Antofagasta first-half earnings fall as dividend cut
Chilean copper miner Antofagasta reported a 22.4% fall in first-half earnings on weaker prices and sales but still paid a reduced dividend.
The company on Thursday said earnings before interest, tax, depreciation, and amortisation for the six months to June 30 fell to $1.01bn from $1.31bn a year earlier. It declared an interim dividend of 6.2 cents per share, down from 10.7 cents last year.
Revenue fell 15.3% to $2.1bn as copper prices fell 12.5%, partially offset by lower operating costs due to the weaker Chilean peso, lower input costs and continued tight cost control.
Group copper production in the first six months of the year was 371,700 tonnes, in line with expectations, and down 4% than the same period last year on lower grades.
The company forecast full year group copper production at the lower end of the original 725,000 - 755,000 tonnes range on the basis that there were no Covid-19 related shutdowns during the rest of the year.