27th Apr 2005 10:00
Antofagasta PLC27 April 2005 The following statement has been released by Antofagasta plc and is distributedin London by Bankside Consultants Ltd on behalf of the Company. Contact: KeithIrons, 020 7444 4155. 27 April 2005 Antofagasta plcQuarterly Production Report - Q1 2005 Highlights • Group cash costs reached a record low as a result of high molybdenum prices. • Group copper production reached 118,800 tonnes, 9.0% above 2004 Q1 but 4.7% less than the quarterly average in 2004. Q1 Q2 Q3 Q4 Acc Acc Full YearGroup Total 2005 2005 2005 2005 2005 2004 2004 Total copper production('000 tonnes) 118.8 118.8 109.0 498.4 Weighted averageCash costs (cents per pound) (8.0) (8.0) 41.9 24.3 Los Pelambres Los Pelambres produced 80,600 tonnes in the first quarter compared to 72,400tonnes in Q1 2004 but 8.1% below the quarterly average for 2004. The reductionwas due to lower grades, as forecast in the mine plan, which were compensatedpartly by higher recoveries and by increased throughput in line with previousquarters. Improved recoveries are being obtained from material now being minedwhich includes some primary ore which is metallurgically favourable for theflotation process. Costs for the quarter fell to a record negative 45.9 centsper pound as by-product credits of 109.9 cents more than outweighed underlyingcosts. The high by-product credit was partially offset by higher treatment andrefining charges and to a lesser extent by lower copper grades. Molybdenumprices averaged US$31.4 per pound compared with US$16.2 per pound in 2004. El Tesoro El Tesoro produced 26,300 tonnes in the quarter 7.6% above the quarterly averageof the previous year. This was mainly due to higher recoveries helped byimproved quality of ore in the agglomeration prior to transfer to the leachpads. This was only partially offset by the slight fall in grades and thereduced quantity of ore treated. Cash costs rose to 57.8 cents per pound, a10.3% increase over 2004. The main cause of this increase was a higher waste toore ratio in accordance with the mine plan, as well as increased sulphuric acidand petroleum costs. Michilla Production of 11,900 tonnes in Q1 was 4.8% less than the quarterly average forthe year 2004. This was a result of changes in the sequence followed in themine plan due to operational factors in the underground mine, which will beresolved during the second half. These changes affected both the quantity andgrade of ore extracted which were only partly offset by higher recoveries. Cashcosts rose substantially from 85.6 cents per pound in 2004 to 102.4 cents perpound in Q1 2005, due to the lower production as well as higher prices forsulphuric acid, power and petroleum. Transport (FCAB) Tonnage carried of 1.5 million (both rail and road) marginally increased overthe quarterly average for 2004. Water - Aguas de Antofagasta S.A. Water sales increased by 1.5% to 8.3 million cubic metres compared to thequarterly average for 2004. Q1 Q2 Q3 Q4 Acc Acc Full YearLos Pelambres 2005 2005 2005 2005 2005 2004 2004 Daily average ore treated 115.4 125.9('000 tonnes) 129.0 129.0 Average ore grade(%) 0.79 0.79 0.84 0.88 Average recovery(%) 91.0 91.0 87.4 89.1 Concentrate produced('000 tonnes) 222.0 222.0 186.9 948.8 Average concentrate grade(%) 37.5 37.5 40.0 38.2 Fine copper in concentrate('000 tonnes) 83.3 83.3 74.8 362.6 Payable copper inconcentrate('000 tonnes) 80.6 80.6 72.4 350.6 Payable moly('000 tonnes) 2.2 2.2 1.8 7.9 Cash costs(cents per pound) (45.9) (45.9) 33.3 7.9 By-product credits(cents per pound) (109.9) (109.9) (25.8) (45.8) Q1 Q2 Q3 Q4 Acc Acc 2004 Full Year El Tesoro 2005 2005 2005 2005 2005 2004Daily average ore treated ('000 tonnes) 24.8 24.8 24.2 25.4Average ore grade (%) 1.34 1.34 1.35 1.35Average recovery (%) 82.4 82.4 81.0 78.1Copper cathodes ('000 tonnes) 26.3 26.3 24.0 97.8Cash costs (cents per pound) 57.8 57.8 47.2 52.4 Q1 Q2 Q3 Q4 Acc Acc Full YearMichilla 2005 2005 2005 2005 2005 2004 2004 Daily average ore treated('000 tonnes) 15.3 15.3 16.8 16.1 Average ore grade(%) 1.09 1.09 1.09 1.11 Average recovery(%) 76.1 76.1 75.2 75.4 Copper cathodes('000 tonnes) 11.9 11.9 12.6 50.0 Cash costs(cents per pound) 102.4 102.4 81.2 85.6 Q1 Q2 Q3 Q4 Acc Acc Full YearTransport 2005 2005 2005 2005 2005 2004 2004 Rail tonnage transported('000 tons) 1,126 1,126 1,056 4,479 Road tonnage transported('000 tons) 348 348 375 1,414 Q1 Q2 Q3 Q4 Acc Acc Full yearWater 2005 2005 2005 2005 2005 2004 2004 Water volume sold - potableand untreated ('000 m3) 8,265 8,265 7,937 32,575 For further enquiries: Desmond O'Conor, Antofagasta [email protected] (44) 20 7808 0988 Hussein Barma, Antofagasta [email protected] (44) 20 7808 0988 Alejandro Rivera, Antofagasta [email protected] (56-2) 377 5145 Issued by: Keith Irons, Bankside [email protected] (44) 20 7444 4155 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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