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June 02, 2015 12:38 AM ET

Metals and Mining

Company Overview of Minera El Tesoro

Company Overview

Minera El Tesoro is engaged in exploration, development and mining of copper metal. El Tesoro mine has a annual capacity of 90,000 tonnes of copper. The company is based in Las condes, Chile. Minera El Tesoro operates as a subsidiary of Antofagasta plc.

Avenida apoquindo 4001

Piso 18

Las condes,  7550006



56 2 798 7000


56 2 369 0894

Key Executives for Minera El Tesoro

Chief Executive Officer
Compensation as of Fiscal Year 2014.

Minera El Tesoro Key Developments

Centinela Announces Earnings and Production Results for the Full Year Ended December 31, 2014; Provides Production and Capital Expenditure Guidance for 2015

Centinela announced earnings results for the full year ended December 31, 2014. The operating profit at the company in 2014 was $464.4 million, compared with $845.0 million in 2013, reflecting higher net cash costs and lower realised copper prices, partly offset by increased sales volumes of concentrates. Capital expenditure in 2014 was $535.6 million, including approximately $330 million in respect of optimisation and development projects. Copper production decreased by 3.9% to 266,600 tonnes in 2014 compared with 2013, due mainly to lower cathode production. Copper in concentrate production in 2014 was 172,800 tonnes, a 1.2% decrease compared with 2013, reflecting a decrease in throughput, partially offset by higher grades and recoveries. Gold production in 2014 was 204,400 ounces compared with 237,100 ounces in 2013, due to lower grades and recoveries and slightly decreased throughput. Copper cathode production was 93,800 tonnes compared with the 102,600 tonnes produced in 2013. This was primarily due to lower copper grades and recoveries following the completion of mining activities at the higher-grade Mirador pit in 2013, partially offset by higher throughput. The average ore grade decreased to 1.31% in 2014 from 1.52% in 2013. Throughput at the plant from the heap-leach operation averaged 25,200 tonnes per day in 2014, compared with 21,300 tonnes per day in 2013. Total capital expenditure in 2015 is expected to be approximately $680 million, including $380 million related to the construction of the Encuentro Oxides and Molybdenum Plant projects. The forecast for 2015 is for production of approximately 255,000 tonnes of payable copper and 195,000 ounces of gold. This forecast is based on an increase in throughput at the concentrator plant, as the benefits of the optimisation and expansion will be seen progressively from mid-2015. This will be offset by a decrease in cathode production compared with 2014, as grades decline at the pits being mined, and this decline will continue until the Encuentro Oxides project starts production in 2016.

Centinela Reports Production Results for the Fourth Quarter and Full Year Ended December 31, 2014

Centinela reported production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported copper production of 74,800 tonnes, 11,400 tonnes higher than in the previous quarter. Production of copper in concentrates was 49,100 tonnes, compared with 41,400 tonnes in the previous quarter, primarily due to better grades and higher throughput. Cathode production was 25,700 tonnes, a 16.8% increase on the 22,000 tonnes produced in third quarter largely as a result of higher throughput and grades. Gold production was 66,300 ounces, 18,600 ounces higher than in the prior quarter primarily due to higher grades, better recoveries and higher throughput. For the full year, copper production was 266,600 tonnes, 3.9% lower than in 2013. Copper concentrate production was 172,800 tonnes compared with 174,900 tonnes in 2013 reflecting lower throughput partially offset by higher grades and recoveries. Cathode production in the full year 2014 was 8.6% lower than in 2013 at 93,800 tonnes as grades and recoveries declined following the completion of mining activities at the higher grade Mirador pit in fourth quarter of 2013. This was partially offset by higher throughput. Gold production was 204,400 ounces compared with 237,100 ounces in 2013 due to lower grades and recoveries and slightly decreased throughput.

Chile's Sea Issues Favorable Recommendation for Minera El Tesoro Project

The environmental evaluation service of Chile's Antofagasta region (II) has issued a favorable recommendation for a project at Antofagasta Minerals' El Tesoro subsidiary. The project entails boosting the processing capacity of El Tesoro mine and modifying the SX plant, with the goal of maintaining fine copper production of 110,000t/y copper and involving investment of USD 86 million. Additional work includes construction of a heap leaching facility. The project, submitted in January, also includes exploration work to help sustain production in the future. The exploration program includes 180 drill holes in the Llano-Paleocanal area. SEA issued its favorable recommendation July 7, 2014 while a vote on the project was held July 24, 2014. Once final notification of the project has been received, El Tesoro expects to start work later 2014. The expansion of processing capacity and the leaching facility is scheduled to be completed in 2015, while the exploration work will go on through 2017. The project will give El Tesoro an additional 11 years of useful life.

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