Higher copper prices boost FY profits at Antofagasta

In the year to the end of December, profit before tax including exceptional items rose 146% to $3.5bn, while earnings before interest, taxes, depreciation and amortisation increased 77% to a record $4.8bn. Revenue for the year was up 46% at $7.5bn, reflecting a 47% increase in copper realised prices and a 98% jump in molybdenum prices.

The company declared a final dividend of 118.9 cents a share, taking the total dividend for the year to 142.5 cents, which is equal to 100% of underlying earnings per share.

Chief executive officer Ivan Arriagada said: "These results illustrate our performance as a reliable and responsible copper producer with the operational and financial strength and balance sheet to deliver on our promises.

"Our mines and plants performed as planned and we can be proud of our achievements, regardless of the challenges of the year including Covid-19 and continued drought conditions in central Chile. Thanks to our team's commitment and motivation, we have been able to continue operating safely while contributing to the national economy in Chile and supporting local communities, socially and economically."

Antofagasta reiterated its 2022 guidance for copper production of 660-690,000 tonnes and gold output of 170-190,000 ounces. Molybdenum production is still seen at between 8,500 and 10,000 tonnes.