Antofagasta’s profits drop

Suzie Neuwirth
COPPER miner Antofagasta yesterday posted a 12.8 per cent increase in production for the first quarter of 2013, although earnings fell 29 per cent during the period.

The London-listed company’s pre-tax earnings fell to $781.7m (£510.8m) in the first quarter of 2013 from $1.1bn year-on-year as increased copper and gold volumes were offset by plunging commodities prices and a rise in operating costs. Sales volumes rose slightly to 170,000 tonnes in the first quarter, a smaller increase than production volumes due to temporary shipping delays.

The Chilean miner also yesterday confirmed a dividend of 59.1p per share, to be paid on 13 June.