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1 Basis of preparation
The consolidated financial statements of the Antofagasta plc Group have been prepared in accordance with UK adopted international
accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The financial statements have been prepared on the going concern basis.
Going concern
The Directors have assessed the going concern status of the Group, considering a period of at least 12 months from the date of approval
of the 31 December 2025 Annual Report and Accounts.
The Group\u2019s business activities, together with those factors likely to affect its future performance, are set out in the Strategic Report, and
in particular within the Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the
period-end, are set out in the Financial Review. The consolidated financial statements include details of the Group\u2019s cash, cash equivalents
and liquid investment balances in Note 20, and details of borrowings are set out in Note 21.
When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its
significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in
place. The Group had a strong financial position as at 31 December 2025, with combined cash, cash equivalents and liquid investments
of $4,909.9 million. Total borrowings and other liabilities from financing activities were $7,659.4 million, resulting in a net debt position of
$2,749.5 million. Of the total borrowings, only 7% is repayable within one year, and 8% repayable between one and two years. In addition,
the Group has an undrawn revolving credit facility (RCF) of $500.0 million which expires in December 2028 and therefore covers all of
the going concern review period, which could provide additional liquidity if required.
When assessing the prospects of the Group, the Directors have considered the Group\u2019s copper price forecasts, the Group\u2019s expected
production levels, operating cost profile and capital expenditure. These forecasts are based on the Group\u2019s budgets and life-of-mine models,
which are also used when assessing relevant accounting estimates, including depreciation, deferred stripping and closure provisions.
This analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered
appropriate for an assessment of the Group\u2019s ability to manage the impact of a depressed economic environment. The analysis has only
included the drawdown of existing committed borrowing facilities and has not assumed that any new borrowing facilities will be put in place.
The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the
most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash
generation. Robust downside sensitivity analyses have been performed, assessing the impact of each of the sensitivities set out below.
\u2022 A significant deterioration in the future copper price forecasts by an average of 10%/approximately 40c/lb throughout the going
concern period.
\u2022 An even more pronounced short-term reduction of a further 50 c/lb/approximately 13% in the copper price for a period of three
months, in addition to the above deterioration of 10% in the copper price throughout the review period.
\u2022 The risk of capital expenditure overruns in respect of the Second Concentrator Project and the Encuentro Sulphides Project at
Centinela, and the Desalination Plant Expansion, Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres. In the case
of the Second Concentrator Project and the Encuentro Sulphides Project at Centinela, given the timescale of the projects, we have
concluded that this is not likely to result in a significant impact during the going concern review period. In the case of the Desalination
Plant Expansion, Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, we have included the impact of a 20%
overrun in the downside sensitivity analysis.
\u2022 A shutdown of any one of the Group\u2019s operations for a period of one month.
The stability of tailings storage facilities represents a potentially significant operational risk for mining operations globally. The Group\u2019s
tailings storage facilities are designed to international standards, constructed using downstream methods, subject to rigorous monitoring
and reporting, and reviewed regularly by an international panel of independent experts. Given these standards of design, development,
operations and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis.
The above downside sensitivity analyses indicated results which could be managed in the normal course of business, including the
aggregate impact of a number of the above sensitivities occurring at the same time. The analysis indicated that the Group is expected to
remain in compliance with all of the covenant requirements of its borrowings throughout the review period and retain sufficient liquidity.
Based on their assessment of the Group\u2019s prospects and viability, the Directors have formed a judgement that there are no material
uncertainties that the Directors are aware of that cast doubt on the Group\u2019s going concern status and that there is a reasonable
expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the
expected date of approval of the 31 December 2025 Annual Report and Accounts. The Directors therefore consider it appropriate
to adopt the going concern basis of accounting in preparing the consolidated financial statements.
Company structure
Antofagasta plc is a company limited by shares, incorporated and domiciled in the United Kingdom at 103 Mount Street, London W1K 2TJ,
under registered number 1627889. The immediate Parent Company of the Group is Metalinvest Establishment, and the ultimate Parent
Company the E. Abaroa Foundation, in which members of the Luksic family are interested.
The nature of the Group\u2019s operations is mining and exploration activities and the transport of rail and road cargo.
(A) Adoption of new accounting standards
The following accounting standards became effective in the current reporting period:
\u2022 Lack of Exchangeability (Amendments to IAS 21) (annual periods beginning on or after 1 January 2025).
The application of this amendment effective for the first time in the current year has had no significant impact on the amounts reported
in these financial statements.
(B) Accounting standards issued but not yet effective
At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in
these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments
will be adopted on each respective effective date.
None of these standards is expected to have a significant impact on the Group, except for IFRS 18.
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will
result in amendments to IFRS Accounting Standards, including IAS 8 \u2013 Basis of Preparation of Financial Statements (renamed from
Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and
measurement of items in the consolidated financial statements, it is expected to have an impact effect on the presentation and disclosure
of certain items such as:
\u2022 presenting specified categories and defined subtotals in the statement of profit or loss,
\u2022 providing disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, and
\u2022 enhancing aggregation and disaggregation.
The Group is currently assessing the impact of IFRS 18, and the preliminary assessment indicates that the presentation of the net share
of results from associates and joint ventures is expected to be shown within investing activities, rather than being part of operating profit
or loss. Further changes upon the implementation of IFRS 18 may be required, including that the Group may be required to change the
presentation for some foreign exchange gains or losses from the financing category into the operating category.
The following standards are effective after 1 January 2026:
\u2022 Amendments and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after
1 January 2026),
\u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after
1 January 2026), and
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements (annual periods beginning on or after 1 January 2027).
The following standards are effective after 1 January 2026 (and subject to UK endorsement):
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (annual periods beginning on or after 1 January 2027).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "The consolidated financial statements of the Antofagasta plc Group have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the going concern basis. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Going concern The Directors have assessed the going concern status of the Group, considering a period of at least 12 months from the date of approval of the 31 December 2025 Annual Report and Accounts. The Group\u2019s business activities, together with those factors likely to affect its future performance, are set out in the Strategic Report, and in particular within the Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period-end, are set out in the Financial Review. The consolidated financial statements include details of the Group\u2019s cash, cash equivalents and liquid investment balances in Note 20, and details of borrowings are set out in Note 21. When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 31 December 2025, with combined cash, cash equivalents and liquid investments of $4,909.9 million. Total borrowings and other liabilities from financing activities were $7,659.4 million, resulting in a net debt position of $2,749.5 million. Of the total borrowings, only 7% is repayable within one year, and 8% repayable between one and two years. In addition, the Group has an undrawn revolving credit facility (RCF) of $500.0 million which expires in December 2028 and therefore covers all of the going concern review period, which could provide additional liquidity if required. When assessing the prospects of the Group, the Directors have considered the Group\u2019s copper price forecasts, the Group\u2019s expected production levels, operating cost profile and capital expenditure. These forecasts are based on the Group\u2019s budgets and life-of-mine models, which are also used when assessing relevant accounting estimates, including depreciation, deferred stripping and closure provisions. This analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group\u2019s ability to manage the impact of a depressed economic environment. The analysis has only included the drawdown of existing committed borrowing facilities and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Robust downside sensitivity analyses have been performed, assessing the impact of each of the sensitivities set out below. \u2022 A significant deterioration in the future copper price forecasts by an average of 10%/approximately 40c/lb throughout the going concern period. \u2022 An even more pronounced short-term reduction of a further 50 c/lb/approximately 13% in the copper price for a period of three months, in addition to the above deterioration of 10% in the copper price throughout the review period. \u2022 The risk of capital expenditure overruns in respect of the Second Concentrator Project and the Encuentro Sulphides Project at Centinela, and the Desalination Plant Expansion, Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres. In the case of the Second Concentrator Project and the Encuentro Sulphides Project at Centinela, given the timescale of the projects, we have concluded that this is not likely to result in a significant impact during the going concern review period. In the case of the Desalination Plant Expansion, Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, we have included the impact of a 20% overrun in the downside sensitivity analysis. \u2022 A shutdown of any one of the Group\u2019s operations for a period of one month. The stability of tailings storage facilities represents a potentially significant operational risk for mining operations globally. The Group\u2019s tailings storage facilities are designed to international standards, constructed using downstream methods, subject to rigorous monitoring and reporting, and reviewed regularly by an international panel of independent experts. Given these standards of design, development, operations and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis. The above downside sensitivity analyses indicated results which could be managed in the normal course of business, including the aggregate impact of a number of the above sensitivities occurring at the same time. The analysis indicated that the Group is expected to remain in compliance with all of the covenant requirements of its borrowings throughout the review period and retain sufficient liquidity. Based on their assessment of the Group\u2019s prospects and viability, the Directors have formed a judgement that there are no material uncertainties that the Directors are aware of that cast doubt on the Group\u2019s going concern status and that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the expected date of approval of the 31 December 2025 Annual Report and Accounts. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Antofagasta plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "103 Mount Street, London W1K 2TJ,", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "Metalinvest Establishment", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "E. Abaroa Foundation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "The nature of the Group\u2019s operations is mining and exploration activities and the transport of rail and road cargo.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "(A) Adoption of new accounting standards The following accounting standards became effective in the current reporting period: \u2022 Lack of Exchangeability (Amendments to IAS 21) (annual periods beginning on or after 1 January 2025). The application of this amendment effective for the first time in the current year has had no significant impact on the amounts reported in these financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "(A) Adoption of new accounting standards The following accounting standards became effective in the current reporting period: \u2022 Lack of Exchangeability (Amendments to IAS 21) (annual periods beginning on or after 1 January 2025). The application of this amendment effective for the first time in the current year has had no significant impact on the amounts reported in these financial statements. (B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date. None of these standards is expected to have a significant impact on the Group, except for IFRS 18. IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in amendments to IFRS Accounting Standards, including IAS 8 \u2013 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have an impact effect on the presentation and disclosure of certain items such as: \u2022 presenting specified categories and defined subtotals in the statement of profit or loss, \u2022 providing disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, and \u2022 enhancing aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18, and the preliminary assessment indicates that the presentation of the net share of results from associates and joint ventures is expected to be shown within investing activities, rather than being part of operating profit or loss. Further changes upon the implementation of IFRS 18 may be required, including that the Group may be required to change the presentation for some foreign exchange gains or losses from the financing category into the operating category. The following standards are effective after 1 January 2026: \u2022 Amendments and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026), \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026), and \u2022 IFRS 18 Presentation and Disclosures in Financial Statements (annual periods beginning on or after 1 January 2027). The following standards are effective after 1 January 2026 (and subject to UK endorsement): \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (annual periods beginning on or after 1 January 2027).", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "(B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date. None of these standards is expected to have a significant impact on the Group, except for IFRS 18. IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in amendments to IFRS Accounting Standards, including IAS 8 \u2013 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have an impact effect on the presentation and disclosure of certain items such as: \u2022 presenting specified categories and defined subtotals in the statement of profit or loss, \u2022 providing disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, and \u2022 enhancing aggregation and disaggregation. The Group is currently assessing the impact of IFRS 18, and the preliminary assessment indicates that the presentation of the net share of results from associates and joint ventures is expected to be shown within investing activities, rather than being part of operating profit or loss. Further changes upon the implementation of IFRS 18 may be required, including that the Group may be required to change the presentation for some foreign exchange gains or losses from the financing category into the operating category. The following standards are effective after 1 January 2026: \u2022 Amendments and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026), \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after 1 January 2026), and \u2022 IFRS 18 Presentation and Disclosures in Financial Statements (annual periods beginning on or after 1 January 2027). The following standards are effective after 1 January 2026 (and subject to UK endorsement): \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (annual periods beginning on or after 1 January 2027).", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
2 Material accounting policies
(A) Accounting convention
These financial statements have been prepared under the historical cost convention as modified by the use of fair values to measure
certain financial instruments, principally provisionally priced sales as explained in Note 2(F) and financial derivative contracts as explained
in Note 2(V).
(B) Basis of consolidation
The financial statements comprise the consolidated financial statements of Antofagasta plc ('the Company' or 'the Parent' or 'the Parent
Company') and its subsidiaries (collectively 'the Group').
Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The
consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries
after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non-
controlling shareholders are presented as 'Non-controlling interests' in the consolidated balance sheet and consolidated income statement.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets
in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the
recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition
basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus
the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests
even if this results in the non-controlling interests having a deficit balance.
Changes in the Group\u2019s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are
accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect
the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are
adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between
(i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying
amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary
are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income
and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted
for as if the Group had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained
earnings as specified by applicable IFRS). The fair value of any investment retained in the former subsidiary at the date when control is
lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments: Recognition and
Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
(C) Investments in associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through the
power to participate in the financial and operating policy decisions of that entity. The results and assets and liabilities of associates are
incorporated in these consolidated financial statements using the equity method of accounting.
This requires recording the investment initially at cost to the Group and then, in subsequent periods, adjusting the carrying amount of the
investment to reflect the Group\u2019s share of the associate\u2019s results less any impairment and any other changes to the associate\u2019s net assets
such as dividends. When the Group loses control of a former subsidiary but retains an investment in associate in that entity, the initial
carrying value of the investment in associate is recorded at its fair value at that point. When the Group\u2019s share of losses of an associate
exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are
recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
Investments in associates are reviewed for impairment if there is any indication that the carrying amount may not be recoverable.
If any such indications exist, the recoverable amount of the associate is estimated in accordance with the policy set out in Note 2(L).
(D) Joint arrangements
A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending
on the nature of the arrangement.
(i) Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28: Investment in Associates and Joint Ventures,
as described in Note 16.
(ii) Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the
joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS.
When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements
are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related
to the Group.
(E) Currency translation
The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it
operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the
date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at
year-end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items.
The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement
items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance
sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken
to equity and recorded in a separate currency translation reserve. Accumulated translation differences within equity are reclassified to the
income statement when the related foreign operation is disposed of.
On consolidation, exchange gains and losses which arise on balances between Group entities are taken to reserves where that balance is,
in substance, part of the net investment in a foreign operation, i.e. where settlement is neither planned nor likely to occur in the foreseeable
future. All other exchange gains and losses on Group balances are recognised in the income statement within other finance items.
Fair value adjustments and any goodwill arising on the acquisition of a foreign entity are treated as assets of the foreign entity and
translated at the period-end rate.
(F) Revenue recognition and other income
Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of
consideration received or receivable, and excludes any applicable sales tax.
Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to a customer.
An asset is transferred when (or as) the customer obtains control of that asset.
For the Group\u2019s mining products, the customer generally gains control over the material when it has been loaded at the port of loading,
and so this is the point of revenue recognition. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF)
Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. In these
cases, the customer still gains control over the material when it has been loaded at the port of loading, as they are able to direct the use
of the goods from this point, and so that remains the point of revenue recognition for the sale of material; however, the shipping service
represents a separate performance obligation, and revenue in relation to such services is recognised separately from the sale of the
material, with the shipping revenue recognised over time as the shipping service is provided, along with the associated costs. Shipping
revenue is recognised at the contracted price of the shipping service to the Group as this reflects the standalone selling price.
Revenue from mining activities is recorded at the invoiced amounts with an adjustment for provisional pricing at each reporting date, as
explained below. For copper and molybdenum concentrates, which are sold to smelters and roasting plants for further processing into fully
refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a 'treatment
and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined metal.
Revenue includes amounts from the sale of by-products such as gold and silver.
Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional pricing of
sales at the time of shipment, with final pricing based on the monthly average London Metal Exchange (LME) copper price or the monthly
average market molybdenum price for specified future periods. This normally ranges from one to four months after delivery to the
customer. For sales contracts which contain provisional pricing mechanisms, the initial invoice typically reflects the month-average market
price for the metal in the month of shipment, with the associated receivable balance subsequently measured at fair value through profit
or loss, because it does not meet the criteria of reflecting solely payments of principal and interest on the principal amount outstanding.
Gains and losses from the marking-to-market of the receivable balance in relation to open sales are recognised through adjustments to other income presented within revenue in the income statement and to trade receivables in the balance sheet. The fair value calculations are based on forward prices at the period end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the limited futures market for that commodity. For the Transport Division, revenue in respect of its transportation and ancillary services is recognised over time in line with the performance of those services. In the case of cargo transportation revenue recognition generally reflects the volume of freight transported during the period, with revenue recognised when particular shipments are delivered to their specified destination. Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For equity investments it is recorded in investment income and for associates and joint ventures, it is recorded as a decrease of the investment . (G) Exploration and evaluation expenditure Exploration and evaluation costs, other than those incurred in acquiring exploration licences, are expensed in the year in which they are incurred. When a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved) all further directly attributable pre-production expenditure is capitalised. Capitalisation of pre-production expenditure ceases when commercial levels of production are achieved. Costs incurred in acquiring exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. (H) Stripping costs Pre-stripping and operating stripping costs are incurred in the course of the development and operation of open-pit mining operations. Pre-stripping costs relate to the removal of waste material as part of the initial development of an open-pit, in order to allow access to the ore body. All the incurred costs are capitalised and depreciated once production commences on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves for that pit at the beginning of the year. Operating stripping costs relate to the costs of extracting waste material as part of the ongoing mining process. The ongoing mining and development of the Group\u2019s open-pit mines is generally performed via a succession of individual phases. The costs of extracting material from an open-pit mine are generally allocated between ore and waste stripping in proportion to the tonnes of material extracted. The waste stripping costs are generally absorbed into inventory and expensed as that inventory is processed and sold. Where the stripping costs relate to a significant stripping campaign which is expected to provide improved access to an identifiable component of the ore body (typically an individual phase within the overall mine plan), the costs of removing waste in order to improve access to that part of the ore body will be capitalised within property, plant and equipment. The capitalised costs will then be amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates. (I) Intangible assets Exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences, the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. (J) Property, plant and equipment The costs of mining properties and leases, which include the costs of acquiring and developing mining properties and mineral rights, are capitalised as property, plant and equipment in the year in which they are incurred, when a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved). The cost of property, plant and equipment comprises the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. Once a project has been established as commercially viable, related development expenditure is capitalised. This includes costs incurred in preparing the site for mining operations, including pre-stripping costs. Capitalisation ceases when the mine is capable of commercial production, with the exception of development costs which give rise to a future benefit.
Interest on borrowings related to the construction or development of projects is capitalised as part of the cost of the asset. To the extent
that borrowings have been put in place specifically to fund the construction of the asset, the capitalised amount will reflect the actual
interest costs incurred on that borrowing less any investment income on the temporary investment of that borrowing. If the construction
is funded out of general borrowings, the capitalised interest expense will be calculated based on the entity\u2019s weighted average interest
rate, applied to the expenditure on the asset (with the capitalised interest amount not exceeding the entity\u2019s total borrowing cost for the
period). The interest costs are capitalised until such time as the assets are substantially ready for their intended use or sale which, in the
case of mining properties, is when they are capable of commercial production.
(K) Depreciation of property, plant and equipment
Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of
operating in the manner intended.
Property, plant and equipment is depreciated over its useful life, or over the remaining life of the operation if shorter, to residual value.
The major categories of property, plant and equipment are depreciated as follows:
(i) Land \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation,
in which case the land is depreciated on a straight-line basis over the expected mine life.
(ii) Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in
proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year.
(iii) Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years.
(iv) Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years.
(v) Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years.
(vi) Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material
processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years.
(vii) Assets under construction \u2013 no depreciation until asset is available for use.
(viii) Lease right-of-use assets \u2013 if the lease transfers ownership of the asset at the end of the lease term the asset is depreciated over
the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset\u2019s useful life and the lease term, on a
straight-line basis.
(ix) Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared
with the total ore contained in the component of the pit to which the stripping campaign relates (Note 14).
Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives
are accounted for prospectively.
(L) Impairment of property, plant and equipment and intangible assets
Property, plant and equipment and intangible assets relating to exploration and mining licences are reviewed for impairment if there is any
indication that the carrying amount may not be recoverable. In respect of historical impairments recognised in prior years, the Group also
assesses whether there is any indication that impairment may no longer exist or may have decreased.
If any such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment or
reversal (if any). Where the asset does not generate cash flows that are largely independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net
amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this
would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further
development or eventual disposal of the asset. The estimates used in determining the present value of those cash flows are those that an
independent market participant would consider appropriate. Value in use reflects the expected present value of the future cash flows which
the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements
or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation,
as realisation of the full potential of the Group\u2019s mining operations typically requires further capital expenditure and ongoing mine
development, and accordingly the Group typically applies this valuation estimate in its impairment assessments, unless indicated otherwise.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount is
reduced to the recoverable amount. An impairment charge is recognised in the income statement immediately. Where an impairment
subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount, but so that the increased
carrying amount does not exceed the carrying value that would have been determined if no impairment had previously been recognised
after taking into account the depreciation and/or amortisation that would otherwise have been recorded in the intervening period.
A reversal is recognised in the income statement immediately.
(M) Inventory
Inventory consists of raw materials and consumables, work-in-progress and finished goods. Work-in-progress represents material that is
in the process of being converted into finished goods. The conversion process for mining operations depends on the nature of the copper
ore. For sulphide ores, processing typically includes milling and concentrating, resulting in the production of copper concentrate. For oxide
ores, processing includes leaching of stockpiles, solvent extraction and electrowinning and results in the production of copper cathodes.
Finished goods consist of copper concentrate containing gold and silver at Los Pelambres and Centinela and copper cathodes at Centinela
and Antucoya. Los Pelambres and Centinela also produce molybdenum as a by-product.
Inventory is valued at the lower of cost, on a weighted average basis, and net realisable value. Net realisable value represents estimated
selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Cost of finished goods
and work-in-progress is production cost and for raw materials and consumables it is purchase price. Production cost includes:
\u2022 labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore,
\u2022 depreciation of plant, equipment and mining properties directly involved in the production process, and
\u2022 an appropriate allocation of production overheads.
Stockpiles represent ore that is extracted and is available for further processing. Costs directly attributable to the extraction of ore are
generally allocated as part of production costs in proportion to the tonnes of material extracted. Operating stripping costs are generally
absorbed into inventory, and therefore expensed as that inventory is processed and sold. If ore is not expected to be processed within
12 months of the balance sheet date it is included within non-current assets. If there is significant uncertainty as to when any stockpiled
ore will be processed, it is expensed as incurred.
(N) Taxation
Tax expense comprises the charges or credits for the year relating to both current and deferred tax.
Current tax is based on taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement because
it excludes items of income or expense that are taxable and deductible in different years and also excludes items that are not taxable or
deductible. The liability for current tax is calculated using tax rates for each entity in the consolidated financial statements which have
been enacted or substantively enacted at the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on temporary differences (i.e. differences between the carrying amount of
assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit). Deferred tax
is accounted for using the balance sheet liability method and is provided on all temporary differences, with certain limited exceptions
as follows:
(i) tax payable on undistributed earnings of subsidiaries, associates and joint ventures is provided except where the Group is able to
control the remittance of profits and it is probable that there will be no remittance of past profits earned in the foreseeable future,
(ii) deferred tax is not provided on the initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither accounting or taxable profit and does not give rise to equal taxable and deductible
temporary differences; and
(iii) the initial recognition of any goodwill.
Deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in
which case the deferred tax is also taken directly to equity.
Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the Group's proposed tax treatment,
income taxes are recognised consistent with the Group's income tax filings. If it is not considered probable, the uncertainty is reflected
within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on
which method better predicts the resolution of the uncertainty.
(O) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is
recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
(P) Provisions for decommissioning and restoration costs
Obligations to incur decommissioning and restoration costs can arise as a result of the development or ongoing operation of a mining
property. Costs are estimated on the basis of a formal closure plan and are subject to regular formal review.
Decommissioning obligations arising from the construction of property, plant and equipment (including installation of plant and site
preparation work) are provided for at their net present value as the construction of the asset gives rise to the obligation, and included
within the property, plant and equipment cost. These decommissioning costs are charged against profit or loss over the life of the mine,
through depreciation of the property, plant and equipment balance (recorded within operating expenses). The unwinding of the discount
on the provision is recorded within other finance items. Changes in the measurement of a decommissioning provision are added to, or
deducted from, the property, plant and equipment balance in the current year.
Restoration obligations arising from ongoing operating activities are provided for at their net present values and charged against operating
expenses as the obligation arises. Changes in the measurement of a restoration provision which relate to a change in the estimate of
the closure costs or a change in the discount rate are charged against operating expenses, and changes relating to foreign exchange are
recorded within other finance items.
(Q) Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of
the liability. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is
remeasured, with any changes in fair value recognised in profit or loss for the year. The Group currently does not have any equity-settled
share-based payments to employees or third parties.
(R) Post-employment benefits
The Group operates defined contribution schemes for a limited number of employees. For such schemes, the amount charged to the
income statement is the contributions paid or payable in the year.
Employment terms may also provide for payment of a severance indemnity when an employment contract comes to an end. This is
typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service)
and based on final salary level. The severance indemnity obligation is treated as an unfunded defined benefit plan, and the calculation
is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated.
The obligation recognised in the balance sheet represents the present value of the severance indemnity obligation. Actuarial gains and
losses are immediately recognised in other comprehensive income.
(S) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible
into known amounts of cash, are subject to insignificant risk of changes in value and are held for the purpose of meeting short-term cash
commitments rather than for investment or other purposes. Cash and cash equivalents have a maturity of 90 days or less at inception.
(T) Liquid investments
Liquid investments represent highly liquid current asset investments such as term deposits and managed funds invested in high-quality
fixed income instruments. They do not meet the IAS 7 definition of cash and cash equivalents, normally because even if readily accessible,
the underlying investments have an average maturity profile greater than 90 days from the date first entered into, or because they are
held primarily for investment purposes rather than meeting short-term cash commitments. These assets are measured at fair value
through profit or loss, as these assets are held for trading, with the fair value movements recorded within investment income.
(U) Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the
Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. If the lease transfers
ownership of the asset at the end of the lease term, the right-of-use asset is depreciated over the useful life of the asset; otherwise, the
asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of
the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 variable lease payments that are based on an index or a rate;
\u2022 amounts expected to be payable by the lessee under residual value guarantees;
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s
incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset
of similar value in a similar economic environment with similar terms and conditions.
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of the lease liability;
\u2022 any lease payments made at or before the commencement date less any lease incentives received;
\u2022 any initial direct costs; and
\u2022 restoration costs.
Lease right-of-use assets are included within property, plant and equipment and lease liabilities are included within borrowings and other
financial liabilities in the balance sheet.
(V) Other financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset
expire or the Group has transferred the asset to another party. Financial liabilities are removed from the Group\u2019s balance sheet when
they are extinguished \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired.
(i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group
generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive
Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is
disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings.
Dividends from equity investments are recognised in the income statement when the right to receive payment is established.
(ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total
receivable balance is measured at fair value through profit or loss, because it does not meet the criteria of reflecting solely payments
of principal and interest on the principal amount outstanding. Other receivable balances are measured at amortised cost.
(iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost.
(iv) Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets
in question do not typically only generate cash flows that are solely payments of principal and interest.
(v) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised at fair value which
is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the
effective interest method, with interest expense recognised on an effective yield basis. Finance charges, including premiums payable
on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method.
Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in
Note 2(J). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s
discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over
the life of the facility.
The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance
with IAS 23: Borrowing Costs, is recognised within operating activities in the consolidated cash flow statement.
The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any
surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference
share dividends are included within other finance items within net finance expense in the income statement.
(vi) Equity instruments \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments
of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note
2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital
and share premium are translated into US dollars at historical rates of exchange based on dates of issue.
(vii) Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than
those measured at fair value through profit or loss. The Group applies the IFRS 9 'simplified approach' to its trade receivables balances
which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts
which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable
balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these
balances. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is
measured at the 12-month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured
at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss.
(viii) Other financial liabilities \u2013 Other financial liabilities are initially recognised at fair value which is typically equal to the proceeds
received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with
interest expense recognised on an effective yield basis.
(ix) Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign
exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes.
The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the
fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised
in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the
hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the
amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is
recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within
other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from
equity and included as an adjustment to the initial cost of the hedged item.
(W) Exceptional items
Exceptional items are financially material items of income and expense which result from one-off transactions or transactions outside
the ordinary course of business of the Group. These are typically non-cash, including impairments and profits or losses on disposals.
The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated
by the ongoing businesses of the Group.
(X) Rounding
All amounts disclosed in the financial statements and notes have been rounded to the nearest million dollars unless otherwise stated.
