Antofagasta Copper Stock Hits Near-Yearly Highs Amid Revenue Growth
Antofagasta stock has reached near-yearly highs on the London Stock Exchange due to increased copper prices and improved earnings. The Chilean copper producer reported a 19% year-over-year revenue growth in 2024, reaching $6.3 billion, while profit before tax rose by 33% to approximately $2.4 billion.
The company's EBITDA margin stood at around 59%, up from 55% in 2023, driven by stronger operating margins and cost discipline at its flagship mines. Net cash costs per pound of copper produced fell modestly year-over-year to around $1.55 per pound, aided by product credits from gold and molybdenum.
Antofagasta's latest guidance points to expected copper production in the range of 670,000 to 700,000 tonnes for 2025, implying mid-single-digit growth versus 2024. The company emphasized that this production outlook depends on continued progress at key sustaining and development projects.