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Antofagasta CEO says copper's bullish run not over yet

Aug. 22, 2017 10:34 AM ETAntofagasta plc (ANFGF) StockJJCTF, ANFGF, CUPM, CPERBy: Carl Surran, SA News Editor
  • Antofagasta (OTC:ANFGF +2.3%) CEO Ivan Arriagada has been surprised by copper’s surge to a three-year high but thinks prices for the metal can continue to climb.
  • Copper “has come forward because of the performance of China’s economy,” the CEO tells Bloomberg after reporting strong H1 results. “The outlook in emerging markets, especially in China, is much more favorable. We’re seeing sustained growth in copper demand.”
  • The Chilean miner reported H1 EBITDA nearly doubled Y/Y to $1.08B on 42% higher revenue of $2.05B, and copper production rose 7% to 346K metric tons, with full-year output guidance maintained at 685K-720K tons; the company raised its H1 dividend to 10.3 cents/share from 3.1 cents in the same period last year.
  • ETFs: JJC, CPER, CUPM

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