These policies have been consistently applied to all the years presented, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "(B) Basis of consolidation The financial statements comprise the consolidated financial statements of Antofagasta plc ('the Company' or 'the Parent' or 'the Parent Company') and its subsidiaries (collectively 'the Group'). Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non- controlling shareholders are presented as 'Non-controlling interests' in the consolidated balance sheet and consolidated income statement. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group\u2019s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non- controlling shareholders are presented as 'Non-controlling interests' in the consolidated balance sheet and consolidated income statement. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group\u2019s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "(C) Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through the power to participate in the financial and operating policy decisions of that entity. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. This requires recording the investment initially at cost to the Group and then, in subsequent periods, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the associate\u2019s results less any impairment and any other changes to the associate\u2019s net assets such as dividends. When the Group loses control of a former subsidiary but retains an investment in associate in that entity, the initial carrying value of the investment in associate is recorded at its fair value at that point. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Investments in associates are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. If any such indications exist, the recoverable amount of the associate is estimated in accordance with the policy set out in Note 2(L). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "(C) Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through the power to participate in the financial and operating policy decisions of that entity. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. This requires recording the investment initially at cost to the Group and then, in subsequent periods, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the associate\u2019s results less any impairment and any other changes to the associate\u2019s net assets such as dividends. When the Group loses control of a former subsidiary but retains an investment in associate in that entity, the initial carrying value of the investment in associate is recorded at its fair value at that point. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Investments in associates are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. If any such indications exist, the recoverable amount of the associate is estimated in accordance with the policy set out in Note 2(L). (D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. (i) Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28: Investment in Associates and Joint Ventures, as described in Note 16. (ii) Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "(D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. (i) Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28: Investment in Associates and Joint Ventures, as described in Note 16. (ii) Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "(E) Currency translation The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at year-end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items. The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken to equity and recorded in a separate currency translation reserve. Accumulated translation differences within equity are reclassified to the income statement when the related foreign operation is disposed of. On consolidation, exchange gains and losses which arise on balances between Group entities are taken to reserves where that balance is, in substance, part of the net investment in a foreign operation, i.e. where settlement is neither planned nor likely to occur in the foreseeable future. All other exchange gains and losses on Group balances are recognised in the income statement within other finance items. Fair value adjustments and any goodwill arising on the acquisition of a foreign entity are treated as assets of the foreign entity and translated at the period-end rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "(E) Currency translation The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at year-end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items. The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken to equity and recorded in a separate currency translation reserve. Accumulated translation differences within equity are reclassified to the income statement when the related foreign operation is disposed of. On consolidation, exchange gains and losses which arise on balances between Group entities are taken to reserves where that balance is, in substance, part of the net investment in a foreign operation, i.e. where settlement is neither planned nor likely to occur in the foreseeable future. All other exchange gains and losses on Group balances are recognised in the income statement within other finance items. Fair value adjustments and any goodwill arising on the acquisition of a foreign entity are treated as assets of the foreign entity and translated at the period-end rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "(F) Revenue recognition and other income Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of consideration received or receivable, and excludes any applicable sales tax. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to a customer. An asset is transferred when (or as) the customer obtains control of that asset. For the Group\u2019s mining products, the customer generally gains control over the material when it has been loaded at the port of loading, and so this is the point of revenue recognition. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. In these cases, the customer still gains control over the material when it has been loaded at the port of loading, as they are able to direct the use of the goods from this point, and so that remains the point of revenue recognition for the sale of material; however, the shipping service represents a separate performance obligation, and revenue in relation to such services is recognised separately from the sale of the material, with the shipping revenue recognised over time as the shipping service is provided, along with the associated costs. Shipping revenue is recognised at the contracted price of the shipping service to the Group as this reflects the standalone selling price. Revenue from mining activities is recorded at the invoiced amounts with an adjustment for provisional pricing at each reporting date, as explained below. For copper and molybdenum concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a 'treatment and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Revenue includes amounts from the sale of by-products such as gold and silver. Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional pricing of sales at the time of shipment, with final pricing based on the monthly average London Metal Exchange (LME) copper price or the monthly average market molybdenum price for specified future periods. This normally ranges from one to four months after delivery to the customer. For sales contracts which contain provisional pricing mechanisms, the initial invoice typically reflects the month-average market price for the metal in the month of shipment, with the associated receivable balance subsequently measured at fair value through profit or loss, because it does not meet the criteria of reflecting solely payments of principal and interest on the principal amount outstanding. Gains and losses from the marking-to-market of the receivable balance in relation to open sales are recognised through adjustments to other income presented within revenue in the income statement and to trade receivables in the balance sheet. The fair value calculations are based on forward prices at the period end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the limited futures market for that commodity. For the Transport Division, revenue in respect of its transportation and ancillary services is recognised over time in line with the performance of those services. In the case of cargo transportation revenue recognition generally reflects the volume of freight transported during the period, with revenue recognised when particular shipments are delivered to their specified destination. Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For equity investments it is recorded in investment income and for associates and joint ventures, it is recorded as a decrease of the investment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
Interest income
Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the
rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount.
Interest received is recognised within investing activities in the consolidated cash flow statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
Dividend income
Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment
has been established. For equity investments it is recorded in investment income and for associates and joint ventures, it is recorded as
a decrease of the investment .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
(G) Exploration and evaluation expenditure
Exploration and evaluation costs, other than those incurred in acquiring exploration licences, are expensed in the year in which they
are incurred. When a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility
study, and the start of a feasibility study has been approved) all further directly attributable pre-production expenditure is capitalised.
Capitalisation of pre-production expenditure ceases when commercial levels of production are achieved.
Costs incurred in acquiring exploration and mining licences are classified as intangible assets when construction of the related mining
operation has not yet commenced. When construction commences the licences are transferred from intangible assets to the mining
properties category within property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
(H) Stripping costs
Pre-stripping and operating stripping costs are incurred in the course of the development and operation of open-pit mining operations.
Pre-stripping costs relate to the removal of waste material as part of the initial development of an open-pit, in order to allow access to the
ore body. All the incurred costs are capitalised and depreciated once production commences on a unit of production basis, in proportion
to the volume of ore extracted in the year compared with total proven and probable reserves for that pit at the beginning of the year.
Operating stripping costs relate to the costs of extracting waste material as part of the ongoing mining process. The ongoing mining and
development of the Group\u2019s open-pit mines is generally performed via a succession of individual phases. The costs of extracting material
from an open-pit mine are generally allocated between ore and waste stripping in proportion to the tonnes of material extracted. The
waste stripping costs are generally absorbed into inventory and expensed as that inventory is processed and sold. Where the stripping
costs relate to a significant stripping campaign which is expected to provide improved access to an identifiable component of the ore body
(typically an individual phase within the overall mine plan), the costs of removing waste in order to improve access to that part of the ore
body will be capitalised within property, plant and equipment. The capitalised costs will then be amortised on a unit of production basis,
in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping
campaign relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "(I) Intangible assets Exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences, the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "(I) Intangible assets Exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences, the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. (J) Property, plant and equipment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
(J) Property, plant and equipment
The costs of mining properties and leases, which include the costs of acquiring and developing mining properties and mineral rights,
are capitalised as property, plant and equipment in the year in which they are incurred, when a mining project is considered to be
commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been
approved). The cost of property, plant and equipment comprises the purchase price and any costs directly attributable to bringing the
asset to the location and condition necessary for it to be capable of operating in the manner intended. Once a project has been established
as commercially viable, related development expenditure is capitalised. This includes costs incurred in preparing the site for mining
operations, including pre-stripping costs. Capitalisation ceases when the mine is capable of commercial production, with the exception
of development costs which give rise to a future benefit.
Interest on borrowings related to the construction or development of projects is capitalised as part of the cost of the asset. To the extent that borrowings have been put in place specifically to fund the construction of the asset, the capitalised amount will reflect the actual interest costs incurred on that borrowing less any investment income on the temporary investment of that borrowing. If the construction is funded out of general borrowings, the capitalised interest expense will be calculated based on the entity\u2019s weighted average interest rate, applied to the expenditure on the asset (with the capitalised interest amount not exceeding the entity\u2019s total borrowing cost for the period). The interest costs are capitalised until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. (K) Depreciation of property, plant and equipment Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended. Property, plant and equipment is depreciated over its useful life, or over the remaining life of the operation if shorter, to residual value. The major categories of property, plant and equipment are depreciated as follows: (i) Land \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. (ii) Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. (iii) Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. (v) Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. (vii) Assets under construction \u2013 no depreciation until asset is available for use. (viii) Lease right-of-use assets \u2013 if the lease transfers ownership of the asset at the end of the lease term the asset is depreciated over the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset\u2019s useful life and the lease term, on a straight-line basis. (ix) Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 14). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively. (L) Impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets relating to exploration and mining licences are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. In respect of historical impairments recognised in prior years, the Group also assesses whether there is any indication that impairment may no longer exist or may have decreased. If any such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment or reversal (if any). Where the asset does not generate cash flows that are largely independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. The estimates used in determining the present value of those cash flows are those that an independent market participant would consider appropriate. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation, as realisation of the full potential of the Group\u2019s mining operations typically requires further capital expenditure and ongoing mine development, and accordingly the Group typically applies this valuation estimate in its impairment assessments, unless indicated otherwise. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount. An impairment charge is recognised in the income statement immediately. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount, but so that the increased carrying amount does not exceed the carrying value that would have been determined if no impairment had previously been recognised after taking into account the depreciation and/or amortisation that would otherwise have been recorded in the intervening period. A reversal is recognised in the income statement immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "(K) Depreciation of property, plant and equipment Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended. Property, plant and equipment is depreciated over its useful life, or over the remaining life of the operation if shorter, to residual value. The major categories of property, plant and equipment are depreciated as follows: (i) Land \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. (ii) Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. (iii) Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. (v) Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. (vii) Assets under construction \u2013 no depreciation until asset is available for use. (viii) Lease right-of-use assets \u2013 if the lease transfers ownership of the asset at the end of the lease term the asset is depreciated over the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset\u2019s useful life and the lease term, on a straight-line basis. (ix) Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 14). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "(L) Impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets relating to exploration and mining licences are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. In respect of historical impairments recognised in prior years, the Group also assesses whether there is any indication that impairment may no longer exist or may have decreased. If any such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment or reversal (if any). Where the asset does not generate cash flows that are largely independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. The estimates used in determining the present value of those cash flows are those that an independent market participant would consider appropriate. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation, as realisation of the full potential of the Group\u2019s mining operations typically requires further capital expenditure and ongoing mine development, and accordingly the Group typically applies this valuation estimate in its impairment assessments, unless indicated otherwise. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount. An impairment charge is recognised in the income statement immediately. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount, but so that the increased carrying amount does not exceed the carrying value that would have been determined if no impairment had previously been recognised after taking into account the depreciation and/or amortisation that would otherwise have been recorded in the intervening period. A reversal is recognised in the income statement immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "(L) Impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets relating to exploration and mining licences are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. In respect of historical impairments recognised in prior years, the Group also assesses whether there is any indication that impairment may no longer exist or may have decreased. If any such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment or reversal (if any). Where the asset does not generate cash flows that are largely independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. The estimates used in determining the present value of those cash flows are those that an independent market participant would consider appropriate. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation, as realisation of the full potential of the Group\u2019s mining operations typically requires further capital expenditure and ongoing mine development, and accordingly the Group typically applies this valuation estimate in its impairment assessments, unless indicated otherwise. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount. An impairment charge is recognised in the income statement immediately. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount, but so that the increased carrying amount does not exceed the carrying value that would have been determined if no impairment had previously been recognised after taking into account the depreciation and/or amortisation that would otherwise have been recorded in the intervening period. A reversal is recognised in the income statement immediately. (vii) Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 'simplified approach' to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12-month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "(M) Inventory Inventory consists of raw materials and consumables, work-in-progress and finished goods. Work-in-progress represents material that is in the process of being converted into finished goods. The conversion process for mining operations depends on the nature of the copper ore. For sulphide ores, processing typically includes milling and concentrating, resulting in the production of copper concentrate. For oxide ores, processing includes leaching of stockpiles, solvent extraction and electrowinning and results in the production of copper cathodes. Finished goods consist of copper concentrate containing gold and silver at Los Pelambres and Centinela and copper cathodes at Centinela and Antucoya. Los Pelambres and Centinela also produce molybdenum as a by-product. Inventory is valued at the lower of cost, on a weighted average basis, and net realisable value. Net realisable value represents estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Cost of finished goods and work-in-progress is production cost and for raw materials and consumables it is purchase price. Production cost includes: \u2022 labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore, \u2022 depreciation of plant, equipment and mining properties directly involved in the production process, and \u2022 an appropriate allocation of production overheads. Stockpiles represent ore that is extracted and is available for further processing. Costs directly attributable to the extraction of ore are generally allocated as part of production costs in proportion to the tonnes of material extracted. Operating stripping costs are generally absorbed into inventory, and therefore expensed as that inventory is processed and sold. If ore is not expected to be processed within 12 months of the balance sheet date it is included within non-current assets. If there is significant uncertainty as to when any stockpiled ore will be processed, it is expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "(N) Taxation Tax expense comprises the charges or credits for the year relating to both current and deferred tax. Current tax is based on taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement because it excludes items of income or expense that are taxable and deductible in different years and also excludes items that are not taxable or deductible. The liability for current tax is calculated using tax rates for each entity in the consolidated financial statements which have been enacted or substantively enacted at the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences (i.e. differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit). Deferred tax is accounted for using the balance sheet liability method and is provided on all temporary differences, with certain limited exceptions as follows: (i) tax payable on undistributed earnings of subsidiaries, associates and joint ventures is provided except where the Group is able to control the remittance of profits and it is probable that there will be no remittance of past profits earned in the foreseeable future, (ii) deferred tax is not provided on the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting or taxable profit and does not give rise to equal taxable and deductible temporary differences; and (iii) the initial recognition of any goodwill. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the Group's proposed tax treatment, income taxes are recognised consistent with the Group's income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "(N) Taxation Tax expense comprises the charges or credits for the year relating to both current and deferred tax. Current tax is based on taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement because it excludes items of income or expense that are taxable and deductible in different years and also excludes items that are not taxable or deductible. The liability for current tax is calculated using tax rates for each entity in the consolidated financial statements which have been enacted or substantively enacted at the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences (i.e. differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit). Deferred tax is accounted for using the balance sheet liability method and is provided on all temporary differences, with certain limited exceptions as follows: (i) tax payable on undistributed earnings of subsidiaries, associates and joint ventures is provided except where the Group is able to control the remittance of profits and it is probable that there will be no remittance of past profits earned in the foreseeable future, (ii) deferred tax is not provided on the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting or taxable profit and does not give rise to equal taxable and deductible temporary differences; and (iii) the initial recognition of any goodwill. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the Group's proposed tax treatment, income taxes are recognised consistent with the Group's income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "(O) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. (P) Provisions for decommissioning and restoration costs Obligations to incur decommissioning and restoration costs can arise as a result of the development or ongoing operation of a mining property. Costs are estimated on the basis of a formal closure plan and are subject to regular formal review. Decommissioning obligations arising from the construction of property, plant and equipment (including installation of plant and site preparation work) are provided for at their net present value as the construction of the asset gives rise to the obligation, and included within the property, plant and equipment cost. These decommissioning costs are charged against profit or loss over the life of the mine, through depreciation of the property, plant and equipment balance (recorded within operating expenses). The unwinding of the discount on the provision is recorded within other finance items. Changes in the measurement of a decommissioning provision are added to, or deducted from, the property, plant and equipment balance in the current year. Restoration obligations arising from ongoing operating activities are provided for at their net present values and charged against operating expenses as the obligation arises. Changes in the measurement of a restoration provision which relate to a change in the estimate of the closure costs or a change in the discount rate are charged against operating expenses, and changes relating to foreign exchange are recorded within other finance items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "(P) Provisions for decommissioning and restoration costs Obligations to incur decommissioning and restoration costs can arise as a result of the development or ongoing operation of a mining property. Costs are estimated on the basis of a formal closure plan and are subject to regular formal review. Decommissioning obligations arising from the construction of property, plant and equipment (including installation of plant and site preparation work) are provided for at their net present value as the construction of the asset gives rise to the obligation, and included within the property, plant and equipment cost. These decommissioning costs are charged against profit or loss over the life of the mine, through depreciation of the property, plant and equipment balance (recorded within operating expenses). The unwinding of the discount on the provision is recorded within other finance items. Changes in the measurement of a decommissioning provision are added to, or deducted from, the property, plant and equipment balance in the current year. Restoration obligations arising from ongoing operating activities are provided for at their net present values and charged against operating expenses as the obligation arises. Changes in the measurement of a restoration provision which relate to a change in the estimate of the closure costs or a change in the discount rate are charged against operating expenses, and changes relating to foreign exchange are recorded within other finance items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "(Q) Share-based payments For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year. The Group currently does not have any equity-settled share-based payments to employees or third parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "(R) Post-employment benefits The Group operates defined contribution schemes for a limited number of employees. For such schemes, the amount charged to the income statement is the contributions paid or payable in the year. Employment terms may also provide for payment of a severance indemnity when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on final salary level. The severance indemnity obligation is treated as an unfunded defined benefit plan, and the calculation is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated. The obligation recognised in the balance sheet represents the present value of the severance indemnity obligation. Actuarial gains and losses are immediately recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "(S) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible into known amounts of cash, are subject to insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Cash and cash equivalents have a maturity of 90 days or less at inception. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "(T) Liquid investments Liquid investments represent highly liquid current asset investments such as term deposits and managed funds invested in high-quality fixed income instruments. They do not meet the IAS 7 definition of cash and cash equivalents, normally because even if readily accessible, the underlying investments have an average maturity profile greater than 90 days from the date first entered into, or because they are held primarily for investment purposes rather than meeting short-term cash commitments. These assets are measured at fair value through profit or loss, as these assets are held for trading, with the fair value movements recorded within investment income. (i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "(U) Leases Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. If the lease transfers ownership of the asset at the end of the lease term, the right-of-use asset is depreciated over the useful life of the asset; otherwise, the asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of the lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Lease right-of-use assets are included within property, plant and equipment and lease liabilities are included within borrowings and other financial liabilities in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "(V) Other financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has transferred the asset to another party. Financial liabilities are removed from the Group\u2019s balance sheet when they are extinguished \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. (ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss, because it does not meet the criteria of reflecting solely payments of principal and interest on the principal amount outstanding. Other receivable balances are measured at amortised cost. (iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. (iv) Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. (v) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised at fair value which is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(J). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23: Borrowing Costs, is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. (vi) Equity instruments \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. (vii) Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 'simplified approach' to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12-month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. (viii) Other financial liabilities \u2013 Other financial liabilities are initially recognised at fair value which is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. (ix) Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "(V) Other financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has transferred the asset to another party. Financial liabilities are removed from the Group\u2019s balance sheet when they are extinguished \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. (ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss, because it does not meet the criteria of reflecting solely payments of principal and interest on the principal amount outstanding. Other receivable balances are measured at amortised cost. (iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. (iv) Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. (v) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised at fair value which is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(J). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23: Borrowing Costs, is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. (vi) Equity instruments \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. (vii) Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 'simplified approach' to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12-month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. (viii) Other financial liabilities \u2013 Other financial liabilities are initially recognised at fair value which is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. (ix) Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "(V) Other financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has transferred the asset to another party. Financial liabilities are removed from the Group\u2019s balance sheet when they are extinguished \u2013 i.e. when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Fair value gains or losses are recognised in the equity investment revaluation reserve. If an equity investment is disposed of, the accumulated gains or losses are transferred from the equity investment revaluation reserve to retained earnings. Dividends from equity investments are recognised in the income statement when the right to receive payment is established. (ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss, because it does not meet the criteria of reflecting solely payments of principal and interest on the principal amount outstanding. Other receivable balances are measured at amortised cost. (iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. (iv) Other financial assets \u2013 Other financial assets are typically measured at fair value through profit or loss, on the basis that the assets in question do not typically only generate cash flows that are solely payments of principal and interest. (v) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised at fair value which is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(J). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23: Borrowing Costs, is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. (vi) Equity instruments \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. (vii) Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 'simplified approach' to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12-month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. (viii) Other financial liabilities \u2013 Other financial liabilities are initially recognised at fair value which is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. (ix) Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "(ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss, because it does not meet the criteria of reflecting solely payments of principal and interest on the principal amount outstanding. Other receivable balances are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "(iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and they are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "(v) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recognised at fair value which is typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(J). Fees that are paid for the availability of a facility where the amount and timing of drawdown can vary at the Group\u2019s discretion, such as a revolving credit facility, are capitalised and recognised in the income statement on a systematic basis over the life of the facility. The total amount of interest paid, both in respect of interest recognised as an expense in profit or loss or capitalised in accordance with IAS 23: Borrowing Costs, is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "(vii) Impairment of financial assets \u2013 The Group applies the forward-looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 'simplified approach' to its trade receivables balances which are measured at cost, measuring the loss allowance at the lifetime expected credit loss. As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12-month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "(ix) Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "(ix) Derivative financial instruments \u2013 The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised in other comprehensive income and accumulated in equity. Such amounts are subsequently reclassified to profit or loss when the hedged item affects profit or loss or the forecast transaction is no longer expected to occur. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item the time value is removed from equity and included as an adjustment to the initial cost of the hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "(W) Exceptional items Exceptional items are financially material items of income and expense which result from one-off transactions or transactions outside the ordinary course of business of the Group. These are typically non-cash, including impairments and profits or losses on disposals. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "(X) Rounding All amounts disclosed in the financial statements and notes have been rounded to the nearest million dollars unless otherwise stated. These policies have been consistently applied to all the years presented, unless otherwise stated. ", "dimensions": { "concept": "antofagastaplc:DescriptionOfAccountingPolicyForRounding", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
3 Critical accounting judgements and key sources of estimation uncertainty
The critical accounting judgements and key estimates applied in the financial statements are set out below.
Judgements
Non-financial assets impairment indicators: The Group reviews the carrying value of its intangible assets and property, plant and
equipment, as well as its investments in its associates and joint ventures, to determine whether there are indicators that those assets
are impaired. As at 31 December 2025 no such indicators were identified. However, whether or not an impairment indicator exists
is considered a critical judgement at 31 December 2025 for Zald\u00edvar. The most relevant factors in the conclusion that there are no
impairment indicators for Zald\u00edvar are set out below:
\u2022 The positive copper price outlook as at 31 December 2025, with consensus analyst forecasts of the long-term copper price having
increased significantly during 2025.
\u2022 The operational performance experienced in 2025, in particular the lower than expected throughput and recovery levels, is not
considered to be indicative of future performance levels, with throughput and recovery levels forecast to increase over future years.
\u2022 Zald\u00edvar\u2019s EIA application, extending the operation\u2019s mining and water environmental permits to 2051, and allowing the development of
the primary sulphides ore deposit, was approved in May 2025. The permit approval includes a transitional period whereby Zald\u00edvar\u2019s
existing continental water extraction permit has been extended to 2028, after which time the mine must transition its water supply to
either seawater or water from third parties. The conclusion that there are no impairment indicators reflects the plans for an alternative
water source to be implemented by 2028, allowing the continued operation of the mine without interruption, and the development of
the primary sulphides deposit.
Estimates
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal
the related actual results. The Group has not identified estimates and assumptions which are considered to have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "3 Critical accounting judgements and key sources of estimation uncertainty The critical accounting judgements and key estimates applied in the financial statements are set out below. Judgements Non-financial assets impairment indicators: The Group reviews the carrying value of its intangible assets and property, plant and equipment, as well as its investments in its associates and joint ventures, to determine whether there are indicators that those assets are impaired. As at 31 December 2025 no such indicators were identified. However, whether or not an impairment indicator exists is considered a critical judgement at 31 December 2025 for Zald\u00edvar. The most relevant factors in the conclusion that there are no impairment indicators for Zald\u00edvar are set out below: \u2022 The positive copper price outlook as at 31 December 2025, with consensus analyst forecasts of the long-term copper price having increased significantly during 2025. \u2022 The operational performance experienced in 2025, in particular the lower than expected throughput and recovery levels, is not considered to be indicative of future performance levels, with throughput and recovery levels forecast to increase over future years. \u2022 Zald\u00edvar\u2019s EIA application, extending the operation\u2019s mining and water environmental permits to 2051, and allowing the development of the primary sulphides ore deposit, was approved in May 2025. The permit approval includes a transitional period whereby Zald\u00edvar\u2019s existing continental water extraction permit has been extended to 2028, after which time the mine must transition its water supply to either seawater or water from third parties. The conclusion that there are no impairment indicators reflects the plans for an alternative water source to be implemented by 2028, allowing the continued operation of the mine without interruption, and the development of the primary sulphides deposit. Estimates The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group has not identified estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next 12 months.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
4 Exceptional items
Exceptional items are financially material items of income and expense which result from one-off transactions or transactions outside
the ordinary course of business of the Group. These are typically non-cash, including impairments and profits or losses on disposals.
The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated
by the ongoing businesses of the Group.
Operating profit
Profit before tax
Income tax expenses
Earnings per share
2025 2024
2025 2024 2025 2024 2025 2024 cents per cents per
$M $M $M $M $M $M share share
Before exceptional items
3,373.6
1,637.3
3,159.5
1,648.7
(1,142.7)
(628.4)
129.3
62.8
Fair value gain on other financial assets \u2013
Buenaventura
\u2013
\u2013
\u2013
51.0
\u2013
(12.7)
\u2013
3.9
Reversal of impairment \u2013 Antucoya
\u2013
371.4
\u2013
371.4
\u2013
(114.0)
\u2013
17.4
Reversal of deferred tax on fair value gains
\u2013
\u2013
\u2013
\u2013
54.5
\u2013
5.5
\u2013
After exceptional items
3,373.6
2,008.7
3,159.5
2,071.1
(1,088.2)
(755.1)
134.8
84.1
Compa\u00f1\u00eda de Minas Buenaventura S.A.A.
During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Buenaventura. Prior to completion,
this agreement was accounted for at fair value through profit and loss. During 2024, an exceptional fair value gain of $51.0 million and a
deferred tax expense of $12.7 million was recognised in respect of this agreement in profit or loss (2023: $167.1 million and $41.8 million
respectively). From March 2024 onwards, the Group was considered to have significant influence over Buenaventura (in accordance
with the IAS 28 \u2013 Investments in Associates and Joint Ventures definition). Accordingly, the Group\u2019s interest in Buenaventura has been
accounted for as an investment in associate from that date.
During 2025, an exceptional deferred tax credit of $54.5 million was recognised in the income statement, due to the derecognition of the
deferred tax liability which had been previously recognised through the income statement in relation to the agreement, as the requirements
of the UK Substantial shareholdings exemption were met during the period. A further deferred tax credit of $44.7 million has been recognised
in Other Comprehensive Income, due to the derecognition of the deferred tax liability which had been previously recognised through Other
Comprehensive Income in relation to the changes in fair value of the Group\u2019s existing 7% investment shareholding in Buenaventura.
2024 \u2013 Reversal of Antucoya impairment
An exceptional pre-tax gain of $371.4 million (post-tax impact of $257.4 million) was recognised in respect of the reversal of previous
impairments recognised in respect of property, plant and equipment of the Antucoya operation.
", "dimensions": { "concept": "antofagastaplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
5 Segment information
The Group\u2019s reportable segments, which are the same as its operating segments, are set out below:
\u2022 Los Pelambres;
\u2022 Centinela;
\u2022 Antucoya;
\u2022 Zald\u00edvar;
\u2022 Exploration and evaluation;
\u2022 Corporate and other items; and
\u2022 Transport Division.
For management purposes, the Group is organised into two business divisions based on their products \u2013 Mining and Transport.
The Mining Division is split further for management reporting purposes to show results by mine and exploration activity.
Los Pelambres produces primarily copper concentrate containing gold and silver as a by-product, and molybdenum concentrate. Centinela
produces copper concentrate containing gold and silver as a by-product, molybdenum concentrates and copper cathodes. Antucoya and
Zald\u00edvar produce copper cathodes. The Transport Division provides rail cargo and road cargo transport together with a number of ancillary
services. All the operations are based in Chile. The Exploration and evaluation segment incurs exploration and evaluation expenses.
'Corporate and other items' comprises costs incurred by the Antofagasta plc, Antofagasta Minerals SA, the Group\u2019s mining corporate
centre and other entities that are not allocated to any individual business segment. Consistent with its internal management reporting,
the Group\u2019s corporate and other items are included within the Mining Division.
The chief operating decision-maker (the Group\u2019s Chief Executive Officer) monitors the operating results of the business segments separately
for the purpose of making decisions about resources to be allocated and assessing performance. Segment performance is evaluated
based on the operating profit of each of the segments.
