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    ANTO   GB0000456144

ANTOFAGASTA PLC

(ANTO)
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Antofagasta : Agrees in Principle to Exit Reko Diq Project in...

03/20/2022 | 04:58am EDT

NEWS RELEASE, 20 MARCH 2022

ANTOFAGASTA AGREES IN PRINCIPLE TO

EXIT REKO DIQ PROJECT IN PAKISTAN

Antofagasta plc (the "Company"), Barrick Gold Corporation ("Barrick") and the Governments of Pakistan and Balochistan have today reached agreement in principle on a framework that provides for the reconstitution of the Reko Diq project ("Project"), and a pathway for the Company to exit the Project.

The Project was suspended in 2011 due to a dispute over the legality of its licensing process. Antofagasta has decided not to participate in the reconstituted project as the Company's growth strategy is focused on the production of copper and by-products in the Americas (particularly Chile, Peru, the USA and Canada) and the Reko Diq project does not support this strategy.

The parties have agreed to work together over the course of this year to finalise and approve definitive agreements. If definitive agreements are executed and the conditions to closing are satisfied:

  • the project will be reconstituted under Tethyan Copper Company Pty Limited ("TCC"), a joint venture held equally by the Company and Barrick, and TCC's International Centre for the Settlement of Investment Disputes ("ICSID") award will be resolved;
  • a consortium comprising various Pakistani state-owned enterprises will acquire shares in TCC's subsidiary which will hold the Project for consideration of approximately US$900 million; and
  • proceeds will be distributed to Antofagasta in return for its exit from the TCC holding structure.

If the conditions to closing are satisfied during 2022, the Company would expect to receive those proceeds during 2023.

The Company notes that, although this agreement in principle is an important step towards its exit from the Reko Diq project and the resolution of the ICSID litigation announced in July 2019, there can be no certainty that definitive agreements will be finalised or approved, or that the conditions to closing will be satisfied.

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

Rosario Orchard

rorchard@antofagasta.co.uk

Telephone

+44 20 7808 0988

Investors - Santiago

raguilar@aminerals.cl

Media - Santiago

porozco@aminerals.cl

Rene Aguilar

Pablo Orozco

Telephone

+56 2 2798 7000

Carolina Pica

cpica@aminerals.cl

Telephone

+56 2 2798 7000

Disclaimer

Antofagasta plc published this content on 20 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2022 09:57:07 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2022 5 650 M - -
Net income 2022 681 M - -
Net Debt 2022 768 M - -
P/E ratio 2022 20,6x
Yield 2022 2,36%
Capitalization 14 050 M 14 050 M -
EV / Sales 2022 2,62x
EV / Sales 2023 2,32x
Nbr of Employees 6 883
Free-Float 34,4%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 14,25 $
Average target price 15,06 $
Spread / Average Target 5,65%
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Managers and Directors
Iván Arriagada Herrera Group Chief Executive Officer
Mauricio Ortiz Chief Financial Officer
Jean-Paul Luksic Fontbona Non-Executive Chairman
Vivianne Blanlot Soza Independent Non-Executive Director
Jorge Bande Bruck Independent Non-Executive Director
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