energy supply
contract at Centinela. During 2017 the Group received dividends
from Inversiones Hornitos SA of $21.8 million (2016 - $10.2
million).
h) Parque Eólico El Arrayan SA
As explained in Note 17, the Group has a 30% interest in Parque
Eólico El Arrayán SA ("El Arrayán"), which is accounted for as an
associate. The Group paid $39.7 million (year ended 31 December
2016 - $23.2 million) to El Arrayán in relation to the energy
supply contract at Los Pelambres.
i) Directors and other key management personnel
Information relating to Directors' remuneration and interests is
given in the Remuneration Report on page 102. Information relating
to the remuneration of key management personnel including the
Directors is given in Note 8."
Investors - London Media - London
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Telephone +44 20 7808 0983 Telephone +44 20 7404 5959
Andres Vergara avergara@antofagasta.co.uk Will Medvei antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Investors - Santiago Media - Santiago
Francisco Veloso fveloso@aminerals.cl Pablo Orozco porozco@aminerals.cl
Telephone +56 2 2798 7000 Carolina Pica cpica@aminerals.cl
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
apply 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 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; 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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