(A) Segment revenues and results
For the year ended 31 December 2025
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar
Evaluation
1
items Mining Division Total
$m $m $m $m $m $m $m $m $m
Revenue
4,131.0
3,478.5
837.3
\u2013
\u2013
\u2013
8,446.8
173.5
8,620.3
Operating cost excluding
depreciation and loss on disposals
1
(1,583.0)
(1,244.3)
(510.3)
\u2013
(55.5)
(99.1)
(3,492.2)
(108.8)
(3,601.0)
Depreciation
(609.5)
(880.7)
(158.2)
\u2013
\u2013
(10.1)
(1,658.5)
(36.9)
(1,695.4)
Profit on disposals
52.6
(2.8)
\u2013
\u2013
\u2013
(0.1)
49.7
\u2013
49.7
Operating profit/(loss)
1,991.1
1,350.7
168.8
\u2013
(55.5)
(109.3)
3,345.8
27.8
3,373.6
Net share of results from
associates and joint ventures
\u2013
\u2013
\u2013
(30.4)
\u2013
82.6
52.2
0.4
52.6
Total operating profit/(loss) from
subsidiaries, and share of total
results from associates and
joint ventures
1,991.1
1,350.7
168.8
(30.4)
(55.5)
(26.7)
3,398.0
28.2
3,426.5
Investment income
28.5
55.1
8.5
\u2013
\u2013
62.1
154.2
2.0
156.2
Interest expense
(159.2)
(86.1)
(25.9)
\u2013
\u2013
(70.5)
(341.7)
(0.4)
(342.1)
Other finance items
(excluding exceptional items)
(36.6)
(32.1)
(7.0)
\u2013
\u2013
(6.1)
(81.8)
1.0
(80.8)
Profit/(loss) before tax
1,823.8
1,287.6
144.4
(30.4)
(55.5)
(41.2)
3,128.7
30.8
3,159.5
Tax \u2013 excluding exceptional items
(685.7)
(381.7)
(37.2)
\u2013
\u2013
(25.2)
(1,129.8)
(12.9)
(1,142.7)
Tax \u2013 exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
54.5
54.5
\u2013
54.5
Profit/(loss) for the year
1,138.1
905.9
107.2
(30.4)
(55.5)
(11.9)
2,053.4
17.9
2,071.3
Non-controlling interests
456.1
265.5
21.1
\u2013
\u2013
(0.3)
742.4
\u2013
742.4
Profit/(losses) attributable
to the owners of the parent
682.0
640.4
86.1
(30.4)
(55.5)
(11.6)
1,311.0
17.9
1,328.9
EBITDA
2
2,548.0
2,234.2
327.0
61.8
(55.5)
16.7
5,132.2
69.7
5,201.9
Capital expenditure (cash basis)
1,070.5
2,478.1
98.8
\u2013
\u2013
4.8
3,652.2
32.3
3,684.5
Segment assets and liabilities
Segment assets
8,953.5
10,835.3
2,166.3
\u2013
\u2013
2,223.0
24,178.1
434.0
24,612.1
Investment in associates
and joint ventures
\u2013
\u2013
\u2013
864.1
\u2013
933.6
1,797.7
8.6
1,806.3
Segment liabilities
(4,931.8)
(3,877.6)
(592.3)
\u2013
\u2013
(2,521.9)
(11,923.6)
(64.4)
(11,988.0)
1. Operating cash outflow in the Exploration and evaluation segment was $43.0 million.
2. EBITDA refers to earnings before interest, tax, depreciation and amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals
and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the
EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section).
For the year ended 31 December 2024
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar
evaluation
2
items Mining Division Total
$m $m $m $m $m $m $m $m $m
Revenue
3,326.7
2,359.2
732.6
\u2013
\u2013
\u2013
6,418.5
194.9
6,613.4
Operating cost excluding depreciation
and loss on disposals and reversal of
the provision against carrying value of
assets
1
(1,465.5)
(1,228.9)
(456.8)
\u2013
(52.7)
(72.8)
(3,276.7)
(125.6)
(3,402.3)
Depreciation
(544.1)
(854.9)
(117.7)
\u2013
\u2013
(10.2)
(1,526.9)
(41.3)
(1,568.2)
Loss on disposals
(3.6)
(1.9)
\u2013
\u2013
(0.1)
(5.6)
\u2013
(5.6)
Reversal of the provision against carrying
value of assets (exceptional items)
\u2013
\u2013
371.4
\u2013
\u2013
\u2013
371.4
\u2013
371.4
Operating profit/(loss)
1,313.5
273.5
529.5
\u2013
(52.7)
(83.1)
1,980.7
28.0
2,008.7
Net share of results from associates
and joint ventures
\u2013
\u2013
\u2013
15.1
\u2013
61.4
76.5
(0.3)
76.2
Total operating profit from subsidiaries,
and share of total results from
associates and joint ventures
1,313.5
273.5
529.5
15.1
(52.7)
(21.7)
2,057.2
27.7
2,084.9
Investment income
46.7
40.1
11.0
\u2013
\u2013
85.3
183.1
1.1
184.2
Interest expense
(138.0)
(75.0)
(30.3)
\u2013
\u2013
(68.4)
(311.7)
(0.5)
(312.2)
Other finance items
(excluding exceptional items)
23.5
30.2
7.9
\u2013
\u2013
4.2
65.8
(2.6)
63.2
Fair value gain on other financial assets
\u2013 exceptional items
2
\u2013
\u2013
\u2013
\u2013
\u2013
51.0
51.0
\u2013
51.0
Profit/(loss) before tax
1,245.7
268.8
518.1
15.1
(52.7)
50.4
2,045.4
25.7
2,071.1
Tax \u2013 excluding exceptional items
(432.0)
(67.1)
(30.9)
\u2013
\u2013
(91.8)
(621.8)
(6.6)
(628.4)
Tax \u2013 exceptional items
\u2013
\u2013
(114.0)
\u2013
\u2013
(12.7)
(126.7)
\u2013
(126.7)
Profit/(loss) for the year
813.7
201.7
373.2
15.1
(52.7)
(54.1)
1,296.9
19.1
1,316.0
Non-controlling interests
327.8
52.1
108.0
\u2013
\u2013
(1.3)
486.6
\u2013
486.6
Profit/(losses) attributable
to the owners of the parent
485.9
149.6
265.2
15.1
(52.7)
(52.8)
810.3
19.1
829.4
EBITDA
3
1,861.2
1,130.3
275.8
99.9
(52.7)
36.4
3,350.9
75.9
3,426.8
Capital expenditure (cash basis)
833.0
1,414.0
123.4
\u2013
\u2013
7.1
2,377.5
37.4
2,414.9
Segment assets and liabilities
Segment assets
7,886.3
8,145.7
2,281.2
\u2013
\u2013
2,110.5
20,423.7
435.1
20,858.8
Investment in associates
and joint ventures
\u2013
\u2013
\u2013
895.1
\u2013
872.0
1,767.1
9.0
1,776.1
Segment liabilities
(4,076.8)
(2,877.1)
(591.9)
\u2013
\u2013
(2,064.3)
(9,610.1)
(70.6)
(9,680.7)
1. Operating cash outflow in the Exploration and evaluation segment was $51.3 million.
2. An exceptional fair value gain of $51.0 million has been recognised in respect of an agreement under which the Group has now acquired 30 million shares in Compa\u00f1\u00eda
de Minas Buenaventura S.A.A.
3. EBITDA refers to earnings before interest, tax, depreciation and amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals
and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the
EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section).
Notes to segment revenues and results
(i) Inter-segment revenues are eliminated on consolidation. The only inter-segment revenue related to sales from the Transport Division
to the Mining Division of $10.8 million (year ended 31 December 2024: $9.6 million), has been eliminated and is therefore not reflected
in the above figures.
(ii) Revenue includes provisionally priced sales of copper, gold, molybdenum and silver concentrates and copper cathodes. Further details
of such adjustments are given in Note 6.
(iii) For sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price
of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a 'treatment
and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined metal.
Treatment and refining charges for copper and molybdenum concentrates are detailed in Note 6.
(iv) The assets of the Transport Division segment include $8.7 million (31 December 2024: $9.0 million) relating to the Group\u2019s 30%
interest in Antofagasta Terminal International SA ('ATI'), which operates a concession to manage installations in the port of
Antofagasta. Further details of these investments are set out in Note 16.
(B) Group-wide disclosures Revenue by product
2025 2024
$m $m
Copper
Los Pelambres
3,248.9
2,710.0
Centinela Concentrates
1,903.6
970.5
Centinela Cathodes
728.2
896.1
Antucoya
831.9
726.0
Provision of shipping services
Los Pelambres
61.0
64.4
Centinela Concentrates
35.0
24.3
Centinela Cathodes
4.7
7.4
Antucoya
5.4
6.6
Gold
Los Pelambres
192.4
110.3
Centinela Concentrates
596.0
336.5
Molybdenum
Los Pelambres
536.9
387.4
Centinela Concentrates
160.7
100.8
Silver
Los Pelambres
91.9
54.6
Centinela Concentrates
50.2
23.6
Total Mining Division
8,446.8
6,418.5
Transport Division
173.5
194.9
8,620.3
6,613.4
Revenue by location of customer Consolidated sales revenue by geographic destination is based on the customer's country of location.
2025 2024
$m $m
Europe
United Kingdom
39.1
23.8
Switzerland
979.3
367.8
Spain
31.0
82.9
Germany
498.3
160.8
Rest of Europe
113.9
170.7
Latin America
Chile
440.8
366.9
Rest of Latin America
444.6
289.7
North America
United States
793.2
470.1
Asia
Japan
1,765.8
1,961.4
China
1,715.7
1,292.2
Singapore
533.5
336.2
South Korea
467.8
436.7
Hong Kong
302.3
236.2
Rest of Asia
495.0
418.0
8,620.3
6,613.4
Information about major customers In the year ended 31 December 2025, the Group\u2019s mining revenue included $1,091.8 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2024: one large customer representing $860.5 million). The revenue from this customer relates to the Los Pelambres and Centinela segments, with the majority relating to the Los Pelambres segment. Non-current assets by location of assets
2025 2024
$m $m
Chile
19,154.4
16,392.2
Other
7.5
8.7
19,161.9
16,400.9
2025 2024
$m $m
Non-current assets per the balance sheet
19,271.6
16,476.6
The above amounts by location reflect non-current assets per the balance sheet excluding:
Deferred tax assets
(2.2)
(9.7)
Account receivables
(91.7)
(54.4)
Equity investments
(15.8)
(11.6)
Total of non-current assets above
(109.7)
(75.7)
Non-current assets by location of asset
19,161.9
16,400.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "(A) Segment revenues and results For the year ended 31 December 2025
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar
Evaluation
1
items Mining Division Total
$m $m $m $m $m $m $m $m $m
Revenue
4,131.0
3,478.5
837.3
\u2013
\u2013
\u2013
8,446.8
173.5
8,620.3
Operating cost excluding
depreciation and loss on disposals
1
(1,583.0)
(1,244.3)
(510.3)
\u2013
(55.5)
(99.1)
(3,492.2)
(108.8)
(3,601.0)
Depreciation
(609.5)
(880.7)
(158.2)
\u2013
\u2013
(10.1)
(1,658.5)
(36.9)
(1,695.4)
Profit on disposals
52.6
(2.8)
\u2013
\u2013
\u2013
(0.1)
49.7
\u2013
49.7
Operating profit/(loss)
1,991.1
1,350.7
168.8
\u2013
(55.5)
(109.3)
3,345.8
27.8
3,373.6
Net share of results from
associates and joint ventures
\u2013
\u2013
\u2013
(30.4)
\u2013
82.6
52.2
0.4
52.6
Total operating profit/(loss) from
subsidiaries, and share of total
results from associates and
joint ventures
1,991.1
1,350.7
168.8
(30.4)
(55.5)
(26.7)
3,398.0
28.2
3,426.5
Investment income
28.5
55.1
8.5
\u2013
\u2013
62.1
154.2
2.0
156.2
Interest expense
(159.2)
(86.1)
(25.9)
\u2013
\u2013
(70.5)
(341.7)
(0.4)
(342.1)
Other finance items
(excluding exceptional items)
(36.6)
(32.1)
(7.0)
\u2013
\u2013
(6.1)
(81.8)
1.0
(80.8)
Profit/(loss) before tax
1,823.8
1,287.6
144.4
(30.4)
(55.5)
(41.2)
3,128.7
30.8
3,159.5
Tax \u2013 excluding exceptional items
(685.7)
(381.7)
(37.2)
\u2013
\u2013
(25.2)
(1,129.8)
(12.9)
(1,142.7)
Tax \u2013 exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
54.5
54.5
\u2013
54.5
Profit/(loss) for the year
1,138.1
905.9
107.2
(30.4)
(55.5)
(11.9)
2,053.4
17.9
2,071.3
Non-controlling interests
456.1
265.5
21.1
\u2013
\u2013
(0.3)
742.4
\u2013
742.4
Profit/(losses) attributable
to the owners of the parent
682.0
640.4
86.1
(30.4)
(55.5)
(11.6)
1,311.0
17.9
1,328.9
EBITDA
2
2,548.0
2,234.2
327.0
61.8
(55.5)
16.7
5,132.2
69.7
5,201.9
Capital expenditure (cash basis)
1,070.5
2,478.1
98.8
\u2013
\u2013
4.8
3,652.2
32.3
3,684.5
Segment assets and liabilities
Segment assets
8,953.5
10,835.3
2,166.3
\u2013
\u2013
2,223.0
24,178.1
434.0
24,612.1
Investment in associates
and joint ventures
\u2013
\u2013
\u2013
864.1
\u2013
933.6
1,797.7
8.6
1,806.3
Segment liabilities
(4,931.8)
(3,877.6)
(592.3)
\u2013
\u2013
(2,521.9)
(11,923.6)
(64.4)
(11,988.0)
1. Operating cash outflow in the Exploration and evaluation segment was $43.0 million. 2. EBITDA refers to earnings before interest, tax, depreciation and amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section). For the year ended 31 December 2024
Exploration Corporate
Los and and other Transport
Pelambres Centinela Antucoya Zald\u00edvar
evaluation
2
items Mining Division Total
$m $m $m $m $m $m $m $m $m
Revenue
3,326.7
2,359.2
732.6
\u2013
\u2013
\u2013
6,418.5
194.9
6,613.4
Operating cost excluding depreciation
and loss on disposals and reversal of
the provision against carrying value of
assets
1
(1,465.5)
(1,228.9)
(456.8)
\u2013
(52.7)
(72.8)
(3,276.7)
(125.6)
(3,402.3)
Depreciation
(544.1)
(854.9)
(117.7)
\u2013
\u2013
(10.2)
(1,526.9)
(41.3)
(1,568.2)
Loss on disposals
(3.6)
(1.9)
\u2013
\u2013
(0.1)
(5.6)
\u2013
(5.6)
Reversal of the provision against carrying
value of assets (exceptional items)
\u2013
\u2013
371.4
\u2013
\u2013
\u2013
371.4
\u2013
371.4
Operating profit/(loss)
1,313.5
273.5
529.5
\u2013
(52.7)
(83.1)
1,980.7
28.0
2,008.7
Net share of results from associates
and joint ventures
\u2013
\u2013
\u2013
15.1
\u2013
61.4
76.5
(0.3)
76.2
Total operating profit from subsidiaries,
and share of total results from
associates and joint ventures
1,313.5
273.5
529.5
15.1
(52.7)
(21.7)
2,057.2
27.7
2,084.9
Investment income
46.7
40.1
11.0
\u2013
\u2013
85.3
183.1
1.1
184.2
Interest expense
(138.0)
(75.0)
(30.3)
\u2013
\u2013
(68.4)
(311.7)
(0.5)
(312.2)
Other finance items
(excluding exceptional items)
23.5
30.2
7.9
\u2013
\u2013
4.2
65.8
(2.6)
63.2
Fair value gain on other financial assets
\u2013 exceptional items
2
\u2013
\u2013
\u2013
\u2013
\u2013
51.0
51.0
\u2013
51.0
Profit/(loss) before tax
1,245.7
268.8
518.1
15.1
(52.7)
50.4
2,045.4
25.7
2,071.1
Tax \u2013 excluding exceptional items
(432.0)
(67.1)
(30.9)
\u2013
\u2013
(91.8)
(621.8)
(6.6)
(628.4)
Tax \u2013 exceptional items
\u2013
\u2013
(114.0)
\u2013
\u2013
(12.7)
(126.7)
\u2013
(126.7)
Profit/(loss) for the year
813.7
201.7
373.2
15.1
(52.7)
(54.1)
1,296.9
19.1
1,316.0
Non-controlling interests
327.8
52.1
108.0
\u2013
\u2013
(1.3)
486.6
\u2013
486.6
Profit/(losses) attributable
to the owners of the parent
485.9
149.6
265.2
15.1
(52.7)
(52.8)
810.3
19.1
829.4
EBITDA
3
1,861.2
1,130.3
275.8
99.9
(52.7)
36.4
3,350.9
75.9
3,426.8
Capital expenditure (cash basis)
833.0
1,414.0
123.4
\u2013
\u2013
7.1
2,377.5
37.4
2,414.9
Segment assets and liabilities
Segment assets
7,886.3
8,145.7
2,281.2
\u2013
\u2013
2,110.5
20,423.7
435.1
20,858.8
Investment in associates
and joint ventures
\u2013
\u2013
\u2013
895.1
\u2013
872.0
1,767.1
9.0
1,776.1
Segment liabilities
(4,076.8)
(2,877.1)
(591.9)
\u2013
\u2013
(2,064.3)
(9,610.1)
(70.6)
(9,680.7)
1. Operating cash outflow in the Exploration and evaluation segment was $51.3 million. 2. An exceptional fair value gain of $51.0 million has been recognised in respect of an agreement under which the Group has now acquired 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. 3. EBITDA refers to earnings before interest, tax, depreciation and amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the EBITDA of its associates and joint ventures (refer to the Alternative Performance Measures section). Notes to segment revenues and results (i) Inter-segment revenues are eliminated on consolidation. The only inter-segment revenue related to sales from the Transport Division to the Mining Division of $10.8 million (year ended 31 December 2024: $9.6 million), has been eliminated and is therefore not reflected in the above figures. (ii) Revenue includes provisionally priced sales of copper, gold, molybdenum and silver concentrates and copper cathodes. Further details of such adjustments are given in Note 6. (iii) For sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a 'treatment and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Treatment and refining charges for copper and molybdenum concentrates are detailed in Note 6. (iv) The assets of the Transport Division segment include $8.7 million (31 December 2024: $9.0 million) relating to the Group\u2019s 30% interest in Antofagasta Terminal International SA ('ATI'), which operates a concession to manage installations in the port of Antofagasta. Further details of these investments are set out in Note 16.
(B) Group-wide disclosures
Revenue by product
2025 2024
$m $m
Copper
Los Pelambres
3,248.9
2,710.0
Centinela Concentrates
1,903.6
970.5
Centinela Cathodes
728.2
896.1
Antucoya
831.9
726.0
Provision of shipping services
Los Pelambres
61.0
64.4
Centinela Concentrates
35.0
24.3
Centinela Cathodes
4.7
7.4
Antucoya
5.4
6.6
Gold
Los Pelambres
192.4
110.3
Centinela Concentrates
596.0
336.5
Molybdenum
Los Pelambres
536.9
387.4
Centinela Concentrates
160.7
100.8
Silver
Los Pelambres
91.9
54.6
Centinela Concentrates
50.2
23.6
Total Mining Division
8,446.8
6,418.5
Transport Division
173.5
194.9
8,620.3
6,613.4
Revenue by location of customer
Consolidated sales revenue by geographic destination is based on the customer's country of location.
2025 2024
$m $m
Europe
United Kingdom
39.1
23.8
Switzerland
979.3
367.8
Spain
31.0
82.9
Germany
498.3
160.8
Rest of Europe
113.9
170.7
Latin America
Chile
440.8
366.9
Rest of Latin America
444.6
289.7
North America
United States
793.2
470.1
Asia
Japan
1,765.8
1,961.4
China
1,715.7
1,292.2
Singapore
533.5
336.2
South Korea
467.8
436.7
Hong Kong
302.3
236.2
Rest of Asia
495.0
418.0
8,620.3
6,613.4
Information about major customers
In the year ended 31 December 2025, the Group\u2019s mining revenue included $1,091.8 million related to one large customer that individually
accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2024: one large customer representing $860.5 million). The
revenue from this customer relates to the Los Pelambres and Centinela segments, with the majority relating to the Los Pelambres segment.
Non-current assets by location of assets
2025 2024
$m $m
Chile
19,154.4
16,392.2
Other
7.5
8.7
19,161.9
16,400.9
2025 2024
$m $m
Non-current assets per the balance sheet
19,271.6
16,476.6
The above amounts by location reflect non-current assets per the balance sheet excluding:
Deferred tax assets
(2.2)
(9.7)
Account receivables
(91.7)
(54.4)
Equity investments
(15.8)
(11.6)
Total of non-current assets above
(109.7)
(75.7)
Non-current assets by location of asset
19,161.9
16,400.9
6 Revenue
Copper and molybdenum concentrate sale contracts and copper cathode sale contracts generally provide for provisional pricing of sales
at the time of shipment, with final pricing being based on the monthly average London Metal Exchange copper price or monthly average
molybdenum price for specified future periods. This normally ranges from one to four months after shipment to the customer. For sales
contracts which contain provisional pricing mechanisms, the total receivable balance is measured at fair value through profit or loss.
Gains and losses from the mark-to-market of open sales are recognised through adjustments to revenue in the income statement and to
trade receivables in the balance sheet. The Group determines mark-to-market prices using forward prices at each period-end for copper
concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the limited futures market
for that commodity.
With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of
the concentrate (which is the amount recorded as revenue) represents the market value of the fully refined metal less a 'treatment and
refining charge' (TC/RC) deduction, to reflect the lower value of this partially processed material compared with the fully refined metal.
The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group
is responsible for shipping the product to a destination port specified by the customer. The shipping service represents a separate
performance obligation, and is recognised separately from the sale of the material over time as the shipping service is provided.
The total revenue from contracts with customers and the impact of provisional pricing adjustments in respect of concentrate and cathode
sales is as follows:
2025 2024
$m $m
Revenue from contracts with customers
Sale of products
7,739.0
6,306.4
Provision of shipping services associated with the sale of products
1
106.1
102.7
Transport Division
2
173.5
194.9
Provisional pricing adjustments in respect of copper, gold, silver and molybdenum
601.7
9.4
Total revenue
8,620.3
6,613.4
1. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product
to a destination port specified by the customer. The shipping service represents a separate performance obligation, and is recognised separately from the sale of the
material, with the shipping revenue recognised over time as the shipping service is provided.
2. The Transport Division provides rail and road cargo transport together with a number of ancillary services.
The categories of revenue which are principally affected by different economic factors are the individual product types. A summary of
revenue by product is set out in Note 5.
The following tables set out the impact of provisional pricing adjustments, and treatment and refining charges for the more significant
products. The revenue from these products which includes, for the sale of copper, revenue associated with the provision of shipping
services, is reconciled to total revenue in Note 5.
For the year ended 31 December 2025
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela Total
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate Division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally
priced sales of
products
2,914.2
1,732.2
716.7
819.0
184.1
559.9
581.6
170.5
87.8
49.1
7,815.1
Revenue from
freight services
61.0
35.0
4.7
5.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
106.1
2,975.2
1,767.2
721.4
824.4
184.1
559.9
581.6
170.5
87.8
49.1
7,921.2
Effects
of pricing
adjustments to
previous year
invoices
Reversal of
mark-to-market
adjustments at
the end of the
previous year
40.1
22.0
1.4
1.4
\u2013
0.4
4.0
0.5
\u2013
\u2013
69.8
Settlement of
sales invoiced in
the previous year
22.8
9.7
0.5
0.4
2.0
1.3
(8.8)
2.6
(0.3)
(0.4)
29.8
Total effect of
adjustments to
previous year
invoices in the
current year
62.9
31.7
1.9
1.8
2.0
1.7
(4.8)
3.1
(0.3)
(0.4)
99.6
Effects
of pricing
adjustments to
current year
invoices
Settlement of
sales invoiced in
the current year
157.8
86.9
8.3
8.1
6.5
30.9
12.7
2.3
5.0
1.9
320.4
Mark-to-market
adjustments at
the end of the
current year
114.5
72.8
1.3
3.0
\u2013
4.2
(10.8)
(3.3)
\u2013
\u2013
181.7
Total effect of
adjustments to
current year
invoices
272.3
159.7
9.6
11.1
6.5
35.1
1.9
(1.0)
5.0
1.9
502.1
Total pricing
adjustments
335.2
191.4
11.5
12.9
8.5
36.8
(2.9)
2.1
4.7
1.5
601.7
Revenues
before deducting
treatment and
refining charges
3,310.4
1,958.6
732.9
837.3
192.6
596.7
578.7
172.6
92.5
50.6
8,522.9
Treatment and
refining charges
(0.5)
(20.0)
\u2013
\u2013
(0.2)
(0.7)
(41.8)
(11.9)
(0.6)
(0.4)
(76.1)
Revenue net of
tolling charges
3,309.9
1,938.6
732.9
837.3
192.4
596.0
536.9
160.7
91.9
50.2
8,446.8
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into
fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a
'treatment and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined
metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining
charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the
total cash cost figure.
For the year ended 31 December 2024
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela Total
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally
priced sales of
products
2,851.1
1,023.1
899.7
725.9
106.3
330.0
408.8
104.0
54.7
23.4
6,527.0
Revenue from
freight services
64.4
24.3
7.4
6.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
102.7
2,915.5
1,047.4
907.1
732.5
106.3
330.0
408.8
104.0
54.7
23.4
6,629.7
Effects
of pricing
adjustments to
previous year
invoices
Reversal of
mark-to-market
adjustments at
the end of the
previous year
(45.1)
(16.2)
(0.3)
(0.2)
\u2013
(2.6)
1.0
0.4
\u2013
\u2013
(63.0)
Settlement of
sales invoiced in
the previous year
62.5
27.0
(1.0)
(0.9)
(0.3)
1.6
3.4
0.7
(0.6)
\u2013
92.4
Total effect of
adjustments to
previous year
invoices in the
current year
17.4
10.8
(1.3)
(1.1)
(0.3)
(1.0)
4.4
1.1
(0.6)
\u2013
29.4
Effects
of pricing
adjustments to
current year
invoices
Settlement of
sales invoiced in
the current year
10.8
14.7
(0.9)
2.6
4.5
8.5
2.8
5.1
1.1
0.6
49.8
Mark-to-market
adjustments at
the end of the
current year
(40.1)
(22.0)
(1.4)
(1.4)
\u2013
(0.4)
(4.0)
(0.5)
\u2013
\u2013
(69.8)
Total effect of
adjustments to
current year
invoices
(29.3)
(7.3)
(2.3)
1.2
4.5
8.1
(1.2)
4.6
1.1
0.6
(20.0)
Total pricing
adjustments
(11.9)
3.5
(3.6)
0.1
4.2
7.1
3.2
5.7
0.5
0.6
9.4
Revenues before
deducting
treatment and
refining charges
2,903.6
1,050.9
903.5
732.6
110.5
337.1
412.0
109.7
55.2
24.0
6,639.1
Treatment and
refining charges
(129.2)
(56.1)
\u2013
\u2013
(0.2)
(0.6)
(24.6)
(8.9)
(0.6)
(0.4)
(220.6)
Revenue net of
tolling charges
2,774.4
994.8
903.5
732.6
110.3
336.5
387.4
100.8
54.6
23.6
6,418.5
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into
fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a
'treatment and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined
metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining
charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the
total cash cost figure.
(A) Copper concentrate
The typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four
months from shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Tonnes
134,100
157,300
Average mark-to-market price
$/lb
5.65
3.96
Average provisional invoice price
$/lb
5.00
4.14
(B) Copper cathodes
The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Tonnes
14,300
11,600
Average mark-to-market price
$/lb
5.65
3.94
Average provisional invoice price
$/lb
5.52
4.05
(C) Gold in concentrate
The typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from
shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Ounces
24,600
25,400
Average mark-to-market price
$/oz
4,346
2,634
Average provisional invoice price
$/oz
4,174
2,650
(D) Molybdenum concentrate
The typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Tonnes
3,600
2,700
Average mark-to-market price
$/lb
21.50
21.40
Average provisional invoice price
$/lb
23.37
22.00
As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to
revenue in the income statement and to trade receivables in the balance sheet. The effects of mark-to-market adjustments on the balance
sheet at the end of each period are as follows.
Effect on receivables of year-end
mark-to-market adjustments
2025 2024
$m $m
Los Pelambres \u2013 copper concentrate
114.5
(40.1)
Los Pelambres \u2013 molybdenum concentrate
(10.8)
(4.0)
Centinela \u2013 copper concentrate
72.8
(22.0)
Centinela \u2013 molybdenum concentrate
(3.3)
(0.5)
Centinela \u2013 gold in concentrate
4.2
(0.4)
Centinela \u2013 copper cathodes
1.3
(1.4)
Antucoya \u2013 copper cathodes
3.0
(1.4)
181.7
(69.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "Revenue by location of customer Consolidated sales revenue by geographic destination is based on the customer's country of location.
