Antofagasta PLC ANTO Long Term Incentive Plan Awards

  Antofagasta PLC (ANTO) - Long Term Incentive Plan Awards

RNS Number : 9277R
Antofagasta PLC
23 November 2012




                                      





For immediate release



Cleveland                              House 
 Telephone: + 44 20 7808 0988

33                                                                        King 
Street
Fax + 44 20 7930 7578

London     SW1Y      6RJ 
 info@antofagasta.co.uk

United Kingdom

                                      

                                      

   Long Term Incentive Plan awards and One Off Award to Persons Discharging
                          Managerial Responsibility

              Disclosures notified in accordance with DTR 3.1.2R

                                      

                                      

London, 23 November 2012



Antofagasta plc (the "Company") announces that it received notification  that, 
on 22 November 2012, awards calculated  by reference to the value of  ordinary 
shares in the Company ("Shares") were granted under the Antofagasta Long  Term 
Incentive Plan (the "LTIP") to a Person Discharging Managerial  Responsibility 
("PDMR") of the Company. On the same date, awards calculated by reference  to 
the value of Shares were granted to  the PDMR listed below as an  exceptional, 
long-term award (the "One Off Award").  Details of the awards under the  LTIP 
and the One Off Award are set out below.



                                              N° Shares to which awards relate
    Name                 Position             Performance  Restricted  One Off
                                                 Awards      Awards     Award
D. Hernández Chief Executive Officer,               36,679      36,679  83,496
             Antofagasta Minerals S.A.



The performance awards and restricted awards are granted under the LTIP  which 
the  Antofagasta  group  (the  "Group")  has  established  to  reward   senior 
executives in a way  that aligns the interests  of LTIP participants with  the 
interests of shareholders and with the Group's long-term strategic plan.  The 
One Off Award has been  granted to Mr Hernández for  the same purpose, but  by 
reference to metrics which are specific to his role as Chief Executive Officer
of Antofagasta Minerals  S.A. Directors of  the Company are  not eligible  to 
participate in the LTIP or the One Off Award.



Awards granted under the LTIP and the One Off Award are conditional rights  to 
receive a cash payment by  reference to the number  of Shares relating to  the 
relevant award which vest. The cash payment is determined by reference to the
market value of the Shares at  vesting. No Shares are issued to  participants 
in the LTIP or the One Off Award. No consideration was paid for the grant  of 
any awards.





Vesting of LTIP Awards



Performance awards are  subject both to  certain performance conditions  which 
are  measured  over  a  three   year  period  (2012-2014)  and  to   continued 
employment. Performance awards will normally vest  only after the end of  the 
three year performance period  and only to the  extent that those  performance 
conditions are met.



Restricted awards are subject to  continued employment and will normally  vest 
as to one third in January 2013, as to a further third in January 2014 and  as 
to the final third in January 2015.



As the PDMR  listed above  was only  appointed to  his current  role part  way 
through the year,  the payments  that he  will receive  under the  performance 
awards and  the  payment that  he  will receive  under  the first  tranche  of 
restricted awards will be pro-rated accordingly.



Vesting of One Off Award



Half of the One  Off Award is subject  both to certain performance  conditions 
which are measured  over a three  year period  (ending on 1  August 2015,  the 
three-year anniversary of  the effective date  of Mr Hernández's  appointment) 
and to continued employment. That half  of the award will normally vest  only 
after the end of the three year performance period and only to the extent that
those performance conditions are met.



The other half of  the One Off  Award is subject  to continued employment  and 
will normally vest on 1 August 2015.





Enquiries - London                           Press Enquiries - London

Antofagasta plc                                  Bankside Consultants

Tel: +44 20 7808 0988                           Tel: +44 20 7367 8871

www.antofagasta.co.uk                                               

                                                    Simon Rothschild

Desmond O'Conor                  Email: simon.rothschild@bankside.com

Email: doconor@antofagasta.co.uk



Hussein Barma

Email: hbarma@antofagasta.co.uk



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCBUBDBDXDBGDX -0- Nov/23/2012 15:34 GMT
 
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