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Antofagasta's Q1 revenue down 68% on lower copper, moly prices

May 28, 2009 - 15:27 GMT Location: London

KEYWORDS: Antofagasta , copper , Cu , molybdenum , Chile , Los Pelambres , El Tesoro , Michilla , Nadia Cavallaro

Chilean copper producer Antofagasta posted a 68% drop in revenue year on year for the first quarter on poor realised copper prices and lower margins on by-product molybdenum

Revenue before interest, tax and amortisation (Ebita) was $2.6 billion in the first three months ending March 31 down sharply from $8.2 billion in corresponding period of last year. London Metal Exchange copper prices averaged $1.55 per lb ($3,416 per tonne) in the first quarter, down from $3.52 per lb in the first three months in 2008. Antofagasta received a positive adjustment worth $113.5 million from provisional sales of copper. “The weighted average forward copper...

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