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(Alliance News) - Chilean copper miner Antofagasta PLC on Thursday reported a "robust" first-half performance, though cautioned on the impact trade issues are having on the copper market.
Antofagasta, a member of the FTSE 100, reported revenue of USD2.53 billion for the six months to June, 19% higher than the year before due to higher copper sales, despite a 6.3% dip in the copper price.
Production for the half was 387,300 tonnes of copper, up 22% on the year before, helped by higher grades. Output guidance has been maintained for 2019, seen at 750,000 tonnes to 790,000 tonnes of copper.
Earnings before interest, tax, depreciation, and amortisation climbed 44% to USD1.31 billion, with the Ebitda margin up to 51.7% from 42.6% due to costs falling.
Antofagasta's cash flow from operations rose 70% on the year before to USD1.51 billion.
The company has boosted its interim dividend by 57%, to 10.7 US cents, in line with Antofagasta's policy.
Chief Executive Ivan Arriagada said: "We have delivered robust financial results for the first half of the year reflecting higher production at all of our operations with Ebitda increasing by 44% to USD1.3 billion.
"In line with our plan for the year, copper production during the half-year period increased by 22% and we expect this rate of production to continue into the second half of 2019, which we expect to be another year of record copper production."
"With Antofagasta's strategy focused on producing profitable tonnes, the successful cost and competitiveness programme continues to deliver benefits and has yielded a cost-saving of 7 US cents per pound in the first half of the year helping us to reduce our net cash costs by 33 cents per pound to USD1.19 per pound," he continued.
Looking ahead, Antofagasta said uncertainty caused by trade issues between the US and China has "had a significant negative impact of market sentiment and the copper price".
"Supply and demand fundamentals remain positive and disruptions during the year to date have been broadly in line with expectations," said the company.
"However, while the uncertainty arising from trade negotiations remains, the group will continue to focus on controlling its costs through its cost and competitiveness programme and operating excellence efforts in the short and medium-term, and in the longer term the group's innovation programme is expected to contribute significantly to improvements in operating efficiency and enhanced returns."