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Antofagasta hikes dividend as copper prices surge; pushes share price to new heights

23rd August 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

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VANCOUVER (miningweekly.com) – Bolstered by booming copper prices, Chile-focused miner Antofagasta moved to triple its dividend on Tuesday, boosting its London-listed shares to a fresh 52-week and four-year high.

Antofagasta raised its interim dividend to $0.103 a share, from $0.031 in the same period a year earlier.

The announcement pushed Antofagasta’s LSE-listed stock up 5.5% to 1 007 pence sterling, the highest since May 2013.

Earnings before interest, taxes, depreciation and amortisation rose 88% to $1.1-billion for the six months ended June 30.

Revenue for the six-month period was 41.9% higher year-on-year at $2.05-billion, as realised copper prices increased by 25.3% and sales volumes increased by 14.3%.

Copper output rose 7% to 346 300 t, boosted by higher output at its Centinela and Antucoya mines. Net cash costs fell 1.6% to $1.24/lb of the red metal.

For the full year, Antofagasta reaffirmed its guidance to between 685 000 t and 720 000 t of copper, while cost and spending estimates were also unchanged.

Copper has gained about 42% in value since the start of the year to change hands at $2.99/lb on Tuesday afternoon.

Edited by Samantha Herbst
Creamer Media Deputy Editor

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