Antofagasta Reasserted Copper Output Guidance for 2021

SEATTLE (Scrap Monster): Chilean miner Antofagasta announced preliminary results for the year ended 31^st December, 2020. The company posted robust results, despite Covid-19 pandemic impacts.

The company reported net profit of $893.9 million last year, up from $843.1 million in 2019. Revenue for the full year was $5,129 million, 3.3% higher than the prior year. The EBIDTA surged higher by 12.3% year-on-year to $2,739 million. The EBITDA margin increased from 49.1% in 2019 to 53.4% in 2020.

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According to company press release, the cash flow from operations witnessed marginal decline by 5.4% to $2,431 million. The balance sheet, with a net debt of $82 million at the end of 2020, continued to remain strong. The improved spending on the Los Pelambres Expansion project boosted the capital expenditure for the year to $1,307 million, which is higher from the prior year by $229 million.

The miner announced final dividend of 48.5 cents, translating into a full-year dividend of 54.7 cents per share in 2020.

The copper production for the full year was 733,900 tonnes, whereas the gold production exceeded guidance to total 204,100 ounces. For the current year, Antofagasta reaffirmed copper production guidance of between 730,000 tonnes and 760,000 tonnes.