Antofagasta plc's Stellar Performance in 2023 and Ambitious Plans for 2024

As Antofagasta plc steps into 2024, the company stands on a strong foundation built in 2023. With a clear focus on safety, operational excellence, and strategic growth, Antofagasta is well-positioned to continue its role as a key player in the copper industry.

2023 marked a year of significant achievements and forward momentum for Antofagasta plc, under the capable leadership of CEO Iván Arriagada. The company not only maintained its strong commitment to safety and operational excellence but also embarked on exciting growth projects, positioning itself as a leader in the copper industry.

"In 2023, we recorded another strong year of safety performance, with no fatalities and a reduction in lost time injury rates. We have delivered a year of robust operational performance in 2023, with production increasing by 2% and net cash costs in line year-on-year, with our strong cost discipline and increased output of by-products offsetting industry-wide cost inflation. Production in 2024 is expected to increase to 670-710,000 tonnes of copper, as previously announced, with guidance for net cash costs set at $1.60/lb." said Iván Arriagada, Antofagasta plc CEO.

Key Highlights of 2023:

Impressive Safety and Operational Performance:

• Zero fatalities and a reduction in lost time injury rates.
• Robust operational performance with a 2% increase in production.
• Strong cost discipline, managing industry-wide cost inflation effectively.

Strategic Growth Projects:

• Completion of the Phase 1 Expansion Project at Los Pelambres.
• Approval of the Centinela Second Concentrator Project, poised to add significant copper-equivalent production.
• Investment in Buenaventura, signaling a strategic focus on the Americas.

Stable Financials Amidst Global Challenges:

• Increased production leading to financial stability.
• Net cash costs remained consistent, reflecting efficient management.

The Path Forward in 2024:

Production Forecast:

• An anticipated increase to 670-710,000 tonnes of copper.
• Continuation of efficient and cost-effective operations.

Sustainability and Safety:

• Ongoing commitment to the highest safety standards.
• Sustainable practices, including water management and environmental impact assessments.

Growth and Development:

• Investment in significant projects like the Centinela Second Concentrator.
• Focus on innovative technologies and expansion plans.