We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Antofagasta Plc | LSE:ANTO | London | Ordinary Share | GB0000456144 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-5.00 | -0.22% | 2,284.00 | 2,288.00 | 2,289.00 | 2,315.00 | 2,282.00 | 2,291.00 | 809,280 | 16:35:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Copper Ores | 6.32B | 835.1M | 0.8471 | 27.01 | 22.56B |
TIDMANTO
RNS Number : 3616F
Antofagasta PLC
21 March 2022
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 - Media - London London alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com Andrew Lindsay Telephone +44 20 7808 0983 Telephone +44 20 7404 5959 Rosario Orchard rorchard@antofagasta.co.uk Telephone +44 20 7808 0988 Investors - Media - Santiago Santiago raguilar@aminerals.cl Pablo Orozco porozco@aminerals.cl Rene Aguilar Telephone +56 2 2798 7000 Carolina Pica cpica@aminerals.cl Telephone +56 2 2798 7000 ---------------- --------------------------------- ---------------------- ---------------------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCFIFEAVRIIFIF
(END) Dow Jones Newswires
March 21, 2022 03:00 ET (07:00 GMT)
1 Year Antofagasta Chart |
1 Month Antofagasta Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions