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Antofagasta closing in on a feasibility study of expansion of Los Pelambres

Last updated: 06:26 12 Mar 2017 GMT, First published: 14:26 10 Mar 2017 GMT

Copper wire

Copper producer Antofagasta reports full-year results on Tuesday, with analysts keen to learn of progress on the expansion of the Los Pelambres asset.

The company is planning a phased expansion to spread the financial cost. It expects to complete the feasibility study for the expansion by the end of this year.

“We expect serious investment to start in 2018 after a decision later this year. In the current capital environment, we will be looking for capital cost savings from the US$1.1bn pre-feasibility cost estimates,” said broker Peel Hunt.

The broker is on the optimistic side with its forecast of US$1.06bn adjusted pre-tax profit versus the market consensus of US$980mln.

It is tipping sales of US$3.7bn versus market expectations of US$3.6bn.

Hikma Pharmaceuticals PLC (LON:HIK) has pulled out of the slump it suffered last year after releasing disappointing half-year results in August.

The shares are up 12.4% year-to-date and the company served up a taster ahead of results next week by launching a generic version of the anti-depressant drug Pristiq.

The group had some delayed launches in the second half of the financial year so there will be some repair work to be done on the reputation.

The devaluation of the Egyptian pound against the US dollar is likely to have an impact on numbers, which are reported in dollars.

“In the last trading update it reduced its guidance for the Generics business for 2016 but kept a positive outlook for 2017. Investors will therefore be keen for an update here and a guidance of what drug launches are likely to be made. It also reported difficulties due to the weakness of the Egyptian pound,” noted Graham Spooner at The Share Centre.

The market is expecting adjusted profit before tax of around US$300mln on sales of around US$1.9bn.

Significant announcements expected

 

Monday

Computacenter PLC (LON:CCC)

Finals

 

Circassia Pharmaceuticals PLC (LON:CIR)

Finals

 

Gresham Computing plc (LON:GHT)

Finals

 

Grupo Clarin (LON:GCLA)

Finals

 

Hutchison China Meditech Ltd (LON:HCM)

Finals

 

Telecom Egypt (LON:TEEG)

Finals

 

Telit Communications Plc (LON:TCM)

Finals

Tuesday

Advanced Medical Solutions Group PLC (LON:AMS)

Finals

 

Antofagasta PLC (LON:ANTO)

Finals

 

Applegreen PLC (LON:APGN)

Finals

 

Brady Plc (LON:BRY)

Finals

 

Burford Capital Ltd (LON:BUR)

Finals

 

Crossrider Plc (LON:CROS)

Finals

 

French Connection Group PLC (LON:FCCN)

Finals

 

Gresham Computing plc (LON:GHT)

Finals

 

InterQuest Group PLC (LON:ITQ)

Finals

 

Prudential PLC (LON:PRU)

Finals

 

SIG PLC (LON:SHI)

Finals

 

Surgical Innovations Group PLC (LON:SUN)

Finals

 

TCS Group Holding PLC (LON:TCSA)

Finals

 

The Gym Group PLC (LON:GYM)

Finals

 

TP ICAP PLC (LON:TCAP)

Finals

 

Close Brothers Group PLC (LON:CBG)

Interims

 

Kalibrate Technologies PLC (LON:KLBT)

Interims

Wednesday

Fusionex International (LON:FXI)

Finals

 

Gem Diamonds Ltd (LON:GEMD)

Finals

 

Hikma Pharmaceuticals PLC (LON:HIK)

Finals

 

Marshalls PLC (LON:MSLH)

Finals

 

MHP S.A GDR (LON:MHPC)

Finals

 

Robert Walters PLC (LON:RWA)

Finals

 

StatPro Group PLC (LON:SOG)

Finals

 

Brooks Macdonald Group plc (LON:BRK)

Finals

 

Clinigen Group (LON:CLIN)

Interims

 

Forterra PLC (LON:FORT)

Interims

 

Thinksmart Ltd (LON:TSL)

Interims

Thursday

Balfour Beatty plc (LON:BBY)

Finals

 

Capital Drilling Ltd (LON:CAPD)

Finals

 

Miton Group PLC (LON:MGR)

Finals

 

OneSavingsBank PLC (LON:OSB)

Finals

Friday

React Group PLC (LON:REAT)

Finals

 

Investec PLC (LON:INVP)

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