Antofagasta holds firm against rising costs.
Investors Chronicle - magazine and web content, March, 2008
RESULTS: The shares will offer value once the cost squeeze is over. Daniel O'Sullivan
In-line full-year results for Chilean copper miner Antofagasta saw sustained high copper prices, increased molybdenum by-product credits and an increase in attributable production following the takeover of the El Tesoro mine. This just about offset an 8 per cent decline in consolidated group production - to around 428,000 tonnes per year (tpy) - and swingeing operational cost increases. Cost headwinds, particularly power and sulphuric acid, will continue to feed through into 2008, but chief executive Marcelo Awad then expects stabilisation in 2009 and cost declines from 2010 onwards, as regional availability of both key inputs increase.
Mr Awad expects group...
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