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Antofagasta forecasts growth in 2024 on back of revenue rise

Chilean miner Antofagasta (LSE: ANTO) is poised for expansion in 2024 after reporting a 7.9% increase in revenue to $6.32 billion for 2023, it said on Tuesday. Earnings and profits also rose, albeit at a …

Chilean miner Antofagasta (LSE: ANTO) is poised for expansion in 2024 after reporting a 7.9% increase in revenue to $6.32 billion for 2023, it said on Tuesday.

Earnings and profits also rose, albeit at a slower pace. The company achieved slight increases in copper, gold and molybdenum production last year and expects further growth in 2024. However, its dividend sank 40% to 36.0 cents.

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Antofagasta warned that successful delivery of its growth projects depends on copper prices remaining stable amid uncertainty over Chinese demand.

Nonetheless, with a robust balance sheet and pipeline of developments at Los Pelambres and Centinela, CEO Ivan Arriagada said “the outlook for the company and its shareholders is positive.”

Antofagasta shares climbed 3.5% by late morning. The stock is up 10% year to date.

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