Antofagasta’s Q3 profit dips
TORONTO (miningweekly.com) – Chile-based copper miner Antofagasta on Thursday reported a 27.9% year-on-year drop in earnings before interest, tax, depreciation and amortisation (Ebitda) as higher costs and lower metal prices continued to dent the impact of resilient production.
In the nine months to the end of September, the miner reported core profit, or Ebitda, of $2.05-billion.
Ebitda is essentially net income with interest, taxes, depreciation and amortisation added back to it, and can be used to analyse and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.
The LSE-listed miner said copper sales volumes to September 30, were 532 000 t, up 7.5% year-on-year but slightly lower than production volumes, mainly owing to shipping and loading schedules.
Copper production rose 4.4% year-on-year to 538 300 t, mainly reflecting improved operational performance at its Esperanza mine.
Revenue dropped 9.2% in the nine months to $4.4-billion, as lower realised prices were only partly offset by increased copper and gold sales.
Gold sales during the nine months increased 7.4% to 217 600 oz.
Antofagasta is busy developing one of the copper industry’s most capital-intensive projects, Antucoya, and said that it had ended the period with an attributable net cash position of $1.64-billion, compared with $2.56-billion at the end of last year.
Antofagasta also said that while it would continue to produce quarterly production reports, it would no longer produce separate financial reports in the first and third quarters as of 2014.
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