28th Mar 2006 07:16
Antofagasta PLC28 March 2006 ANTOFAGASTA PLC Update: Recommended cash offer for Tethyan Copper Company Limited ("Tethyan") London, 28 March 2006 - Antofagasta PLC ("Antofagasta") is pleased to note theannouncement issued yesterday by Skafell Pty Ltd ("Skafell") confirming that itwill allow its takeover offer for Tethyan to lapse on 3 April 2006 and thatSkafell has sold all of its Tethyan shares. Once Skafell's offer closes on 3 April, Antofagasta's A$1.40 recommended cashoffer will be the only takeover offer open for acceptance by Tethyanshareholders. The Board of Tethyan is unanimously recommending that Tethyanshareholders accept Antofagasta's offer (in the absence of a superior offer). Antofagasta encourages all Tethyan shareholders to accept its offer as soon aspossible. Antofagasta is also considering its options with respect to the claw-back rightover certain Tethyan mineral interests. Under its agreement with BHP Billiton,Antofagasta may either: (i) Purchase the claw-back right from BHP Billiton at any timeduring the currency of its offer(1) thereby entitling Antofagasta to directlyacquire 70% of Tethyan's economic interest in the Western Porphyries (whichcurrently hosts the vast majority of the contained copper-gold resource at RekoDiq); or (ii) Upon securing control of Tethyan, procure that Tethyan entersinto an agreement with BHP Billiton terminating the claw-back right, thuspreserving its full benefit in Reko Diq's copper-gold resource. Rothschild is advising Antofagasta in relation to this transaction. Note: (1) Following the satisfaction or waiver of the Other Regulatory Approvalscondition under Antofagasta's takeover offer. Enquiries - London Enquiries - Santiago Antofagasta PLC Antofagasta Minerals S.A.Tel: +44 20 7808 0988 Alejandro Riverawww.antofagasta.co.uk Tel: +56 2 377 5145 Email: [email protected] Desmond O'ConorEmail: [email protected] Enquiries - Australia Bankside Consultants N M Rothschild & Sons (Australia) Ltd (financial advisers)Tel: +44 20 7367 8873 Tel: +61 2 9323 2000Mob: +44 7885 356 639 Marshall Baillieu Chris Forman Keith IronsEmail: [email protected] Jackson Wells Morris (public relations advisers) Tel: +61 2 9904 4333 Benjamin Haslem Jakob Webster -------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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