Antofagasta PLC

Chile's Antofagasta shares dive despite record profit in 2011

Shares of Chilean miner Antofagasta PLC (LON:ANTO) were down 3.1% this morning after the company disappointed market hopes for a whopping special dividend and announced instead a cut on dividends and an increased spending on growth projects.

Antofagasta Minerals CEO quits a week before 2011 results

In an surprising move, London-listed, Chilean copper producer Antofagasta PLC (LON:ANTO) announced that the chief executive of its copper division, Marcelo Awad, had agreed to quit.

Antofagasta approves US$1.3 bn Antucoya copper project

Antofagasta PLC (ANTO.LN) announced that its board of directors has approved the development of the US$1.3 billion Antucoya copper project in the north of Chile.

Barrick and Antofagasta won't be digging Pakistan's $3 billion Reko Diq

The Globe & Mail reports local authorities in the Pakistani province of Balochistan refused to meet Tethyan Copper, a joint venture between Chile’s Antofagasta and Barrick Gold, for talks before rejecting a bid for one of the world's richest deposits of gold and copper at a remote site in the dry hills near the Afghan-Pakistan border, known as Reko Diq.

Tethyan Copper said a “summary decision” by the restive province to reject a mining lease application for its Reko Diq project breached local rules and Pakistani law and has now filed a "notice of dispute." The company submitted a feasibility study earlier this year that indicated 22 billion lb of copper and 13 million oz of gold at the site. The Balochistan decision now paves the way for a Chinese consortium to construct a mine and processing facility.

Antofagasta CEO says copper drop an overreaction, shares duly jump 7%

Shares in London-listed Antofagasta, the copper giant controlled by Chile’s Luksic family, jumped 7% in afternoon trade on the FTSE, one of the best performers on a good day for miners. CEO Marcelo Awad earlier told Dow Jones Newswires the slump in copper prices in the last few weeks is a market overreaction and it hadn't seen any of its customers cancel or delay shipments.

Copper has slumped over 30% since peaking at an all-time high of $10,190/tonne in February and Awad added that European customers of Antofagasta – after Thursday's move upward worth £10 billion again – are nevertheless reluctant to commit to 2012 orders thanks to all the uncertainty in the eurozone. The Luksics could do with a bit of a boost: analysts say Chile's richest family may have lost their way after buying control of Latin America’s largest container shipping company last month.

Franconia Minerals Shareholders Approve Arrangement With Duluth Metals

Franconia shareholders have approved an agreement whereby Duluth will acquire all of the outstanding common shares of Franconia, and Franconia will become a wholly-owned subsidiary of Duluth.

Franconia's assets are expected to be rolled into Twin Metals Minnesota LLC, a Duluth (60%) and Antofagasta plc (40%) joint venture.

Antofagasta to pay 100c per share special dividend

Antofagasta will pay a special dividend of 100 cents a share, the Chilean miner said on Tuesday as it posted a jump in full-year earnings on higher copper prices and production.

Earnings per share rose to 106.7 cents, from 67.7 cents, as revenue grew 54.5 percent to $4.58 billion.

Duluth/Franconia tie-up could lead to huge U.S. base metals/pgm mine

In a major consolidation within the big Duluth polymetallic Complex, Duluth Metals and partner Antofagasta are to purchase Franconia Minerals. Read more

SGS Acquires Verilab SA in Antofagasta, Chile

SGS is pleased to announce the acquisition of Verilab SA in Antofagasta, Chile. From its laboratory in Antofagasta, Verilab performs exploration and grade control analysis using fire assay, wet chemistry and instrumental techniques, principally for the mining industry in Northern …

Tethyan still hopeful Reqo Diq will go ahead

The operator of the $3bn copper and gold joint venture between Barrick and Antofagasta still hopes it will go forward despite a government threat to scrap it

Chilean firm signs on with Nokomis mining project south of Ely

Duluth Metals entered a joint partnership last month with international mining company Antofagasta to help develop the 3,000-acre Nokomis mining project south of Ely…..more at Duluth News Tribune

Austin expands into South America with $19.6 million acquisition of Conymet

Austin Engineering has made another move in its international expansion with the acquisition of the Chile-based steel dump truck body business of Conymet. Austin says "the business is the leading manufacturer and supplier of steel truck bodies in Chile. Based in Antofagasta in Northern Chile, the business is strategically located next to the major copper mines in [...]

Antofagasta Faces `Major Challenge' on Margins as Costs Rise

Antofagasta Plc , the copper producer controlled by Chile's Luksic family, dropped the most in more than two months in London trading after it said maintaining margins will be a "major challenge" as energy …more at topix