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Antofagasta profit surges, will triple dividend

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Staff Writer | August 22, 2017
Antofagasta had a strong first half with revenues up 41.9% at $2,049m, as realised copper prices increased by 25.3% and sales volumes rose by 14.3% and EBITDA increased 87.8% to $1,079.8m.
Antofagasta   Group net cash costs were 1.6% lower at $1.24/lb
The EBITDA margin rose from 39.8% in the first half of 2016 to 52.7%, the highest half year margin reported by the group since 2012.

Operating cost reductions of $44m were achieved, as part of the 'costs and competitiveness' programme, contributing to savings of $0.06/lb in cash costs during the current period

The board has declared an interim ordinary dividend of 10.3 cents per share, which represents a pay-out ratio of 35%, consistent with the group's dividend policy.

Chief executive Ivan Arriagada said: "Antofagasta has had a strong first half year, with EBITDA up 88% versus HY 2016.