Antofagasta, majority owned by Chile’s Luksic household, stated it will distribute 7.9 cents per share to its shareholders, down from an interim dividend 11.7 cents final yr.
Its shares opened 0.4% larger in London.
“We anticipate a optimistic response to at present’s outcomes,” RBC Capital Markets analyst Marina Calero stated.
“We view different alternatives within the European mining area as extra beneficial, given Antofagasta’s premium valuation and restricted money movement technology within the close to time period,” Calero added.
Antofagasta stated the development of a second concentrator at its Centinela mine is forward of schedule, whereas growth work is beginning at its Los Pelambres’ desalination plant.
In July, the corporate stated full-year copper output from its 4 copper mines in Chile can be on the decrease finish of its 670,000 to 710,000 metric ton steering vary, on account of decrease ore grades.
The London-listed firm expects web money prices at $1.70 per pound this yr.
Copper, used within the energy and building industries, is predicted to learn from the inexperienced power transition together with demand from the electrical car sector and new purposes comparable to knowledge centres for synthetic intelligence.
Costs for the steel on the London Metallic Alternate (LME) reached a file excessive above $11,100 a metric ton in Might, earlier than dropping almost 20% on weak manufacturing exercise.
(By Clara Denina; Modifying by Kirsten Donovan, Jason Neely and David Evans)