Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Antofagasta plc    ANTO   GB0000456144

ANTOFAGASTA PLC

(ANTO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Antofagasta : reports third-quarter copper output fall but keeps guidance

10/21/2020 | 09:15am EST
FILE PHOTO: A view of a miners' camp inside Antofagasta's Los Pelambres mine near Los Caimanes town

JOHANNESBURG (Reuters) - Chilean miner Antofagasta said on Wednesday output had dropped 4.6% in the third quarter compared with the previous three months and was likely to be at the lower end of its guidance for the year.

Antofagasta produced 169,600 tonnes of copper during the third quarter, down from 177,700 tonnes in the second quarter, mainly due to major maintenance work at its flagship Los Pelambres mine and lower grades at its Antucoya operations.

The London-listed miner said it expected 2020 production to be at the lower end of its original guidance of between 725,000 to 755,000 tonnes while net cash costs are expected to fall below the originally guided $1.20 per pound.

The company, which operates four mines in Chile, said it expected copper production to increase in 2021 in the range of 730,000 to 760,000 tonnes as grades increase at Centinela Concentrates and as COVID-19 health protocols remain in place.

Net cash costs during the third quarter were 5.3% higher at $1.19 per pound.

Copper output of 541,300 tonnes for the year to date is 7.3% lower than in the same period last year, the miner said.

Production of molybdenum - a byproduct of copper mining - increased 9.7% in the quarter to 3,400 tonnes, while gold production fell 16.7% to 38,300 ounces.

Disruptions to mining operations in Chile, the world's largest producer of mined copper, have been minimal, but helped to delay mining projects.

The company is operating with approximately two-thirds of its workforce at its operations.

Antofagasta said around 75% of the original planned numbers are now working on site at its Los Pelambres Expansion project after it was temporarily suspended in the previous quarter, with work also beginning at its Esperanza Sur and Zaldívar Chloride Leach projects.

The miner, which concluded labour negotiations with unions at the joint venture Zaldívar mine and two unions at Centinela during the quarter, said it had recently begun negotiations with the two remaining workers' unions at Centinela.

Supervisors at Centinela agreed to a new contract offer in July, avoiding the possibility of a strike after the union had voted in favour of a walk-out.

Antofagasta said it expects to conclude the talks by the end of the year.

(Reporting by Tanisha Heiberg, editing by Louise Heavens and Philippa Fletcher)

By Tanisha Heiberg


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANTOFAGASTA PLC -0.47% 1373 Delayed Quote.49.98%
All news about ANTOFAGASTA PLC
11/30ANTOFAGASTA : s Centinela union rejects contract offer, opens door to strike
RE
11/27Miners, smelters still divided on copper processing charges
RE
11/20ANTOFAGASTA : Union at Antofagasta´s Centinela says preparing to vote for strike
RE
11/16ANTOFAGASTA : Commits to the Copper Mark
PU
11/12Pakistan in talks with Tethyan Copper to resolve $5.8 billion dispute - sourc..
RE
11/11More KAZ Minerals' shareholders to vote against buyout plan
RE
10/27EUROPE : European stocks hit one-month low as virus fears dominate
RE
10/27European stocks hit one-month low as virus fears dominate
RE
10/22EXCLUSIVE : Biden campaign tells miners it supports domestic production of EV me..
RE
10/22Biden mining stance seen boosting glencore, antofagasta unit copper projects ..
RE
More news
Financials (USD)
Sales 2020 4 628 M - -
Net income 2020 452 M - -
Net Debt 2020 282 M - -
P/E ratio 2020 38,4x
Yield 2020 1,27%
Capitalization 18 236 M 18 286 M -
EV / Sales 2020 4,00x
EV / Sales 2021 3,41x
Nbr of Employees 6 532
Free-Float 33,9%
Chart ANTOFAGASTA PLC
Duration : Period :
Antofagasta plc Technical Analysis Chart | ANTO | GB0000456144 | MarketScreener
Technical analysis trends ANTOFAGASTA PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 14,41 $
Last Close Price 18,50 $
Spread / Highest target 15,4%
Spread / Average Target -22,1%
Spread / Lowest Target -39,6%
EPS Revisions
Managers
NameTitle
Iván Arriagada Herrera Group Chief Executive Officer
Jean-Paul Luksic Fontbona Non-Executive Chairman
Hernán Menares Vice President-Operations
Mauricio Ortiz Group Chief Financial Officer
Ramon F. Jara Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ANTOFAGASTA PLC49.98%18 286
FIRST QUANTUM MINERALS LTD.45.79%10 612
KGHM POLSKA MIEDZ S.A.74.51%9 068
JIANGXI COPPER COMPANY LIMITED16.98%8 716
VEDANTA LIMITED-17.09%6 342
KAZ MINERALS PLC22.47%4 205