Antofagasta hit by prices drop

The Chilean copper miner Antofagasta has reported a 7.2 per cent drop in first-half profits, as falling prices and higher exploration costs outweighed the benefit of higher output from its Esperanza project.

London-listed Antofagasta reported a $646.1m (£408m) profit for the period as revenues rose by 3.5 per cent to $3.16bn. Copper prices have fallen about 14 per cent in the past 12 months hit by uncertainty over growth in China, a major investor, and the global economy.