2025 2024
$m $m
Europe
United Kingdom
39.1
23.8
Switzerland
979.3
367.8
Spain
31.0
82.9
Germany
498.3
160.8
Rest of Europe
113.9
170.7
Latin America
Chile
440.8
366.9
Rest of Latin America
444.6
289.7
North America
United States
793.2
470.1
Asia
Japan
1,765.8
1,961.4
China
1,715.7
1,292.2
Singapore
533.5
336.2
South Korea
467.8
436.7
Hong Kong
302.3
236.2
Rest of Asia
495.0
418.0
8,620.3
6,613.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "Information about major customers In the year ended 31 December 2025, the Group\u2019s mining revenue included $1,091.8 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2024: one large customer representing $860.5 million). The revenue from this customer relates to the Los Pelambres and Centinela segments, with the majority relating to the Los Pelambres segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "6 Revenue Copper and molybdenum concentrate sale contracts and copper cathode sale contracts generally provide for provisional pricing of sales at the time of shipment, with final pricing being based on the monthly average London Metal Exchange copper price or monthly average molybdenum price for specified future periods. This normally ranges from one to four months after shipment to the customer. For sales contracts which contain provisional pricing mechanisms, the total receivable balance is measured at fair value through profit or loss. Gains and losses from the mark-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The Group determines mark-to-market prices using forward prices at each period-end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the limited futures market for that commodity. With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) represents the market value of the fully refined metal less a 'treatment and refining charge' (TC/RC) deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. The shipping service represents a separate performance obligation, and is recognised separately from the sale of the material over time as the shipping service is provided. The total revenue from contracts with customers and the impact of provisional pricing adjustments in respect of concentrate and cathode sales is as follows:
2025 2024
$m $m
Revenue from contracts with customers
Sale of products
7,739.0
6,306.4
Provision of shipping services associated with the sale of products
1
106.1
102.7
Transport Division
2
173.5
194.9
Provisional pricing adjustments in respect of copper, gold, silver and molybdenum
601.7
9.4
Total revenue
8,620.3
6,613.4
1. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. The shipping service represents a separate performance obligation, and is recognised separately from the sale of the material, with the shipping revenue recognised over time as the shipping service is provided. 2. The Transport Division provides rail and road cargo transport together with a number of ancillary services. The categories of revenue which are principally affected by different economic factors are the individual product types. A summary of revenue by product is set out in Note 5. The following tables set out the impact of provisional pricing adjustments, and treatment and refining charges for the more significant products. The revenue from these products which includes, for the sale of copper, revenue associated with the provision of shipping services, is reconciled to total revenue in Note 5. For the year ended 31 December 2025
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela Total
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate Division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally
priced sales of
products
2,914.2
1,732.2
716.7
819.0
184.1
559.9
581.6
170.5
87.8
49.1
7,815.1
Revenue from
freight services
61.0
35.0
4.7
5.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
106.1
2,975.2
1,767.2
721.4
824.4
184.1
559.9
581.6
170.5
87.8
49.1
7,921.2
Effects
of pricing
adjustments to
previous year
invoices
Reversal of
mark-to-market
adjustments at
the end of the
previous year
40.1
22.0
1.4
1.4
\u2013
0.4
4.0
0.5
\u2013
\u2013
69.8
Settlement of
sales invoiced in
the previous year
22.8
9.7
0.5
0.4
2.0
1.3
(8.8)
2.6
(0.3)
(0.4)
29.8
Total effect of
adjustments to
previous year
invoices in the
current year
62.9
31.7
1.9
1.8
2.0
1.7
(4.8)
3.1
(0.3)
(0.4)
99.6
Effects
of pricing
adjustments to
current year
invoices
Settlement of
sales invoiced in
the current year
157.8
86.9
8.3
8.1
6.5
30.9
12.7
2.3
5.0
1.9
320.4
Mark-to-market
adjustments at
the end of the
current year
114.5
72.8
1.3
3.0
\u2013
4.2
(10.8)
(3.3)
\u2013
\u2013
181.7
Total effect of
adjustments to
current year
invoices
272.3
159.7
9.6
11.1
6.5
35.1
1.9
(1.0)
5.0
1.9
502.1
Total pricing
adjustments
335.2
191.4
11.5
12.9
8.5
36.8
(2.9)
2.1
4.7
1.5
601.7
Revenues
before deducting
treatment and
refining charges
3,310.4
1,958.6
732.9
837.3
192.6
596.7
578.7
172.6
92.5
50.6
8,522.9
Treatment and
refining charges
(0.5)
(20.0)
\u2013
\u2013
(0.2)
(0.7)
(41.8)
(11.9)
(0.6)
(0.4)
(76.1)
Revenue net of
tolling charges
3,309.9
1,938.6
732.9
837.3
192.4
596.0
536.9
160.7
91.9
50.2
8,446.8
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a 'treatment and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure. For the year ended 31 December 2024
Los Los Los Los
Pelambres Centinela Centinela Antucoya Pelambres Centinela Pelambres Centinela Pelambres Centinela Total
Copper Copper Copper Copper Gold in Gold in Molybdenum Molybdenum Silver Silver Mining
concentrate concentrate cathodes cathodes concentrate concentrate concentrate concentrate concentrate concentrate division
$m $m $m $m $m $m $m $m $m Sm $m
Provisionally
priced sales of
products
2,851.1
1,023.1
899.7
725.9
106.3
330.0
408.8
104.0
54.7
23.4
6,527.0
Revenue from
freight services
64.4
24.3
7.4
6.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
102.7
2,915.5
1,047.4
907.1
732.5
106.3
330.0
408.8
104.0
54.7
23.4
6,629.7
Effects
of pricing
adjustments to
previous year
invoices
Reversal of
mark-to-market
adjustments at
the end of the
previous year
(45.1)
(16.2)
(0.3)
(0.2)
\u2013
(2.6)
1.0
0.4
\u2013
\u2013
(63.0)
Settlement of
sales invoiced in
the previous year
62.5
27.0
(1.0)
(0.9)
(0.3)
1.6
3.4
0.7
(0.6)
\u2013
92.4
Total effect of
adjustments to
previous year
invoices in the
current year
17.4
10.8
(1.3)
(1.1)
(0.3)
(1.0)
4.4
1.1
(0.6)
\u2013
29.4
Effects
of pricing
adjustments to
current year
invoices
Settlement of
sales invoiced in
the current year
10.8
14.7
(0.9)
2.6
4.5
8.5
2.8
5.1
1.1
0.6
49.8
Mark-to-market
adjustments at
the end of the
current year
(40.1)
(22.0)
(1.4)
(1.4)
\u2013
(0.4)
(4.0)
(0.5)
\u2013
\u2013
(69.8)
Total effect of
adjustments to
current year
invoices
(29.3)
(7.3)
(2.3)
1.2
4.5
8.1
(1.2)
4.6
1.1
0.6
(20.0)
Total pricing
adjustments
(11.9)
3.5
(3.6)
0.1
4.2
7.1
3.2
5.7
0.5
0.6
9.4
Revenues before
deducting
treatment and
refining charges
2,903.6
1,050.9
903.5
732.6
110.5
337.1
412.0
109.7
55.2
24.0
6,639.1
Treatment and
refining charges
(129.2)
(56.1)
\u2013
\u2013
(0.2)
(0.6)
(24.6)
(8.9)
(0.6)
(0.4)
(220.6)
Revenue net of
tolling charges
2,774.4
994.8
903.5
732.6
110.3
336.5
387.4
100.8
54.6
23.6
6,418.5
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a 'treatment and refining charge' deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure. (A) Copper concentrate The typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months from shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Tonnes
134,100
157,300
Average mark-to-market price
$/lb
5.65
3.96
Average provisional invoice price
$/lb
5.00
4.14
(B) Copper cathodes The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Tonnes
14,300
11,600
Average mark-to-market price
$/lb
5.65
3.94
Average provisional invoice price
$/lb
5.52
4.05
(C) Gold in concentrate The typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Ounces
24,600
25,400
Average mark-to-market price
$/oz
4,346
2,634
Average provisional invoice price
$/oz
4,174
2,650
(D) Molybdenum concentrate The typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date.
2025
2024
Sales provisionally priced at the balance sheet date
Tonnes
3,600
2,700
Average mark-to-market price
$/lb
21.50
21.40
Average provisional invoice price
$/lb
23.37
22.00
As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The effects of mark-to-market adjustments on the balance sheet at the end of each period are as follows.
Effect on receivables of year-end
mark-to-market adjustments
2025 2024
$m $m
Los Pelambres \u2013 copper concentrate
114.5
(40.1)
Los Pelambres \u2013 molybdenum concentrate
(10.8)
(4.0)
Centinela \u2013 copper concentrate
72.8
(22.0)
Centinela \u2013 molybdenum concentrate
(3.3)
(0.5)
Centinela \u2013 gold in concentrate
4.2
(0.4)
Centinela \u2013 copper cathodes
1.3
(1.4)
Antucoya \u2013 copper cathodes
3.0
(1.4)
181.7
(69.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
7 Operating profit and share of total results from associates and joint ventures
Operating profit from subsidiaries, and share of total results from associates and joint ventures, is derived from revenue by deducting
operating costs as follows:
2025 2024
$m $m
Revenue
8,620.3
6,613.4
Cost of sales
(4,316.6)
(4,109.0)
Gross profit
4,303.7
2,504.4
Administrative and distribution expenses
(616.2)
(581.3)
Other operating income
57.8
48.2
Other operating expenses
1
(371.7)
(334.0)
Operating profit
3,373.6
1,637.3
Net share of results from associates and joint ventures
52.6
76.2
Total operating profit and share of total results from associates and joint ventures before exceptional items
3,426.2
1,713.5
Exceptional item \u2013 Reversal of impairment
\u2013
371.4
Total operating profit and share of total results from associates and joint ventures after exceptional items
3,426.2
2,084.9
1. Other operating expenses comprise $55.5 million of exploration and evaluation expenditure (year ended 31 December 2024: $52.7 million), $29.0 million in respect
of the employee severance provision (year ended 31 December 2024: $25.4 million), $6.5 million in respect of the closure provision (year ended 31 December
2024: $0.8 million), and $280.7 million of other expenses (including Medium-term and long-term drilling costs & evaluation of $97.3 million (year ended 31 December
2024: $98.9 million), costs of community programmes of $45.8 million (year ended 31 December 2024: $44.9 million), the 'ad valorem' element of the mining royalty of
$31.0 million (year ended 31 December 2024: $28.7 million), Pre-feasibility studies of $30.0 million (year ended 31 December 2024: $12.0 million), and other expenses of
$76.6 million (year ended 31 December 2024: $70.6 million).
Profit before tax is stated after (charging)/crediting:
2025 2024
$m $m
Foreign exchange losses
included in net finance expense
52.0
(82.1)
Depreciation of property, plant and equipment
owned assets
(1,584.7)
(1,404.6)
leased assets
(110.7)
(163.6)
Profit/(loss) on disposal of property, plant and equipment
49.7
(5.6)
Cost of inventories recognised as an expense
(2,566.4)
(2,637.3)
Employee benefit expense
(654.2)
(569.3)
Decommissioning and restoration (operating expenses)
(6.5)
(0.8)
Severance charges (see Note 25)
(29.0)
(25.4)
Exploration and evaluation expense
(55.5)
(52.7)
Auditors\u00b4 remuneration
(3.9)
(2.3)
A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below:
Group
2025
3
2024
$000 $000
Fees payable to the Company\u00b4s auditors and their associates for the audit of the Parent Company and
consolidated financial statements
1,555.0
854.0
Fees payable to the Company\u00b4s auditors and their associates for other services:
the audit of the Company\u2019s subsidiaries
1,289.0
1,214.0
audit-related assurance services
1
417.0
252.0
other assurance services
2
651.0
\u2013
3,912.0
2,320.0
1. The audit-related assurance services relate to the half-year review performed by the auditor.
2. The other assurance services in 2025 related mainly to the bond issue of the year, which required the Group to engage Deloitte to act as the reporting accountant for that
transaction, work which is in effect required to be performed by the Group\u2019s auditors, as well as limited assurance work in respect of the Group\u2019s sustainability reporting
3. Fees payable in 2025 include additional final fees related to the 2024 audit of $414,000 ($374,000 for the Parent Company and consolidated financial statements and
$40,000 for the Company\u2019s subsidiaries). No comparable additional fees in respect of the prior year were included in the 2024 fees.
No services were provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "7 Operating profit and share of total results from associates and joint ventures Operating profit from subsidiaries, and share of total results from associates and joint ventures, is derived from revenue by deducting operating costs as follows:
2025 2024
$m $m
Revenue
8,620.3
6,613.4
Cost of sales
(4,316.6)
(4,109.0)
Gross profit
4,303.7
2,504.4
Administrative and distribution expenses
(616.2)
(581.3)
Other operating income
57.8
48.2
Other operating expenses
1
(371.7)
(334.0)
Operating profit
3,373.6
1,637.3
Net share of results from associates and joint ventures
52.6
76.2
Total operating profit and share of total results from associates and joint ventures before exceptional items
3,426.2
1,713.5
Exceptional item \u2013 Reversal of impairment
\u2013
371.4
Total operating profit and share of total results from associates and joint ventures after exceptional items
3,426.2
2,084.9
1. Other operating expenses comprise $55.5 million of exploration and evaluation expenditure (year ended 31 December 2024: $52.7 million), $29.0 million in respect of the employee severance provision (year ended 31 December 2024: $25.4 million), $6.5 million in respect of the closure provision (year ended 31 December 2024: $0.8 million), and $280.7 million of other expenses (including Medium-term and long-term drilling costs & evaluation of $97.3 million (year ended 31 December 2024: $98.9 million), costs of community programmes of $45.8 million (year ended 31 December 2024: $44.9 million), the 'ad valorem' element of the mining royalty of $31.0 million (year ended 31 December 2024: $28.7 million), Pre-feasibility studies of $30.0 million (year ended 31 December 2024: $12.0 million), and other expenses of $76.6 million (year ended 31 December 2024: $70.6 million). Profit before tax is stated after (charging)/crediting:
2025 2024
$m $m
Foreign exchange losses
included in net finance expense
52.0
(82.1)
Depreciation of property, plant and equipment
owned assets
(1,584.7)
(1,404.6)
leased assets
(110.7)
(163.6)
Profit/(loss) on disposal of property, plant and equipment
49.7
(5.6)
Cost of inventories recognised as an expense
(2,566.4)
(2,637.3)
Employee benefit expense
(654.2)
(569.3)
Decommissioning and restoration (operating expenses)
(6.5)
(0.8)
Severance charges (see Note 25)
(29.0)
(25.4)
Exploration and evaluation expense
(55.5)
(52.7)
Auditors\u00b4 remuneration
(3.9)
(2.3)
A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below:
Group
2025
3
2024
$000 $000
Fees payable to the Company\u00b4s auditors and their associates for the audit of the Parent Company and
consolidated financial statements
1,555.0
854.0
Fees payable to the Company\u00b4s auditors and their associates for other services:
the audit of the Company\u2019s subsidiaries
1,289.0
1,214.0
audit-related assurance services
1
417.0
252.0
other assurance services
2
651.0
\u2013
3,912.0
2,320.0
1. The audit-related assurance services relate to the half-year review performed by the auditor. 2. The other assurance services in 2025 related mainly to the bond issue of the year, which required the Group to engage Deloitte to act as the reporting accountant for that transaction, work which is in effect required to be performed by the Group\u2019s auditors, as well as limited assurance work in respect of the Group\u2019s sustainability reporting 3. Fees payable in 2025 include additional final fees related to the 2024 audit of $414,000 ($374,000 for the Parent Company and consolidated financial statements and $40,000 for the Company\u2019s subsidiaries). No comparable additional fees in respect of the prior year were included in the 2024 fees. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below:
Group
2025
3
2024
$000 $000
Fees payable to the Company\u00b4s auditors and their associates for the audit of the Parent Company and
consolidated financial statements
1,555.0
854.0
Fees payable to the Company\u00b4s auditors and their associates for other services:
the audit of the Company\u2019s subsidiaries
1,289.0
1,214.0
audit-related assurance services
1
417.0
252.0
other assurance services
2
651.0
\u2013
3,912.0
2,320.0
1. The audit-related assurance services relate to the half-year review performed by the auditor. 2. The other assurance services in 2025 related mainly to the bond issue of the year, which required the Group to engage Deloitte to act as the reporting accountant for that transaction, work which is in effect required to be performed by the Group\u2019s auditors, as well as limited assurance work in respect of the Group\u2019s sustainability reporting 3. Fees payable in 2025 include additional final fees related to the 2024 audit of $414,000 ($374,000 for the Parent Company and consolidated financial statements and $40,000 for the Company\u2019s subsidiaries). No comparable additional fees in respect of the prior year were included in the 2024 fees. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
8 Employees
(A) Average monthly number of employees
2025 2024
Number Number
Los Pelambres
1,524
1,369
Centinela
2,738
2,573
Antucoya
948
925
Exploration and evaluation
62
59
Corporate and other
Chile
772
720
United Kingdom
5
5
Other
4
4
Mining and Corporate
6,053
5,655
Transport Division
1,160
1,360
7,213
7,015
The average number of employees for the year includes all the employees of subsidiaries. The average number of employees does not
include contractors who are not directly employed by the Group.
The average number of employees does not include employees of associates and joint ventures.
(B) Aggregate remuneration
The aggregate remuneration of the employees included in the table above was as follows:
2025 2024
$m $m
Wages and salaries
(732.1)
(627.3)
Social security costs
(41.5)
(35.7)
(773.6)
(663.0)
(C) Key management personnel
In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the Group, directly or indirectly, including any Directors (Executive and Non-Executive) of the Company. Key
management personnel who are not Directors have been identified as senior management at the corporate centre and those responsible
for the running of the key business divisions of the Group, specifically the Executive Committee and the General Managers of the Group\u2019s
subsidiary operations.
Compensation for key management personnel (including Directors) was as follows:
2025 2024
$m $m
Salaries and short-term employee benefits
(21.4)
(18.4)
Long-term incentive plan
(7.4)
(7.0)
(28.8)
(25.4)
The average number of key management personnel was 27 (2024: 27).
The aggregate total Board remuneration required by Schedule 5 of the Large and Medium-sized Companies and Group (Financial Statement)
Regulations 2008 is presented on page 155 of the Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "(C) Key management personnel In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any Directors (Executive and Non-Executive) of the Company. Key management personnel who are not Directors have been identified as senior management at the corporate centre and those responsible for the running of the key business divisions of the Group, specifically the Executive Committee and the General Managers of the Group\u2019s subsidiary operations. Compensation for key management personnel (including Directors) was as follows:
2025 2024
$m $m
Salaries and short-term employee benefits
(21.4)
(18.4)
Long-term incentive plan
(7.4)
(7.0)
(28.8)
(25.4)
The average number of key management personnel was 27 (2024: 27). The aggregate total Board remuneration required by Schedule 5 of the Large and Medium-sized Companies and Group (Financial Statement) Regulations 2008 is presented on page 155 of the Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
9 Net finance expense
2025 2024
$m $m
Investment income
Interest income
122.0
73.0
Gains on liquid investments held at fair value through profit or loss
34.2
111.2
156.2
184.2
Interest expense
Interest expense
(342.1)
(312.2)
(342.1)
(312.2)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(28.7)
(18.8)
Exceptional fair value gains (see Note 4)
\u2013
51.0
Effects of changes in foreign exchange rates
(52.0)
82.1
Preference dividends
(0.1)
(0.1)
(80.8)
114.2
Net finance expense
(266.7)
(13.8)
In the year ended 31 December 2025, the amounts of net interest expense capitalised and consequently not included within the above
table were as follows: $30.6 million at Los Pelambres (year ended 31 December 2024: $30.2 million) and $110.4 million at Centinela
(year ended 31 December 2024: $36.9 million).
The average interest rate for the interest capitalised was 6.14% (2024: 6.42%).
The interest expense shown above includes $10.5 million in respect of leases (year ended 31 December 2024: $17.1 million) and
$73.4 million (year ended 31 December 2024: $41.6 million) of interest expense in respect of the other financial liability balance relating
to the Centinela water transportation agreement, as detailed in Note 21.
In the year ended 31 December 2024, an exceptional fair value gain of $51.0 million has been recognised in respect of the agreement the
Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed
in Note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "9 Net finance expense
2025 2024
$m $m
Investment income
Interest income
122.0
73.0
Gains on liquid investments held at fair value through profit or loss
34.2
111.2
156.2
184.2
Interest expense
Interest expense
(342.1)
(312.2)
(342.1)
(312.2)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(28.7)
(18.8)
Exceptional fair value gains (see Note 4)
\u2013
51.0
Effects of changes in foreign exchange rates
(52.0)
82.1
Preference dividends
(0.1)
(0.1)
(80.8)
114.2
Net finance expense
(266.7)
(13.8)
In the year ended 31 December 2025, the amounts of net interest expense capitalised and consequently not included within the above table were as follows: $30.6 million at Los Pelambres (year ended 31 December 2024: $30.2 million) and $110.4 million at Centinela (year ended 31 December 2024: $36.9 million). The average interest rate for the interest capitalised was 6.14% (2024: 6.42%). The interest expense shown above includes $10.5 million in respect of leases (year ended 31 December 2024: $17.1 million) and $73.4 million (year ended 31 December 2024: $41.6 million) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 21. In the year ended 31 December 2024, an exceptional fair value gain of $51.0 million has been recognised in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "9 Net finance expense
2025 2024
$m $m
Investment income
Interest income
122.0
73.0
Gains on liquid investments held at fair value through profit or loss
34.2
111.2
156.2
184.2
Interest expense
Interest expense
(342.1)
(312.2)
(342.1)
(312.2)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(28.7)
(18.8)
Exceptional fair value gains (see Note 4)
\u2013
51.0
Effects of changes in foreign exchange rates
(52.0)
82.1
Preference dividends
(0.1)
(0.1)
(80.8)
114.2
Net finance expense
(266.7)
(13.8)
In the year ended 31 December 2025, the amounts of net interest expense capitalised and consequently not included within the above table were as follows: $30.6 million at Los Pelambres (year ended 31 December 2024: $30.2 million) and $110.4 million at Centinela (year ended 31 December 2024: $36.9 million). The average interest rate for the interest capitalised was 6.14% (2024: 6.42%). The interest expense shown above includes $10.5 million in respect of leases (year ended 31 December 2024: $17.1 million) and $73.4 million (year ended 31 December 2024: $41.6 million) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 21. In the year ended 31 December 2024, an exceptional fair value gain of $51.0 million has been recognised in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "9 Net finance expense
2025 2024
$m $m
Investment income
Interest income
122.0
73.0
Gains on liquid investments held at fair value through profit or loss
34.2
111.2
156.2
184.2
Interest expense
Interest expense
(342.1)
(312.2)
(342.1)
(312.2)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(28.7)
(18.8)
Exceptional fair value gains (see Note 4)
\u2013
51.0
Effects of changes in foreign exchange rates
(52.0)
82.1
Preference dividends
(0.1)
(0.1)
(80.8)
114.2
Net finance expense
(266.7)
(13.8)
In the year ended 31 December 2025, the amounts of net interest expense capitalised and consequently not included within the above table were as follows: $30.6 million at Los Pelambres (year ended 31 December 2024: $30.2 million) and $110.4 million at Centinela (year ended 31 December 2024: $36.9 million). The average interest rate for the interest capitalised was 6.14% (2024: 6.42%). The interest expense shown above includes $10.5 million in respect of leases (year ended 31 December 2024: $17.1 million) and $73.4 million (year ended 31 December 2024: $41.6 million) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 21. In the year ended 31 December 2024, an exceptional fair value gain of $51.0 million has been recognised in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "9 Net finance expense
2025 2024
$m $m
Investment income
Interest income
122.0
73.0
Gains on liquid investments held at fair value through profit or loss
34.2
111.2
156.2
184.2
Interest expense
Interest expense
(342.1)
(312.2)
(342.1)
(312.2)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(28.7)
(18.8)
Exceptional fair value gains (see Note 4)
\u2013
51.0
Effects of changes in foreign exchange rates
(52.0)
82.1
Preference dividends
(0.1)
(0.1)
(80.8)
114.2
Net finance expense
(266.7)
(13.8)
In the year ended 31 December 2025, the amounts of net interest expense capitalised and consequently not included within the above table were as follows: $30.6 million at Los Pelambres (year ended 31 December 2024: $30.2 million) and $110.4 million at Centinela (year ended 31 December 2024: $36.9 million). The average interest rate for the interest capitalised was 6.14% (2024: 6.42%). The interest expense shown above includes $10.5 million in respect of leases (year ended 31 December 2024: $17.1 million) and $73.4 million (year ended 31 December 2024: $41.6 million) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 21. In the year ended 31 December 2024, an exceptional fair value gain of $51.0 million has been recognised in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "9 Net finance expense
2025 2024
$m $m
Investment income
Interest income
122.0
73.0
Gains on liquid investments held at fair value through profit or loss
34.2
111.2
156.2
184.2
Interest expense
Interest expense
(342.1)
(312.2)
(342.1)
(312.2)
Other finance items
Unwinding of discount on provisions and adjustments to provision discount rates
(28.7)
(18.8)
Exceptional fair value gains (see Note 4)
\u2013
51.0
Effects of changes in foreign exchange rates
(52.0)
82.1
Preference dividends
(0.1)
(0.1)
(80.8)
114.2
Net finance expense
(266.7)
(13.8)
In the year ended 31 December 2025, the amounts of net interest expense capitalised and consequently not included within the above table were as follows: $30.6 million at Los Pelambres (year ended 31 December 2024: $30.2 million) and $110.4 million at Centinela (year ended 31 December 2024: $36.9 million). The average interest rate for the interest capitalised was 6.14% (2024: 6.42%). The interest expense shown above includes $10.5 million in respect of leases (year ended 31 December 2024: $17.1 million) and $73.4 million (year ended 31 December 2024: $41.6 million) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 21. In the year ended 31 December 2024, an exceptional fair value gain of $51.0 million has been recognised in respect of the agreement the Group entered into during 2023 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as detailed in Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
10 Income tax expense
The tax charge for the year comprised the following:
2025 2024
$m $m
Current tax charge
Corporate tax (principally first category tax in Chile)
(769.9)
(385.8)
Mining tax (royalty)
(307.7)
(206.0)
Withholding tax
(36.5)
(71.1)
(1,114.1)
(662.9)
Deferred tax charge
Corporate tax (principally first category tax in Chile)
(44.3)
(83.3)
Mining tax (royalty)
(9.5)
76.4
Deferred tax on exceptional items (see Note 4)
54.5
(126.7)
Withholding tax
25.2
41.4
25.9
(92.2)
Total tax charge
(1,088.2)
(755.1)
The rate of first category (i.e. corporate) tax in Chile is 27.0% (2024: 27.0%).
In addition to first category tax and the mining tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding
tax is levied on remittances of profits from Chile at 35% less first category (i.e. corporate) tax already paid in respect of the profits to
which the remittances relate.
The Group\u2019s mining operations are also subject to a mining tax (royalty). The current Chilean mining royalty has been in effect since
1 January 2024. The royalty terms include a royalty ranging from 8% to 26% applied to the \u2018\u2018Mining Operating Margin\u2019\u2019, depending on each
mining operation\u2019s level of profitability, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue
rather than profit, it does not meet the IAS 12: Income Taxes definition of a tax expense and is therefore recorded as an operating expense.
The royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining
royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense.
Los Pelambres has been subject to the current royalty from 1 January 2024. Centinela and Antucoya have tax stability agreements in place,
and so the current royalty will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous
royalty system, applying a progressive rate ranging from 5% to 14% of taxable operating profits, depending on the operating margin.
The following table provides a numerical reconciliation between the accounting profit before tax multiplied by the applicable statutory tax
rate and the total tax expense (including both current and deferred tax).
Year ended Year ended Year ended Year ended
31 December 2025 31 December 2025 31 December 2024 31 December 2024
Excluding Including Excluding Including
exceptional items exceptional items exceptional items exceptional items
$m
%
$m
%
$m
%
$m
%
Profit before tax
3,159.5
3,159.5
1,648.7
2,071.1
Profit before tax multiplied by Chilean corporate
tax rate of 27%
(853.0)
27.0
(853.0)
27.0
(445.1)
27.0
(559.2)
27.0
Mining tax (royalty)
(301.9)
9.6
(301.9)
9.6
(216.5)
13.1
(216.5)
10.5
Deduction of mining tax (royalty) as an allowable
expense in determination of first category tax
83.6
(2.6)
83.6
(2.6)
55.8
(3.4)
55.8
(2.7)
Items non-taxable & non-deductible from first
category tax
(7.8)
0.2
(7.8)
0.2
(3.9)
0.2
(3.9)
0.2
Adjustment in respect of prior years
2.4
(0.1)
2.4
(0.1)
1.7
(0.1)
1.7
(0.1)
Adjustment to deferred tax in respect of mining royalty
(14.7)
0.4
(14.7)
0.3
67.1
(4.1)
67.1
(3.2)
Withholding tax
(11.4)
0.4
(11.4)
0.4
(29.7)
1.8
(29.7)
1.4
Tax effect of (loss)/profit of associates and joint
ventures
14.2
(0.4)
14.2
(0.4)
20.0
(1.1)
20.0
(1.0)
Impact of unrecognised tax losses on current tax
(55.0)
1.7
(55.0)
1.7
(77.8)
4.7
(77.8)
3.8
Reversal of deferred tax on fair value gains
(exceptional items)
\u2013
\u2013
54.5
(1.7)
\u2013
\u2013
\u2013
\u2013
Reversal of the provision against carrying value of
assets (exceptional items)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(13.7)
0.7
Difference in overseas tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
(0.1)
Net other items
0.9
\u2013
0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Tax expense and effective tax rate for the year
(1,142.7)
36.2
(1,088.2)
34.4
(628.4)
38.1
(755.1)
36.5
The effective tax rate (excluding exceptional items) of 36.2% varied from the statutory rate principally due to:
\u2022 The mining tax (royalty) (net impact of $218.3 million/ 7.0% including the deduction of the mining tax (royalty) as an allowable
expense in the determination of first category tax);
\u2022 The withholding tax relating to the remittance of profits from Chile (impact of $11.4 million/0.4%);
\u2022 Adjustments to deferred tax in respect of the mining royalty (impact of $14.7 million/0.4%);
\u2022 Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside Chile (impact of $7.8 million/0.2%);
\u2022 The impact of unrecognised tax losses (impact of $55.0 million/1.7%);
\u2022 An offsetting impact of the recognition of the Group\u2019s share of results from associates and joint ventures, which are included in the
Group\u2019s profit before tax net of their respective tax charges (impact of $14.2 million/0.4%); and
\u2022 Adjustments in respect of prior years (impact of $2.4 million/0.1%).
The effective tax rate (including exceptional items) of 34.4% varied from the statutory rate due to the factors outlined above, and due
to the exceptional deferred tax credit of $54.5 million relating to the derecognition of the deferred tax liability in respect of the Group\u2019s
investment in Buenaventura, as the requirements of the UK Substantial shareholdings exemption were met during the period.
