Antofagasta 1st Half Profit Fell on Lower Copper Production, Prices
11 August 2022 - 04:57PM
Dow Jones News
By Jaime Llinares Taboada
Antofagasta PLC on Thursday reported a profit drop for the first
half of 2022 and reiterated recently-revised guidance for the full
year.
The Chile-focused copper mining company made a pretax profit of
$679.6 million for the first six months of 2022, down from $1.78
billion a year earlier.
Earnings before interest, taxes, depreciation and amortization
plunged 48% to $1.24 billion, reflecting lower copper production
and prices, and higher costs. This was slightly below the market
consensus of $1.26 billion--provided by Vuma and averaged from 13
analysts' estimates.
Antofagasta declared an interim dividend of 9.2 U.S. cents a
share, down from 23.6 cents in 2021.
The group reiterated 2022 guidance, with copper production of
640,000-660,000 metric tons at a net cash cost of $1.65 a
pound.
"We expect the remainder of the year to look very different from
the first half--as production improves quarter-on-quarter, we ship
and sell the concentrate that was impacted by the concentrate
pipeline incident, and the desalination plant at Los Pelambres
starts, significantly alleviating the issue of water availability,"
Chief Executive Ivan Arriagada said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 11, 2022 02:42 ET (06:42 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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