In a statement released ahead of the
Antofagasta said 2013 was a challenging year for the the company and mining sector as a whole, with the
Despite these challenges, 2013 was the company's strongest production year to date, it said, producing 721,200 tonnes of copper, up 1.6% in 2012, though the year was one of adjustment on a cost basis for the firm after making some structural changes to costings across the business.
Antofagasta is now in a period of consolidation following several years of growth and will focus more on its internal structures and costs and to prepare for the next growth phase, which the company expects in the next two to three years.
The company is also bringing its largest development, the Antucoya copper project, into production. Antofagasta said that following resumption of the project last year after a temporary suspension while the cost escalation and viability of the project was reviewed, Antucoya has progressed well and is on-time and on-track to meet its new
In the AGM statement Luksic commented on the proposed tax changes in
The tax reform bill is not expected to become law before September this year at the earliest,said the firm, however, certain aspects of it, such as the first stage of the increase in corporation tax, will be retrospectively applied from
Earlier this year, following the presidential elections,
Looking ahead, the company said its strategy remains unchanged and that it will continue to invest in projects that generate good returns, irrespective of the stage of the commodity cycle, and will continue to work on reducing costs and further enhancing the longer term prospects of the business. "We remain on track to meet our formal production guidance that we issued in January of this year of 700,000 tonnes of copper," said Luksic.
Shares in Antofagasta were trading 1.53% lower at
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