Antofagasta copper output 295,500 tonnes – 10% higher YoY

Chile-based miner Antofagasta, one of the world’s senior copper producers, announced Thursday that its H1 2023 copper output of 295,500 tonnes was 10% higher than the prior year period, principally reflecting a 23.9% increase in throughput rates at Los Pelambres.

The company’s gold production was 86,200 ounces in H1 2023, 16.8% higher than in the same period in 2022 primarily due to higher grades and recoveries at Centinela.

The company’s revenue for the first half of 2023 was $2,890 million, 14.3% higher than in the same period in 2022, mainly because of higher copper and by-product sales volumes and higher realized by-product prices.

EBITDA was $1,331 million, 7.5% higher than in the same period last year on higher revenue, while EBITDA margin was 46.1%, compared with 49.0% in H1 2022.

Profit before tax was $765 million, 12.5% higher than the same period in 2022. The company also posted earnings per share of 33.5 cents, 7.1 cents (or 26.9%) higher than the same period in 2022, and declared an interim dividend of 11.7 cents per share, up 27.2% from H1 2022.

“The first half of the year delivered another strong financial performance. Consistent with our practice of paying 35% of interim net earnings as a dividend, the Board has declared an interim dividend of 11.7 cents per share,” the company said in a press release.

Antofagasta also said its 2023 copper guidance has been updated to 640-670,000 tonnes (previously 670-710,000 tonnes), because of the rescheduling of completion activities at the desalination plant and concentrator expansion at Los Pelambres and the reduced availability of water in H1 2023.

Antofagasta operates four mines in Chile: Los Pelambres, Centinela, Antucoya and Zaldívar. All of the company’s mines are open pit operations.