LONDON – Chilean miner Antofagasta said full-year profit rose 12.3% in 2020, allowing it to increase its dividends, as copper and gold prices surged and its mines performed well despite some Covid-19-related disruption.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) rose to $2.7-billion, meeting analyst expectations, Refinitiv SmartEstimate showed.
It declared a final dividend of 48.5c a share, bringing the total to 54.7c, which represents a 22% rise on the previous year. This beat analyst expectations for 39c payout.
Copper and gold prices climbed about 25% last year, with copper currently trading near ten-year highs at around $9 100/t on rebound in demand in top consumer China. Gold has shed about 10% so far in 2021.
Antofagasta, majority owned by Chile's Luksic family, kept its production, spending and cost expectations unchanged, adding it assumed the impact of Covid-19 would be seen for the rest of the year.