Last checked at 21 Jan 2015 14:24
NEWS RELEASE, 21 January, 2015
COMPLETION OF DULUTH ACQUISITION
Antofagasta plc is pleased to announce that its wholly-owned subsidiary, Antofagasta Investment Company Limited ("Antofagasta"), has obtained all the necessary approvals and applications to complete the acquisition of Duluth Metals Limited ("Duluth") previously announced on 3 November 2014.
Under the terms of the agreement Antofagasta acquired all the shares of Duluth for an all cash consideration of C$0.45 per share, approximately C$53 million. The acquisition of Duluth by Antofagasta consolidates Antofagasta's ownership in the Twin Metals Minnesota Project ("TMM") to 100%. The TMM Project is a copper-nickel-platinum-palladium-gold-silver project in the Duluth Complex in north-eastern Minnesota, USA.
Diego Hernandez, CEO of Antofagasta plc, commented:
"The completion of the Duluth acquisition is a positive next step in building the company's long term growth pipeline. The Duluth Complex is an attractive geological deposit and now the pre-feasibility study is complete, we will focus on further optimisations of the project and advance the permitting process."
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Investors - London Media (Brunswick)
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Paresh Bhanderi pbhanderi@antofagasta.co.uk Robin Wrench antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Investors - Santiago
Alejandro Rivera arivera@aminerals.cl
Telephone +56 2 2798 7000
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