Copper mining giant Antofagasta posts jump in full-year profit but disposals hurt earnings

Anglo-Chilean miner Antofagasta has ridden a more stable copper price through 2023 to a boost in full-year revenues.

The firm’s revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) both ticked up eight per cent and five per cent to $6.3bn (£5bn) and $3.1bn (£2.5bn) respectively.

However, earnings per share fell 46 per cent to 84.7 cents (67.3p) thanks to the disposal of the Reko Diq project. Underlying earnings per share from continuing operations and excluding exceptional items rose 21 per cent to 72 cents (52p).

The company also awarded shareholders a final dividend of 24.3 cents (19.2p) giving a full-year dividend of 36 cents (28.6p), equivalent to a total payout ratio of 50 per cent for the year.

The London-listed Chilean national has seen a 26.95 per cent share price rise in the last six months.

Antofagasta chief executive Iván Arriagada said: “Copper prices in 2023 showed reduced volatility, with prices displaying a high degree of stability in the second half of the year. Over the medium to long-term, we continue to believe in copper’s fundamental role in the energy transition, helping to decarbonise the global economy.

“With a strong balance sheet, the Company is well positioned as it enters a new phase of growth.

The company also noted that across its operations, it had achieved a record year of safety performance

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