Antofagasta 2021 Profit Soared on Higher Copper Price
22 February 2022 - 06:47PM
Dow Jones News
By Jaime Llinares Taboada
Antofagasta PLC on Tuesday reported that its profit more than
doubled in 2021, reflecting stronger copper prices, and declared a
significantly higher final dividend.
The Chile-focused miner made a pretax profit of $3.48 billion
last year, up from $1.41 billion in 2020.
Earnings before interest, taxes, depreciation and amortization
soared 77% to $4.84 billion, slightly below the market consensus of
$4.89 billion--provided by the company and averaged from 10
analysts' estimates.
Antofagasta's profits were boosted by a 47% increase in realized
copper prices, which offset a 1.7% drop in sales volumes and a 5.3%
increase in net cash costs per unit.
The FTSE 100 group declared a final dividend of 118.9 U.S. cents
a share, bringing the full-year total to 142.5 cents. This
represents 100% of underlying earnings, and is up from 54.7 cents
in 2020.
"Our mines and plants performed as planned and we can be proud
of our achievements, regardless of the challenges of the year
including Covid-19 and continued drought conditions in central
Chile," Chief Executive Ivan Arriagada said.
Antofagasta reaffirmed its production and cost guidance for
2022.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
February 22, 2022 02:32 ET (07:32 GMT)
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