Antofagasta plc

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Antofagasta plc

Type	Public (LSE: ANTO)
Founded	1888
Headquarters	London, UK
Key people	J-P Luksic, Chairman
Industry	Mining
Revenue	$3,870 million (2006)
Operating income	$2,859 million (2006)
Net income	$2,194 million (2006)
Employees	3,086 (2005)
Website	www.antofagasta.co.uk

Antofagasta PLC, is a Chilean business that operates in various sectors of the economy. It is one of the most important conglomerates of Chile with equity participation in Antofagasta Minerals, the railroad from Antofagasta to Bolivia, Aguas Antofagasta in Chile, Tethian in Australia and other investments in different parts from the world.

[edit] History

Antofagasta is the name of a port on the north pacific coast of Chile. The group began life as Ferrocarril Antofagasta a Bolivia, a business that changed ownership in 1888 and whose shares then became listed on the London Stock Exchange.

In 1980, a majority the shares was acquired by the Grupo Luksic. In 1982, the assets of the enlarged group were combined and in 1999 the business was re-named Antofagasta PLC. The new company decided to continue with the existing business activities and make other investments in Chile.

During the 1980's, Antofagasta diversified into other areas such as mining in Michilla, in which it invested in 1983, and mining in the Pelambres, in which it invested in 1986, in addition to telecommunications.

In 1996, Antofagasta transferred its banking activities and its industrial interests to Quiñenco S.A., another diversified Chilean company also controlled by the Luksic family. The fusion of those interests allowed Antofagasta to concentrate on the development of the Pelambres and the Tesoro mines and establish itself as a low cost copper producer.

This strategy was very successful. Today, Antofagasta is one of the major international copper producers with its activities concentrated mainly in Chile where it now operates three copper mines: Pelambres, Tesoro and Michilla, with a total output of 467,000 metric tons in 2005.

Antofagasta Minerals, is also active in mineral exploration in Chile and Peru. In addition, the group runs an extensive railway network in north of Chile, centered in the port of Antofagasta. It also operates a concession for the distribution of the water in this region.

Today, the shares of Antofagasta PLC trade on the London Stock Exchange as ANTO and in the United States the company has ADRs which trade on the New York Stock Exchange with the symbol ANFGY.