Records profits and revenues at Antofagasta

published 13 March 2012

Chilean copper miner Antofagasta increased revenues and earnings by just under a third in 2011 on the back of record levels of output.

Group revenue rose 32.7% to $6.08bn - a record figure for the group - from $4.58bn the year before. Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 32.1% to $3.66bn from $2.77bn in 2010.

After a year of record output, further production growth is forecast for 2012, with expected production of around 700,000 tonnes of copper, 280,000 ounces of gold and 11,000 tonnes of molybdenum. The increase in the copper and gold production reflects the first full-year of operation at Esperanza following the completion of the main ramp-up activities.

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The total dividend for the year is 44 cents per share, comprising a special dividend of 24 cents per share and an ordinary dividend of 20 cents per share (final - 12 cents, interim - 8 cents).

More to follow ...