Antofagasta cuts dividend on virus uncertainty

Antofagasta Los Pelambres mine is a large copper mine located in the north-central of Chile in Coquimbo Region. (Credit: Consejo Minero)

Antofagasta on Tuesday cut its 2019 final dividend by $70 million citing uncertainty due to covid-19 restrictions in place in Chile, as miners globally fight supply chain disruptions and production halts.

The London-listed miner said it will now pay a final dividend of 17.8 cents per share, amounting to $175.5 million, but added the latest quarantine restrictions in the South American country are not expected to impact its current operations.

In April, the copper miner said it would suspend its Los Pelambres expansion project for about four months and was operating with about two-thirds of its workforce at its mines in Chile.

Last month, Antofagasta reduced its capital expenditure for the year and said copper production would be at the lower end of its previous outlook due to the pandemic.

(By Aby Jose Koilparambil; Editing by Shounak Dasgupta)

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