Panama President sees no immediate risk from First Quantum mine
Jose Raul Mulino said a government report shows there are no immediate environmental or safety risks from Cobre Panama.
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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