The Antofagasta plc Board has declared an interim dividend for the first half of 2025 of 16.6 cents per ordinary share, which amounts to $163.7 million. The interim dividend will be paid on 30 September 2025 to ordinary shareholders that are on the register at the close of business on 5 September 2025.
Other financial highlights include:
● Strong safety performance recorded in H1 2025, with no fatalities and injury frequency rates in line with 2024.
● EBITDA was $2,234.2 million, 60% higher than in H1 2024, driven by 29% higher revenues and a 12% reduction in cash costs before by-product credits.
● The Group's EBITDA margin increased 25% by 12 percentage points to 58.8% in H1 2025, placing the Group at the top end of global pure-play copper producers.
● Cash flow from operations increased by 22% to $1,812.0 million, with the drivers as described above partially offset by an increase in working capital.
● The Group's balance sheet remains resilient, with a net debt to EBITDA ratio of 0.54x as at 30 June 2025 (0.48x as at 31 December 2024), with shareholder returns and investments in growth and development projects maintained during the period.
● The Competitiveness Programme generated savings and productivity improvements of $60 million in H1 2025, with a full year target of $100 million in 2025.
● The Group's copper growth programme remains on track, with full construction of the Centinela Second Concentrator now into its second year of activities. Initial groundworks have commenced at the Los Pelambres desalination plant expansion, and activities continue to advance along the route of the new concentrate pipeline.
● Full year guidance is maintained, with total Group production for 2025 expected to be in the range of
660-700,000 tonnes, with cash cost and capex guidance as previously disclosed.
● As previously disclosed, copper production reached 314,900 tonnes in the first half of 2025, representing an 11% year-on-year increase. This was mainly driven by higher output from the Group's two concentrators (Centinela Concentrates and Los Pelambres).
● Cash costs before and after by-product credits were $2.32/lb and $1.32/lb respectively, 12% and 32% lower than H1 2024, due to increased production at both Los Pelambres and Centinela Concentrates.
● As previously announced in May 2025, Zaldívar's Environmental Impact Assessment (EIA) was formally approved during the period, which enables the mine life of this operation to be extended to 2051.
● The Group has recently announced a site visit to Centinela for investors and analysts later this year to provide direct access to this key project as construction progresses.
