Antofagasta PLC (ANTO:LN) the Mining, Transport and Water Group which agreed in October 2009 to form a strategic partnership with Sunridge Gold whereby Antofagasta arranged to fund US$10 million of exploration work on Sunridge’s Asmara Project in Eritrea has released its unaudited result for the nine months ended 30 September 2009.

According to the report the Group turnover has decreased by 39% compared to the same period previous year from US$3,310.3 million in 2008 to US$2,019.6 million in 2009. The company states reduced sales volumes in copper as well as lower realised copper and molybdenum prices have lead to the drop in earnings.

The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), a measure approximating a company’s operating cash flow excluding distorting accounting and financing effects, has dropped by 49,1% compared to the same period previous year from US$ 2,216.1 million in 2008 to US$1,127.3 million in 2009.

Antofagasta became the largest share holder of Sunridge Gold with a US$5 million private placement financing into the company in 2009. Thus a representative of Antofagasta was appointed to Sunridge’s Board of Directors this month.

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