LONDON: Antofagasta plc reported a 60% year-on-year increase in EBITDA to $2.23 billion for the six months ended June 30, 2025, driven by higher copper production and materially lower costs. The EBITDA margin rose 12 percentage points to 58.8%, placing the Chilean miner among the top-tier global pure-play copper producers.
CEO Iván Arriagada attributed the robust performance to “operating discipline,” noting that underlying earnings per share more than doubled to 47.4 cents. “This is the highest margin level achieved since 2021,” Arriagada said. “Our growth programme at Los Pelambres and Centinela remains on track, with capital investment set to increase in the second half.”
Revenue rose 29% to $3.8 billion, while profit before tax climbed 63% to $1.16 billion. Cash flow from operations increased 22% to $1.81 billion. The company declared an interim dividend of 16.6 cents per share, reflecting a 110% increase and a 35% payout ratio of underlying net earnings.
Copper production reached 314,900 tonnes in H1 2025, up 11% year-on-year, with cash costs before by-product credits down 12% to $2.32/lb. The Competitiveness Programme delivered $60 million in savings, with a full-year target of $100 million.
Antofagasta reaffirmed full-year guidance of 660,000 to 700,000 tonnes of copper output. The Centinela Second Concentrator and Los Pelambres desalination expansion remain on schedule, supporting the company’s medium-term goal of +30% production growth.
The miner also confirmed Zaldívar’s Environmental Impact Assessment approval, extending the mine’s life to 2051.
A site visit to Centinela for investors and analysts is planned later this year.