ANGLO-CHILEAN miner Antofagasta has ridden a more stable copper price through 2023 to a boost in full-year revenues.

The firm's revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) both ticked up eight per cent and five per cent to $6.3bn (£5bn) and $3.1bn (£2.5bn).

However, earnings per share fell 46 per cent to 84.7 cents (67.3p) thanks to the disposal of the Reko Diq project.

The company also awarded shareholders a final dividend of 24.3 cents (19.2p) giving a full-year dividend of 36 cents (28.6p), equivalent to a total payout ratio of 50 per cent for the year.

The London-listed Chilean national has seen a 26.95 per cent share price rise in the last six months.

Antofagasta chief executive Iván Arriagada said: "Copper prices in 2023 showed reduced volatility, with prices displaying a high degree of stability in the second half of the year.

"With a strong balance sheet, the company is well positioned as it enters a new phase of growth."

The company also noted that across its operations, it had achieved a record year of safety performance.

(c) 2024 City A.M., source Newspaper