The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are set out below.
\u2022 The level of future distributions made by the Group\u2019s Chilean subsidiaries out of Chile, which could result in increased withholding tax
charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate
foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends,
taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current
level of distributable reserves at the Antofagasta plc entity level, and the amount of available cash in the Chilean subsidiaries and in
the Antofagasta plc entity.
\u2022 Changes in the applicable mining royalty rate, as a result of changes in the mining operations\u2019 levels of profitability, or the potential
applicability of the mining royalty cap, as described above.
\u2022 The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative
impact of these expenses on the Group\u2019s effective tax rate will vary depending on the Group\u2019s total profit before tax in a particular year.
OECD Pillar Two model rules
The Group falls within the scope of the OECD Pillar Two model rules, which introduce a minimum effective tax rate of 15% for
multinational companies.
The Pillar Two model rules were substantively enacted in the UK in 2023 and became effective from 1 January 2024. The Antofagasta
Group operates in Chile and is subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any profits
distributed from Chile. The first tax returns for the accounting period ended 31 December 2024 are due to be filed by 30 June 2026,
while the filing date for 2025 is 31 March 2027.
The Group applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities related
to Pillar Two income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023.
In relation to the analysis of the controlling interest and identification of the Group's Ultimate Parent Entity (UPE), management concluded
that the \u2018deemed\u2019 consolidation rule in section (b) of the controlling interest definition should apply to the E. Abaroa Foundation. Consequently,
the E. Abaroa Foundation should be considered the UPE of the Multinational Enterprises (MNE) Group for Pillar Two purposes.
Additionally, based on FY24 data and adjustments for material changes in FY25, the Group concluded that it qualifies for the Transitional
CbCR Safe Harbour (TCSH) regime in most of its key operating jurisdictions, such that no top-up tax arises in the jurisdictions falling
within the Safe Harbour regime.
However, our review indicates that Bermuda, the United Kingdom and Peru may fail the TCSH tests in 2024, such that full top-up tax
calculations are required. In relation to these jurisdictions, and subject to further analysis, the draft workings show the top-up tax for the
UK to be $nil in 2024 and 2025 and to be minimal (less than $1 million) in both Peru and Bermuda in these periods. The company is
currently working on the complete Global Information Return ahead of the 30 June 2026 filing deadline.
On June 2025, the E. Abaroa Foundation, as the UPE of the Antofagasta Group, formally nominated Antofagasta plc as the designated
filing member for Pillar Two purposes in the United Kingdom. This designation requires Antofagasta plc to register the Group with
HMRC and to manage all related filings and communications, including the Globe Information Return or Overseas Return Notification. In
accordance with this designation, Antofagasta plc completed the registration with HMRC (HM Revenue and Customs) on 27 June 2025.
Minera Centinela tax claims and queries
In the context of an administrative review, the Chilean Internal Revenue Service (SII) has raised tax settlements against Minera Centinela
regarding tax deductions recognised in relation to the amortisation of organisation and start-up expenses associated with the Encuentro
pit. The taxes claimed by the SII amount to approximately USD$86.6 million (plus interest and fines). This controversy relates to fiscal
years 2020, 2021 and 2022, and is currently at judicial stage (tax claim procedure) before the Chilean Tax and Customs Court. The Group
considers that the tax treatment adopted by Minera Centinela is correct and appropriate, has robust arguments to support its position, and
expects its position to be upheld through the judicial process; accordingly, no provision has been recognised for a potential exposure in
respect of this matter. In case the court accepts the SII\u2019s position, the amount (plus potential interest and penalties) would become payable.
On 23 January 2026, the Group received Assessments issued by the SII, relating to fiscal year 2023, which contain the formal tax
adjustments and determinations related to the matters under dispute. These assessments form part of the ongoing administrative and
judicial proceedings and have not changed the Group\u2019s evaluation of the case.
There are no other significant tax uncertainties which would require critical judgements, estimates or potential provisions.
26 Deferred tax assets and liabilities
Accelerated Temporary differences Withholding Short-term Mining tax Tax
capital allowances on provisions tax differences (royalty) losses Total
$m $m $m $m $m $m $m
At 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024 and 1 January 2025
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
(Charge)/credit to income
54.7
(78.9)
25.2
(2.7)
3.6
(30.4)
(28.5)
Tax on exceptional items
1
54.5
\u2013
\u2013
\u2013
\u2013
\u2013
54.5
Charge deferred in equity
2
\u2013
2.5
44.7
0.5
\u2013
47.7
At 31 December 2025
(1,506.0)
3.2
\u2013
(50.9)
(108.0)
52.4
1,609.3
1. An exceptional deferred tax credit of $54.5 million has been recognised in the income statement due to the derecognition of the deferred tax liability which had been
previously recognised through the income statement in relation to the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares
in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) (2024: $126.7 million deferred tax charge was recognised in respect of deferred tax of $12.7 million on the
exceptional fair value gain on the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura
S.A.A. and $114.0 million of deferred tax relating to the Antucoya impairment reversal).
2. The $47.7 million deferred tax credit recognised directly in equity relates to a $44.7 million deferred tax credit in respect of the movements in the fair value of equity
investments in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as the relevant UK tax exemption now applies (see Note 4 and 17) and a $3.0 million deferred tax credit in
respect of actuarial losses on defined benefit plans.
The charge to the income statement of $28.5 million (2024: $32.7 million) included an impact from foreign exchange differences of
$0.1 million (2024: $0.3 million).
Certain deferred tax assets and liabilities have been offset. Deferred tax assets and liabilities are offset where there is a legally enforceable
right to do so, which under Chilean tax regulations is only possible within individual legal entities.
The following is the analysis of the deferred tax balance (after offset):
2025 2024
$m $m
Net deferred tax assets
2.2
9.7
Net deferred tax liabilities
(1,611.5)
(1,692.7)
Net deferred tax balances
(1,609.3)
(1,683.0)
The $2.2 million net deferred tax asset balance (2024: $9.7 million) relates to the total deferred tax position of those individual Group
entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some
cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences.
At 31 December 2025, the Group had unused tax losses of $789.2 million in respect of which no deferred tax asset has been recognised,
as the relevant entities are currently loss-making; $237.1 million (2024: $141.1 million) of these tax losses relate to Chilean entities where
the tax losses can be carried forward indefinitely, and $552.1 million (2024: $520.3 million) relate to entities outside Chile, predominantly
in respect of the Twin Metals project. $267.5 million (2024: $267.5 million) of the Twin Metals tax losses expire in the period from
2030 \u2013 2037, and the remainder can be carried forward indefinitely.
The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the
Group is in a position to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was
$8,898.8 million (31 December 2024: $7,397.9 million).
At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the
Group\u2019s interests in Buenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from
March 2024 onwards. In March 2025, the Group qualified for the UK Substantial Shareholding Exemption in respect of its holding in
Buenaventura, as it had held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK
capital gains tax in respect of its investment. Accordingly, in March 2025 the Group de-recognised its existing deferred tax liability.
Temporary differences arising in connection with interests in associates and joint ventures are insignificant.
The deferred tax balance of $1,609.3 million (2024: $1,683.0 million) includes $1.529.6 million (2024: $1,535.0 million) due in more than
one year.
The deferred tax assets of $2.2 million are all due in more than one year (2024: $9.7 million). The deferred tax liabilities of $1,611.5 million
(2024: $1,692.7) include $79.7 million due in less than 1 year and $1,531.8 million due in more than one year.
All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "10 Income tax expense The tax charge for the year comprised the following:
2025 2024
$m $m
Current tax charge
Corporate tax (principally first category tax in Chile)
(769.9)
(385.8)
Mining tax (royalty)
(307.7)
(206.0)
Withholding tax
(36.5)
(71.1)
(1,114.1)
(662.9)
Deferred tax charge
Corporate tax (principally first category tax in Chile)
(44.3)
(83.3)
Mining tax (royalty)
(9.5)
76.4
Deferred tax on exceptional items (see Note 4)
54.5
(126.7)
Withholding tax
25.2
41.4
25.9
(92.2)
Total tax charge
(1,088.2)
(755.1)
The rate of first category (i.e. corporate) tax in Chile is 27.0% (2024: 27.0%). In addition to first category tax and the mining tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding tax is levied on remittances of profits from Chile at 35% less first category (i.e. corporate) tax already paid in respect of the profits to which the remittances relate. The Group\u2019s mining operations are also subject to a mining tax (royalty). The current Chilean mining royalty has been in effect since 1 January 2024. The royalty terms include a royalty ranging from 8% to 26% applied to the \u2018\u2018Mining Operating Margin\u2019\u2019, depending on each mining operation\u2019s level of profitability, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue rather than profit, it does not meet the IAS 12: Income Taxes definition of a tax expense and is therefore recorded as an operating expense. The royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense. Los Pelambres has been subject to the current royalty from 1 January 2024. Centinela and Antucoya have tax stability agreements in place, and so the current royalty will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a progressive rate ranging from 5% to 14% of taxable operating profits, depending on the operating margin. The following table provides a numerical reconciliation between the accounting profit before tax multiplied by the applicable statutory tax rate and the total tax expense (including both current and deferred tax).
Year ended Year ended Year ended Year ended
31 December 2025 31 December 2025 31 December 2024 31 December 2024
Excluding Including Excluding Including
exceptional items exceptional items exceptional items exceptional items
$m
%
$m
%
$m
%
$m
%
Profit before tax
3,159.5
3,159.5
1,648.7
2,071.1
Profit before tax multiplied by Chilean corporate
tax rate of 27%
(853.0)
27.0
(853.0)
27.0
(445.1)
27.0
(559.2)
27.0
Mining tax (royalty)
(301.9)
9.6
(301.9)
9.6
(216.5)
13.1
(216.5)
10.5
Deduction of mining tax (royalty) as an allowable
expense in determination of first category tax
83.6
(2.6)
83.6
(2.6)
55.8
(3.4)
55.8
(2.7)
Items non-taxable & non-deductible from first
category tax
(7.8)
0.2
(7.8)
0.2
(3.9)
0.2
(3.9)
0.2
Adjustment in respect of prior years
2.4
(0.1)
2.4
(0.1)
1.7
(0.1)
1.7
(0.1)
Adjustment to deferred tax in respect of mining royalty
(14.7)
0.4
(14.7)
0.3
67.1
(4.1)
67.1
(3.2)
Withholding tax
(11.4)
0.4
(11.4)
0.4
(29.7)
1.8
(29.7)
1.4
Tax effect of (loss)/profit of associates and joint
ventures
14.2
(0.4)
14.2
(0.4)
20.0
(1.1)
20.0
(1.0)
Impact of unrecognised tax losses on current tax
(55.0)
1.7
(55.0)
1.7
(77.8)
4.7
(77.8)
3.8
Reversal of deferred tax on fair value gains
(exceptional items)
\u2013
\u2013
54.5
(1.7)
\u2013
\u2013
\u2013
\u2013
Reversal of the provision against carrying value of
assets (exceptional items)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(13.7)
0.7
Difference in overseas tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
(0.1)
Net other items
0.9
\u2013
0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Tax expense and effective tax rate for the year
(1,142.7)
36.2
(1,088.2)
34.4
(628.4)
38.1
(755.1)
36.5
The effective tax rate (excluding exceptional items) of 36.2% varied from the statutory rate principally due to: \u2022 The mining tax (royalty) (net impact of $218.3 million/ 7.0% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax); \u2022 The withholding tax relating to the remittance of profits from Chile (impact of $11.4 million/0.4%); \u2022 Adjustments to deferred tax in respect of the mining royalty (impact of $14.7 million/0.4%); \u2022 Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside Chile (impact of $7.8 million/0.2%); \u2022 The impact of unrecognised tax losses (impact of $55.0 million/1.7%); \u2022 An offsetting impact of the recognition of the Group\u2019s share of results from associates and joint ventures, which are included in the Group\u2019s profit before tax net of their respective tax charges (impact of $14.2 million/0.4%); and \u2022 Adjustments in respect of prior years (impact of $2.4 million/0.1%). The effective tax rate (including exceptional items) of 34.4% varied from the statutory rate due to the factors outlined above, and due to the exceptional deferred tax credit of $54.5 million relating to the derecognition of the deferred tax liability in respect of the Group\u2019s investment in Buenaventura, as the requirements of the UK Substantial shareholdings exemption were met during the period. The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are set out below. \u2022 The level of future distributions made by the Group\u2019s Chilean subsidiaries out of Chile, which could result in increased withholding tax charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level, and the amount of available cash in the Chilean subsidiaries and in the Antofagasta plc entity. \u2022 Changes in the applicable mining royalty rate, as a result of changes in the mining operations\u2019 levels of profitability, or the potential applicability of the mining royalty cap, as described above. \u2022 The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative impact of these expenses on the Group\u2019s effective tax rate will vary depending on the Group\u2019s total profit before tax in a particular year. OECD Pillar Two model rules The Group falls within the scope of the OECD Pillar Two model rules, which introduce a minimum effective tax rate of 15% for multinational companies. The Pillar Two model rules were substantively enacted in the UK in 2023 and became effective from 1 January 2024. The Antofagasta Group operates in Chile and is subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any profits distributed from Chile. The first tax returns for the accounting period ended 31 December 2024 are due to be filed by 30 June 2026, while the filing date for 2025 is 31 March 2027. The Group applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities related to Pillar Two income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023. In relation to the analysis of the controlling interest and identification of the Group's Ultimate Parent Entity (UPE), management concluded that the \u2018deemed\u2019 consolidation rule in section (b) of the controlling interest definition should apply to the E. Abaroa Foundation. Consequently, the E. Abaroa Foundation should be considered the UPE of the Multinational Enterprises (MNE) Group for Pillar Two purposes. Additionally, based on FY24 data and adjustments for material changes in FY25, the Group concluded that it qualifies for the Transitional CbCR Safe Harbour (TCSH) regime in most of its key operating jurisdictions, such that no top-up tax arises in the jurisdictions falling within the Safe Harbour regime. However, our review indicates that Bermuda, the United Kingdom and Peru may fail the TCSH tests in 2024, such that full top-up tax calculations are required. In relation to these jurisdictions, and subject to further analysis, the draft workings show the top-up tax for the UK to be $nil in 2024 and 2025 and to be minimal (less than $1 million) in both Peru and Bermuda in these periods. The company is currently working on the complete Global Information Return ahead of the 30 June 2026 filing deadline. On June 2025, the E. Abaroa Foundation, as the UPE of the Antofagasta Group, formally nominated Antofagasta plc as the designated filing member for Pillar Two purposes in the United Kingdom. This designation requires Antofagasta plc to register the Group with HMRC and to manage all related filings and communications, including the Globe Information Return or Overseas Return Notification. In accordance with this designation, Antofagasta plc completed the registration with HMRC (HM Revenue and Customs) on 27 June 2025. Minera Centinela tax claims and queries In the context of an administrative review, the Chilean Internal Revenue Service (SII) has raised tax settlements against Minera Centinela regarding tax deductions recognised in relation to the amortisation of organisation and start-up expenses associated with the Encuentro pit. The taxes claimed by the SII amount to approximately USD$86.6 million (plus interest and fines). This controversy relates to fiscal years 2020, 2021 and 2022, and is currently at judicial stage (tax claim procedure) before the Chilean Tax and Customs Court. The Group considers that the tax treatment adopted by Minera Centinela is correct and appropriate, has robust arguments to support its position, and expects its position to be upheld through the judicial process; accordingly, no provision has been recognised for a potential exposure in respect of this matter. In case the court accepts the SII\u2019s position, the amount (plus potential interest and penalties) would become payable. On 23 January 2026, the Group received Assessments issued by the SII, relating to fiscal year 2023, which contain the formal tax adjustments and determinations related to the matters under dispute. These assessments form part of the ongoing administrative and judicial proceedings and have not changed the Group\u2019s evaluation of the case. There are no other significant tax uncertainties which would require critical judgements, estimates or potential provisions. 26 Deferred tax assets and liabilities
Accelerated Temporary differences Withholding Short-term Mining tax Tax
capital allowances on provisions tax differences (royalty) losses Total
$m $m $m $m $m $m $m
At 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024 and 1 January 2025
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
(Charge)/credit to income
54.7
(78.9)
25.2
(2.7)
3.6
(30.4)
(28.5)
Tax on exceptional items
1
54.5
\u2013
\u2013
\u2013
\u2013
\u2013
54.5
Charge deferred in equity
2
\u2013
2.5
44.7
0.5
\u2013
47.7
At 31 December 2025
(1,506.0)
3.2
\u2013
(50.9)
(108.0)
52.4
1,609.3
1. An exceptional deferred tax credit of $54.5 million has been recognised in the income statement due to the derecognition of the deferred tax liability which had been previously recognised through the income statement in relation to the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) (2024: $126.7 million deferred tax charge was recognised in respect of deferred tax of $12.7 million on the exceptional fair value gain on the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. and $114.0 million of deferred tax relating to the Antucoya impairment reversal). 2. The $47.7 million deferred tax credit recognised directly in equity relates to a $44.7 million deferred tax credit in respect of the movements in the fair value of equity investments in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as the relevant UK tax exemption now applies (see Note 4 and 17) and a $3.0 million deferred tax credit in respect of actuarial losses on defined benefit plans. The charge to the income statement of $28.5 million (2024: $32.7 million) included an impact from foreign exchange differences of $0.1 million (2024: $0.3 million). Certain deferred tax assets and liabilities have been offset. Deferred tax assets and liabilities are offset where there is a legally enforceable right to do so, which under Chilean tax regulations is only possible within individual legal entities. The following is the analysis of the deferred tax balance (after offset):
2025 2024
$m $m
Net deferred tax assets
2.2
9.7
Net deferred tax liabilities
(1,611.5)
(1,692.7)
Net deferred tax balances
(1,609.3)
(1,683.0)
The $2.2 million net deferred tax asset balance (2024: $9.7 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 31 December 2025, the Group had unused tax losses of $789.2 million in respect of which no deferred tax asset has been recognised, as the relevant entities are currently loss-making; $237.1 million (2024: $141.1 million) of these tax losses relate to Chilean entities where the tax losses can be carried forward indefinitely, and $552.1 million (2024: $520.3 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project. $267.5 million (2024: $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carried forward indefinitely. The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $8,898.8 million (31 December 2024: $7,397.9 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests in Buenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, the Group qualified for the UK Substantial Shareholding Exemption in respect of its holding in Buenaventura, as it had held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains tax in respect of its investment. Accordingly, in March 2025 the Group de-recognised its existing deferred tax liability. Temporary differences arising in connection with interests in associates and joint ventures are insignificant. The deferred tax balance of $1,609.3 million (2024: $1,683.0 million) includes $1.529.6 million (2024: $1,535.0 million) due in more than one year. The deferred tax assets of $2.2 million are all due in more than one year (2024: $9.7 million). The deferred tax liabilities of $1,611.5 million (2024: $1,692.7) include $79.7 million due in less than 1 year and $1,531.8 million due in more than one year. All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "OECD Pillar Two model rules The Group falls within the scope of the OECD Pillar Two model rules, which introduce a minimum effective tax rate of 15% for multinational companies. The Pillar Two model rules were substantively enacted in the UK in 2023 and became effective from 1 January 2024. The Antofagasta Group operates in Chile and is subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any profits distributed from Chile. The first tax returns for the accounting period ended 31 December 2024 are due to be filed by 30 June 2026, while the filing date for 2025 is 31 March 2027. The Group applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities related to Pillar Two income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023. In relation to the analysis of the controlling interest and identification of the Group's Ultimate Parent Entity (UPE), management concluded that the \u2018deemed\u2019 consolidation rule in section (b) of the controlling interest definition should apply to the E. Abaroa Foundation. Consequently, the E. Abaroa Foundation should be considered the UPE of the Multinational Enterprises (MNE) Group for Pillar Two purposes. Additionally, based on FY24 data and adjustments for material changes in FY25, the Group concluded that it qualifies for the Transitional CbCR Safe Harbour (TCSH) regime in most of its key operating jurisdictions, such that no top-up tax arises in the jurisdictions falling within the Safe Harbour regime. However, our review indicates that Bermuda, the United Kingdom and Peru may fail the TCSH tests in 2024, such that full top-up tax calculations are required. In relation to these jurisdictions, and subject to further analysis, the draft workings show the top-up tax for the UK to be $nil in 2024 and 2025 and to be minimal (less than $1 million) in both Peru and Bermuda in these periods. The company is currently working on the complete Global Information Return ahead of the 30 June 2026 filing deadline. On June 2025, the E. Abaroa Foundation, as the UPE of the Antofagasta Group, formally nominated Antofagasta plc as the designated filing member for Pillar Two purposes in the United Kingdom. This designation requires Antofagasta plc to register the Group with HMRC and to manage all related filings and communications, including the Globe Information Return or Overseas Return Notification. In accordance with this designation, Antofagasta plc completed the registration with HMRC (HM Revenue and Customs) on 27 June 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
11 Earnings per share
2025 2024
$m $m
Profit for the period attributable to owners of the parent (excluding exceptional items)
1,274.4
619.5
Exceptional items
54.5
209.9
Profit for the period attributable to owners of the parent (including exceptional items) from operations
1,328.9
829.4
2025 2024
Number Number
Ordinary shares in issue throughout each year
985,856,695
985,856,695
2025 2024
Cents Cents
Basic earnings per share (excluding exceptional items) from operations
129.3
62.8
Basic earnings per share (exceptional items) from operations
5.5
21.3
Basic earnings per share (including exceptional items) from operations
134.8
84.1
Basic earnings per share are calculated as profit after tax and non-controlling interests, based on 985,856,695 (2024: 985,856,695)
ordinary shares.
The Group does not have any equity instruments which could potentially dilute earnings per share, and therefore diluted earnings per
share did not differ from basic earnings per share as disclosed above.
Reconciliation of basic earnings per share from continuing operations:
2025
2024
Profit for the year attributable to owners of the parent
$m
1,328.9
829.4
Ordinary shares
Number
985,856,695
985,856,695
Basic earnings per share from continuing operations
cents
134.8
84.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
12 Dividends
Amounts recognised as distributions to equity holders in the year:
2025 2024 2025 2024
$m $m cents per share cents per share
Final dividend paid in June (proposed in relation to the previous year)
Ordinary
231.6
239.6
23.5
24.3
Interim dividend paid in September
Ordinary
163.7
77.9
16.6
7.9
395.3
317.4
40.1
32.2
The recommended final dividend for each year, which is subject to approval by shareholders at the Annual General Meeting and has therefore
not been included as a liability in these financial statements, is as follows:
2025 2024
2025 2024 cents cents
$m $m per share per share
Final dividend proposed in relation to the year
Ordinary
473.2
231.6
48.0
23.5
Total dividends proposed in relation to 2025 (including the interim dividend) are 64.6 cents per share or $636.9 million (2024: 31.4 cents
per share or $309.6 million).
In accordance with IAS 32, preference dividends have been included within net finance income/(expense) (see Note 9) and amounted to
$0.1 million (2024: $0.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "0.235", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-13": { "value": "0.646", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-405": { "value": "
13 Intangible assets
Accumulated depreciation
Cost and impairment Net book value
$m $m $m
At 31 December 2024
150.1
(150.1)
\u2013
At 31 December 2025
150.1
(150.1)
\u2013
The intangible asset relates to Twin Metals\u2019 mining licence assets (included within the corporate segment). A full impairment provision
was recognised in respect of the $150.1 million cost of this asset as at 31 December 2021, as a result of the US federal government\u2019s
cancellation of certain of Twin Metals\u2019 mining leases.
Twin Metals believes it has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group is
pursuing validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions,
a full impairment provision continues to be recognised in respect of the carrying value of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "13 Intangible assets
Accumulated depreciation
Cost and impairment Net book value
$m $m $m
At 31 December 2024
150.1
(150.1)
\u2013
At 31 December 2025
150.1
(150.1)
\u2013
The intangible asset relates to Twin Metals\u2019 mining licence assets (included within the corporate segment). A full impairment provision was recognised in respect of the $150.1 million cost of this asset as at 31 December 2021, as a result of the US federal government\u2019s cancellation of certain of Twin Metals\u2019 mining leases. Twin Metals believes it has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group is pursuing validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, a full impairment provision continues to be recognised in respect of the carrying value of the asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "13 Intangible assets
Accumulated depreciation
Cost and impairment Net book value
$m $m $m
At 31 December 2024
150.1
(150.1)
\u2013
At 31 December 2025
150.1
(150.1)
\u2013
The intangible asset relates to Twin Metals\u2019 mining licence assets (included within the corporate segment). A full impairment provision was recognised in respect of the $150.1 million cost of this asset as at 31 December 2021, as a result of the US federal government\u2019s cancellation of certain of Twin Metals\u2019 mining leases. Twin Metals believes it has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group is pursuing validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, a full impairment provision continues to be recognised in respect of the carrying value of the asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
14 Property, plant and equipment
Wagons Machinery,
Mining Stripping Buildings and Railway and rolling equipment Assets under Right-of-use
Land properties costs infrastructure track stock and other construction assets Total
$m $m $m $m $m $m $m $m $m $m
Cost
At 1 January 2024
63.8
649.0
4,418.1
6,647.2
146.8
221.7
8,672.5
3,615.4
625.3
25,059.8
Additions
\u2013
0.2
388.6
\u2013
\u2013
\u2013
\u2013
2,226.5
119.6
2,734.9
Additions \u2013 capitalised
depreciation
\u2013
\u2013
87.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
87.9
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(13.1)
\u2013
\u2013
(13.1)
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
67.1
\u2013
67.1
Reclassifications
(7.1)
\u2013
\u2013
2,437.8
26.9
24.9
269.4
(2,719.3)
(32.6)
\u2013
Asset disposals
(0.9)
\u2013
(2,197.4)
\u2013
\u2013
\u2013
(7.7)
(1.4)
(120.8)
(2,328.2)
At 31 December 2024
55.8
649.2
2,697.2
9,085.0
173.7
246.6
8,921.1
3,188.3
591.5
25,608.4
At 1 January 2025
55.8
649.2
2,697.2
9,085.0
173.7
246.6
8,921.1
3,188.3
591.5
25,608.4
Additions
\u2013
0.9
784.6
1.2
\u2013
\u2013
\u2013
3,192.5
114.7
4,093.9
Additions \u2013 capitalised
depreciation
\u2013
\u2013
209.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
209.4
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
107.3
\u2013
\u2013
107.3
Capitalisation of pre-stripping
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
141.0
\u2013
141.0
Reclassifications
2.0
116.2
\u2013
560.5
1.2
6.2
399.2
(1,086.9)
\u2013
(1.6)
Asset disposals
\u2013
\u2013
(243.4)
(1.4)
\u2013
\u2013
(57.2)
(1.5)
(142.7)
(446.2)
Adjustment on currency
translation
1
0.7
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
(0.1)
0.8
At 31 December 2025
58.5
766.3
3,447.8
9,645.3
174.9
252.8
9,370.6
5,435.4
563.4
29,715.0
Accumulated depreciation
and impairment
At 1 January 2024
0.5
(618.9)
(2,283.3)
(3,091.5)
(60.6)
(136.9)
(5,799.1)
\u2013
(391.3)
(12,381.1)
Charge for the year
\u2013
1.8
(692.3)
(371.0)
(11.6)
(19.9)
(311.6)
\u2013
(163.6)
(1,568.2)
Depreciation capitalised in
inventories
\u2013
0.9
\u2013
(184.4)
\u2013
\u2013
(154.9)
\u2013
\u2013
(338.4)
Depreciation capitalised in
property, plant and equipment
\u2013
\u2013
(87.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(87.9)
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(32.2)
\u2013
32.2
\u2013
Reverse of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
371.4
\u2013
\u2013
371.4
Asset disposals
\u2013
\u2013
2,197.4
\u2013
\u2013
\u2013
5.7
\u2013
109.7
2,312.8
At 31 December 2024
0.5
(616.2)
(866.1)
(3,646.9)
(72.3)
(156.8)
(5,920.7)
\u2013
(412.9)
(11,691.4)
At 1 January 2025
0.5
(616.2)
(866.1)
(3,646.9)
(72.3)
(156.8)
(5,920.7)
\u2013
(412.9)
(11,691.4)
Charge for the year
(0.6)
16.8
(337.2)
(603.9)
(11.8)
(15.9)
(632.2)
\u2013
(110.5)
(1,695.4)
Depreciation capitalised in
inventories
0.1
0.6
58.9
\u2013
\u2013
\u2013
68.5
\u2013
\u2013
128.1
Depreciation capitalised in
property, plant and equipment
\u2013
\u2013
(209.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(209.4)
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.6
\u2013
\u2013
1.6
Asset disposals
\u2013
\u2013
243.4
0.4
\u2013
\u2013
42.3
\u2013
118.7
404.8
At 31 December 2025
(0.1)
(598.8)
(1,110.4)
(
4,250.4)
(84.1)
(172.7)
(6,440.5)
\u2013
(404.7)
(13,061.8)
Net book value
At 31 December 2025
58.4
167.5
2,337.4
5,394.9
90.8
80.1
2,930.1
5,435.4
158.7
16,653.3
At 31 December 2024
56.3
33.0
1,831.1
5,438.1
101.5
89.8
3,000.4
3,188.3
178.5
13,917.0
1. Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the
US dollar, recognised directly in the currency translation reserve. The adjustment in 2025 arose primarily from the strengthening of the Chilean Peso against the US dollar.
