Antofagasta earnings slide 29% on lower copper prices; output climbs 13%

Antofagasta’s core earnings dropped 29% year-on-year in the first quarter as higher copper output was offset by lower prices, the UK-listed group said on Thursday May 16.

Antofagasta’s core earnings dropped 29% year-on-year in the first quarter as higher copper output was offset by lower prices, the UK-listed group said on Thursday May 16.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) for the three months to March 31 stood at $781.7 million, down from $1.11 billion a year earlier.

The company reported a 21% year-on-year drop in realised copper prices, which averaged $3.598 per lb ($7,930 per tonne) during the first three months of the year.

Earnings were also affected by “slightly higher” operating costs during the period, driven primarily by higher costs at Los Pelambres, after it entered a new power contract in January.

Antofagasta produced 183,800 tonnes of copper in the first quarter, up 12.8% year-on-year as plant throughput increased at Esperanza, but output was down 5.2% on a quarterly basis as a result of a scheduled outage at Los Pelambres, the group said.

Sales volumes, which totalled 170,000 tonnes, were affected moderately by shipment delays caused by port strikes in Chile in March and April.

Gold production stood at 86,200 oz, up 36%, while molybdenum output was 2,600 tonnes, down from 3,100 tonnes a year earlier.

Antofagasta shares traded at £9.15 on the London Stock Exchange at 1119 BST on Thursday, down 0.44% on the previous close.

Mark Burton
mburton@metalbulletin.com
Twitter: @mburtonmb

What to read next
To increase the transparency of our methodology, Fastmarkets clarifies that the quotation period of the MHP nickel payable indicator is the month of delivery, or the month M. Any data points Fastmarkets received otherwise will be normalized to the M month based on the monthly spreads of the prevailing exchange-traded Class-1 nickel reference price, or […]
'Probably miscalculated’ assumptions at Kakula mine force Ivanhoe to overhaul entire Kamoa-Kakula complex, explains CEO Marna Cloete.
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
Fastmarkets’ 2025 outlook for key raw materials and ingredients used in the production and distribution of fast-moving consumer goods.
Vale Base Metals plans to boost annual copper production to 700,000 tonnes by 2035, aiming to become a top-five global producer of nickel and copper. CEO Shaun Usmar highlights a focus on productivity, cost optimization and sustainable growth. With strong assets in Canada and Brazil, Vale is well-positioned to meet rising global demand.
Fastmarkets has corrected its fob Australia alumina index, which was published incorrectly on Monday June 2 and Tuesday June 3 due to a back-end calculation error. Fastmarkets has also corrected all the related inferred indices. On June 2 the following prices were published incorrectly: Fastmarkets’ MB-ALU-0002 Alumina index, fob Australia, was published in error as $375.59 per […]