Antofagasta Plc (ANTO) is a Chilean mining, transport and water distribution company. Primary activities include: 1) copper mining; 2) copper cathode and sulphuric acid transportation (in Antofagasta); and 3) commercial & residential water distribution. ANTO derives 95% of revenues (2010) from mining activities. Balance Sheet strength (Low Net debt/EBITDA of 0.5x - 2010) allowed ANTO to realise a landmark with successful completion of the Esperanza mine (Capex 2010 USD 1bn). Furthermore, expansion at the Los Pelambres plant is forecast to increase copper production by 60% over 2009 to 715k tones (2011), driving earnings growth. ANTO operates in two J.V’s; the Twin Metals Minnesota LLC Joint Venture to explore copper-nickel-platinum and palladium deposits in the U.S and its J.V with Barrick Gold Corp. in Pakistan focused on copper-gold deposits. Earnings growth is highly leveraged to continuing urbanization and industrialization in emerging economies. Key risks include FX (Peso appreciation), mining cost inflation (particularly labour and energy cost) and commodity price volatility.