21/02/2023
Antofagasta plc - 2022 Full year Results
Full Year Results Announcement for the year ended 2022
Antofagasta plc CEO Iván Arriagada said: “The year ended strongly for the Company. EBITDA was $2.9 billion this year, and I am pleased that our EBITDA margin remained solid at 50%. Copper production reflected the expected continuing drought in Chile and the effects of increased input prices, and the pipeline incident at Los Pelambres. Over the year, we exited the Reko Diq project in Pakistan recognising a $945 million exceptional gain and we expect to receive that cash before the end of 2023.
“Operations reported a record safety performance with no serious incidents and our Cost and Competitiveness Programme generated benefits of $124 million which is significantly above our target of $50 million. We recognise climate change as one of the greatest challenges facing the world today and acknowledge our responsibility to be part of the solution. Since April 2022 all our electricity contracts are from renewable energy, significantly reducing our Scope 2 emissions and allowing us to reach our goal three years earlier than targeted.
“Looking ahead, the Los Pelambres expansion is expected to be in production during Q2 including the new desalination plant which will significantly alleviate the water constraints that we have experienced over the past 18 months. Also, copper and by-product production is expected to increase over the course of 2023 and we expect cash costs before by-product credits to remain in line with 2022. All this is supported by copper’s fundamentals which remain strong, with China showing signs of recovery and with the energy transition underpinning the long-term demand for copper.
“In line with our dividend policy, the Board has recommended a final dividend of 50.5 cents per share, to be approved by shareholders at the AGM, which brings the total dividend for the year to 59.7 cents per share, equivalent to a pay-out ratio of 100%, reflecting our positive outlook for 2023.”
cONTACT US
Sign up for the latest Antofagasta news:
C ontact usour sTRATEGY AND PURPOse
We are committed to our purpose of Developing Mining for a Better Future
our STRATEGY AND PURPOSE