Antofagasta Production Still on Target; We Slightly Raise Our FVE on Higher Gold Production
Antofagasta released its second-quarter production report with full-year 2017 guidance unchanged. We slightly increase our fair value estimate to GBX 388 per share from GBX 387 based on our forecast for higher gold production, which is partially offset by a recent strengthening of the pound against the U.S. dollar. Our no-moat rating is also intact. Copper production was up 7.1% during the first half of 2017 compared with the first half of 2016 driven by production gains from Centinela and Antuc...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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