Antofagasta’s earnings fall

Suzie Neuwirth
CHILEAN miner Antofagasta’s share price tumbled 1.2 per cent in London yesterday, after the firm posted a decline in core earnings and revenue for the first nine months of the year.

Revenue fell 9.2 per cent to $4.4bn (£2.7bn) over the period and earnings dropped 27.9 per cent to $2.05bn.

The FTSE 100-listed miner attributed the weaker financials to lower metal prices, although it said this was partly offset by increased copper and gold volumes.

Exploration and evaluation spending increased from $197.2m to $222.9m, mainly due to the Los Pelambres pre-feasibility study and early-stage exploration in Chile.