Antofagasta 2021 Profits Surged to Hit Fresh Peak

SEATTLE (Scrap Monster): Antofagasta plc posted record result for the full year 2021, mainly driven by higher copper prices.

The company press release noted that revenue for the year surged higher significantly by 46% from 2020 to total $7,470 million. This was primarily on account of 47% jump in realised prices of copper during the year. The EBITDA, at $4,836 million, has increased by 77% from the previous year. Also, EBITDA margin increased from 53.4% in 2020 to 64.7% during the previous year.

The profit before tax, including exceptional items, soared by 146% to $3,477 million. The cash flow from operations was up by 85% year-on-year to $4,508 million. Antofagasta reported strong balance sheet with net cash of $540 million at the end of 2021. The capital expenditure too was up by $470 million than 2020 to total $1,778 million. The company declared final dividend of 118.9 cents per share.

The copper production totalled 721,500 tonnes for the full year, while the gold production stood above the guidance at 252,200 ounces.

The company guided for 660,000-690,000 tonnes of copper production and 170,000-190,000 ounces of gold production in 2022. The capital expenditure for the current year is expected to range between $1.7 billion and $1.9 billion.

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