Analyst Research Report Snapshot

Title:

ANTOFAGASTA - Q3 PRODUCTION AND COSTS BETTER THAN FORECAST

Price:

$10.00

Provider:

Edison Investment Research

Date:

11 Nov 2013

Pages:

7

Type:

AcrobatPDF

Companies referenced:

ANTO.L

Available for Immediate Download
Summary:

Antofagasta reported a third successive decline in copper production and a seventh successive rise in cash costs in Q313, in line with expectations. However, Q313 copper production and net cash costs were better than our forecasts, driven primarily by a higher than forecast average copper grade and lower energy prices at Los Pelambres. We have revised our FY13 production and cash costs forecasts and we now expect Antofagasta to achieve FY13 guidance of 700kt copper production and US$1.40/lb cash costs. The revisions result in a 4% upgrade to our FY13 EPS forecast. Our valuation of Antofagasta is materially unchanged at 661p/share at a 10% discount rate and 721p/share at a 9% discount rate.

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