Antofagasta sales soar after copper rally

25th Nov 2010 11:01

Profits soared at the Chile-focused copper miner Antofagasta in the nine months to September 30 as prices for the red metal recovered from the economic crisis.Earnings before interest, tax, depreciation and amortization (EBITDA) jumped to $1.96bn (£1.24bn) on revenues that climbed to $3.17bn from $2.02bn.Copper prices at the London Metals Exchange averaged $3.25 a pound during the period, up from $2.11 over the same period the previous year. The outlook is still bullish, with prices for the red metal having climbed to $3.63 a pound on September 30.Antofagasta sold 388,400 tonnes of copper during the nine month period, a 20% increase from the same period the previous year. Molybdenum sales climbed to 6,300 tonnes from 5,800.The transport division, which includes railway and port operations in Chile, saw sales rise to $113.2m from $103.2m and the water division, which supplier water for about 144,000 homes and for mines and other industrial uses, saw revenues climb to $67.1m from $61.3m.