Antofagasta (ANTO)

Sector:

Mining

Index:

FTSE 100

2,039.00p
   
  • Change Today:
      54.00p
  • 52 Week High: 2,045.00
  • 52 Week Low: 1,293.00
  • Currency: UK Pounds
  • Shares Issued: 985.86m
  • Volume: 769,321
  • Market Cap: £20,102m
  • RiskGrade: 186

Antofagasta lowers FY copper guidance

By Iain Gilbert

Date: Wednesday 20 Jul 2022

LONDON (ShareCast) - (Sharecast News) - Mining giant Antofagasta lowered full-year copper guidance on Wednesday after Q2 production levels dropped and costs increased as a result of a drought in Chile, the temporary shuttering of its concentrate pipeline at Los Pelambres, and lower grades at Centinela Concentrates.
Antofagasta produced 129,800 tonnes of copper in the second quarter, down 6.5% quarter-on-quarter, mainly due to the aforementioned concentrate pipeline incident, while gold production slipped 7.8% to 35,400 ounces and molybdenum production was 2,000 tonnes, the same as the previous quarter.

For the first half, Antofagasta said it produced 268,600 tonnes of copper at a net cash cost of $1.82 per pound, while gold production slumped 38.8% to ounces, mainly due to expected lower grades at Centinela, and year-to-date molybdenum production sunk 31% to 4,000 on the back of lower throughput and grades at Los Pelambres.

Looking ahead, Antofagasta said full-year copper production had been revised downwards to 640,000-660,000 tonnes, mainly reflecting the impact of the pipeline incident and "continued uncertainty" arising from the water shortage at Los Pelambres.

Antofagasta stated cash costs before by-product credits in the quarter were $2.40 per pound, $0.06 higher than in the first quarter, while for H1 as a whole, cash costs came to $2.37 per pound - a 37% year-on-year increase year, mainly due to the temporary decrease in production and higher input prices, particularly for diesel and sulphuric acid. Net cash costs were $1.90 per pound in Q2 and $1.82 per pound for H1.

The FTSE 100-listed firm added that with increases in diesel and other input prices, it had also increased net cash cost guidance to $1.65 per pound, assuming market consensus estimates of by-product prices and the Chilean Peso exchange rate can be achieved for the rest of 2022.



Reporting by Iain Gilbert at Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Antofagasta Market Data

Currency UK Pounds
Share Price 2,039.00p
Change Today 54.00p
% Change 2.72 %
52 Week High 2,045.00
52 Week Low 1,293.00
Volume 769,321
Shares Issued 985.86m
Market Cap £20,102m
RiskGrade 186

Antofagasta Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.6% below the market average99.6% below the market average99.6% below the market average99.6% below the market average99.6% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
89.26% above the market average89.26% above the market average89.26% above the market average89.26% above the market average89.26% above the market average
90.21% above the sector average90.21% above the sector average90.21% above the sector average90.21% above the sector average90.21% above the sector average
Income
98.23% below the market average98.23% below the market average98.23% below the market average98.23% below the market average98.23% below the market average
91.3% below the sector average91.3% below the sector average91.3% below the sector average91.3% below the sector average91.3% below the sector average
Growth
54.22% below the market average54.22% below the market average54.22% below the market average54.22% below the market average54.22% below the market average
12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 6
Sell 6
Strong Sell 1
Total 17
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Antofagasta Dividends

  Latest Previous
  Final Interim
Ex-Div 18-Apr-24 31-Aug-23
Paid 10-May-24 29-Sep-23
Amount 24.30¢ 11.70¢

Trades for 28-Mar-2024

Time Volume / Share Price
17:19 313 @ 2,039.03p
17:19 5,038 @ 2,039.03p
17:15 395 @ 2,039.00p
17:08 20 @ 2,017.89p
16:35 415,511 @ 2,039.00p

Antofagasta Key Personnel

Chair Jean-Paul Luksic

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