Column: Trump 2.0 won’t reverse Biden’s critical minerals push
Donald Trump has described the Inflation Reduction Act (IRA) as a "green scam" and vowed to repeal it after he returns to the White House in January.
Chilean miner Antofagasta on Tuesday more than halved its annual dividend and said its full-year profit dropped 39%, as high input costs, reduced copper grades, and a drought in Chile hit its copper production.
The group’s earnings before interest, tax, depreciation, and amortisation for 2022 was $2.9 billion, compared with $4.84 billion a year ago.
Antofagasta declared a final dividend of 50.5 cents per share for investors, bringing the total payout to 59.7 cents in 2022.
The company had made a record shareholder payout of 142.5 cents per share in 2021, amounting to $1.4 billion, when surging copper prices had helped it post its highest-ever profit.
The miner on Tuesday also reiterated its forecast for copper production and capital expenditure in 2023.
Usage of copper, a metal often used as a gauge of global economic health, is expected to increase as countries around the world look to make a big shift towards green energy.
(By Muhammed Husain; Editing by Uttaresh.V)
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