Antofagasta earnings jump on gold price and copper boost
CHILEAN miner Antofagasta said yesterday that its earnings rose 35 per cent in the three months to 31 March with a rise in the gold price and increased copper production contributing.
Earnings before interest, tax, depreciation and amortisation (Ebitda), were just over $1bn (£632m) compared with $812m the year before.
Gold production volumes in the reporting period were 63,500 ounces and sales volumes were 63,400 ounces Antofagasta said in its trading update.
The company said the rise was driven by the starting of production at its Esperanza mine which had been behind schedule.
Market gold prices averaged $1,690.9 per ounce in the three month period, an increase from the average price of $1,386.5 the year before.
Antofagasta produced 162,900 tonnes of copper over the period, up by more than a quarter on the 129,800 tonnes last year.
The group has four mining companies; Los Pelambres, Esperanza, El Tesoro and Michilla, and is one of the biggest miners in South America.