Antofagasta posts 49 pct drop in first-half core earnings
Aug 25 (Reuters) - Chilean copper mine Antofagasta said on Tuesday it was targeting savings of about $160 million this year as it posted a 49 percent fall in first-half core profit, hit by a steep fall in prices of the metal.
The miner said first-half core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), was $562 million, down from $1.09 billion a year ago and lagging a company-provided consensus of $594 million.
Copper prices recently hit their lowest levels since 2009 on concerns over slowing economic growth in China, the world's top consumer of industrial metals. (Reporting by Olivia Kumwenda-Mtambo in Johannesburg; Editing by Susan Fenton)
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