Depreciation capitalised in property, plant and equipment of $209.4 million related to the depreciation of assets used in mine development
(capitalised stripping costs) at Centinela, Los Pelambres and Antucoya (2024: $87.9 million).
During the year ended 31 December 2025, the total amount of depreciation capitalised within property, plant and equipment or inventories
in respect of assets relating to Los Pelambres, Centinela and Antucoya was $81.3 million (year ended 31 December 2024: $426.4 million),
and has accordingly been excluded from the depreciation charge recorded in the income statement as shown in Note 5.
At 31 December 2025, the Group had entered contractual commitments for the acquisition of property, plant and equipment amounting
to $2,064.9 million (2024: $3,773.4 million) of which $848.5 million was related to Los Pelambres and $1,131.9 million to Centinela.
The Group has no (2024: nil) assets pledged as security against bank loans provided to the Group.
The average interest rate for the interest capitalised was 6.14% (2024: 6.42%).
At 31 December 2025, the net book value of assets capitalised relating to the decommissioning provision was $215.6 million
(2024: $128.9 million).
At 31 December 2025, the Group leases various assets including machinery and equipment leases of $156.2 million (2024: $174.6 million)
and office leases of $2.5 million (31 December 2024: $3.9 million). The depreciation charge for right-of-use assets for machinery and
equipment leases was $109.1 million (2024: $162.1 million) and for office leases was $1.5 million (2024: $1.5 million).
In September 2025, Los Pelambres completed the disposal of its electricity transmission line assets, for a disposal price of $67.5 million.
The assets had a net book value of $13.7 million, resulting in a profit on disposal of $53.8 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "14 Property, plant and equipment
Wagons Machinery,
Mining Stripping Buildings and Railway and rolling equipment Assets under Right-of-use
Land properties costs infrastructure track stock and other construction assets Total
$m $m $m $m $m $m $m $m $m $m
Cost
At 1 January 2024
63.8
649.0
4,418.1
6,647.2
146.8
221.7
8,672.5
3,615.4
625.3
25,059.8
Additions
\u2013
0.2
388.6
\u2013
\u2013
\u2013
\u2013
2,226.5
119.6
2,734.9
Additions \u2013 capitalised
depreciation
\u2013
\u2013
87.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
87.9
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(13.1)
\u2013
\u2013
(13.1)
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
67.1
\u2013
67.1
Reclassifications
(7.1)
\u2013
\u2013
2,437.8
26.9
24.9
269.4
(2,719.3)
(32.6)
\u2013
Asset disposals
(0.9)
\u2013
(2,197.4)
\u2013
\u2013
\u2013
(7.7)
(1.4)
(120.8)
(2,328.2)
At 31 December 2024
55.8
649.2
2,697.2
9,085.0
173.7
246.6
8,921.1
3,188.3
591.5
25,608.4
At 1 January 2025
55.8
649.2
2,697.2
9,085.0
173.7
246.6
8,921.1
3,188.3
591.5
25,608.4
Additions
\u2013
0.9
784.6
1.2
\u2013
\u2013
\u2013
3,192.5
114.7
4,093.9
Additions \u2013 capitalised
depreciation
\u2013
\u2013
209.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
209.4
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
107.3
\u2013
\u2013
107.3
Capitalisation of pre-stripping
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
141.0
\u2013
141.0
Reclassifications
2.0
116.2
\u2013
560.5
1.2
6.2
399.2
(1,086.9)
\u2013
(1.6)
Asset disposals
\u2013
\u2013
(243.4)
(1.4)
\u2013
\u2013
(57.2)
(1.5)
(142.7)
(446.2)
Adjustment on currency
translation
1
0.7
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
(0.1)
0.8
At 31 December 2025
58.5
766.3
3,447.8
9,645.3
174.9
252.8
9,370.6
5,435.4
563.4
29,715.0
Accumulated depreciation
and impairment
At 1 January 2024
0.5
(618.9)
(2,283.3)
(3,091.5)
(60.6)
(136.9)
(5,799.1)
\u2013
(391.3)
(12,381.1)
Charge for the year
\u2013
1.8
(692.3)
(371.0)
(11.6)
(19.9)
(311.6)
\u2013
(163.6)
(1,568.2)
Depreciation capitalised in
inventories
\u2013
0.9
\u2013
(184.4)
\u2013
\u2013
(154.9)
\u2013
\u2013
(338.4)
Depreciation capitalised in
property, plant and equipment
\u2013
\u2013
(87.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(87.9)
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(32.2)
\u2013
32.2
\u2013
Reverse of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
371.4
\u2013
\u2013
371.4
Asset disposals
\u2013
\u2013
2,197.4
\u2013
\u2013
\u2013
5.7
\u2013
109.7
2,312.8
At 31 December 2024
0.5
(616.2)
(866.1)
(3,646.9)
(72.3)
(156.8)
(5,920.7)
\u2013
(412.9)
(11,691.4)
At 1 January 2025
0.5
(616.2)
(866.1)
(3,646.9)
(72.3)
(156.8)
(5,920.7)
\u2013
(412.9)
(11,691.4)
Charge for the year
(0.6)
16.8
(337.2)
(603.9)
(11.8)
(15.9)
(632.2)
\u2013
(110.5)
(1,695.4)
Depreciation capitalised in
inventories
0.1
0.6
58.9
\u2013
\u2013
\u2013
68.5
\u2013
\u2013
128.1
Depreciation capitalised in
property, plant and equipment
\u2013
\u2013
(209.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(209.4)
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.6
\u2013
\u2013
1.6
Asset disposals
\u2013
\u2013
243.4
0.4
\u2013
\u2013
42.3
\u2013
118.7
404.8
At 31 December 2025
(0.1)
(598.8)
(1,110.4)
(
4,250.4)
(84.1)
(172.7)
(6,440.5)
\u2013
(404.7)
(13,061.8)
Net book value
At 31 December 2025
58.4
167.5
2,337.4
5,394.9
90.8
80.1
2,930.1
5,435.4
158.7
16,653.3
At 31 December 2024
56.3
33.0
1,831.1
5,438.1
101.5
89.8
3,000.4
3,188.3
178.5
13,917.0
1. Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the US dollar, recognised directly in the currency translation reserve. The adjustment in 2025 arose primarily from the strengthening of the Chilean Peso against the US dollar. Depreciation capitalised in property, plant and equipment of $209.4 million related to the depreciation of assets used in mine development (capitalised stripping costs) at Centinela, Los Pelambres and Antucoya (2024: $87.9 million). During the year ended 31 December 2025, the total amount of depreciation capitalised within property, plant and equipment or inventories in respect of assets relating to Los Pelambres, Centinela and Antucoya was $81.3 million (year ended 31 December 2024: $426.4 million), and has accordingly been excluded from the depreciation charge recorded in the income statement as shown in Note 5. At 31 December 2025, the Group had entered contractual commitments for the acquisition of property, plant and equipment amounting to $2,064.9 million (2024: $3,773.4 million) of which $848.5 million was related to Los Pelambres and $1,131.9 million to Centinela. The Group has no (2024: nil) assets pledged as security against bank loans provided to the Group. The average interest rate for the interest capitalised was 6.14% (2024: 6.42%). At 31 December 2025, the net book value of assets capitalised relating to the decommissioning provision was $215.6 million (2024: $128.9 million). At 31 December 2025, the Group leases various assets including machinery and equipment leases of $156.2 million (2024: $174.6 million) and office leases of $2.5 million (31 December 2024: $3.9 million). The depreciation charge for right-of-use assets for machinery and equipment leases was $109.1 million (2024: $162.1 million) and for office leases was $1.5 million (2024: $1.5 million). In September 2025, Los Pelambres completed the disposal of its electricity transmission line assets, for a disposal price of $67.5 million. The assets had a net book value of $13.7 million, resulting in a profit on disposal of $53.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "14 Property, plant and equipment
Wagons Machinery,
Mining Stripping Buildings and Railway and rolling equipment Assets under Right-of-use
Land properties costs infrastructure track stock and other construction assets Total
$m $m $m $m $m $m $m $m $m $m
Cost
At 1 January 2024
63.8
649.0
4,418.1
6,647.2
146.8
221.7
8,672.5
3,615.4
625.3
25,059.8
Additions
\u2013
0.2
388.6
\u2013
\u2013
\u2013
\u2013
2,226.5
119.6
2,734.9
Additions \u2013 capitalised
depreciation
\u2013
\u2013
87.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
87.9
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(13.1)
\u2013
\u2013
(13.1)
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
67.1
\u2013
67.1
Reclassifications
(7.1)
\u2013
\u2013
2,437.8
26.9
24.9
269.4
(2,719.3)
(32.6)
\u2013
Asset disposals
(0.9)
\u2013
(2,197.4)
\u2013
\u2013
\u2013
(7.7)
(1.4)
(120.8)
(2,328.2)
At 31 December 2024
55.8
649.2
2,697.2
9,085.0
173.7
246.6
8,921.1
3,188.3
591.5
25,608.4
At 1 January 2025
55.8
649.2
2,697.2
9,085.0
173.7
246.6
8,921.1
3,188.3
591.5
25,608.4
Additions
\u2013
0.9
784.6
1.2
\u2013
\u2013
\u2013
3,192.5
114.7
4,093.9
Additions \u2013 capitalised
depreciation
\u2013
\u2013
209.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
209.4
Adjustment to capitalised
decommissioning provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
107.3
\u2013
\u2013
107.3
Capitalisation of pre-stripping
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Capitalisation of interest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
141.0
\u2013
141.0
Reclassifications
2.0
116.2
\u2013
560.5
1.2
6.2
399.2
(1,086.9)
\u2013
(1.6)
Asset disposals
\u2013
\u2013
(243.4)
(1.4)
\u2013
\u2013
(57.2)
(1.5)
(142.7)
(446.2)
Adjustment on currency
translation
1
0.7
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
(0.1)
0.8
At 31 December 2025
58.5
766.3
3,447.8
9,645.3
174.9
252.8
9,370.6
5,435.4
563.4
29,715.0
Accumulated depreciation
and impairment
At 1 January 2024
0.5
(618.9)
(2,283.3)
(3,091.5)
(60.6)
(136.9)
(5,799.1)
\u2013
(391.3)
(12,381.1)
Charge for the year
\u2013
1.8
(692.3)
(371.0)
(11.6)
(19.9)
(311.6)
\u2013
(163.6)
(1,568.2)
Depreciation capitalised in
inventories
\u2013
0.9
\u2013
(184.4)
\u2013
\u2013
(154.9)
\u2013
\u2013
(338.4)
Depreciation capitalised in
property, plant and equipment
\u2013
\u2013
(87.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(87.9)
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(32.2)
\u2013
32.2
\u2013
Reverse of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
371.4
\u2013
\u2013
371.4
Asset disposals
\u2013
\u2013
2,197.4
\u2013
\u2013
\u2013
5.7
\u2013
109.7
2,312.8
At 31 December 2024
0.5
(616.2)
(866.1)
(3,646.9)
(72.3)
(156.8)
(5,920.7)
\u2013
(412.9)
(11,691.4)
At 1 January 2025
0.5
(616.2)
(866.1)
(3,646.9)
(72.3)
(156.8)
(5,920.7)
\u2013
(412.9)
(11,691.4)
Charge for the year
(0.6)
16.8
(337.2)
(603.9)
(11.8)
(15.9)
(632.2)
\u2013
(110.5)
(1,695.4)
Depreciation capitalised in
inventories
0.1
0.6
58.9
\u2013
\u2013
\u2013
68.5
\u2013
\u2013
128.1
Depreciation capitalised in
property, plant and equipment
\u2013
\u2013
(209.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(209.4)
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.6
\u2013
\u2013
1.6
Asset disposals
\u2013
\u2013
243.4
0.4
\u2013
\u2013
42.3
\u2013
118.7
404.8
At 31 December 2025
(0.1)
(598.8)
(1,110.4)
(
4,250.4)
(84.1)
(172.7)
(6,440.5)
\u2013
(404.7)
(13,061.8)
Net book value
At 31 December 2025
58.4
167.5
2,337.4
5,394.9
90.8
80.1
2,930.1
5,435.4
158.7
16,653.3
At 31 December 2024
56.3
33.0
1,831.1
5,438.1
101.5
89.8
3,000.4
3,188.3
178.5
13,917.0
1. Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the US dollar, recognised directly in the currency translation reserve. The adjustment in 2025 arose primarily from the strengthening of the Chilean Peso against the US dollar. Depreciation capitalised in property, plant and equipment of $209.4 million related to the depreciation of assets used in mine development (capitalised stripping costs) at Centinela, Los Pelambres and Antucoya (2024: $87.9 million). During the year ended 31 December 2025, the total amount of depreciation capitalised within property, plant and equipment or inventories in respect of assets relating to Los Pelambres, Centinela and Antucoya was $81.3 million (year ended 31 December 2024: $426.4 million), and has accordingly been excluded from the depreciation charge recorded in the income statement as shown in Note 5. At 31 December 2025, the Group had entered contractual commitments for the acquisition of property, plant and equipment amounting to $2,064.9 million (2024: $3,773.4 million) of which $848.5 million was related to Los Pelambres and $1,131.9 million to Centinela. The Group has no (2024: nil) assets pledged as security against bank loans provided to the Group. The average interest rate for the interest capitalised was 6.14% (2024: 6.42%). At 31 December 2025, the net book value of assets capitalised relating to the decommissioning provision was $215.6 million (2024: $128.9 million). At 31 December 2025, the Group leases various assets including machinery and equipment leases of $156.2 million (2024: $174.6 million) and office leases of $2.5 million (31 December 2024: $3.9 million). The depreciation charge for right-of-use assets for machinery and equipment leases was $109.1 million (2024: $162.1 million) and for office leases was $1.5 million (2024: $1.5 million). In September 2025, Los Pelambres completed the disposal of its electricity transmission line assets, for a disposal price of $67.5 million. The assets had a net book value of $13.7 million, resulting in a profit on disposal of $53.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "
15 Investments in subsidiaries
The subsidiaries of the Group, the percentage of equity owned and the main country of operation are set out below. These interests are
consolidated within these financial statements.
Economic interest Economic interest
Country of Country of Registered Nature of at 31 December at 31 December
incorporation operation office business 2025 2024
Direct subsidiaries of the Parent Company
Antofagasta Railway Company plc
UK
Chile
1
Railway
100%
100%
Andes Trust Limited (The)
UK
UK
1
Investment
100%
100%
Andean LFMA Investment Limited
UK
Chile
1
Investment
100%
100%
Alfa Estates Limited
Jersey
Jersey
3
Investment
100%
100%
Andes Re Limited
Bermuda
Bermuda
4
Insurance
100%
100%
Indirect subsidiaries of the Parent Company
Minera Los Pelambres SCM
Chile
Chile
2
Mining
60%
60%
Minera Centinela SCM
Chile
Chile
2
Mining
70%
70%
Minera Antucoya SCM
Chile
Chile
2
Mining
70%
70%
Antofagasta Minerals S.A.
Chile
Chile
2
Mining
100%
100%
Energ\u00eda Andina Geothermal SpA
Chile
Chile
2
Energy
100%
100%
MLP Transmisi\u00f3n S.A.
Chile
Chile
2
Energy
100%
100%
Sociedad Contractual Minera El Encierro
Chile
Chile
2
Mining
66.15%
61.90%
DSWS SpA
Chile
Chile
2
Water
100%
\u2013
Korimina S.A.C.
Per\u00fa
Per\u00fa
9
Mining
70%
\u2013
Antomin Volcanes Limited
BVI
BVI
8
Mining
51%
\u2013
Northern Minerals Investment (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Northern Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Northern Minerals Holding Co
USA
USA
5
Investment
100%
100%
Duluth Metals Limited
Canada
Canada
7
Investment
100%
100%
Twin Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Twin Metals (USA) Inc
USA
USA
6
Investment
100%
100%
Twin Metals Minnesota LLC
USA
USA
6
Mining
100%
100%
Pine Branch LLC
USA
USA
16
Mining
100%
100%
Franconia Minerals (US) LLC
USA
USA
6
Mining
100%
100%
Duluth Metals Holdings (USA) Inc
USA
USA
12
Investment
100%
100%
Duluth Exploration (USA) Inc
USA
USA
13
Investment
100%
100%
Economic interest Economic interest
Country of Country of Registered Nature of at 31 December at 31 December
incorporation operation office business 2025 2024
DMC LLC (Minnesota)
USA
USA
12
Investment
100%
100%
DMC (USA) LLC (Delaware)
USA
USA
12
Investment
100%
100%
DMC (USA) Corporation
USA
USA
12
Investment
100%
100%
Antofagasta Investment Company Limited
Jersey
UK
1
Investment
100%
100%
Minprop Limited
Jersey
Jersey
3
Mining
100%
100%
Antomin 2 Limited
BVI
BVI
8
Mining
51%
51%
Antomin Investors Limited
BVI
BVI
8
Mining
100%
51%
Minera Anto Peru S.A.
Peru
Peru
9
Mining
100%
100%
Los Pelambres Holding Company Limited
Jersey
UK
1
Investment
100%
100%
Los Pelambres Investment Company Limited
Jersey
UK
1
Investment
100%
100%
Lamborn Land Co
USA
USA
5
Investment
100%
100%
Anaconda South America Inc
USA
USA
14
Investment
100%
100%
El Tesoro (SPV Bermuda) Limited
Bermuda
Bermuda
4
Investment
100%
100%
Antofagasta Minerals (Shanghai) Co. Limited
China
China
15
Mining
100%
100%
Andes Investments Company (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Bolivian Rail Investors Co Inc
USA
USA
5
Investment
100%
100%
Inversiones Los Pelambres Chile Limitada
Chile
Chile
2
Investment
100%
100%
Equatorial Resources SpA
Chile
Chile
2
Investment
100%
100%
Minera Santa Margarita de Astillas SCM
Chile
Chile
2
Mining
98.01%
98.01%
Minera Penacho Blanco SA
Chile
Chile
2
Mining
66.6%
66.6%
Michilla Costa SpA
Chile
Chile
2
Logistics
99.9%
99.9%
Minera Pampa Fenix SCM
Chile
Chile
2
Investment
90%
90.0%
Minera Mulpun Limitada
Chile
Chile
2
Mining
100%
100%
Fundaci\u00f3n Minera Los Pelambres
Chile
Chile
2
Community
100%
100%
development
Inversiones Punta de Rieles Limitada
Chile
Chile
11
Investment
100%
100%
Inversiones Mineras Northern Mines y Compa\u00f1\u00eda
Chile
Chile
11
Investment
100%
100%
Limitada
The Andes Trust Chile SA
Chile
Chile
11
Investment
100%
100%
Bosques Panguipulli S.A.
Chile
Chile
11
Forestry
100%
100%
Servicios de Transportes Integrados Limitada
Chile
Chile
11
Road
100%
100%
transport
Inversiones Train Limitada
Chile
Chile
11
Investment
100%
100%
Servicios Logisticos Capricornio Limitada
Chile
Chile
11
Transport
100%
100%
FCAB Embarcadores Limitada
Chile
Chile
11
Transport
100%
100%
FCAB Ingenieria y Servicios DOS Limitada
Chile
Chile
11
Transport
100%
100%
Inmobiliaria Parque Estaci\u00f3n S.A.
Chile
Chile
11
Real Estate
100%
100%
Emisa Antofagasta SA
Chile
Chile
11
Transport
100%
100%
Registered offices:
1 103 Mount Street, London, W1K 2TJ, UK 9 Avenida Paseo de la Republica N\u00ba 3245, Piso 3, Lima, Peru
2 Avenida Apoquindo N\u00b0 4001, Piso 18, Las Condes, Santiago, Chile 10 Avenida 16 de Julio N\u00b0 1440, Piso 19 oficina 1905, La Paz, Bolivia
3 22 Grenville Street, St Helier, Jersey, JE4 8PX3, Channel Islands 11 Simon Bolivar 255, Antofagasta, Chile
4 Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda 12 6041 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA
5 1209 Orange Street, Wilmington, DE 19801, USA 13 1010 Dale Street N, St Paul, MN 55117-5603, USA
6 6040 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 14 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA
7 161 Bay Street, Suite 4320, Toronto, Ontario, M5J 2S1, Canada 15 Unit 3309, IFC 2, 8 Century Avenue, Shanghai, China
8 PO Box 958, Road Town, Tortola VG1110, British Virgin Islands 16 400 Miners Dr., PO BOX 329, Ely, MN 66731
With the exception of the Antofagasta Railway Company plc, all of the above Group companies have only one class of ordinary share
capital in issue. The Antofagasta Railway Company plc has ordinary and preference share capital in issue, with the ordinary share capital
representing 76% of the Company\u2019s total share capital, and the preference share capital representing 24%. Antofagasta plc holds 100% of
both the ordinary and preference shares.
The proportion of voting rights is proportional to the economic interest for the companies listed above.
16 Investment in associates and joint ventures
Buenaventura (i) ATI (ii) Zald\u00edvar (iii) Total
2025 2025 2025 2025
$m $m $m $m
Balance at the beginning of the year
872.0
9.0
895.1
1,776.1
Dividends received
(21.0)
(0.8)
\u2013
(21.8)
Share of profit/(loss) from joint venture and associates
82.6
0.4
(30.4)
52.6
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
\u2013
(0.6)
(0.6)
Balance at the end of the year
933.6
8.6
864.1
1,806.3
Buenaventura (i) ATI (ii) Zald\u00edvar (iii) Total
2024 2024 2024 2024
$m $m $m $m
Balance at the beginning of the year
\u2013
9.8
881.3
891.1
Recognition of new investment
814.1
\u2013
\u2013
814.1
Dividends received
(3.5)
(0.4)
\u2013
(3.9)
Share of profit/(loss) from joint venture and associates
61.4
(0.3)
15.1
76.2
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.1)
(1.3)
(1.4)
Balance at the end of the year
872.0
9.0
895.1
1,776.1
The investments, which are included in the $1,806.3 million balance at 31 December 2025, are set out below:
Investment in associates
(i) Buenaventura \u2013 The Group has an 18.94% interest in Buenaventura. Buenaventura is Peru\u2019s largest, publicly traded precious and
base metals company and a major holder of mining rights in Peru. Iv\u00e1n Arriagada and Andr\u00f3nico Luksic Lederer currently serve
as directors on Buenaventura\u2019s board. Taking into account relevant factors including the Group\u2019s approximately 19% interest in
Buenaventura\u2019s issued share capital and the associated rights to propose directors for election to Buenaventura\u2019s board and to vote in
favour of the election of those individuals accordingly, the Group is considered for accounting purposes to have significant influence
(in accordance with the IAS 28 Investments in Associates and Joint Ventures definition) over Buenaventura. Accordingly, the Group\u2019s
interest in Buenaventura is accounted for as an investment in associate.
Buenaventura\u2019s registered office is Calle Las Begonias 415 \u2013 Piso 19, San Isidro, Lima Per\u00fa.
(ii) ATI \u2013 The Group has a 30% interest in Antofagasta Terminal Internacional (ATI), which operates a concession to manage installations
in the port of Antofagasta. ATI\u2019s registered office is Avenida Grecia 1901 \u2013 1915 Lote F, Antofagasta, Chile.
Summarised financial information for the associates is as follows:
Buenaventura ATI
2025 2025 2025
$m $m $m
Current assets
1,156.5
24.9
1,181.4
Non-current assets
5,528.1
73.0
5,601.1
Current liabilities
(576,0)
(16.6)
(592.6)
Non-current liabilities
(1,179.4)
(52.4)
(1,231.8)
Net assets
933.6
28.9
4,958.1
Assets and liabilities above include:
Cash and cash equivalents
529.8
6.4
536.2
Revenue
1,731.6
62.2
1,793.8
Profit from continuing operations
839.1
2.1
841.2
Total comprehensive income
839.1
2.1
841.2
Buenaventura ATI
2024 2024 2024
$m $m $m
Current assets
838.4
23.8
862.2
Non-current assets
5,253.8
78.2
5,332.0
Current liabilities
(479.7)
(12.8)
(492.5)
Non-current liabilities
(1,008.5)
(59.1)
(1,067.6)
Net assets
4,604.0
30.1
4,634.1
Assets and liabilities above include:
Cash and cash equivalents
478.4
8.8
487.2
Revenue
1,154.6
64.3
1,218.9
Profit from continuing operations
417.3
5.3
422.6
Total comprehensive income
417.3
5.3
422.6
The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate (100%
of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value
adjustments and applying the Group\u2019s accounting policies.
Investment in joint ventures
(iii) Zald\u00edvar \u2013 The Group has a 50% interest in Minera Zald\u00edvar SpA (Zald\u00edvar). Zald\u00edvar is an open-pit, heap-leach copper mine which
produces copper cathodes using the solvent extraction and electrowinning (SX-EW) process. The mine is 3,000 metres above sea
level, approximately 1,400 km north of Santiago and 175 km south-east of the city of Antofagasta. Zald\u00edvar\u2019s registered office is
Avenida Grecia 750, Antofagasta, Chile.
Summarised financial information for the joint venture is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2025 2024
$m $m
Revenue
796.5
719.9
Depreciation and amortisation
(191.1)
(181.3)
Other operating costs
(676.1)
(518.8)
Operating (loss)/profit
(70.7)
19.8
Finance expense
(8.2)
5.1
Income tax
18.0
(0.1)
Profit/(loss) after tax
(60.9)
24.8
Other comprehensive expense
(5.0)
(3.7)
Total comprehensive income/(expense)
(65.9)
21.1
Non-current assets
1,498.5
1,488.6
Current assets
1
710.6
709.5
Current liabilities
(225.9)
(189.3)
Non-current liabilities
(255.1)
(218.6)
Net assets
1,728.1
1,790.2
The assets and liabilities above include:
Cash and cash equivalents
87.3
96.7
Current financial liabilities
(225.9)
(189.3)
Non-current financial liabilities
(255.1)
(218.6)
Dividends received from joint venture
\u2013
\u2013
1. The current assets include cash and cash equivalents.
The above summarised financial information is based on the amounts included in the IFRS financial statements of the joint venture (100%
of the results or balances of the joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and
applying the Group\u2019s accounting policies.
Reconciliation of the above amounts to the investment recognised in the Group balance sheet
Buenaventura ATI Zald\u00edvar Total
2025 2025 2025 2025
Group interest
Net assets (100%)
4,929.2
28.9
1,728.1
6,686.2
Group\u2019s ownership interest
18.94%
30.00%
50.00%
\u2013
Carrying value of Group\u2019s interest
933.6
8.7
864.0
1,806.3
Buenaventura ATI Zald\u00edvar Total
2024 2024 2024 2024
Group interest
Net assets (100%)
4,604.0
30.1
1,790.2
5,380.0
Group\u2019s ownership interest
18.94%
30.00%
50.00%
\u2013
Carrying value of Group\u2019s interest
872.0
9.0
895.1
1,578.3
The above net asset figures are based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the
results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments
and applying the Group\u2019s accounting policies.
17 Equity investments
2025 2024
$m $m
Balance at the beginning of the year
11.6
288.6
Non-cash movement
1.8
\u2013
Movements in fair value
1.6
29.7
Reallocation to associates
\u2013
(305.9)
Foreign currency exchange differences
0.8
(0.8)
Balance at the end of the year
15.8
11.6
Equity investments represent those investments which are not subsidiaries, associates or joint ventures and are not held for trading
purposes. Because the Group intends to hold these investments for long-term strategic purposes, at initial recognition they were designated
at Fair Value through Other Comprehensive Income (FVTOCI). The fair value of all equity investments is based on quoted market prices.
During 2024, as at the date of the reallocation of the equity investment in Buenaventura into the investment in associates balance in March
2024, the fair value of the equity investment balance was $305.9 million and the accumulated gain on revaluation of this investment within
equity was $130.4 million. This amount was transferred from the equity investment revaluation reserve to retained earnings. A fair value
gain of $30.7 million was recognised between 1 January 2024 and the reallocation to the investment in associates balance in March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "15 Investments in subsidiaries The subsidiaries of the Group, the percentage of equity owned and the main country of operation are set out below. These interests are consolidated within these financial statements.
Economic interest Economic interest
Country of Country of Registered Nature of at 31 December at 31 December
incorporation operation office business 2025 2024
Direct subsidiaries of the Parent Company
Antofagasta Railway Company plc
UK
Chile
1
Railway
100%
100%
Andes Trust Limited (The)
UK
UK
1
Investment
100%
100%
Andean LFMA Investment Limited
UK
Chile
1
Investment
100%
100%
Alfa Estates Limited
Jersey
Jersey
3
Investment
100%
100%
Andes Re Limited
Bermuda
Bermuda
4
Insurance
100%
100%
Indirect subsidiaries of the Parent Company
Minera Los Pelambres SCM
Chile
Chile
2
Mining
60%
60%
Minera Centinela SCM
Chile
Chile
2
Mining
70%
70%
Minera Antucoya SCM
Chile
Chile
2
Mining
70%
70%
Antofagasta Minerals S.A.
Chile
Chile
2
Mining
100%
100%
Energ\u00eda Andina Geothermal SpA
Chile
Chile
2
Energy
100%
100%
MLP Transmisi\u00f3n S.A.
Chile
Chile
2
Energy
100%
100%
Sociedad Contractual Minera El Encierro
Chile
Chile
2
Mining
66.15%
61.90%
DSWS SpA
Chile
Chile
2
Water
100%
\u2013
Korimina S.A.C.
