Antofagasta Minerals' Production Increased by 12% in the Fourth Quarter of 2024

With an optimistic outlook and a focus on sustainable growth, Antofagasta Minerals reinforces its commitment to advancing the mining industry in Chile while contributing to the global copper market.

Antofagasta Minerals announced a 12% increase in its production during the fourth quarter of 2024, achieving a total of 664,000 metric tons of fine copper for the year, a 1% increase compared to 2023. This growth was driven by higher production at Los Pelambres and cathodes at Centinela, which offset lower grades in Centinela’s sulfide line.

Iván Arriagada, CEO of Antofagasta Minerals, highlighted progress in the company’s flagship projects at Los Pelambres and Centinela, which remain on schedule and within budget. "These projects will deliver one of the most significant production increases in the copper industry, enhancing our competitiveness and providing a solid foundation for long-term growth," Arriagada stated.

Investments and 2025 Projections

For 2025, Antofagasta Minerals plans to invest US$3.9 billion in expansion and development projects, up from US$2.7 billion last year. These investments primarily target the Nueva Centinela Project, which includes the construction of a second concentrator plant, and the Operational Adaptation Project (PAO) at Los Pelambres, featuring a new concentrate pipeline and an expanded desalination plant in Los Vilos.

The group expects to produce between 660,000 and 700,000 metric tons of copper this year, with a net cash cost estimated at US$1.45 to US$1.65 per pound.

Permits for Minera Zaldívar

A key challenge remains obtaining environmental permits to extend operations at Minera Zaldívar through 2051, avoiding a temporary closure anticipated by May of this year. "This is vital not only for the company but also for the Antofagasta region and Chile. Zaldívar currently provides employment for 4,000 families and works with over 300 suppliers, many of them local," Arriagada noted.

Operational Results and Sustainability

In 2024, the group maintained its net cash cost at US$1.64 per pound, reflecting solid operational performance. Gold production decreased by 11% to 186,900 ounces, while molybdenum production remained steady at 10,700 metric tons.

In terms of safety, Antofagasta Minerals achieved its best results to date, with no fatalities and significant reductions in all key safety indicators. "While we are proud of these achievements, we must remain vigilant, especially with ongoing construction projects," Arriagada added.

The Role of Copper in the Energy Transition

Arriagada emphasized copper's strategic importance as a critical mineral for the energy transition and global economic growth. "We are well-positioned to meet the growing demand for copper, essential for generating, transmitting, and storing electricity, as well as for sustainable economic development," he concluded.