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Antofagasta(LON: ANTO) report:Tipping Point
By Daniel Stewart & Co
- Antofagasta has released results for the first half of 2010. Unsurprisingly, given the recent strength in the copper price, the results were excellent. Turnover was up 49.5% at US$1,761m and earnings were up by 91.4% at US$451m.
- Copper production for the half year was 252.9m tonnes, up almost 16% with the plant expansion at the flagship Los Pelambres starting to make a contribution.
- Importantly, the new Esperanza mine is on schedule to commence operations in Q4 2010. Combining this with a full year of the expanded operation at Los Pelambres is expected to take copper production in 2011 to over 700,000 tonnes.
- The stock is trading on around 10x 2011 consensus earnings, which is not a particularly challenging level given the positive outlook for copper and the high quality of Antofagastas operations.
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