Antofagasta's Earnings Soar, Underpinned by Rising Copper Prices
March 13 2018 - 4:02AM
Dow Jones News
By Oliver Griffin
Chilean miner Antofagasta PLC (ANTO.LN) said Tuesday that net
profit in 2017 rose more than four-fold, driven by an improved
copper market and strong cost management.
Net profit for the year ended Dec. 31 soared to $750.6 million
from $158 million a year earlier, the copper miner said. Earnings
before interest, taxes, depreciation and amortization--the
company's preferred measure--rose 59% to $2.59 billion from $1.63
billion.
Pretax profit rose to $1.83 billion from $284.6 million, while
revenue grew 31% to $4.75 billion, the mining company said.
Copper production for 2018 is forecast at 705,000 tons to
740,000 tons, while gold production is expected in the range of
190,000 ounces to 210,000 ounces, Antofagasta said. Production of
strategic metal molybdenum is seen at between 11,500 tons and
12,500 tons.
Antofagasta declared a final dividend of 40.6 cents a chare,
taking the total dividend to the year to 50.9 cents. The full-year
dividend in 2016 was 18.4 cents a share.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
March 13, 2018 03:47 ET (07:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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