Compañía Minera del Pacífico (CAP Minería) posted a decrease in iron ore shipments and revenue in the first half of 2019, Kallanish learns from the company's latest quarterly report. CAP Minera is the mining arm of Chile's CAP group.
H1 results were impacted by the Puerto Guacolda II iron ore loading system accident. As a result, the miner saw its shipments reduce by -42.5%, although the average selling price per tonne increased by 27.9% to $93.4/t, the miner says. “The cost per ton in turn, had an increase of 36.5% basically due to the lower volumes produced and despatched in the period, as Los Colorados mine and pellet plant uses the Puerto Guacolda," the company observes. Shipments from the port represent approximately 50% of the mining company's total cargoes.
CAP Minería shipped 4.06 million tonnes of material in H1. From this total, iron ore exports amounted to 3.75mt, a fall of -43% on-year, while shipments to the domestic market were 301,000t, down -34.9%. In the second quarter, shipments of iron ore were 2.02mt, or -42.4% lower on Q2 2018.
CAP Minería saw a fall in its net revenue of -26% to almost $392.6 million in H1, while Ebitda reached $129.5m, down by -34.2% on last year, CAP group data show.