The Chilean based copper mining group Antofagasta PLC’s first-half profits have almost doubled and the company raising the interim dividend nearly fourfold from 2020. This increase in profits is said to be on the back of rising copper prices. However, the company has warned that a drought may affect production and has cut its production forecast. Antofagasta PLC is one of the big miners who have benefitted from a rise in commodity prices due to the easing of COVID-19 restrictions across the globe. The chief executive of Antofagasta PLC said that “generally, we are in a trend of growth from an economic point of view, which is positive for commodities. Especially copper, which is so key for climate change and emissions reduction. It opens up the prospect of a much improved outlook for copper.”
Another miner that has benefitted from these market conditions is the Australian miner South32 who reported a 153% in annual underlying profit. The increase in profit is on the back of higher prices in aluminium, metallurgical coal and manganese.
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