Antofagasta FY revenues grow as copper prices stabilise

20th Feb 2024 08:01

(Sharecast News) - Copper miner Antofagasta said on Tuesday that full-year revenues had grown on the back of a more stable price for the metal throughout 2023.

Antofagasta said both revenue and underlying earnings had grown 8% year-on-year, to $6.3bn and $3.1bn, respectively, something chief executive Iván Arriagada credited to copper prices showing "reduced volatility" and "a high degree of stability" in the second half.

Earnings per share, on the other hand, tumbled 46% to 84.7 cents on the back of Antofagasta's disposal of the Reko Diq project. However, underlying earnings per share from continuing operations and excluding exceptional items rose 21% to $0.72 each.

The FTSE 100-listed company also paid out a final dividend of 24.3 cents, taking its full-year dividend to $0.36, taking the year's total payout ratio to 50%.

As of 1025 GMT, Antofagasta shares were up 2.95% at 1,817.0p.

Reporting by Iain Gilbert at Sharecast.com