Antofagasta (ANTO)

Business description

Antofagasta is a major Chile-based copper mining group with interests in transport and water distribution. Its mining operations produce over 700ktpa copper. It has a number of major growth projects and several international exploration partnerships.

Share price chart

Share chart

Stock data

Market cap.£4897m
Last close496.70p
High / Low (52 weeks)807.5p / 472.4p
Stock market listingLN
Forecast net cash (US$m)1369
Forecast gearing ratio (%)N/A
TeamResources - Mining

Price performance

Relative *(9.1)(20.9)(31.9)

* % Relative to local index

Other companies in sector Show

Afferro Mining Afri-Can Marine Minerals
African Barrick Gold African Eagle Resources
African Minerals Alderon Iron Ore
Aldridge Minerals Alkane Resources
All Star Minerals Allied Gold Mining
Almonty Industries Altius Minerals
Altona Energy Amara Mining
Amerigo Resources Amur Minerals
Angel Mining Anglesey Mining
Anglo Pacific Group Aquarius Platinum
Arian Silver Ariana Resources
Asa Resource Aspire Mining
Atalaya Mining Atlantic Gold NL
Aurcana Corporation Aureus Mining
Aurizon Mines Avalon Rare Metals
Avnel Gold Mining Baobab Resources
Bear Creek Mining Bellzone Mining
Bezant Resources Blackthorn Resources
Bushveld Minerals Cabral Resources
Caledon Resources Caledonia Mining
Cameco Canada Lithium Corporation
Carpathian Gold Celamin Holdings
Central Asia Metals Centrex Metals
Champion Iron Chatham Rock Phosphate
Chieftain Metals Coal of Africa
Condor Gold Continental Coal
Dalradian Resources Danakali
Denison Mines Discovery Metals
Doray Minerals DRDGOLD
Duluth Metals Eastern Platinum
ECR Minerals Edgewater Exploration
Energy Fuels Equatorial Resources
Euromax Resources European Goldfields
Forsys Metals Corp Fronteer Gold
Frontier Mining Frontline Gold
Galaxy Resources Gascoyne Resources
Gemfields GMA Resources
Gold One Gold Road Resources
Goldcrest Resources Golden Minerals Company
Goldplat Gunson Resources
Hambledon Mining Hecla
Highland Gold Highlands Pacific
Hummingbird Resources Ichor Coal
International Mining & Infrastructure Corp Iron Road
Ironwood Gold Jameson Resources
KEFI Minerals Kenmare Resources
Kingsgate Kinross Gold Corporation
Kopy Goldfields Lemur Resources
London Mining MacPhersons Resources
Majestic Gold Mandalay Resources Corp
Mariana Resources Matamec Explorations
MDM Engineering Group Medusa Mining
Metallica Minerals Minera IRL
Mineral Commodities Minotaur Exploration
Mkango Resources MMG
Natural Resource Partners Ncondezi Energy
Nevsun Resources New Talisman Gold Mines
Nkwe Platinum Nordgold
North American Palladium Northern Dynasty Minerals
Norton Gold Fields NovaCopper
OceanaGold Oracle Coalfields
Orbis Gold Ormonde Mining
Orosur Mining Orpheus Energy
Pan African Resources Pan American Goldfields
Papillon Resources Petropavlovsk
Pilot Gold Platmin
PolyMet Mining Polymetals Mining
Randgold Resources Rare Earth Minerals
Rare Element Resources Red Rock Resources
Regency Mines Richmont Mines
Rio Tinto Robust Resources
Rutila Resources Sable Mining
Shore Gold Silver Wheaton
Sirius Minerals South American Silver Corp
Spanish Mountain Gold St George Mining
Sumatra Copper & Gold Syndicated Metals
Teck Resources Titanium Resources Group
Torex Gold True North Gems
U3O8 Holdings Universal Coal
Vatukoula Gold Mines Veris Gold Corp
Victoria Gold W Resources
Western Areas Wits Gold
Wolf Minerals Woulfe Mining
Zanaga Iron Ore Company Zazu Metals Corporation
Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2011A 6076.0 3646.0 3193.0 139.69 5.4 2.1
2012A 6740.0 3868.0 3283.0 140.71 5.4 2.0
2013E 5680.0 2536.0 1928.0 82.78 9.1 2.7
2014E 5431.0 2431.0 1783.0 80.63 9.4 3.2

Last updated on 20/03/2014

Latest research

Investment summary

Antofagasta reported 9M13 revenues, EBITDA and attributable net cash all in line with our forecasts. Revenues were down 9.2% y-o-y to US$4,404m due to lower realised prices partly offset by increased copper and gold sales volumes. Copper sales of 532kt were 7.4% higher y-o-y, while the US$3.26/lb average realised copper price was 12.8% lower y-o-y. EBITDA fell 27.9% y-o-y to US$2,053m, reflecting lower revenue and higher operating costs. Gross cash costs rose 11.9% y-o-y to US%1.79/lb and net cash costs increased 34.3% y-o-y to US$1.33/lb, affected by weaker gold and molybdenum prices and lower molybdenum production volumes. We expect Antofagasta to achieve FY13 guidance of 700kt copper production and US$1.40/lb cash costs. Our valuation of Antofagasta is 661p/share at a 10% discount rate and 721p/share at a 9% discount rate.

Last updated on 03/11/2015

Industry outlook

Copper is currently trading at US$3.30/lb compared to our long-term forecast of US$2.96/lb.

Last updated on 03/11/2015

Key management

Jean-Paul Luksic, Chairman
Diego Hernández, CEO

Company address

Cleveland House
33 King Street
United Kingdom
+44 20 7808 0988
View website