Antofagasta Reported Robust H1 2024 Results

SEATTLE (Scrap Monster): Antofagasta plc. declared half year results for the six-month period ended 30^th June, 2024. The company reported resilient financial performance. It continued to report strong balance sheet, cash flow generation and EBITDA margins during this period.

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Antofagasta reported EBITDA of $1,394.4 million in H1 2024, higher by 5% from H1 2023, mainly driven by higher revenues. It maintained strong EBITDA margin of 47.2%. The cash flow from operations posted 14% year-on-year growth to total $1,483.9 million in the initial six months of 2024.

The copper production totalled 284,700 tonnes, down by 4% from the year before, mainly due to lower production at Centinela concentrates, which was partially offset by higher production at both Centinela Cathodes and Los Pelambres.

Commenting on the results, Ivan Arriagada, CEO, Antofagasta said that the company demonstrated its resilience during the half-yearly period. The company’s growth plans remain on track with the second concentrator at Centinela moving forward ahead of schedule and the new Los Pelambres projects reporting commencement of initial works. The Board of Directors has approved an interim dividend representing 35% of net earnings, Arriagada added.