Can you provide an update on Antofagasta Minerals’ projects in 2024 and the beginning of 2025?

We have been investing in growth, with key projects at Los Pelambres and Centinela progressing as planned. The two projects are forecast to increase our copper production by more than 30% when complete. Full construction on Centinela’s second concentrator started in March 2024, including foundation and concrete works at the primary crusher. At Los Pelambres, we completed Phase 1 of our expansion project there in March 2024 and are now focused on Phase 2, expanding the desalination plant and building a new concentrate pipeline. 

We also had a strong operational performance last year, producing 664,000 t of copper. In 2025, we expect production to be between 660,000 and 700,000 t. Looking further ahead, our medium-term aspiration is to grow production by approximately 30% compared to 2024, one of the highest levels of growth in the pure-play copper space. 

How does Antofagasta Minerals plan to combat declining ore grades at its projects?

Our growth projects at Centinela and Los Pelambres will significantly boost production. As brownfield sites, they require less capital, are lower risk, and have shorter timelines than greenfield projects. Additionally, at Los Pelambres in 2026 grades are expected to increase.

Does Antofagasta Minerals have any plans for collaboration, and how do you see collaboration increasing in the future?

Collaboration along the whole value chain is key to creating a more resilient and sustainable industry. For example, we collaborate with suppliers to boost productivity and sustainability standards through our ‘Suppliers for a Better Future’ programme, where initiatives include carbon reduction plans in key contracts, diversity targets for suppliers, and the provision of training.

Which technologies will play the biggest role in helping the company reach its net-zero targets?

Emissions reduction is a key pillar of our purpose to develop mining for a better future. Last year, we updated our targets to include a 50% reduction in Scope 1 and 2 emissions by 2035, and a 10% reduction in Scope 3 emissions by 2030, based on our figures from 2022, on the pathway to our goal of carbon neutrality by 2050.  As most emissions come from diesel haul trucks and vehicles, electrifying our fleet is key. Amongst other initiatives, ABB, along with Komatsu, is helping us to develop a pilot trolley system at Los Pelambres. The system can reduce diesel consumption by up to 90% in certain environments.

We already use electric vehicles in our operations. Our transport division, FCAB, unveiled the first hydrogen-powered locomotive in Chile and South America in Q4 2024, which will allow us to test and better understand the use of alternative fuels for transport.  At Centinela, we operate the largest fleet of electric pick-up trucks in the Chilean mining industry. 

What do you hope will be an immediate focus of the new Chilean government concerning the mining industry?

Copper continues to demonstrate robust market fundamentals over the medium and long term, given its role in energy security, global growth, and electrification. Chile is well placed to meet demand, as  its stable political environment makes it attractive to investors. We hope to continue working with the government to advance the sector and ensure Chile can continue to be a competitive supplier of this critical resource.

How can Chile ensure it stays ahead of other regional mining jurisdictions in terms of global supply?

Part of this is ensuring we invest in our future generation of talent. At Antofagasta Minerals, we are dedicated to educating our workforce so they have the skills they need to thrive. We run a Young Professionals Programme to attract and nurture talent, integrating 24 new participants in 2024.

What plans does Antofagasta Minerals have for the rest of 2025?

For 2025, we are focused on delivering production growth to meet the rising demand for copper, aiming to increase production in the medium term once these projects are finalized. Our two major growth projects at Los Pelambres and Centinela will give us a solid foundation to achieve that goal and provide the copper the world needs to power the shift to electrification. 

Our priority this year is advancing brownfield projects at Los Pelambres and Centinela, alongside sustainability initiatives. With these growth projects, a strong balance sheet, and Chile’s continued stability, we are well-positioned for 2025 and beyond.