Antofagasta Regulatory News (ANTO)

8 Mar 2006 07:00

Antofagasta PLC07 March 2006 ANTOFAGASTA PLC Update regarding Antofagasta's announced cash takeover offer for Tethyan London: 8 March 2006 - Antofagasta PLC ("Antofagasta") notes the announcementissued by Tethyan Copper Company Limited ("Tethyan") today and confirms that itexpects the Bidder's Statement in respect of its announced cash takeover offerfor Tethyan to be dispatched to Tethyan shareholders shortly, following whichAntofagasta's offer will be open for acceptance. Antofagasta also notes the announcement yesterday of Skafell's revised offer forTethyan and will be reviewing its terms closely. Antofagasta is currently considering all of its options in respect of its A$1.20per share cash offer for Tethyan. Antofagasta has the full support of itsproposed joint venture partner, Barrick Gold, in relation to its takeover offerfor Tethyan. Antofagasta confirms that it has accepted Tethyan's offer to subscribe for4,166,666 shares at an issue price of A$1.20, which following allotment, willincrease Antofagasta's ownership interest in Tethyan's issued share capital to14.85%. Further, as previously announced, Antofagasta has entered into apre-bid acceptance agreement with Mincor Resources NL in respect of its optionholding, representing a further 7.7% of the fully diluted issued share capitalof Tethyan. As previously announced, Antofagasta has also entered into an agreement with BHPBilliton in respect of the claw-back right over certain Tethyan mineralinterests. Under this agreement, Antofagasta may, at its option, purchase theclaw-back right at any time during the currency of its offer (following thewaiver of certain bid conditions within the control of Antofagasta).Thereafter, Antofagasta will have the right to acquire 70% of Tethyan's economicinterest in the Western Porphyries. The Western Porphyries currently hosts thevast majority of the contained copper-gold resource at Reko Diq. A further announcement will be made in due course. Rothschild is advising Antofagasta in relation to this transaction. About Antofagasta PLC Antofagasta PLC is a Chilean-based mining group listed on the London StockExchange and is a constituent of the FTSE-100 index. Its principal miningassets include the Los Pelambres, El Tesoro and Michilla mines and the Esperanzacopper project. In addition to copper mining, Antofagasta's interests includerail and road transport operations and water distribution. About Barrick Gold Corporation Barrick is the world's largest gold mining company based in Toronto, Canada,with a portfolio of 26 operating mines and 8 development projects located in theUnited States, Canada, Australia, Peru, Chile, Argentina, Tanzania and SouthAfrica. Enquiries - London Enquiries - Santiago Antofagasta PLC Antofagasta Minerals S.A.Tel: +44 20 7808 0988 Alejandro Riverawww.antofagasta.co.uk Tel: +562 377 5145Desmond O'Conor Email: arivera@aminerals.clEmail: doconor@antofagasta.co.uk Bankside Consultants Enquiries - AustraliaTel: +44 20 7367 8873Mob: +44 7885 356 639 N M Rothschild & Sons (Australia)Keith Irons Ltd (financial advisers)Email: keith@bankside.com Tel: +61 2 9323 2000 Marshall Baillieu Chris Forman Jackson Wells Morris (public relations advisers) Tel: +61 2 9904 4333 Benjamin Haslem Jacob Webster This information is provided by RNS The company news service from the London Stock Exchange