3/19, 8:09 AM (Source: TeleTrader)
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Antofagasta reports revenue of $4.7B in 2018

Chilean mining company Antofagasta plc said on Tuesday that its revenue in 2018 amounted to $4.7 billion, marking a 0.3% decrease compared to the previous year. Underlying earnings per share (EPS) plunged 32.3% year on year to $0.51. EBITDA fell 13.9% to $2.2 billion in the twelve-month period as unit costs increased due to grade declines and higher input costs.

"Our financial results reflect the strong operating performance of the year. Despite lower realized copper prices EBITDA was in line with expectations at $2.2 billion with healthy operating cash flow of $1.9 billion," CEO Ivan Arriagada stated.

Antofagasta added that its copper production rose 3% year on year to a company record-high of 725,300 tonnes in 2018. "This momentum will continue into 2019 which we expect to be another record-setting year as we benefit from a further improvement in grades and continued strong throughput," Arriagada noted and pointed out that "the copper price has traded favourably" as a result of the progress in US-China trade talks.

Breaking the News / NP