Last checked at 28 Nov 2016 07:00
London, 25 November 2016
SALE OF MICHILLA
Antofagasta plc ("Antofagasta" or the "Company") is pleased to announce that following the closure of the Michilla mine at the end of 2015 it has today signed an agreement to sell Minera Michilla SA ("Michilla") to Haldeman Mining Company SA (HMC), a medium sized Chilean mining company that produces copper and gold in Chile, for a total consideration of $52 million. The transaction includes the open pit mine, the underground mine, the cathode production plant and various mining properties. Antofagasta will retain the acid terminal and other facilities located at Caleta Michilla, which are currently used by its Centinela and Antucoya mining operations.
Notes to Editors:
About Minera Michilla SA
Antofagasta acquired Michilla in 1992, giving rise to what today is the Company's mining division. At the end of 2014, Antofagasta announced the decision to close its operations at Michilla on 31 December 2015 as the reserves were insufficient to sustain and justify a large-scale mining operation. Annual copper production in 2015 was 29,400 tonnes, with record production of 52,730 tonnes being achieved in 2003.
About Haldeman Mining Company SA
HMC is a Chilean medium-sized mining company, with the Cardone Solari and Solari Donaggio families controlling 60% of the shares. The company has copper and gold mining operations in the First and Fourth Regions of Chile. In the Fourth Region, HMC operates Tambo de Oro which produces 30,000 ounces of gold per year and, in the First Region, the Sagasca project, which has an annual operating capacity of 19,000 tonnes of copper cathode.
Investors - London Media (Brunswick)
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Paresh Bhanderi pbhanderi@antofagasta.co.uk Will Medvei antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Investors - Santiago Media - Santiago
Alfredo Atucha aatucha@aminerals.cl Pablo Orozco porozco@aminerals.cl
Telephone +56 2 2798 7000 Carolina Pica cpica@aminerals.cl
Telephone +56 2 2798 7000
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