Antofagasta half-year earnings surge 60% on higher copper demand, prices
LONDON (Reuters) -Chilean miner Antofagasta posted a nearly 60% jump in half-year core earnings on Thursday, on higher production and prices its customers paid for energy transition material copper.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first six months rose to $2.23 billion from $1.39 billion last year, slightly above analysts' consensus expectations.
Antofagasta, majority owned by Chile's Luksic family, announced a dividend of 16.6 cents per share, up from an interim dividend of 7.9 cents last year.
The company is expanding output of copper, key for the power and construction industries and for green energy transition applications.
Some analysts predict copper prices will hit records above $12,000 a metric ton before the end of the decade, up around 20% from current levels, as the EV sector grows and on emerging applications such as AI-powered data centres.
Antofagasta bucked the trend of other FTSE100 mining companies which reported lower results, with global trade concerns weighing on prices of most industrial metals this year.
CEO Ivan Arriagada said the company expects more than 30% growth in output in the medium term.
Shares were flat in early London trading, in line with the wider resources sector.
"Antofagasta has produced a remarkably clean set of results," said RBC Capital Markets analysts, noting the company expects capital expenditure to speed up in the second half.
The producer estimates 2025 capex at $3.9 billion, up from $2.7 billion in 2024, on works on its Centinela concentrator.
Antofagasta operates four copper mines in Chile, and seeks to develop the Twin Metals project in Minnesota, which was stalled after President Joe Biden's administration blocked permits over environmental concerns.
Arriagada on July 10 said he saw "an opportunity" to advance Twin Metals, following President Donald Trump's move to impose a 50% import tariff on copper.
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