LONDON (ShareCast) - (Sharecast News) - Copper miner Antofagasta has reported a 60% surge in first-half profits on the back of higher output and materially lower costs, helping to drive margins to their highest in four years.
EBITDA totalled $2.23bn in the six months to 30 June, up from $1.39bn the year before, with revenues rising 29% to $3.80bn as copper sales volumes rose 17% and gold sales volumes surged 53%.

Top-line results were also supported by a 3% sequential increase in the copper price to $4.55 a pound, and a 41% jump in the realised price of gold to $3,263 an ounce.

Meanwhile, cash costs before by-product credits dropped 12% year-on-year to $2.32 a pound due to increased production at both Los Pelambres and Centinela Concentrates.

As a result, the EBITDA margin improved to 58.8% to 47.2%, which "places Antofagasta's margins at the top end of global pure-play copper producers and the highest level achieved since 2021", according to chief executive Iván Arriagada.

The company also more than doubled its interim dividend per share to 16.6 cents from 7.9 cents.

Looking ahead, Antofagasta maintained its full-year production guidance of 600,000-700,000 tonnes.

"Our growth programme continues to advance at Los Pelambres and Centinela, with capital investment expected to increase in the second half, and work on schedule to position Antofagasta as one of the highest copper growth companies amongst our pure-play peers, with an expected +30% growth in output in the medium-term," Arriagada said.

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