Antofagasta's historically high returns on invested capital will evaporate in a world of $2 copper.
Antofagasta reported strong fourth-quarter results, with higher copper prices supporting earnings. Production guidance was unchanged in its fourth-quarter earnings release, in line with our expectations. We’re increasing our fair value estimate to GBX 450 from GBX 410 due to the time value of money and a weaker pound relative to the U.S. dollar since our last update. Our no-moat rating remains intact.Antofagasta’s stock still looks expensive. The current price of GBX 914.60 at the time of writi...
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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