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Antofagasta 2016 Earnings Rise

14 Mar 2017 7:38 am

By Razak Musah Baba

LONDON--Antofagasta PLC (ANTO.LN) on Tuesday reported a rise in 2016 earnings after a strong performance from its Centinela copper mine helped boost production.

The Chilean miner's full-year earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 79% to $1.63 billion from $910.1 million a year earlier. Revenue rose 12% to $3.62 billion from $3.23 billion.

Antofagasta declared a final dividend of 15.3 cents a share, bringing the full-year dividend to 18.4 cents a share.

"The successful integration of Zaldívar and the ramp-up of Antucoya--alongside the completion of the expansion of Centinela Concentrates--have contributed to a 12.5% rise in copper production to 709,400 tons," Chief Exceutive Iván Arriagada said. In 2017, the company foresees incremental expansion at its Los Pelambres project, the CEO added.

Antofagasta said capital expenditure for 2017 is estimated at less than $900 million with some $100 million carried over from 2016. Capital expenditure in 2016 was down by 24% to $795.1 million, compared to 2015.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

March 14, 2017 03:38 ET (07:38 GMT)

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