(RTTNews) - Copper mining company Antofagasta Plc (ANTO.L: News ) reported Thursday a 39% decline in turnover for the nine months ended September 30, reflecting mainly the impact of lower realized prices for copper and molybdenum, as well as lower copper sales volumes.

The U.K.-based company's turnover for the nine-month period declined to US$2.02 billion from US$3.31 billion in the previous year.

LME copper prices averaged 211.5 cents per pound, down from 361.3 cents per pound in the comparable period a year ago. Market molybdenum prices averaged US$10.9 per pound, compared to US$33.2 per pound in the prior-year period.

Antofagasta noted that the pricing adjustments in the final quarter of the year will depend on average metal prices during the fourth quarter and mark-to-market prices at the end of the year, relative to the mark-to-market prices at September 30. The company said weighted average mark-to-market price at September 30 was 279.2 cents per pound for open copper sales and US$14.4 per pound for open molybdenum sales.

During the nine-month period, the volume of copper sold was 322,800 tonnes, down from 362,100 tonnes sold last year, reflecting the decreased production of 328,100 tonnes, mainly due to the expected lower throughput at Los Pelambres, the company noted.

Molybdenum sales and production volumes were 5,800 tonnes, compared to sales volumes of 5,600 tonnes and production volumes of 5,700 tonnes in the same period a year ago.

According to the company, the transport division's sales decreased to US$103.2 million from US$113 million last year, due to a reduction in average haulage distances and downward indexation to existing contracts in line with costs offset increased transport volumes. The water division's sales decreased slightly to US$61.3 million from US$64.9 million in the previous year, as increased volumes were offset by the impact of the weaker Chilean peso.

Group EBITDA for the period dropped 49.1% to US$1.13 billion from US$2.22 billion in the same period last year.

ANTO.L is currently trading at 910 pence, down 26 pence or 2.78%, on a volume of 779 thousand shares.

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by RTT Staff Writer

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