Antofagasta has posted a 5% increase first-half profit as higher copper prices more than offset lower sales, The Chilean miner saw EBITDA for the first six months of the year rise to $1.39bn from $1.33bn last year. In July, the company revealed that full-year output from its four copper mines would be at the lower end of its guidance range due to lower ore grades. The FTSE 100-listed firm will pay an interim dividend of 7.9 cents per share, down from 11.7 cents last year. Antofagasta shares were up 0.7% around 9am.
John Wood Group reported a first-half operating loss as revenue fell, but the oil services firm still reaffirmed its guidance for the next two years. Wood Group swung to a statutory operating loss of $899m from a profit of $23m in the same period a year earlier. The drop came after an impairment charge of $815m related to a takeover proposal in the period. Earlier this month, Wood Group shares plunged after Dubai-based engineer Sidara said it would not be making a firm takeover offer for the UK company due to geopolitical risks and financial market uncertainty. Wood Group shares edged up 0.3% in early trading.
Oil minnow i3 Energy has recommended an around £174.1m takeover offer by Gran Tierra. Under the deal, i3 Energy shareholders will receive 10.43p in cash and one new Gran Tierra Energy share for every 207 i3 Energy shares held. In addition, each i3 Energy shareholder will be entitled to receive a cash dividend of 0.2565p per share in lieu of the next quarterly dividend. The acquisition, which Gran Tierra expects to complete in the final quarter of the year, implies a value of 13.92p per i3 Energy share which had jumped 26% higher by around 9am.
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