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MAIN FACTS:
-Company is well positioned to manage the challenges and benefit from the opportunities that it now faces.
-Net cash position of $2.9 billion at the end of 2008.
-Has proposed final dividend of 53.6 cents per ordinary share,
-In the medium and longer term the company remains positive on the outlook for the copper market.
-More than two million tonnes of new copper mine capacity originally planned to be constructed by 2012 have been postponed or cancelled.
-Already seeing the benefits of cost cutting measures, with pre by-product cash costs in the first quarter of 2009 broadly in line with its target of a 15% reduction compared with 2008.
-Company is forecasting that its average cash costs, before by-product credits, will decrease to 110 cents per pound in 2009, compared with almost 130 cents per pound in 2008.
-The performance of the operations during 2008, and the outlook for its future production, are both positive.
-Company continues to deal with legal cases, and it remains confident that these will not affect its operations.
-From 2010 the Group should see significant production growth, with the completion of the Los Pelambres plant expansion, on schedule for the end of 2009, increasing annual production by an average of 90,000 tonnes.
-Construction of the Esperanza project also remains on track, with production expected to start by the end of 2010.
-Negotiations are also continuing with the federal and regional governments for a foreign investment agreement, which is essential to move ahead with the project at Reko Diq, in Pakistan.
-By London Bureau, Dow Jones Newswires; +44 (0)20 7842 9296; ian.walker@dowjones.com
(END) Dow Jones Newswires
06-10-09 0629ET
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