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Antofagasta Says Profit More Than Doubles on High Output, Price
May 28,2010 08:54CST
industry news

May 27 (Bloomberg) -- Antofagasta Plc, the copper producer controlled by Chile’s Luksic family, said first-quarter earnings more than doubled as output rose and prices advanced after the global economic recovery.

Earnings before interest, tax, depreciation and amortization jumped to $623.4 million from $264.6 million a year earlier, the London-based company said today in a statement. Sales rose 80 percent to $981.9 million.

Copper prices on the London Metal Exchange averaged 328.6 cents a pound in the quarter, compared with 155.8 cents a year earlier, the company said in the statement.

The company produced 117,700 metric tons of copper in the quarter, above the average of 110,600 tons in 2009, it said on May 5. Antofagasta plans to produce 543,000 tons in 2010, up 21 percent from last year, it said.

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