LONDON – Antofagasta closed the first-half with a decline in net profit by 7.2% to $ 646.1 million. Revenues improved by 3.5% (YoY) to $ 3.16 billion, thanks to increased sales, which offset the decline in copper prices. EBITDA lost 5.4% to $ 1.84 billion due to the high cost of the mining division. The dividend raised over the previous year by 6.3% to $ 0.08.
As already announced earlier this month, copper production rose by 16.5% (YoY) to 336,000 tonnes, mainly due to increased production from Esperanza which had started operation at the start of 2011. Gold production meanwhile almost doubled to 136,100 ounces, again due to the improvement at Esperanza.
The group has confirmed its full-year production forecast of around 700,000 tonnes of copper, as well as 280,000 ounces of gold and 11,000 tonnes of molybdenum. The fundamentals of the company remain strong in the medium term, Antofagasta reassured.