Business
PRELIMINARY RESULTS ANNOUNCEMENT
PRELIMINARY RESULTS ANNOUNCEMENT.
About this update from Antofagasta Plc
[{"type":"text","content":"\n \n \n RNS Number : 3716G\n Antofagasta PLC\n 17 March 2020\n \n \n \n \n \n \n \n NEWS RELEASE, 17 MARCH 2020\n \n \n \n \n \n PRELIMINARY RESULTS ANNOUNCEMENT FOR \n \n \n THE YEAR ENDED 31 DECEMBER 2019\n \n \n \n Record safety and production performance\n \n \n \n \n \n \n \n \n \n Antofagasta plc CEO Iván Arriagada said: \"\n \n While Antofagasta emerges from 2019 with a record copper production and safety performance, a strong balance sheet and low cash costs resulting in EBITDA increasing by 9.5% to $2.4 billion, 2020 has begun with an unprecedented global challenge in the form of COVID-19. We are taking every measure possible to keep our colleagues safe and healthy, and our operations have not yet been impacted by the virus. The strength of our balance sheet, the flexibility of our cash flow due to our Cost and Competitiveness Programme and our strong safety and health culture means that the business is extremely robust in this challenging macro environment. \n \n \n \n \"During 2019, our copper production increased to a record of 770,000 tonnes while cash costs improved to $1.22/lb. The Board has declared a final dividend of 23.4 cents per share, taking our full year dividend pay-out ratio to 67%.\n \n \n \"Looking ahead to the rest of 2020, while we can't predict the shape of the recovery from COVID-19, Antofagasta is in good shape. We expect to maintain our strong safety and operating performance with copper production in the range of 725-755,000 tonnes at a net cash cost of $1.30/lb, as guided previously. We are looking to reduce our expected total capital expenditure, while continuing to progress the delivery of our growth projects at Los Pelambres, Zaldívar and Centinela. We have the flexibility, with our strong cash flows and balance sheet, to remain resilient through the cycle.\"\n \n \n \n \n \n HIGHLIGHTS\n \n \n Financial performance \n \n \n · \n \n Revenue for the full year of $4,965 million was 4.9% higher \n \n than 2018 reflecting the increase in copper and gold sales, partially offset by the decrease in the realised copper price \n \n \n · \n \n EBITDA(1) was $2,439 million\n \n , 9.5% higher than the previous year on higher revenue and lower unit costs due to grade increases at all operations, particular...