Antofagasta's historically high returns on invested capital will evaporate in a world of $2 copper.
Antofagasta reported solid first-half results that were in line with our expectations, as higher copper prices drove 88% year-on-year EBITDA growth to $1.1 billion. With our long-term thesis unchanged, our fair value estimate ticks up to GBX 417 per share from GBX 413 per share based on a slight weakening of the British pound against the U.S. dollar. Our no-moat rating is still intact.Antofagasta is likely to sustain its improved profitability during the second half of the year, as we recently ...
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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