Can you provide an update on Glencore’s operations in Chile?

Glencore has succeeded in consolidating itself as a key player in Chile’s copper mining industry through its Compañía Minera Lomas Bayas and Complejo Metalúrgico Altonorte operations, both of which enjoyed a successful 2024 in terms of progress and production. For example, at Altonorte, we can highlight the sustained reduction in freshwater consumption resulting from the consolidation of the slag cooling in pots. Likewise, the use of natural gas aims to lower GHG emissions, with a target of zero emissions by 2050. In terms of production, Altonorte achieved a historic record of 1,109,649 t/y of copper concentrate. 

Meanwhile, Lomas Bayas reached a milestone of two million hours worked without lost time accidents across three strategic projects designed to ensure long-term copper production. In terms of output, Lomas Bayas achieved a 13.1% increase, going from 66,000 t/y of copper in 2023 to 74,000 t/y in 2024. The crowning achievement for the site’s management was undoubtedly the recognition we received by winning the 2024 SONAMI National Mining Award, highlighting our commitment to sustainability and innovation. Another major milestone in 2024 for Glencore Chile was the signing of a contract with Empresa Concesionaria de Servicios Sanitarios S.A. (Econssa), which will allow us to operate under a groundbreaking circular model that uses desalinated seawater. 

What is the importance of sustainability and community initiatives for Glencore Chile?

We continue advancing toward Glencore’s global emission reduction goals, which include greater use of renewable energy and water-use optimization. In terms of community engagement, we maintain a close and supportive relationship with the communities surrounding our operations through programs focused on education, employment and sustainable development. For instance, at Altonorte, we continuously promote initiatives in collaboration with 20 organizations across seven key areas related to the smelter. 

How do you see the global transition to clean energy impacting the copper market?

With the global transition to clean energy, the scarcity of copper will become even more critical. However, it is not the only factor impacting this scenario. Supply limitations due to aging deposits, environmental regulations, and supply chain issues also contribute to stressing inventories. Chile has the opportunity to boost production by promoting innovation and attracting foreign investment. 

Nevertheless, it is undeniable that the system can be improved. Various regulations and tools could expedite progress and unlock initiatives, allowing us to maintain our leadership in the industry while still meeting environmental requirements. In the long term, the stability of the copper market will depend on the ability of Chile and other producers to balance growth with sustainability. For this reason, the implementation of new technologies and strategic policies will be essential to ensure the supply of this critical resource for the global energy transition. At Glencore Chile, we are focused on maximizing efficiency in copper production while maintaining high standards of responsible mining. Our investment in long-term solutions allows us to continue supplying copper with a reduced environmental impact. 

What are the biggest risks facing Glencore Chile and how are you addressing them?

Although we maintain a strong operational and strategic position in Chile, we remain highly alert to potential situations that could become critical for the industry, such as declining ore grades. Lomas Bayas operates with an ore grade of approximately 0.27%, which means that over its more than 20 years of operation, it has had to constantly evolve to remain competitive.

Another challenge for both Glencore Chile and the national mining industry is water management and environmental protection. For this reason, our operations in the Antofagasta region — Lomas Bayas and Altonorte — are implementing water efficiency initiatives. Additionally, Collahuasi is already developing a desalination plant aimed at ensuring water security.

The transition to more digitalized and automated mining requires a workforce with new skills, and the industry is facing a talent shortage in areas like automation, data analysis, and various STEM fields. 

What are your plans for Glencore in Chile for 2025 and beyond?

The goal remains to maintain efficient and profitable operations of our assets that meet business expectations — always prioritizing people and ensuring compliance with environmental requirements.

Our Human Capital and HSE+R teams continuously develop improvement processes for various initiatives to ensure safety and well-being.