Antofagasta Anticipates Boosted Copper Production in 2023

SEATTLE (Scrap Monster): Antofagasta plc reported dip in both profit and revenue during the previous year, which was mainly on account of poor copper production and prices as well as higher costs driven by inflation.

According to company press release, the company reported profit before tax of $2.56 billion in 2022, down significantly by 26% from $3.48 billion in 2021. The revenue too registered sharp decline by 22% year-on-year, falling from $7.47 billion to $5.86 billion. The dip in profit and revenue was primarily attributed to 12% dip in copper sales from 725,600 tonnes to 642,500 tonnes and 12% decline in realised copper prices.

The group copper production recorded year-on-year decline by 10% to 646,200 tonnes, while the gold production recorded significant dip by 30% over the previous year to total 176,800 ounces.

Commenting on the results, Ian Arriagada, CEO, Antofagasta said that it is pleased that the company’s EBITDA margin remained solid at 50%. All of the operations reported record safety performance with no serious incidents. Looking ahead, the Los Pelambres expansion is expected to reach production during Q2 this year. The new desalination plant at the facility will resolve the water constraints to a great extent. The copper and by-product production is expected to show improvement in 2023, he added.

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