Antofagasta Makes Progress on Costs in 3Q; Raising Our Fair Value, but Shares Still Expensive
Antofagasta is making progress on copper costs in the face of fairly weak copper prices. We're raising our fair value estimate to GBX 355 per share from GBX 303 per share on a weaker British pound and copper costs that are tracking below our prior estimates. Each factor contributed roughly half of the fair value increase. Our no-moat rating is intact.Management lowered its annual copper net cash cost guidance to $1.25 per pound from $1.30. Facing lower copper prices, Antofagasta has worked to r...
Antofagasta is a Chilean copper mining group engaged in the discovery, development and operation of copper mining assets. Co. operates four copper mines in Chile, two of which also produce significant volumes of by-products. In addition to mining, Co. has a transport division that provides rail and road cargo services in northern Chile primarily to mining customers, including to some of Co.'s own operations. Co. is organized into two business divisions based on their products: Mining and Railway and other transport services. The mining division is split by mine and exploration activity. The transport division provides rail cargo and road cargo together with a number of ancillary services.
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