Chilean miner Antofagasta on Tuesday reported a sharp rise in full-year earnings on Tuesday thanks to higher copper prices as well as also said This specific could raise its dividend by 177 percent.
The mining company, listed in London as well as also majority-owned by Chile’s Luksic family, said This specific expected the global copper market to tighten as well as also warned that will rising copper prices could stoke labour unrest from the region as well as also disrupt supply.
Its 2017 earnings before interest, tax, depreciation as well as also amortisation (EBITDA) rose 59 percent to $2.6 billion, Antofagasta said in a statement, adding This specific could raise its annual dividend to 50.9 cents per share.
Antofagasta said its copper production could rise to between 705,000 tonnes as well as also 740,000 tonnes This specific year by 704,300 in 2017, in line with previous guidance, while net cash costs could increase to $1.35 per pound by $1.25 in 2017.
Benchmark copper on the London Metal Exchange jumped 31 percent in 2017 to a four-year high in late December, partly driven by concerns that will labour disputes This specific year could curb mine output.
Chile will be the entire world’s top copper producer.
“The copper market will be required to tighten from the second half of the year as well as also to be in balance or in a slight deficit for the full year. by 2019 the likelihood of the market being in deficit will be required to improve,” Antofagasta said.
“With the backdrop of stronger copper prices, employee expectations may be raised which could result in some supply disruptions from the region.”
Antofagasta shares were up 1.8 percent to 904 pence at 0805 GMT.