Antofagasta PLC's net profit attributable to shareholders in the first half jumped to US$302.4 million from US$194.3 million a year ago.
The company declared an interim dividend of 10.7 U.S. cents, a 57.4% increase year over year, according to an Aug. 22 release.
Revenue in the half climbed 19.1% year over year to US$2.53 billion on the back of higher copper sales volumes, partially offset by lower realized prices.
EBITDA grew 44.4% to US$1.31 billion as operating costs climbed to US$1.73 billion, from US$1.60 billion a year ago.
Capital expenditure for the half totaled US$465.5 million, including US$178.6 million for mine development, US$178.0 million for sustaining capex and US$90.3 million for development capex. Year-ago capex was US$422.0 million.
First-half copper output rose 22.2% from the year-ago period to 387,300 tonnes on the back of higher production at all of the company's operations. Sales climbed 25.5% year over year to 381,400 tonnes.
Net cash costs decreased 21.7% year over year to US$1.19 per pound on lower cash costs before byproduct credits and higher byproduct revenues.
The company retained its full-year copper production guidance of 750,000 to 790,000 tonnes but cut the net cash cost guidance by 5 cents per pound, to US$1.25 per pound.
Antofagasta reiterated that its joint venture with Barrick Gold Corp., Tethyan Copper Co. Pty. Ltd., was awarded US$5.84 billion in damages in an arbitration claim filed against Pakistan for a dispute over the Reko Diq copper-gold project. The company will not recognize proceeds of the award in its financial statements until the award is received.
