| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: MINING |
Metals slump hits Antofagasta |
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Thu 26 Nov 2009
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LONDON (SHARECAST) - Profits fell by nearly half at the South America-focused miner Antofagasta as tumbling metals prices hit sales.
Earnings before interest, tax depreciation and amortization (EBITDA) fell to $1.13bn from $2.22bn the same period a year ago as sales fell by 39% to $2.02bn.
The fall in Antofagasta’s sales mirrored a drop in average copper prices to $2.50 a pound from $3.49. Prices for silvery metal Molybdenum, fell to $11.9 a pound from $33.2.
The firm sold 322,800 tonnes of copper compared with 362,100 tonnes previously. Molybdenum sales volumes climbed to 5,800 tonnes from 5,600 tonnes.
Metals prices have recovered from the sharp falls that came after the global financial crisis rapidly intensified last year, but are still off their peaks.
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