Antofagasta earnings slump on weak copper prices, keeps dividend
Antofagasta posted a 22.4% plunge in first-half core earnings on Thursday on lower copper sales and metal prices due to the Covid-19 crisis, although the Chilean miner said it would pay an interim dividend in line with its existing payout policy.
The pandemic has hampered mining activity across the globe, with Antofagasta suspending the expansion of its flagship Los Pelabres mine in April for about four months, and operating with two-thirds of its workforce at all its mines.
The miner said the realised copper price dropped 12.5% in the period, while its sales of the red metal were down 2.2%.
The industry's prospects, however, have improved as economic activity picks up in China, the world's top metals consumer.
Prices of copper, widely used in power and construction, have rebounded nearly 50% from lows hit in March and are up 5% for the year.
Antofagasta said its earnings before interest, tax, depreciation, and amortisation fell to $1.01-billion for the six months ended June 30, from $1.31-billion a year earlier.
Its revenue fell 15.3% to $2.14-billion.
The FTSE 100 company, which cut its 2019 final dividend by $70-million in May, declared an interim dividend of 6.2c a share, 42% lower than last year.
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