Antofagasta's historically high returns on invested capital will evaporate in a world of $2 copper.
Antofagasta's first half production report generally matched our expectations. We have raised our fair value to GBX 303 per share from GBX 260 on a weaker British pound and copper prices that have tracked ahead of our expectations so far this year. Each factor contributed roughly half of the fair value increase. Our long-term expectations for Antofagasta are unchanged; as is our no-moat rating.Company copper production advanced 6.6% in the first half of 2016 to nearly 325,000 metric tons. Produ...
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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