**Summary**
Antofagasta PLC, a global pure-play copper producer, reported strong half-year results for the six months ended June 30, 2025, with a 60% increase in EBITDA and a 25% rise in EBITDA margins. The companys CEO, Iván Arriagada, attributed this performance to higher copper production and lower costs, positioning Antofagasta at the top end of global copper producers in terms of margins. Key financial highlights include a 29% revenue increase to $3.799 billion, a 60% EBITDA growth to $2.234 billion, and a 101% rise in earnings per share to 52.9 cents. The companys growth program is advancing at Los Pelambres and Centinela, with capital investment expected to increase in the second half, aiming for a 30% output growth in the medium term. Antofagasta maintains a disciplined approach to capital allocation, declaring an interim dividend of 16.6 cents per share, reflecting confidence in its business and commitment to shareholder returns.
Operationally, the company recorded strong safety performance with no fatalities and improved injury frequency rates. Copper production increased by 11% to 314,900 tonnes, driven by higher output from Los Pelambres and Centinela. Cash costs decreased by 12% to $2.32/lb before by-product credits, and by 32% to $1.32/lb after credits. The Competitiveness Programme generated $60 million in savings and productivity improvements in H1 2025, with a full-year target of $100 million.
Antofagastas growth projects remain on track, including the Centinela Second Concentrator and the Los Pelambres desalination plant expansion. The company maintained its full-year guidance, expecting total production between 660,000 and 700,000 tonnes, with unchanged cash cost and capex guidance. The interim dividend payout ratio is 35% of underlying net earnings, in line with the companys capital allocation framework.
In terms of sustainability, Antofagasta reported progress in health and safety, environmental management, community engagement, and diversity and inclusion. The company is also advancing initiatives to reduce its emissions footprint, including the construction of a trolley assist system and a fuel efficiency program. Water management remains a focus, with increased seawater usage and progress in water recovery projects.
Looking ahead, Antofagasta is well-positioned to benefit from strong copper fundamentals, supported by energy security and modern technology trends. The companys significant mineral resource base and growth projects are expected to drive incremental growth in the medium term.