Saudi Arabia to visit Brazil and Chile as seeks to diversify mining
The diversification strategy includes plans to expand into international mining to secure access to minerals including copper, cobalt and nickel, as well as lithium.
Chilean copper producer Antofagasta said on Tuesday 2019 profit climbed 9.5% on higher sales and lower costs, but flagged it would review its spending plans due to the tough global economy.
The London-listed miner said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $2.4 billion in the year ended Dec. 31, from $2.2 billion a year ago.
“In view of the current global situation, the expenditure programme is being reviewed to identify possible savings or deferrals,” Antofagasta said in a statement.
(By Zandi Shabalala; Editing by Louise Heavens)
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