Antofagasta's historically high returns on invested capital will evaporate in a world of $2 copper.
Antofagasta released its third-quarter production report with full-year 2017 guidance still on track. We slightly increase our fair value estimate to GBX 419 per share from GBX 417 as our increased near-term copper price forecast is partially offset by a stronger pound relative to the U.S. dollar since our last update. Our no-moat rating is unchanged. Through the first three quarters of 2017, total copper production grew 4.5% year on year versus 2016, led by increases in the Centinela and Antuco...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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