Per\u00fa
Per\u00fa
9
Mining
70%
\u2013
Antomin Volcanes Limited
BVI
BVI
8
Mining
51%
\u2013
Northern Minerals Investment (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Northern Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Northern Minerals Holding Co
USA
USA
5
Investment
100%
100%
Duluth Metals Limited
Canada
Canada
7
Investment
100%
100%
Twin Metals (UK) Limited
UK
UK
1
Investment
100%
100%
Twin Metals (USA) Inc
USA
USA
6
Investment
100%
100%
Twin Metals Minnesota LLC
USA
USA
6
Mining
100%
100%
Pine Branch LLC
USA
USA
16
Mining
100%
100%
Franconia Minerals (US) LLC
USA
USA
6
Mining
100%
100%
Duluth Metals Holdings (USA) Inc
USA
USA
12
Investment
100%
100%
Duluth Exploration (USA) Inc
USA
USA
13
Investment
100%
100%
Economic interest Economic interest
Country of Country of Registered Nature of at 31 December at 31 December
incorporation operation office business 2025 2024
DMC LLC (Minnesota)
USA
USA
12
Investment
100%
100%
DMC (USA) LLC (Delaware)
USA
USA
12
Investment
100%
100%
DMC (USA) Corporation
USA
USA
12
Investment
100%
100%
Antofagasta Investment Company Limited
Jersey
UK
1
Investment
100%
100%
Minprop Limited
Jersey
Jersey
3
Mining
100%
100%
Antomin 2 Limited
BVI
BVI
8
Mining
51%
51%
Antomin Investors Limited
BVI
BVI
8
Mining
100%
51%
Minera Anto Peru S.A.
Peru
Peru
9
Mining
100%
100%
Los Pelambres Holding Company Limited
Jersey
UK
1
Investment
100%
100%
Los Pelambres Investment Company Limited
Jersey
UK
1
Investment
100%
100%
Lamborn Land Co
USA
USA
5
Investment
100%
100%
Anaconda South America Inc
USA
USA
14
Investment
100%
100%
El Tesoro (SPV Bermuda) Limited
Bermuda
Bermuda
4
Investment
100%
100%
Antofagasta Minerals (Shanghai) Co. Limited
China
China
15
Mining
100%
100%
Andes Investments Company (Jersey) Limited
Jersey
Jersey
3
Investment
100%
100%
Bolivian Rail Investors Co Inc
USA
USA
5
Investment
100%
100%
Inversiones Los Pelambres Chile Limitada
Chile
Chile
2
Investment
100%
100%
Equatorial Resources SpA
Chile
Chile
2
Investment
100%
100%
Minera Santa Margarita de Astillas SCM
Chile
Chile
2
Mining
98.01%
98.01%
Minera Penacho Blanco SA
Chile
Chile
2
Mining
66.6%
66.6%
Michilla Costa SpA
Chile
Chile
2
Logistics
99.9%
99.9%
Minera Pampa Fenix SCM
Chile
Chile
2
Investment
90%
90.0%
Minera Mulpun Limitada
Chile
Chile
2
Mining
100%
100%
Fundaci\u00f3n Minera Los Pelambres
Chile
Chile
2
Community
100%
100%
development
Inversiones Punta de Rieles Limitada
Chile
Chile
11
Investment
100%
100%
Inversiones Mineras Northern Mines y Compa\u00f1\u00eda
Chile
Chile
11
Investment
100%
100%
Limitada
The Andes Trust Chile SA
Chile
Chile
11
Investment
100%
100%
Bosques Panguipulli S.A.
Chile
Chile
11
Forestry
100%
100%
Servicios de Transportes Integrados Limitada
Chile
Chile
11
Road
100%
100%
transport
Inversiones Train Limitada
Chile
Chile
11
Investment
100%
100%
Servicios Logisticos Capricornio Limitada
Chile
Chile
11
Transport
100%
100%
FCAB Embarcadores Limitada
Chile
Chile
11
Transport
100%
100%
FCAB Ingenieria y Servicios DOS Limitada
Chile
Chile
11
Transport
100%
100%
Inmobiliaria Parque Estaci\u00f3n S.A.
Chile
Chile
11
Real Estate
100%
100%
Emisa Antofagasta SA
Chile
Chile
11
Transport
100%
100%
Registered offices: 1 103 Mount Street, London, W1K 2TJ, UK 9 Avenida Paseo de la Republica N\u00ba 3245, Piso 3, Lima, Peru 2 Avenida Apoquindo N\u00b0 4001, Piso 18, Las Condes, Santiago, Chile 10 Avenida 16 de Julio N\u00b0 1440, Piso 19 oficina 1905, La Paz, Bolivia 3 22 Grenville Street, St Helier, Jersey, JE4 8PX3, Channel Islands 11 Simon Bolivar 255, Antofagasta, Chile 4 Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda 12 6041 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 5 1209 Orange Street, Wilmington, DE 19801, USA 13 1010 Dale Street N, St Paul, MN 55117-5603, USA 6 6040 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 14 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA 7 161 Bay Street, Suite 4320, Toronto, Ontario, M5J 2S1, Canada 15 Unit 3309, IFC 2, 8 Century Avenue, Shanghai, China 8 PO Box 958, Road Town, Tortola VG1110, British Virgin Islands 16 400 Miners Dr., PO BOX 329, Ely, MN 66731 With the exception of the Antofagasta Railway Company plc, all of the above Group companies have only one class of ordinary share capital in issue. The Antofagasta Railway Company plc has ordinary and preference share capital in issue, with the ordinary share capital representing 76% of the Company\u2019s total share capital, and the preference share capital representing 24%. Antofagasta plc holds 100% of both the ordinary and preference shares. The proportion of voting rights is proportional to the economic interest for the companies listed above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "16 Investment in associates and joint ventures
Buenaventura (i) ATI (ii) Zald\u00edvar (iii) Total
2025 2025 2025 2025
$m $m $m $m
Balance at the beginning of the year
872.0
9.0
895.1
1,776.1
Dividends received
(21.0)
(0.8)
\u2013
(21.8)
Share of profit/(loss) from joint venture and associates
82.6
0.4
(30.4)
52.6
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
\u2013
(0.6)
(0.6)
Balance at the end of the year
933.6
8.6
864.1
1,806.3
Buenaventura (i) ATI (ii) Zald\u00edvar (iii) Total
2024 2024 2024 2024
$m $m $m $m
Balance at the beginning of the year
\u2013
9.8
881.3
891.1
Recognition of new investment
814.1
\u2013
\u2013
814.1
Dividends received
(3.5)
(0.4)
\u2013
(3.9)
Share of profit/(loss) from joint venture and associates
61.4
(0.3)
15.1
76.2
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.1)
(1.3)
(1.4)
Balance at the end of the year
872.0
9.0
895.1
1,776.1
The investments, which are included in the $1,806.3 million balance at 31 December 2025, are set out below: Investment in associates (i) Buenaventura \u2013 The Group has an 18.94% interest in Buenaventura. Buenaventura is Peru\u2019s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. Iv\u00e1n Arriagada and Andr\u00f3nico Luksic Lederer currently serve as directors on Buenaventura\u2019s board. Taking into account relevant factors including the Group\u2019s approximately 19% interest in Buenaventura\u2019s issued share capital and the associated rights to propose directors for election to Buenaventura\u2019s board and to vote in favour of the election of those individuals accordingly, the Group is considered for accounting purposes to have significant influence (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition) over Buenaventura. Accordingly, the Group\u2019s interest in Buenaventura is accounted for as an investment in associate. Buenaventura\u2019s registered office is Calle Las Begonias 415 \u2013 Piso 19, San Isidro, Lima Per\u00fa. (ii) ATI \u2013 The Group has a 30% interest in Antofagasta Terminal Internacional (ATI), which operates a concession to manage installations in the port of Antofagasta. ATI\u2019s registered office is Avenida Grecia 1901 \u2013 1915 Lote F, Antofagasta, Chile. Summarised financial information for the associates is as follows:
Buenaventura ATI
2025 2025 2025
$m $m $m
Current assets
1,156.5
24.9
1,181.4
Non-current assets
5,528.1
73.0
5,601.1
Current liabilities
(576,0)
(16.6)
(592.6)
Non-current liabilities
(1,179.4)
(52.4)
(1,231.8)
Net assets
933.6
28.9
4,958.1
Assets and liabilities above include:
Cash and cash equivalents
529.8
6.4
536.2
Revenue
1,731.6
62.2
1,793.8
Profit from continuing operations
839.1
2.1
841.2
Total comprehensive income
839.1
2.1
841.2
Buenaventura ATI
2024 2024 2024
$m $m $m
Current assets
838.4
23.8
862.2
Non-current assets
5,253.8
78.2
5,332.0
Current liabilities
(479.7)
(12.8)
(492.5)
Non-current liabilities
(1,008.5)
(59.1)
(1,067.6)
Net assets
4,604.0
30.1
4,634.1
Assets and liabilities above include:
Cash and cash equivalents
478.4
8.8
487.2
Revenue
1,154.6
64.3
1,218.9
Profit from continuing operations
417.3
5.3
422.6
Total comprehensive income
417.3
5.3
422.6
The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies. Investment in joint ventures (iii) Zald\u00edvar \u2013 The Group has a 50% interest in Minera Zald\u00edvar SpA (Zald\u00edvar). Zald\u00edvar is an open-pit, heap-leach copper mine which produces copper cathodes using the solvent extraction and electrowinning (SX-EW) process. The mine is 3,000 metres above sea level, approximately 1,400 km north of Santiago and 175 km south-east of the city of Antofagasta. Zald\u00edvar\u2019s registered office is Avenida Grecia 750, Antofagasta, Chile. Summarised financial information for the joint venture is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2025 2024
$m $m
Revenue
796.5
719.9
Depreciation and amortisation
(191.1)
(181.3)
Other operating costs
(676.1)
(518.8)
Operating (loss)/profit
(70.7)
19.8
Finance expense
(8.2)
5.1
Income tax
18.0
(0.1)
Profit/(loss) after tax
(60.9)
24.8
Other comprehensive expense
(5.0)
(3.7)
Total comprehensive income/(expense)
(65.9)
21.1
Non-current assets
1,498.5
1,488.6
Current assets
1
710.6
709.5
Current liabilities
(225.9)
(189.3)
Non-current liabilities
(255.1)
(218.6)
Net assets
1,728.1
1,790.2
The assets and liabilities above include:
Cash and cash equivalents
87.3
96.7
Current financial liabilities
(225.9)
(189.3)
Non-current financial liabilities
(255.1)
(218.6)
Dividends received from joint venture
\u2013
\u2013
1. The current assets include cash and cash equivalents. The above summarised financial information is based on the amounts included in the IFRS financial statements of the joint venture (100% of the results or balances of the joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies. Reconciliation of the above amounts to the investment recognised in the Group balance sheet
Buenaventura ATI Zald\u00edvar Total
2025 2025 2025 2025
Group interest
Net assets (100%)
4,929.2
28.9
1,728.1
6,686.2
Group\u2019s ownership interest
18.94%
30.00%
50.00%
\u2013
Carrying value of Group\u2019s interest
933.6
8.7
864.0
1,806.3
Buenaventura ATI Zald\u00edvar Total
2024 2024 2024 2024
Group interest
Net assets (100%)
4,604.0
30.1
1,790.2
5,380.0
Group\u2019s ownership interest
18.94%
30.00%
50.00%
\u2013
Carrying value of Group\u2019s interest
872.0
9.0
895.1
1,578.3
The above net asset figures are based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "16 Investment in associates and joint ventures
Buenaventura (i) ATI (ii) Zald\u00edvar (iii) Total
2025 2025 2025 2025
$m $m $m $m
Balance at the beginning of the year
872.0
9.0
895.1
1,776.1
Dividends received
(21.0)
(0.8)
\u2013
(21.8)
Share of profit/(loss) from joint venture and associates
82.6
0.4
(30.4)
52.6
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
\u2013
(0.6)
(0.6)
Balance at the end of the year
933.6
8.6
864.1
1,806.3
Buenaventura (i) ATI (ii) Zald\u00edvar (iii) Total
2024 2024 2024 2024
$m $m $m $m
Balance at the beginning of the year
\u2013
9.8
881.3
891.1
Recognition of new investment
814.1
\u2013
\u2013
814.1
Dividends received
(3.5)
(0.4)
\u2013
(3.9)
Share of profit/(loss) from joint venture and associates
61.4
(0.3)
15.1
76.2
Share of other comprehensive loss of associates and joint ventures, net of tax
\u2013
(0.1)
(1.3)
(1.4)
Balance at the end of the year
872.0
9.0
895.1
1,776.1
The investments, which are included in the $1,806.3 million balance at 31 December 2025, are set out below: Investment in associates (i) Buenaventura \u2013 The Group has an 18.94% interest in Buenaventura. Buenaventura is Peru\u2019s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. Iv\u00e1n Arriagada and Andr\u00f3nico Luksic Lederer currently serve as directors on Buenaventura\u2019s board. Taking into account relevant factors including the Group\u2019s approximately 19% interest in Buenaventura\u2019s issued share capital and the associated rights to propose directors for election to Buenaventura\u2019s board and to vote in favour of the election of those individuals accordingly, the Group is considered for accounting purposes to have significant influence (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition) over Buenaventura. Accordingly, the Group\u2019s interest in Buenaventura is accounted for as an investment in associate. Buenaventura\u2019s registered office is Calle Las Begonias 415 \u2013 Piso 19, San Isidro, Lima Per\u00fa. (ii) ATI \u2013 The Group has a 30% interest in Antofagasta Terminal Internacional (ATI), which operates a concession to manage installations in the port of Antofagasta. ATI\u2019s registered office is Avenida Grecia 1901 \u2013 1915 Lote F, Antofagasta, Chile. Summarised financial information for the associates is as follows:
Buenaventura ATI
2025 2025 2025
$m $m $m
Current assets
1,156.5
24.9
1,181.4
Non-current assets
5,528.1
73.0
5,601.1
Current liabilities
(576,0)
(16.6)
(592.6)
Non-current liabilities
(1,179.4)
(52.4)
(1,231.8)
Net assets
933.6
28.9
4,958.1
Assets and liabilities above include:
Cash and cash equivalents
529.8
6.4
536.2
Revenue
1,731.6
62.2
1,793.8
Profit from continuing operations
839.1
2.1
841.2
Total comprehensive income
839.1
2.1
841.2
Buenaventura ATI
2024 2024 2024
$m $m $m
Current assets
838.4
23.8
862.2
Non-current assets
5,253.8
78.2
5,332.0
Current liabilities
(479.7)
(12.8)
(492.5)
Non-current liabilities
(1,008.5)
(59.1)
(1,067.6)
Net assets
4,604.0
30.1
4,634.1
Assets and liabilities above include:
Cash and cash equivalents
478.4
8.8
487.2
Revenue
1,154.6
64.3
1,218.9
Profit from continuing operations
417.3
5.3
422.6
Total comprehensive income
417.3
5.3
422.6
The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies. Investment in joint ventures (iii) Zald\u00edvar \u2013 The Group has a 50% interest in Minera Zald\u00edvar SpA (Zald\u00edvar). Zald\u00edvar is an open-pit, heap-leach copper mine which produces copper cathodes using the solvent extraction and electrowinning (SX-EW) process. The mine is 3,000 metres above sea level, approximately 1,400 km north of Santiago and 175 km south-east of the city of Antofagasta. Zald\u00edvar\u2019s registered office is Avenida Grecia 750, Antofagasta, Chile. Summarised financial information for the joint venture is as follows:
Minera Minera
Zald\u00edvar Zald\u00edvar
2025 2024
$m $m
Revenue
796.5
719.9
Depreciation and amortisation
(191.1)
(181.3)
Other operating costs
(676.1)
(518.8)
Operating (loss)/profit
(70.7)
19.8
Finance expense
(8.2)
5.1
Income tax
18.0
(0.1)
Profit/(loss) after tax
(60.9)
24.8
Other comprehensive expense
(5.0)
(3.7)
Total comprehensive income/(expense)
(65.9)
21.1
Non-current assets
1,498.5
1,488.6
Current assets
1
710.6
709.5
Current liabilities
(225.9)
(189.3)
Non-current liabilities
(255.1)
(218.6)
Net assets
1,728.1
1,790.2
The assets and liabilities above include:
Cash and cash equivalents
87.3
96.7
Current financial liabilities
(225.9)
(189.3)
Non-current financial liabilities
(255.1)
(218.6)
Dividends received from joint venture
\u2013
\u2013
1. The current assets include cash and cash equivalents. The above summarised financial information is based on the amounts included in the IFRS financial statements of the joint venture (100% of the results or balances of the joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies. Reconciliation of the above amounts to the investment recognised in the Group balance sheet
Buenaventura ATI Zald\u00edvar Total
2025 2025 2025 2025
Group interest
Net assets (100%)
4,929.2
28.9
1,728.1
6,686.2
Group\u2019s ownership interest
18.94%
30.00%
50.00%
\u2013
Carrying value of Group\u2019s interest
933.6
8.7
864.0
1,806.3
Buenaventura ATI Zald\u00edvar Total
2024 2024 2024 2024
Group interest
Net assets (100%)
4,604.0
30.1
1,790.2
5,380.0
Group\u2019s ownership interest
18.94%
30.00%
50.00%
\u2013
Carrying value of Group\u2019s interest
872.0
9.0
895.1
1,578.3
The above net asset figures are based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "17 Equity investments
2025 2024
$m $m
Balance at the beginning of the year
11.6
288.6
Non-cash movement
1.8
\u2013
Movements in fair value
1.6
29.7
Reallocation to associates
\u2013
(305.9)
Foreign currency exchange differences
0.8
(0.8)
Balance at the end of the year
15.8
11.6
Equity investments represent those investments which are not subsidiaries, associates or joint ventures and are not held for trading purposes. Because the Group intends to hold these investments for long-term strategic purposes, at initial recognition they were designated at Fair Value through Other Comprehensive Income (FVTOCI). The fair value of all equity investments is based on quoted market prices. During 2024, as at the date of the reallocation of the equity investment in Buenaventura into the investment in associates balance in March 2024, the fair value of the equity investment balance was $305.9 million and the accumulated gain on revaluation of this investment within equity was $130.4 million. This amount was transferred from the equity investment revaluation reserve to retained earnings. A fair value gain of $30.7 million was recognised between 1 January 2024 and the reallocation to the investment in associates balance in March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
18 Inventories
2025 2024
$m $m
Current
Raw materials and consumables
276.6
266.6
Work-in-progress
374.8
499.7
Finished goods
102.7
158.8
754.1
925.1
Non-current
Work-in-progress
702.3
707.8
Total
1,456.4
1,632.9
During 2025, there were no net realisable value ('NRV') adjustments (2024: nil). Non-current work-in-progress represents inventory
expected to be processed more than 12 months after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "
19 Trade and other receivables
Trade and other receivables do not generally carry any interest, are principally short-term in nature and are normally stated at their
nominal value less any impairment.
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade receivables
1,204.4
699.6
\u2013
\u2013
1,204.4
699.6
Other receivables
263.7
199.9
91.7
54.4
355.4
254.3
1,468.1
899.5
91.7
54.4
1,559.8
953.9
The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables
are secured by letters of credit or other forms of security. There is no material element which is interest-bearing. Trade receivables include
mark-to-market adjustments in respect of provisionally priced sales of copper and molybdenum concentrates which remain open as to final
pricing. Further details of such adjustments are given in Note 6. Other receivables include mainly IVA (Chilean Value-added Tax) receivables
of $205.7 million (31 December 2024: $147.3 million) and employee loans of $52.6 million (31 December 2024: $46.9 million).
Movements in the expected credit loss provision were as follows:
2025 2024
$m $m
Balance at the beginning of the year
(1.2)
(1.2)
Utilised in year
0.3
(0.1)
Foreign currency exchange difference
(0.5)
0.1
Balance at the end of the year
(1.4)
(1.2)
The ageing analysis of the trade and other receivables balance, excluding non-financial assets (as reconciled in Note 23(A)), is as follows:
Up to More than Total excluding
3 months 3-6 months 6 months expected credit Expected credit
Not due past due past due past due loss provision loss provision Total
$m $m $m $m $m $m $m
2025
1,303.9
16.1
2.7
1.7
1,324.4
(1.4)
1,323.0
2024
790.9
6.7
0.5
1.5
799.6
(1.2)
798.4
As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade
receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss
allowances are not relevant for these balances.
All outstanding receivable balances are monitored on an ongoing basis.
The carrying value of the trade receivables recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk
in relation to these items. Other than the expected credit loss provision amount set out above, the expected credit loss risk for other trade
and other receivable balances is considered to be immaterial to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "19 Trade and other receivables Trade and other receivables do not generally carry any interest, are principally short-term in nature and are normally stated at their nominal value less any impairment.
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade receivables
1,204.4
699.6
\u2013
\u2013
1,204.4
699.6
Other receivables
263.7
199.9
91.7
54.4
355.4
254.3
1,468.1
899.5
91.7
54.4
1,559.8
953.9
The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. There is no material element which is interest-bearing. Trade receivables include mark-to-market adjustments in respect of provisionally priced sales of copper and molybdenum concentrates which remain open as to final pricing. Further details of such adjustments are given in Note 6. Other receivables include mainly IVA (Chilean Value-added Tax) receivables of $205.7 million (31 December 2024: $147.3 million) and employee loans of $52.6 million (31 December 2024: $46.9 million). Movements in the expected credit loss provision were as follows:
2025 2024
$m $m
Balance at the beginning of the year
(1.2)
(1.2)
Utilised in year
0.3
(0.1)
Foreign currency exchange difference
(0.5)
0.1
Balance at the end of the year
(1.4)
(1.2)
The ageing analysis of the trade and other receivables balance, excluding non-financial assets (as reconciled in Note 23(A)), is as follows:
Up to More than Total excluding
3 months 3-6 months 6 months expected credit Expected credit
Not due past due past due past due loss provision loss provision Total
$m $m $m $m $m $m $m
2025
1,303.9
16.1
2.7
1.7
1,324.4
(1.4)
1,323.0
2024
790.9
6.7
0.5
1.5
799.6
(1.2)
798.4
As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. All outstanding receivable balances are monitored on an ongoing basis. The carrying value of the trade receivables recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk in relation to these items. Other than the expected credit loss provision amount set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. 26 Deferred tax assets and liabilities
Accelerated Temporary differences Withholding Short-term Mining tax Tax
capital allowances on provisions tax differences (royalty) losses Total
$m $m $m $m $m $m $m
At 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024 and 1 January 2025
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
(Charge)/credit to income
54.7
(78.9)
25.2
(2.7)
3.6
(30.4)
(28.5)
Tax on exceptional items
1
54.5
\u2013
\u2013
\u2013
\u2013
\u2013
54.5
Charge deferred in equity
2
\u2013
2.5
44.7
0.5
\u2013
47.7
At 31 December 2025
(1,506.0)
3.2
\u2013
(50.9)
(108.0)
52.4
1,609.3
1. An exceptional deferred tax credit of $54.5 million has been recognised in the income statement due to the derecognition of the deferred tax liability which had been previously recognised through the income statement in relation to the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) (2024: $126.7 million deferred tax charge was recognised in respect of deferred tax of $12.7 million on the exceptional fair value gain on the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. and $114.0 million of deferred tax relating to the Antucoya impairment reversal). 2. The $47.7 million deferred tax credit recognised directly in equity relates to a $44.7 million deferred tax credit in respect of the movements in the fair value of equity investments in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as the relevant UK tax exemption now applies (see Note 4 and 17) and a $3.0 million deferred tax credit in respect of actuarial losses on defined benefit plans. The charge to the income statement of $28.5 million (2024: $32.7 million) included an impact from foreign exchange differences of $0.1 million (2024: $0.3 million). Certain deferred tax assets and liabilities have been offset. Deferred tax assets and liabilities are offset where there is a legally enforceable right to do so, which under Chilean tax regulations is only possible within individual legal entities. The following is the analysis of the deferred tax balance (after offset):
2025 2024
$m $m
Net deferred tax assets
2.2
9.7
Net deferred tax liabilities
(1,611.5)
(1,692.7)
Net deferred tax balances
(1,609.3)
(1,683.0)
The $2.2 million net deferred tax asset balance (2024: $9.7 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 31 December 2025, the Group had unused tax losses of $789.2 million in respect of which no deferred tax asset has been recognised, as the relevant entities are currently loss-making; $237.1 million (2024: $141.1 million) of these tax losses relate to Chilean entities where the tax losses can be carried forward indefinitely, and $552.1 million (2024: $520.3 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project. $267.5 million (2024: $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carried forward indefinitely. The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $8,898.8 million (31 December 2024: $7,397.9 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests in Buenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, the Group qualified for the UK Substantial Shareholding Exemption in respect of its holding in Buenaventura, as it had held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains tax in respect of its investment. Accordingly, in March 2025 the Group de-recognised its existing deferred tax liability. Temporary differences arising in connection with interests in associates and joint ventures are insignificant. The deferred tax balance of $1,609.3 million (2024: $1,683.0 million) includes $1.529.6 million (2024: $1,535.0 million) due in more than one year. The deferred tax assets of $2.2 million are all due in more than one year (2024: $9.7 million). The deferred tax liabilities of $1,611.5 million (2024: $1,692.7) include $79.7 million due in less than 1 year and $1,531.8 million due in more than one year. All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade receivables
1,204.4
699.6
\u2013
\u2013
1,204.4
699.6
Other receivables
263.7
199.9
91.7
54.4
355.4
254.3
1,468.1
899.5
91.7
54.4
1,559.8
953.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade receivables
1,204.4
699.6
\u2013
\u2013
1,204.4
699.6
Other receivables
263.7
199.9
91.7
54.4
355.4
254.3
1,468.1
899.5
91.7
54.4
1,559.8
953.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
20 Cash and cash equivalents, and liquid investments
The fair value of cash and cash equivalents, and liquid investments is not materially different from the carrying values presented. The credit
risk on cash and cash equivalents is considered to be limited because the counterparties are banks with high credit ratings assigned by
international credit rating agencies.
Cash and cash equivalents, and liquid investments comprised:
2025 2024
$m $m
Cash and cash equivalents
2,716.6
2,189.2
Cash on hand
1.6
0.5
Mutual funds
153.2
122.6
Term deposits
259.2
1,146.9
Money market funds
1,150.2
-
Bank (on-demand deposits)
1,152.3
919.2
Liquid investments
2,193.3
2,127.1
4,909.9
4,316.3
At 31 December 2025 and 2024, there is no cash which is subject to restriction.
The denomination of cash, cash equivalents and liquid investments was as follows:
2025 2024
$m $m
US dollars
4,904.8
4,190.6
Chilean pesos
2.7
124.5
Sterling
1.7
0.7
Other
0.7
0.5
4,909.9
4,316.3
The credit quality of cash, cash equivalents and liquid investments are as follows:
2025 2024
$m $m
AAA
2,367.9
1,769.8
AA+
152.6
122.6
AA
248.5
43.0
AA-
152.3
146.7
A+
853.6
1,218.1
A
1,135.0
1,016.1
Total cash, cash equivalents and liquid investments
4,909.9
4,316.3
There have been no impairments recognised in respect of cash or cash equivalents in the year ended 31 December 2025
(year ended 31 December 2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "20 Cash and cash equivalents, and liquid investments The fair value of cash and cash equivalents, and liquid investments is not materially different from the carrying values presented. The credit risk on cash and cash equivalents is considered to be limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Cash and cash equivalents, and liquid investments comprised:
2025 2024
$m $m
Cash and cash equivalents
2,716.6
2,189.2
Cash on hand
1.6
0.5
Mutual funds
153.2
122.6
Term deposits
259.2
1,146.9
Money market funds
1,150.2
-
Bank (on-demand deposits)
1,152.3
919.2
Liquid investments
2,193.3
2,127.1
4,909.9
4,316.3
At 31 December 2025 and 2024, there is no cash which is subject to restriction. The denomination of cash, cash equivalents and liquid investments was as follows:
2025 2024
$m $m
US dollars
4,904.8
4,190.6
Chilean pesos
2.7
124.5
Sterling
1.7
0.7
Other
0.7
0.5
4,909.9
4,316.3
The credit quality of cash, cash equivalents and liquid investments are as follows:
2025 2024
$m $m
AAA
2,367.9
1,769.8
AA+
152.6
122.6
AA
248.5
43.0
AA-
152.3
146.7
A+
853.6
1,218.1
A
1,135.0
1,016.1
Total cash, cash equivalents and liquid investments
4,909.9
4,316.3
There have been no impairments recognised in respect of cash or cash equivalents in the year ended 31 December 2025 (year ended 31 December 2024: nil). 21 Borrowings and other financial liabilities (A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2025 2024
Note $m $m
Borrowings
Senior loans
(2,880.0)
(2,584.8)
Los Pelambres
(i)
(1,491.8)
(1,887.6)
Centinela
(ii)
(1,313.4)
(572.6)
Antucoya
(iii)
(74.8)
(124.6)
Subordinated debt
(176.7)
(205.5)
Antucoya
(iv)
(176.7)
(205.5)
Other loans
\u2013
(670.0)
Los Pelambres
\u2013
(475.0)
Centinela
\u2013
(195.0)
Bonds
(3,854.6)
(1,729.0)
Los Pelambres
(v)
(1,527.8)
\u2013
Corporate
(vi)
(2,326.8)
(1,729.0)
(6,911.3)
(5,189.3)
Leases
Los Pelambres
(vii)
(22.4)
(19.2)
Centinela
(vii)
(96.6)
(114.1)
Antucoya
(vii)
(33.0)
(13.4)
Corporate
(viii)
(9.5)
(12.1)
Transport Division
(vii)
(0.5)
(0.9)
(162.0)
(159.7)
Other financial liabilities
Centinela
(ix)
(583.3)
(594.0)
(583.3)
(594.0)
Preference shares
Corporate
(x)
(2.8)
(2.4)
(2.8)
(2.4)
Total
(7,659.4)
(5,945.4)
(i) The senior loans at Los Pelambres represent:
An initial $910 million US dollar denominated syndicated loan divided in three tranches were issued in February 2019. Two of those
tranches were repaid in March 2025. An outstanding tranche of $175 million has a remaining average life of approximately 3.0 years
and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. An additional $185 million US dollar denominated
bullet loan was issued in September 2024, with a 2-year remaining duration and an interest rate of Term SOFR six-month rate +
1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/
Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios,
which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the
period is $360 million (2024: $1,077.6 million).
