Copper miner Antofagasta Plc (ANTO.L,ANFGY.PK) Thursday reported a 29.3 percent decline in earnings before interest, tax, depreciation and amortization or EBITDA for its first quarter, reflecting lower revenues and higher operating costs. However, copper production increased about 13 percent from last year.
The Chile-based company said its first-quarter EBITDA, a key earnings measure, declined to $781.7 million from $1.11 billion in the previous year.
Group revenue for the quarter ended March 31 was $1.50 billion, lower than $1.76 billion in the prior year, reflecting increased copper volumes offset by lower realized copper and gold prices.
Copper production volume grew 12.8 percent to 183,800 tonnes, mainly due to higher plant throughput at Esperanza mine. Meanwhile, copper production declined 5.2 percent from the sequential fourth quarter, as a result of major scheduled maintenance at Los Pelambres during the current period.
Sales volumes were 170,000 tonnes, compared to 158,700 tonnes in the year-ago quarter. According to the company, the smaller increase in sales compared to the production volumes reflected temporary delays in shipping due to strike action at ports from which El Tesoro and Michilla's copper production is shipped.
Gold production volumes were 86,200 ounces, up from 63,500 ounces produced a year ago, reflecting higher production at Esperanza. Sales volumes improved to 74,800 ounces from 63,400 ounces in the preceding year.
Molybdenum production volumes were 2,600 tonnes and sales volumes were 2,200 tonnes, compared to 3,100 tonnes and 2,900 tonnes, respectively.
Realized copper price decreased to 341.1 cents per pound from 429.6 cents per pound in the first quarter of 2012. London Metal Exchange copper prices averaged 359.8 cents per pound, down from 376.9 cents per pound last year.
Market molybdenum prices averaged $11.4 per pound, lower than $14.2 per pound a year earlier. Market gold prices averaged $1,632.1 per ounce, slightly down from $1,690.9 in the first quarter of 2012.
Weighted average cash costs, excluding by-product credits and tolling charges for concentrates, increased to 157.4 cents per pound from 151.2 cents per pound in the previous year, mainly due to higher on-site costs at Los Pelambres.
In London, Antofagasta shares are currently trading at 910.5 pence, down 8.5 pence or 0.92 percent, on a volume of 402,052 shares.
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