Antofagasta PLC

Antofagasta plc
Public company
Traded as LSE: ANTO
Industry Mining
Founded 1888 (1888)
Headquarters London, United Kingdom
Santiago, Chile
Area served
 Worldwide
Key people
 Jean-Paul Luksic Fontbona
(Chairman of the Board)
Ivan Arriagada (CEO)
Products Copper
Revenue US$3,621.7 million (2016)[1]
US$947.0 million (2016)[1]
Profit US$214.3 million (2016)[1]
Divisions Antofagasta Mining
Antofagasta Transport
Website 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, Twin Metals in Minnesota and other exploration joint ventures in different parts from the world.

Antofagasta is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

History

The Group began life as Ferrocarril de Antofagasta a Bolivia, a business that was incorporated and listed on the London Stock Exchange in 1888 with the objective of operating a railway between Antofagasta, a port on the Pacific Coast of Northern Chile, and La Paz, the capital City of Bolivia.[2]

In 1980, a majority the shares was acquired by the Grupo Luksic and the two businesses were subsequently integrated under the name Antofagasta Holdings.[2]

During the 1980s, Antofagasta Holdings 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.[2]

In 1996, Antofagasta Holdings transferred its banking activities and its industrial interests to Quiñenco S.A., another diversified Chilean company also controlled by the Luksic family.[3] This transfer allowed Antofagasta Holdings to concentrate on the development of the Pelambres and the Tesoro mines and establish itself as a low cost copper producer.[2] The shortened name, Antofagasta, was adopted in 1999.[2]

The Los Pelambres mine was first recognized by Willian Burford Braden in 1920. One of the largest copper deposits in the world, production in 2016 was forecasted at 355-365,000 tonnes of copper, 45-55,000 ounces of gold and 8.0-9.0 tonnes of molybdenum.[4]

In 2009, Antofagasta PLC signed an agreement with the Australian company Carbon Energy to develop an underground coal gasification project in Mulpún, in Southern Chile.[5] The project was put on hold in 2013.[6]

Operations

Antofagasta is one of the major international copper producers with its activities concentrated mainly in Chile where it now operates four copper mines: Los Pelambres, Centinela (previously the Esperanza and Tesoro mines), Antucoya and Zaldivar (50% owned, 50% owned by Barrick Gold).[7]

In February 2016 Antofagasta signed an earn-in agreement with junior explorer Evrim Resources to earn a 70% interest in the Ball Creek property located in British Columbia. Antofagasta can earn a 70% interested in the project by spending US$31 million over a thirteen-year period. [8] But it sold their Michilla mine, which is in Chilean for $52m in 2016. [9]

Ownership

The company is still 65% owned by the Chilean Luksic family.[10]

References

  1. 1 2 3 "Preliminary Results 2016" (PDF). Retrieved 2 April 2017.
  2. 1 2 3 4 5 "History". Antofagasta. Archived from the original on 7 August 2011. Retrieved 18 April 2011.
  3. ↑ "The Lusic fellowship for Croatia". Hks.harvard.edu. Archived from the original on 27 April 2009. Retrieved 18 April 2011.
  4. ↑ Charles Caldwell Hawley (2014). A Kennecott Story. The University of Utah Press. p. 109,111.
  5. ↑ "Carbon Energy signs first international development Agreement with Chile's Antofagasta Minerals" (Press release). OilVoice. 2009-12-04. Retrieved 2010-07-31.
  6. ↑ Hernán Scandizzo (31 December 2016). "Carbón 2.0, otro capítulo de la saga no convencional" [Coal 2.0, another chapter of the non-conventional energy saga] (in Spanish). Rebelion.org. Retrieved 16 January 2017.
  7. ↑ "Antofagasta creates one of Chile’s largest private copper miners". Mining. 18 June 2014. Retrieved 19 March 2016.
  8. ↑ "Antofagasta Signs Agreement with Evrim Resources for Ball Creek Project". juniorminingnetwork.com. Retrieved 2017-02-07.
  9. ↑ https://www.ft.com/content/b1f55cb8-900a-3438-9855-904b7958b5bb
  10. ↑ Terry Macalister and Charlotte Moore (14 September 2005). "Antofagasta rides the copper frenzy though price falls are on the horizon". Guardian. UK. Retrieved 18 April 2011.
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