Business
Interim Results
Interim Results.
About this update from Antofagasta Plc
[{"type":"text","content":"\n RNS Number : 0036Y Antofagasta PLC 26 August 2009 \n \n\n\nAntofagasta plc\nHalf yearly financial report for the six months ended 30 June 2009\n26 August 2009 \nHIGHLIGHTS\n \n\n\n\n\n\nSIX MONTHS TO 30 JUNE\n\n\n \n\n\n2009\n\n\n2008\n\n\n% Change\n\n\n\n\nGroup turnover\n\n\nUS$'m\n\n\n1,178.3\n\n\n2,407.0\n\n\n(51.0)\n\n\n\n\nCash flows from operations\n\n\nUS$'m\n\n\n52.8\n\n\n1,512.9\n\n\n(96.5)\n\n\n\n\nNet earnings1\n\n\nUS$'m\n\n\n235.7\n\n\n792.8\n\n\n(70.3)\n\n\n\n\nEarnings per share\n\n\ncents\n\n\n23.9\n\n\n80.4\n\n\n(70.3)\n\n\n\n\nNet cash at period end\n\n\nUS$'m\n\n\n1,773.3\n\n\n2,135.5\n\n\n(17.0)\n\n\n\n\nDividend per share2 \n(2009 interim - ordinary 3.4 cents)\n(2008 interim - ordinary 3.4 cents; special 3.0 cents)\n \n\n\ncents\n \n \n\n\n3.4\n \n \n\n\n6.4\n \n \n\n\n(46.9)\n \n \n\n\n\n\nAverage LME copper price (per pound)\n\n\ncents\n\n\n183.5\n\n\n367.8\n\n\n(50.1)\n\n\n\n\nGroup copper production\n\n\n'000 tonnes\n\n\n218.2\n\n\n233.6\n\n\n(6.6)\n\n\n\n\nGroup weighted average cash costs3 (net of by-product credits)\n\n\ncents\n\n\n97.5\n\n\n72.2\n\n\n35.0\n\n\n\n\nGroup weighted average cash costs3 (excluding by-product credits)\n\n\ncents\n\n\n116.0\n\n\n130.6\n\n\n(11.2)\n\n\n\n\nAverage market molybdenum price (per pound)\n\n\nUS$\n\n\n9.1\n\n\n33.1\n\n\n(72.5)\n\n\n\n\nGroup molybdenum production\n\n\n'000 tonnes\n\n\n3.7\n\n\n3.8\n\n\n(2.6)\n\n\n\n\n \nSee footnotes on following page.\n\n\nSolid operating performance with production slightly ahead of budget. Copper production was 218,200 tonnes, 6.6% below the 2008 half year as expected and molybdenum production was nearly unchanged at 3,700 tonnes. Full year production is expected to be approximately 447,000 tonnes for copper, ahead of previous forecasts, and 7,200 tonnes for molybdenum.\n\n\nReduced operating costs achieved as a result of a rigorous cost reduction programme implemented from the start of 2009 complemented by the general easing of market pressures compared with 2008, including lower energy and acid prices and a weaker Chilean peso. Cash costs excluding by-product credits were 116.0 cents per pound, 11.2% and 9.4% below the first and second halves of 2008 respectively. \n\n\nStrong financial position wi...