Antofagasta PLC racked up a 3.9% gain on Thursday after unveiling stronger production figures for its latest quarter. Some 200.3 kilotons of copper were produced in the fourth quarter, up 11.9% on the third and taking the figure up 0.5% over the course of 2024.
RBC Capital Markets has downgraded Anglo American PLC (LSE:AAL) and Antofagasta PLC (LSE:ANTO), highlighting challenges within the diversified mining sector. Anglo American's rating was reduced to 'underperform' from 'sector perform', with a lower price target of 2,200p, down from 2,400p.
TORONTO, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Nobel Resources Corp. (TSX – V: NBLC) (the “Company” or “Nobel”) is pleased to announce it has entered into binding agreements pursuant to which it can acquire a 100% interest in four separate copper projects (collectively, the “Projects”), namely Cuprita, Janett, Pampa Austral and Anais (the “Transaction”). The Projects are being acquired by Nobel's wholly owned Chilean subsidiary, Mantos Grandes Resources Chile SpA (“Mantos”).
An earthquake of magnitude 6.1 struck Antofagasta, Chile on Thursday, the European-Mediterranean Seismological Centre (EMSC) said.
Mining shares were sent higher on Monday after Beijing vowed next year would bring further measures to prop up China's flagging economy. Antofagasta PLC (LSE:ANTO) climbed 5.5% in the wake of the commentary from China's Politburo, with Glencore PLC (LSE:GLEN), Rio Tinto PLC and Anglo American PLC (LSE:AAL) also surging.
Antofagasta PLC (LSE:ANTO) increased third-quarter copper production by 15% and confirmed it was on track to hit its targets this year for output and costs. A 54% jump in gold production also helped the Chile-based group as grades at Centinela Concentrates started to recover.
Bullish copper price scenarios have disappointed this year but UBS sees this as a case of a delay to something that will happen and the pure miners still have appeal for the medium term. Prices have been subdued as smelters have stayed open and demand has not recovered as strongly as expected, but the long-term story remains intact argues the bank.
Antofagasta plc (OTC:ANFGF) Q2 2024 Results Conference Call August 20, 2024 9:00 AM ET Company Participants Rosario Orchard - Director of London Office Ivan Arriagada - Chief Executive Officer Mauricio Ortiz - Chief Financial Officer Alejandra Vial - Vice President of Sustainability Rob Simmons - Investor Relations Conference Call Participants Jason Fairclough - Bank of America Ioannis Masvoulas - Morgan Stanley Daniel Major - UBS Ephrem Ravi - Citigroup Marina Calero - RBC Capital Markets Edward Goldsmith - Deutsche Bank Operator Hello and welcome to Antofagasta's 2024 Half Year Results Call. We will start today's session with a short introduction from Antofagasta to be followed by a question-and-answer session.
Antofagasta PLC (LSE:ANTO) cut its interim dividend a third despite increasing profits and cash flow in the first half of the year thanks to higher copper prices. Revenue from the Chilean copper mining giant rose 2.3% to just under $3 billion and underlying profit (EBITDA) up 4.8% to $1.4 billion.
Antofagasta's share price rose after the South American miner announced pre-tax profits that slightly beat City estimates for the six months to June.
Gold might be the metal investors turn to when things get rough but copper is the indicator of how the industrial world is faring. As recession talk has increased, the price of copper has dropped, recently easing below US$9,000 for the first time this year.
Antofagasta PLC (LSE:ANTO) shares dropped 4% as the FTSE 100 mining giant warned that annual production will be at the lower end of previous guidance. The company's shares, which hit an all-time high above 2,400p in May after rising more than 150% over the past five years, fell 86p to 2,042p on Wednesday morning.