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.