Antofagasta share price: Company set to drill at 300 new sites in Chile

on Feb 6, 2014
Updated: Apr 9, 2020
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iNVEZZ.com, Thursday, February 6: Chile-based copper miner Antofagasta plc (LON:ANTO) plans to spend about $30 million (£18 million) on exploring new sites within previously approved projects in the country’s north.

Antofagasta’s share price was up 1.39 percent at 876p as of 14:33 UTC, valuing the FTSE-100 listed company at £8.59 billion. This compared with a 0.03 percent dip in the Basic Material sector and a 0.60 percent gain in the UK’s benchmark equity index.
According to mining.com, the miner is awaiting approval from Chile’s environmental evaluation body to start drilling at 300 new locations it plans to explore. Antofagasta, which last week reported record copper production of 721,200 tonnes in a “challenging” 2013 (Antofagasta share price: 2013 copper output hits record), is also building another mine in Chile, Antucoya, which is expected to go on stream next year. Antofagasta expects to produce this year about 700,000 tonnes of copper, 270,000 ounces of gold and 7,500 tonnes of molybdenum.

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The Antucoya project, which is being developed at a capex of around $2 billion (£1.2 billion), will have an estimated life span of 20 year. It is expected to produce 85,000 tonnes of copper per year in the first five years.
**Analysts on Antofagasta**
Shares of Antofagasta have a consensus rating of “hold” and an average target price of 885.90p from a total of 31 equity analysts. Seven of them have rated the stock as a “sell”, 13 have given a “hold” rating and 11 have assigned a “buy” rating.

**As of 14:54 UTC buy Antofagasta shares at 877.00p**
**As of 14:54 UTC sell Antofagasta shares at 876.50p.**
Trade stocks with Hargreaves Lansdown from £5.95 per deal.
Prices can go up and down meaning you can get back less than you invest. This is not advice. Dealing services provided by Hargreaves Lansdown.

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