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Antofagasta FY18 Profit Down; Sees Higher Copper Production In FY19

Miner Antofagasta Plc. (ANFGY.PK,ANTO.L) reported Tuesday that its fiscal 2018 profit before tax declined to $1.25 billion from last year's $1.83 billion.

Profit for the financial year attributable to the owners of the parent fell to $543.7 million from $750.6 million in 2017. Earnings per share were 55.1 US cents, down 27.7 percent from 76.2 US cents last year.

Earnings per share from continuing operations were 51.5 US cents, down from 76.1 US cents a year ago.

EBITDA was $2.23 billion, 13.9% lower than the previous year on flat revenue and as unit costs increased due to grade declines and higher input costs. EBITDA margin was 47.1%, down from 54.5% last year.

Revenue for the Group in 2018 was $4.73 billion, 0.3% lower than prior year's $4.75 billion, reflecting the lower realised copper price which was almost completely offset by higher copper sales volumes and higher molybdenum revenue.

Group copper production for the full year was 725,300 tonnes, 3% higher than 2017due to higher production at Los Pelambres and Centinela.

Antofagasta CEO Iván Arriagada said, "This momentum will continue into 2019 which we expect to be another record-setting year as we benefit from a further improvement in grades and continued strong throughput."

Further, the Board has recommended a final dividend of 37 cents per share.

Group production in 2019 is expected to be 750-790,000 tonnes of copper, 240-260,000 ounces of gold and 11,500-12,500 tonnes of molybdenum, as previously announced. Copper production is expected to grow as grades improve at all operations, but particularly Centinela Concentrates.

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