Antofagasta says profit up 5% in 2023, cuts dividend

Chile's Antofagasta on Tuesday reported a 5% rise in 2023 profit as copper production and prices increased, offsetting higher costs.

Although the mining group reported earnings before interest, tax, depreciation, and amortisation (EBITDA) of $3.1-billion, up from $2.9-billion in 2022, it slashed its full-year dividend to 36 cents a share, compared to 59.7 cents last year.