Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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CEO interview
https://www.bloomberg.com/news/videos/2020-12-03/chile-s-antofagasta-copper-output-in-line-with-plans-video
https://www.mining.com/web/copper-heads-for-historic-squeeze-with-chinas-demand-red-hot/
https://www.bnamericas.com/en/news/roskill-predicts-further-copper-price-rises
ANTO.........
ANTOFAGASTA: One of the world's largest copper producers, Chilean miner Antofagasta , and workers at its Zaldivar mine decided to extend government-mediated talks for a new union contract and avoid a strike, a union source said on Wednesday night
https://uk.advfn.com/p.php?pid=legacydaily&epic=L^ANTO&type=4&size=3&period=4&ind_type1=1&ind1_1=&ind2_1=&olx_1=3&ma_type1=3&o_1maday1=10&o_2maday1=&o_colour1=1&olx_2=3&ma_type2=3&o_1maday2=50&o_2maday2=&o_colour2=2&olx_3=3&ma_type3=3&o_1maday3=200&o_2maday3=&o_colour3=3&scheme=&delay_indices=DELAYED_INDICES
is rising and so is gold
I was looking at the ANTO price chart today and was a bit shocked to find out that we are at the prices from December 2019 at £8.60.
The 5 year high is 1100, the 5 year low is 350. That's 28% upside from here and 59% downside. Perhaps I'm wrong but considering the current economic situation I feel we should be closer to the bottom than to the top. I'm thinking of taking some profits tomorrow. I still have my core position but I'm a bit uncomfortable at these levels.
Watching Bloomberg last night, CEO of an iron ore company from Perth was interviewed.
Apparently China is using more iron ore Q1 than Q1 last year.
Guess they might be using copper as well.
Similar to KAZ, another one that's doing so well to hold. I'm guessing holders ignoring more because it's a short term thing - or so we hope.
Surely this is all overdone? cant believe this is still dropping at this rate daily.
Only bought in a couple of weeks ago, and been heading South ever since.!
2020 forecasts must now be in ruins.
https://www.wsj.com/articles/global-stocks-drift-lower-on-economic-growth-concerns-11580466790?mod=hp_lead_pos1
and china re opens on monday?
2020 looks like making shareholders very happy.
May I wish you all a Prosperous New Year.
BLOOMBERG from 29 July 2019
https://www.google.co.uk/amp/s/www.bloomberg.com/amp/news/articles/2019-07-26/goldman-says-brewing-bottleneck-worsens-copper-supply-outlook
On Monday, the International Copper Study Group said demand has exceeded supply by 155,000 metric tons in the first four months of the year. That’s bigger than the 64,000-ton shortfall recorded in the same period a year earlier.
Copper prices are little changed on the London Metal Exchange this year as trade war concerns outweighed supply disruptions that have worsened the outlook for shortages. The market "has not priced this tight supply story yet," Goldman analysts said.
All in all (apart from increase in debt) a pretty good set of figures as far as I can see, and a decent divi to boot
Financial performance
· Revenue up 19.1% to $2,525.6 million as higher copper sales volumes and by-product revenues were partially offset by a 6.3% lower realised copper price
· EBITDA for the first six months of the year was $1,305.9 million, 44.0% higher than in the first half of 2018
· EBITDA margin of 51.7%, increased from 42.6% during same period last year as unit production costs decreased
· Cost and Competitiveness Programme achieved savings of $61 million in the first half of 2019, equivalent to 7c/lb of unit cash costs
· Cash flow from operations of $1,514.5 million, 70% higher than in the same period last year predominantly due to higher EBITDA
· Capital expenditure of $465.5 million, 38.8% of full year guidance
· Net debt decreased by $78.9 million to $517.4 million during the period, representing a Net Debt to EBITDA ratio of 0.20 times on higher cash flow from operations despite a drawdown of $198.0 million of the Los Pelambres Expansion debt facility, the $131.3 million initial impact of the adoption of IFRS 16, the payment of an increased final dividend and higher taxes
· Earnings per share of 30.7 cents, a 55.1% increase on the same period in 2018
· Interim dividend of 10.7 cents per share, equivalent to a payout ratio of 35% of Net Earnings. An increase of 57.4% on last year's interim
Operating performance
· The Group had no fatalities during the period
· Group copper production increased by 22.2% to 387,300 tonnes, with higher production at all of the Group's operations
· Group cash costs before by-product credits for the half year were $1.66/lb, down from $1.92/lb in the same period last year due to gains arising from the Cost and Competiveness Programme, higher production and a weaker Chilean peso
· Group net cash costs of $1.19/lb, a decrease of 21.7% from $1.52/lb in the same period in 2018, on lower cash costs before by-product credits and higher by-product revenues
· Construction of the Los Pelambres Expansion project has started on-site and project completion (engineering, procurement and construction) was at 22% as of the end of June. Capital expenditure in the first six months of 2019 was $77.6 million. The rate of expenditure is expected to accelerate in the second half of the year as the project advances
Guidance
· As previously reported, Group copper production guidance for the full year is unchanged at 750-790,000 tonnes and net cash cost guidance has been reduced by 5c/lb to $1.25/lb, assuming by-product prices and the Chilean peso exchange rate remain at similar levels to the first half of the year
· Capital expenditure guidance for the full year is unchanged at $1.2 billion
CU shortfall
https://investingnews.com/daily/resource-investing/base-metals-investing/copper-investing/copper-price-update/
https://www.nytimes.com/2019/06/25/climate/trump-minnesota-mine.html?