Antofagasta PLC lowered its copper output outlook but reported a higher profit in the first half of 2023.

The Chile-focused mining group said pretax profit in the first six months of 2023 rose 13% to $764.5 million from $679.6 million a year prior.

Revenue climbed 14% to $2.89 billion from $2.53 billion. Gold sales rose 7.2% to 78,900 ounces from 73,600 ounces, while copper sales grew 14% to 275,100 tonnes from 240,400 tonnes.

Antofagasta declared an interim dividend of 11.7 US cents per share, up 27% from 9.2 cents a year before.

Looking ahead, the company lowered its outlook for copper production outlook. It now expects to produce between 640,000 and 670,000 tonnes of copper in 2023, down from a previous estimate of 670,000 to 710,000 tonnes. This is due to the rescheduling of completion activities at the desalination plant and concentrator expansion at Los Pelambres.

Further, the full year cash costs before by-product credits are now expected to be $2.30 per pound up from its previous guidance of $2.20.

‘We have a range of growth projects being implemented throughout our portfolio that will provide incremental growth in the medium term,’ the company said.

Antofagasta shares were 1.1% higher at 1,624.00 pence each on Thursday morning in London.

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