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Antofagasta earnings rise on higher commodity prices, cost cuts; hikes dividend
StockMarketWire.com
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Mining company Antofagasta raised its dividend after reporting higher annual core earnings underpinned by rising commodity prices and cost cuts.
For the year ended 31 December 2020, earnings before interest, tax, depreciation, and amortisation, or EBITDA, rose 12.3% to $2.7 billion year-on-year
Full year copper production was 733,900 tonnes and net cash costs were $1.14 per pound.
A final dividend of 48.5 cents per share was declared, bringing the total dividend for the year to 54.7 cents per share, up from 17.8 cents last year.
Production in 2021 was expected to be 730,00 to 760,000 tonnes of copper, 240,000 to 260,000 ounces of gold and 9,500-to-11,000 tonnes of molybdenum.
The higher copper and gold production compared to 2020 reflected higher grades at Centinela concentrates, the company said.
'Overall, the copper market in 2021 is expected to be in deficit before remaining tightly balanced for the following years as several large projects are completed,' the company said.
At 8:01am: (LON:ANTO) Antofagasta PLC share price was 0p at 1126p
Story provided by StockMarketWire.com
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