Long Term Incentive Plan Awards

RNS Number : 3800N

Antofagasta PLC

27 September 2012

 



For immediate release

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Long Term Incentive Plan awards to Persons Discharging Managerial Responsibility

Disclosures notified in accordance with DTR 3.1.2R

London, 27 September 2012

Antofagasta plc (the "Company") announces that it received notification that on 30 August 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 Persons Discharging Managerial Responsibility ("PDMRs") of the Company as set out below:

Name	Position	N° Shares to which awards relates
		Performance Awards	Restricted Awards
A. Cerda	General Manager, Minera Los Pelambres	11,240	11,240
S. Parada	General Manager, Minera El Tesoro	10,397	10,397
A. Sougarret	General Manager, Minera Esperanza	8,430	8,430

These are awards 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.  Directors of the Company are not eligible to participate in the LTIP.

Awards granted under the LTIP are conditional rights to receive a cash payment by reference to the number of Shares relating to the relevant award which vest under the LTIP.  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.  No consideration was paid for the grant of any awards.

Performance awards are subject both to 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 the 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 PDMRs listed above only became employees part way through the year, the payments that they will receive under the performance awards and the payment that they will receive under the first tranche of restricted awards will be pro-rated to their period of service.

Enquiries - London Antofagasta plc Tel: [phone] www.antofagasta.co.uk Desmond O'Conor Email: [e-mail] Hussein Barma Email: [e-mail]

Press Enquiries - London Bankside Consultants Tel: [phone] Simon Rothschild Email: [e-mail]

 

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