ANFGF - Antofagasta's H1 profit plunges on higher costs Chile drought

Copper miner Antofagasta ( OTC:ANFGF ) on Thursday reported a drop in H1 profit , as production was hurt by higher costs, lower grades and a persistent drought in Chile.

The company said its H1 pre-tax profit totaled $679.6M, nearly two-thirds less than $1.78B reported in the prior-year period, and EBITDA fell 48% to $1.24B, slightly below the market consensus of $1.26B provided by Vuma.

Antofagasta ( OTC:ANFGF ) said it would cut its interim dividend to 9.2 cents/share from a record 23.6 cents/share last year, joining fellow miners including Rio Tinto and Anglo American in lowering payouts after last year's record highs; Antofagasta's profit surged to its highest ever in 2021 when copper prices reached record levels.

The miner reiterated full-year guidance for copper production of 640K-660K metric tons.

Antofagasta ( OTC:ANFGF ) also said its capital cost estimate for the Centinela Second Concentrator Plant project in Chile was raised to $3.7B from its prior outlook of $2.7B .

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