Copper production and prices decline Antofagasta's revenue fell 15.3% in the first half compared with the same period last year.

SMM8 March 20: Antofagasta released its interim financial report for 2020 today. During the reporting period, the company's copper production and selling prices declined due to the epidemic, resulting in a year-on-year decline in operating income of 15.3% to $2.1388 billion; EBITDA fell 22.4% to $1.0128 billion; interim dividend was 6.2cents per share, compared with 10.7cents in the same period last year; and net debt fell 38.2% to $319.5 million. Capital expenditure rose 17.9 per cent year-on-year to $548.6 million.

Antofagasta's copper production in the first half of the year totaled 371700 tons, down 4 percent from the same period last year, mainly due to the decline in copper grade in Centinela mines; gold production totaled 111100 ounces, down 25.5 percent from the same period last year; and molybdenum production totaled 5500 tons, down 14.1 percent from the same period last year, mainly due to lower ore production and molybdenum grade in Los Pelambres mines.

Antofagasta's copper and gold production shrank sharply in the second quarter compared with the previous quarter.

The company said the full-year 2020 copper production target will remain unchanged at 72.5-755000 tons, and the future trend of copper prices will still depend on the impact of the epidemic on global consumption.

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