Antofagasta shares down as cheaper copper hits turnover

Group turnover fell by 39 per cent to just over £2 billion, compared with the same period last year.

The fall was attributed to lower prices and volumes of copper, as well as lower prices for molybdenum.

Copper prices on the London Metal Exchange fell to an average of 211.5 cents per pound in the nine month period, down from 361.3 cents per pound in the same period last year.

The market price of molybdenum also fell to an average of $10.9 per pound, compared with $33.2 per pound in the same period last year.

During the first three quarters of this year Antofagasta sold 322,800 tonnes of copper, down from 362,100 tonnes sold in the same period in 2008. Molybdenum sales and production volumes increased slightly to 5,800 tonnes, from 5,700 tonnes produced and 5,600 tonnes sold in the same period last year.

Antofagasta’s transport division saw sales decrease in the period from $113.0 million to $103.2 million. The water division also reported a decrease in sales from $64.9 million to $61.3 million.

By 3:56 pm shares in Antofagasta were down 4.38 per cent to 895.00 pence per share.