Three US dollar denominated senior loans were issued in December 2023. The loans are comprised of: (i) $200 million bullet loan
with a remaining average life of approximately 1.0 year and an interest rate of Term SOFR six-month rate plus 1.60%, (ii) a $200
million bullet loan with a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus
1.69%, (iii) and a $410 million amortizing loan with an outstanding amount of $307.5 million that has a remaining average life of
approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.70%. The total outstanding amount is $707.5 million
(2024: $810.0 million).
In February 2025, a $450 million 9-year loan with an interest rate of Term SOFR three-month rate plus a current spread of 1.875%
was issued. The amount outstanding is $424.3 million, which is net of capitalised transaction costs of US$25.7 million.
(ii) The senior loans at Centinela represent:
A US dollar denominated senior loan with an amount outstanding of $299.7 million with a duration of 3.5 years and an interest rate
of Term SOFR six-month rate plus an all-in margin of 1.55%. The loan is subject to financial covenants requiring the maintenance
of specified Net Financial Debt/EBITDA and EBITDA/Interest Expense, which have been complied with, with significant headroom,
throughout the period. The US dollar denominated senior loan with amount outstanding of $33.3 million as of 31 December 2024
was repaid in February2025.
Centinela\u2019s project finance, in respect of the Second Concentrator Project, has a committed amount of $2.5 billion. During 2025,
there were three debt disbursements totalling $485.8 million. The borrowing has a remaining 10-year duration and is divided into
six different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount
outstanding is $1,013.7 million (2024: $539.3 million).
(iii) The senior loan at Antucoya represent a US dollar denominated syndicated loan with an amount outstanding of $74.8 million
(2024: $125 million). This loan has a remaining average life of 1.5 years and has an interest rate of Term SOFR six-month rate plus
1.40%. The loan is subject to financial covenants which require the maintenance of specified Net Financial Debt/EBITDA, EBITDA/
Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which
have been complied with, with significant headroom, throughout the period.
(iv) Subordinated debt at Antucoya is US dollar denominated and provided to Antucoya by Marubeni Corporation, with a remaining
average life of 1.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%.
(v) On 6 March 2025, Los Pelambres issued a $1,550 million private placement bond with a 7.07% coupon rate and a 20-year term.
(vi) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor and a coupon of 2.375%. In May 2022,
Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor and a coupon of 5.625%. In May 2024, Antofagasta
plc issued a corporate bond for $750 million with a 10-year tenor and a coupon of 6.250%. In September 2025, Antofagasta plc
issued a corporate bond of $600 million with a 10-year tenor and a coupon of 5.625%.
(vii) Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean
pesos), Chilean pesos and dollars.
(viii) Financial Leases at Corporate and other: are denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos) and have
a remaining duration of 2.5 years and are at fixed rates with an average interest rate of 5.2%.
(ix) In June 2024, Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water
supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela\u2019s existing water transportation
assets have been legally transferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes,
it has been determined that Centinela continues to control the assets, as it will continue to obtain substantially all the remaining
benefits from the assets. Accordingly, the existing assets remain in Centinela\u2019s balance sheet, with the cash receipt resulting in the
recognition of the corresponding other financial liability balance, which will be repaid over the 18-year agreement term.
(x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised,
issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum.
On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders but are not entitled to
participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company.
(B) Leases
Information in respect of the Group\u2019s leases is contained in the following notes:
\u2022 Note 14 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases;
\u2022 Note 30 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period;
\u2022 Note 9 \u2013 interest expense in respect of the lease balances; and
\u2022 Note 9 \u2013 cash paid relating to interest on leases.
For Payments for short-term leases during 2025 is $25.8 million (2024: $2.5 million) and payments for low value leases
(less than 12 months in duration) during 2025 is $0.3 million (2024: $0.1 million).
(C) Analysis of borrowings and other financial liabilities by currency
The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2025
pesos Sterling US dollars Total
At 31 December 2025 $m $m $m $m
Senior loans
\u2013
\u2013
(2,880.0)
(2,880.0)
Bonds
\u2013
\u2013
(3,854.6)
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(176.7)
(176.7)
Other financial liabilities
\u2013
\u2013
(583.3)
(583.3)
Leases
(103.3)
(2.5)
(56.2)
(162.0)
Preference shares
\u2013
(2.8)
\u2013
(2.8)
(103.3)
(5.3)
(7,550.8)
(7,659.4)
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
(D) Analysis of borrowings and other financial liabilities by type of interest rate
The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2025
Fixed Floating Total
At 31 December 2025 $m $m $m
Senior loans
\u2013
(2,880.0)
(2,880.0)
Bonds
(3,854.6)
\u2013
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
(176.7)
(176.7)
Other financial liabilities
(583.3)
\u2013
(583.3)
Leases
(162.0)
\u2013
(162.0)
Preference shares
(2.8)
\u2013
(2.8)
(4,602.7)
(3,056.7)
(7,659.4)
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans and subordinated debt)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.4)
(3,155.1)
(2,790.3)
(5,945.4)
(E) Maturity profile
The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2025
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2025 $m $m $m $m $m
Senior loans
(398.5)
(359.6)
(808.6)
(1,313.3)
(2,880.0)
Bonds
\u2013
\u2013
(497.7)
(3,356.9)
(3,854.6)
Other loans
\u2013
(176.7)
\u2013
\u2013
(176.7)
Other financial liabilities
(13.2)
(13.9)
(53.6)
(502.6)
(583.3)
Leases
(89.5)
(35.7)
(36.8)
\u2013
(162.0)
Preference shares
\u2013
\u2013
\u2013
(2.8)
(2.8)
(501.2)
(585.9)
(1,396.7)
(5,175.6)
(7,659.4)
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year.
The amounts included above for leases are based on the present value of minimum lease payments.
The total minimum lease payments for these leases may be analysed as follows:
2025 2024
$m $m
Within 1 year
(96.4)
(105.2)
Between 1 \u2013 2 years
(38.6)
(30.8)
Between 2 \u2013 5 years
(38.3)
(37.1)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.3)
(173.1)
Less amounts representing finance charges
11.3
13.4
Present value of minimum lease payments
(162.0)
(159.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.
The Group has different types of equipment leases embedded within wider contracts, mainly in respect of contracts for earth and mineral
movement services, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease
agreements. There are no variable lease payments that are based on an index or a rate.
(F) Financing facilities
Antofagasta plc has a revolving credit facility (RCF) of $500 million which expires on 30 December 2028.
Facility available
Drawn
Undrawn
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Revolving credit facility
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
23 Financial instruments and financial risk management
(A) Categories of financial instruments
The carrying value of financial assets and financial liabilities is shown below:
2025
$m
Derivative
At fair value
instruments
At fair value
through other
at fair value,
through profit
comprehensive designated as Held at amortised
and loss
income hedges
cost
Total
Financial assets
Equity investments
\u2013
15.8
\u2013
\u2013
15.8
Trade and other receivables
1,166.1
\u2013
\u2013
156.9
1,323.0
Derivative financial instruments
\u2013
\u2013
0.7
\u2013
0.7
Cash and cash equivalents
1,303.5
\u2013
\u2013
1,413.1
2,716.6
Liquid investments
2,193.3
\u2013
\u2013
\u2013
2,193.3
4,662.9
15.8
0.7
1,570.0
6,249.4
Financial liabilities
Trade and other payables
\u2013
\u2013
\u2013
(1,216.7)
(1,216.7)
Borrowings and other financial liabilities
\u2013
\u2013
\u2013
(7,659.4)
(7,659.4)
\u2013
\u2013
\u2013
(8,876.1)
(8,876.1)
2024
$m
Derivative
At fair value
instruments
At fair value
through other
at fair value,
through profit
comprehensive designated as Held at amortised
and loss
income hedges
cost
Total
Financial assets
Equity investments
\u2013
11.6
\u2013
\u2013
11.6
Trade and other receivables
669.1
\u2013
\u2013
129.3
798.4
Cash and cash equivalents
124.3
\u2013
\u2013
2,064.9
2,189.2
Liquid investments
2,127.1
\u2013
\u2013
\u2013
2,127.1
2,920.5
11.6
\u2013
2,194.2
5,126.3
Financial liabilities
Borrowings and other financial liabilities
\u2013
\u2013
\u2013
(5,945.4)
(5,945.4)
Derivative financial instruments
\u2013
\u2013
(25.5)
\u2013
(25.5)
Trade and other payables
\u2013
\u2013
\u2013
(1,177.4)
(1,177.4)
\u2013
\u2013
(25.5)
(7,122.8)
(7,148.3)
The following tables reconcile between the total trade and other receivables and trade and other payables balances on the balance sheet
with the financial instrument amounts included in this note.
2025 2024
$m $m
Financial assets
Trade and other receivables (non-current) per the balance sheet
91.7
54.4
Trade and other receivables (current) per the balance sheet
1,468.1
899.5
Total trade and other receivables per the balance sheet
1,559.8
953.9
Less: non-financial assets (including prepayments and VAT receivables)
(236.8)
(155.5)
Total trade and other receivables (financial assets)
1,323.0
798.4
Financial liabilities
Trade and other payables (current) per the balance sheet
(1,404.5)
(1,320.3)
Trade and other payables (non-current) per the balance sheet
(15.8)
(10.2)
Total trade and other payables per the balance sheet
(1,420.3)
(1,330.5)
Less: non-financial liabilities (including employee benefit and VAT liabilities)
203.6
153.1
Total trade and other payables (financial liabilities)
(1,216.7)
(1,177.4)
(B) Fair value of financial instruments
An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2025
$m $m $m $m
Financial assets
Equity investments (i)
15.8
\u2013
\u2013
15.8
Trade and other receivables (ii)
\u2013
1,166.1
\u2013
1,166.1
Derivative financial instruments (v)
\u2013
0.7
\u2013
0.7
Cash and cash equivalents (iii)
1,303.5
\u2013
\u2013
1,303.5
Liquid investments (iv)
\u2013
2,193.3
\u2013
2,193.3
1,319.3
3,360.1
\u2013
4,679.4
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (i)
11.6
\u2013
\u2013
11.6
Trade and other receivables (ii)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (iii)
124.3
\u2013
\u2013
124.3
Liquid investments (iv)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (v)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year.
(i) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares
at the financial reporting date. These are level 1 inputs as described below.
(ii) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-
market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance
sheet. Forward prices at the end of the period are used for copper sales while December average prices are used for molybdenum
concentrate sales. These are level 2 inputs as described below.
(iii) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market
prices at the period end. These are level 1 inputs as described below.
(iv) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are
level 2 inputs as described below.
(v) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the
applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives.
These are level 2 inputs as described below. As at 31 December 2025, derivatives relate to foreign exchange option contracts.
The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted
prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs):
\u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities;
\u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable
for the asset or liability, either directly or indirectly; and
\u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability.
The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the
significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the
year ended 31 December 2025 and 31 December 2024, there were no transfers between levels in the hierarchy.
Except for certain items included within the borrowing line (see below), the carrying amount all other financial assets and financial
liabilities measured at amortised cost approximates their fair value.
At 31.12.2025
At 31.12.2024
Carrying value
Fair value
Carrying value
Fair value
Fixed rate bonds
3,854.6
4,165.9
1,729.0
1,630.5
Fixed rate borrowings
\u2013
\u2013
670.0
700.5
Other financial liabilities
583.3
780.7
594.0
756.9
The fair value amounts in the above table were calculated using observable market data and therefore would be treated as level 2 in the
fair value hierarchy.
(C) Financial risk management
The Group\u2019s activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, interest rate risk
and other price risk), credit risk and liquidity risk. The Group periodically uses derivative financial instruments to reduce its exposure to
commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative
trading purposes.
The Board of Directors is responsible for overseeing the Group\u2019s risk management framework. The Audit and Risk Committee assists the
Board with its review of the effectiveness of the risk management process, and monitoring of key risks and mitigations. The Internal Audit
department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to
the Audit and Risk Committee.
(I) Commodity price risk
The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final
pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes
in market prices for copper and molybdenum both in respect of future sales and previous sales which remain open as to final pricing.
In 2025, sales of copper and molybdenum concentrate and copper cathodes represented 87.2% (2024: 89.1%) of revenue and therefore
revenues and earnings depend significantly on London Metal Exchange (LME) and realised copper prices.
The Group periodically uses futures and min-max options to manage its exposure to copper prices. These instruments may give rise to
accounting volatility due to fluctuations in their fair value prior to the maturity of the instruments. No such options were entered into in the
current or comparative year. Details of those copper and molybdenum concentrate sales and copper cathode sales which remain open as
to final pricing are given in Note 6.
Commodity price sensitivity
The sensitivity analysis below shows the impact of a reasonably possible change in the copper price on the financial instruments held as
at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that
remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper
market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement
relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all
other variables, such as currency rates, remain constant.
\u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have
increased by $13.2 million (2024: increase by $15.3 million).
\u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have
decreased by $13.2 million (2024: decrease by $15.3 million).
In addition, movement in the average commodity price during the year would impact revenue and earnings.
\u2022 A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by
$57.1 million (2024: $58.0 million) and earnings per share by 5.8 cents (2024: 5.9 cents), based on production volumes in 2025,
without taking into account the effects of provisional pricing.
\u2022 A $1/lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by
$13.4 million (2024: $9.1 million), and earnings per share by 1.36 cents (2024: 0.9 cents), based on production volumes in 2025,
and without taking into account the effects of provisional pricing.
\u2022 A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by
$9.4 million (2024: $8.4 million), and earnings per share by 1.0 cents (2024: 0.8 cents), based on production volumes in 2025,
and without taking into account the effects of provisional pricing.
(II) Currency risk
The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are
denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally Chile) as well as
those currencies in which the costs of imported goods and services are determined. After the US dollar, the Chilean peso is the most
important currency influencing costs and to a lesser extent sales.
Given the significance of the US dollar to the Group\u2019s operations, this is the presentational currency of the Group for internal and external
reporting. The US dollar is also the currency for borrowing and holding surplus cash, although a portion of this may be held in other
currencies, notably Chilean pesos and Sterling, to meet short-term operating and capital commitments and dividend payments.
When considered appropriate, the Group uses forward exchange contracts and currency swaps to limit the effects of movements in
exchange rates in foreign-currency-denominated assets and liabilities. The Group may also use these instruments to reduce currency
exposure on future transactions and cash flows. Details of any exchange rate derivatives entered into by the Group in the year are given
in Note 23(D).
The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 20, and the currency exposure of the
Group\u2019s borrowings is given in Note 21(C). The effects of exchange gains and losses included in the income statement are given in Note
9. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the
currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity.
Currency sensitivity
The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments
held as at the reporting date.
The impact on profit or loss is as a result of the retranslation of non-US dollar monetary financial instruments (including cash, cash
equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the
fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments.
The calculation assumes that all other variables, such as interest rates, remain constant.
At 31 December 2025, the Group had a net liability position in respect of Chilean peso denominated financial assets and liabilities of Ch$516
billion, equivalent to $569 million (31 December 2024: Ch$518 billion, equivalent to $520 million). If the US dollar had strengthened by
10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $21.8 million
(2024: increase of $19.8 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable
to the owners of the parent would have decreased by $26.6 million (2024: decrease of $24.2 million).
(III) Interest rate risk
The Group\u2019s borrowings reflect a mixture of fixed and floating rate facilities. Fluctuations in interest rates may impact the Group\u2019s net
finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps
and collars to manage interest rate exposures on a portion of its existing borrowings.
The interest rate exposure of the Group\u2019s borrowings is given in Note 21.
Interest rate sensitivity
The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the
reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held
as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date.
The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges.
The calculation assumes that all other variables, such as currency rates, remain constant.
If the interest rate increased by 1%, based on the net financial assets held as at the reporting date, profit attributable to the owners of the
parent would have increased by $14.1 million (2024: increase of $12.9 million). This does not include the effect on the income statement of
changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments.
(IV) Other price risk
The Group is exposed to equity price risk on its equity investments.
Equity price sensitivity
The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the
reporting date.
If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $1.6 million
(2024: increase of $1.2 million). There would have been no impact on the income statement.
(V) Cash flow risk
The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating
costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and
commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions
to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help
ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost
of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks
to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be
applied to purchases of acid in the following year. These contracts meet the own-use criteria and are not recognised on the balance sheet.
(VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. All outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 19). As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. (VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours, and also maintains a $500 million revolving credit facility which can be drawn with three business days\u2019 notice. At the end of 2025, the Group was in a net debt position (2024: net debt position), as disclosed in Note 30(C). Details of cash, cash equivalents and liquid investments are given in Note 20, while details of borrowings including the maturity profile are given in Note 21(E). Details of undrawn committed borrowing facilities are also given in Note 21. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
Less than Between Between After 2025
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2025 $m $m $m $m $m
Senior loans
(550.5)
(493.1)
(1,135.8)
(1,592.3)
(3,771.7)
Other loans (including short-term loans, bond and other
financial liabilities)
(141.3)
(335.5)
(983.3)
(6,595.0)
(8,055.1)
Leases
(96.4)
(38.6)
(38.3)
\u2013
(173.3)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.8)
(3.3)
Trade and other payables
(1,200.9)
(15.9)
\u2013
\u2013
(1,216.8)
(1,989.2)
(883.2)
(2,157.7)
(8,190.1)
(13,220.2)
Less than Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024
2
$m $m $m $m $m
Senior loans
(718.4)
(729.1)
(1,132.1)
(709.9)
(3,289.5)
Other loans (including short-term loans, bond and other
financial liabilities)
(754.2)
(84.2)
(465.9)
(3,488.3)
(4,792.6)
Leases
(104.6)
(31.4)
(37.1)
\u2013
(173.1)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.5)
(3.0)
Trade and other payables
(1,167.2)
(10.2)
\u2013
\u2013
(1,177.4)
Derivative financial instruments
(20.4)
(5.1)
\u2013
\u2013
(25.5)
(2,764.9)
(860.1)
(1,635.4)
(4,200.7)
(9,461.1)
1. The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. 2. The 2024 amounts have been re-presented to better reflect the total values of the interest and principal cash flows, and the maturities of those cash flows. (VIII) Capital risk management The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy remains unchanged. The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings) which was net debt of $2,749.5 million at 31 December 2025 (2024: net debt $1,629.1 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $4,909.9 million at 31 December 2025 (2024: $4,316.3 million). The Group\u2019s total cash is held in a combination of interest-bearing accounts, term deposits and managed funds investing in high-quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however, they are included in net cash for monitoring and decision-making purposes. The Group has a risk-averse investment strategy. The Group\u2019s borrowings are detailed in Note 21. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of some of the borrowing facilities, the Group is required to comply with the following financial covenants: (1) Net Financial Debt/EBITDA, (2) EBITDA/Interest Expense, and (3) Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value). The Group has complied with these covenants throughout the reporting period. (D) Derivative financial instruments
Carrying amount Line item in the statement of Change in the value Amount removed from Line item in
Nominal financial position where the of hedging instrument cash flow hedge reserve to balance sheet
At Amount Assets Liabilities hedging instrument recognised in OCI initial cost of hedged item affected by
31 December 2025 $m $m $m is included $m $m the removal
Foreign currency risk
Foreign exchange Derivative financial
option contract
163.5
0.7
\u2013
instruments (liabilities)
26.2
\u2013
\u2013
This relates to hedging of Chilean-peso-denominated costs associated with the Second Concentrator Project at Centinela, which relates to the construction of new property, plant and equipment. The hedging instruments are for the period up to June 2026, with an average put rate of Ch$850/$1 and an average call rate of Ch$1,010.2/$1. The changes in the fair value are primarily driven by designated intrinsic value of the option. Cost of hedging is highly immaterial.
Carrying amount Line item in the statement of Change in the value Amount removed from Line item in
Nominal financial position where the of hedging instrument cash flow hedge reserve to balance sheet
At Amount Assets Liabilities hedging instrument recognised in OCI initial cost of hedged item affected by
31 December 2024 $m $m $m is included $m $m the removal
Foreign currency risk
Foreign exchange Derivative financial Property, plant
option contract
847.0
\u2013
(25.5)
instruments (liabilities)
25.5
\u2013
and equipment
This relates to hedging of Chilean-peso-denominated costs associated with the Second Concentrator Project at Centinela, which relates to the construction of new property, plant and equipment. The hedging instruments are for the period up to June 2026, with an average put rate of Ch$850.0/$1 and an average call rate of Ch$1,017.4/$1. No hedge ineffectiveness was recognised
Cash flow hedges
The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from
cash flow hedge accounting.
Hedging reserve Hedging reserve
2025 2024
$m $m
Balance at 1 January
18.6
\u2013
Cash flow hedges
Foreign currency risk \u2013 Derivative financial instruments
(26.2)
25.5
Amount included in the cost of non-financial items
Tax on movements on reserves during the year
7.1
(6.9)
Balance at 31 December
(0.5)
18.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "
21 Borrowings and other financial liabilities
(A) Analysis by type of borrowing and other financial liabilities
Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2025 2024
Note $m $m
Borrowings
Senior loans
(2,880.0)
(2,584.8)
Los Pelambres
(i)
(1,491.8)
(1,887.6)
Centinela
(ii)
(1,313.4)
(572.6)
Antucoya
(iii)
(74.8)
(124.6)
Subordinated debt
(176.7)
(205.5)
Antucoya
(iv)
(176.7)
(205.5)
Other loans
\u2013
(670.0)
Los Pelambres
\u2013
(475.0)
Centinela
\u2013
(195.0)
Bonds
(3,854.6)
(1,729.0)
Los Pelambres
(v)
(1,527.8)
\u2013
Corporate
(vi)
(2,326.8)
(1,729.0)
(6,911.3)
(5,189.3)
Leases
Los Pelambres
(vii)
(22.4)
(19.2)
Centinela
(vii)
(96.6)
(114.1)
Antucoya
(vii)
(33.0)
(13.4)
Corporate
(viii)
(9.5)
(12.1)
Transport Division
(vii)
(0.5)
(0.9)
(162.0)
(159.7)
Other financial liabilities
Centinela
(ix)
(583.3)
(594.0)
(583.3)
(594.0)
Preference shares
Corporate
(x)
(2.8)
(2.4)
(2.8)
(2.4)
Total
(7,659.4)
(5,945.4)
(i) The senior loans at Los Pelambres represent: An initial $910 million US dollar denominated syndicated loan divided in three tranches were issued in February 2019. Two of those tranches were repaid in March 2025. An outstanding tranche of $175 million has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. An additional $185 million US dollar denominated bullet loan was issued in September 2024, with a 2-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/ Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the period is $360 million (2024: $1,077.6 million). Three US dollar denominated senior loans were issued in December 2023. The loans are comprised of: (i) $200 million bullet loan with a remaining average life of approximately 1.0 year and an interest rate of Term SOFR six-month rate plus 1.60%, (ii) a $200 million bullet loan with a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.69%, (iii) and a $410 million amortizing loan with an outstanding amount of $307.5 million that has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.70%. The total outstanding amount is $707.5 million (2024: $810.0 million). In February 2025, a $450 million 9-year loan with an interest rate of Term SOFR three-month rate plus a current spread of 1.875% was issued. The amount outstanding is $424.3 million, which is net of capitalised transaction costs of US$25.7 million. (ii) The senior loans at Centinela represent: A US dollar denominated senior loan with an amount outstanding of $299.7 million with a duration of 3.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.55%. The loan is subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA and EBITDA/Interest Expense, which have been complied with, with significant headroom, throughout the period. The US dollar denominated senior loan with amount outstanding of $33.3 million as of 31 December 2024 was repaid in February2025. Centinela\u2019s project finance, in respect of the Second Concentrator Project, has a committed amount of $2.5 billion. During 2025, there were three debt disbursements totalling $485.8 million. The borrowing has a remaining 10-year duration and is divided into six different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount outstanding is $1,013.7 million (2024: $539.3 million). (iii) The senior loan at Antucoya represent a US dollar denominated syndicated loan with an amount outstanding of $74.8 million (2024: $125 million). This loan has a remaining average life of 1.5 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which require the maintenance of specified Net Financial Debt/EBITDA, EBITDA/ Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. (iv) Subordinated debt at Antucoya is US dollar denominated and provided to Antucoya by Marubeni Corporation, with a remaining average life of 1.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. (v) On 6 March 2025, Los Pelambres issued a $1,550 million private placement bond with a 7.07% coupon rate and a 20-year term. (vi) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor and a coupon of 2.375%. In May 2022, Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor and a coupon of 5.625%. In May 2024, Antofagasta plc issued a corporate bond for $750 million with a 10-year tenor and a coupon of 6.250%. In September 2025, Antofagasta plc issued a corporate bond of $600 million with a 10-year tenor and a coupon of 5.625%. (vii) Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (viii) Financial Leases at Corporate and other: are denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos) and have a remaining duration of 2.5 years and are at fixed rates with an average interest rate of 5.2%. (ix) In June 2024, Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela\u2019s existing water transportation assets have been legally transferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes, it has been determined that Centinela continues to control the assets, as it will continue to obtain substantially all the remaining benefits from the assets. Accordingly, the existing assets remain in Centinela\u2019s balance sheet, with the cash receipt resulting in the recognition of the corresponding other financial liability balance, which will be repaid over the 18-year agreement term. (x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company. (B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 14 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases; \u2022 Note 30 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period; \u2022 Note 9 \u2013 interest expense in respect of the lease balances; and \u2022 Note 9 \u2013 cash paid relating to interest on leases. For Payments for short-term leases during 2025 is $25.8 million (2024: $2.5 million) and payments for low value leases (less than 12 months in duration) during 2025 is $0.3 million (2024: $0.1 million). (C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2025
pesos Sterling US dollars Total
At 31 December 2025 $m $m $m $m
Senior loans
\u2013
\u2013
(2,880.0)
(2,880.0)
Bonds
\u2013
\u2013
(3,854.6)
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(176.7)
(176.7)
Other financial liabilities
\u2013
\u2013
(583.3)
(583.3)
Leases
(103.3)
(2.5)
(56.2)
(162.0)
Preference shares
\u2013
(2.8)
\u2013
(2.8)
(103.3)
(5.3)
(7,550.8)
(7,659.4)
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
(D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2025
Fixed Floating Total
At 31 December 2025 $m $m $m
Senior loans
\u2013
(2,880.0)
(2,880.0)
Bonds
(3,854.6)
\u2013
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
(176.7)
(176.7)
Other financial liabilities
(583.3)
\u2013
(583.3)
Leases
(162.0)
\u2013
(162.0)
Preference shares
(2.8)
\u2013
(2.8)
(4,602.7)
(3,056.7)
(7,659.4)
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans and subordinated debt)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.4)
(3,155.1)
(2,790.3)
(5,945.4)
(E) Maturity profile The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2025
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2025 $m $m $m $m $m
Senior loans
(398.5)
(359.6)
(808.6)
(1,313.3)
(2,880.0)
Bonds
\u2013
\u2013
(497.7)
(3,356.9)
(3,854.6)
Other loans
\u2013
(176.7)
\u2013
\u2013
(176.7)
Other financial liabilities
(13.2)
(13.9)
(53.6)
(502.6)
(583.3)
Leases
(89.5)
(35.7)
(36.8)
\u2013
(162.0)
Preference shares
\u2013
\u2013
\u2013
(2.8)
(2.8)
(501.2)
(585.9)
(1,396.7)
(5,175.6)
(7,659.4)
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year. The amounts included above for leases are based on the present value of minimum lease payments. The total minimum lease payments for these leases may be analysed as follows:
2025 2024
$m $m
Within 1 year
(96.4)
(105.2)
Between 1 \u2013 2 years
(38.6)
(30.8)
Between 2 \u2013 5 years
(38.3)
(37.1)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.3)
(173.1)
Less amounts representing finance charges
11.3
13.4
Present value of minimum lease payments
(162.0)
(159.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. The Group has different types of equipment leases embedded within wider contracts, mainly in respect of contracts for earth and mineral movement services, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease agreements. There are no variable lease payments that are based on an index or a rate. (F) Financing facilities Antofagasta plc has a revolving credit facility (RCF) of $500 million which expires on 30 December 2028.
Facility available
Drawn
Undrawn
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Revolving credit facility
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "21 Borrowings and other financial liabilities (A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2025 2024
Note $m $m
Borrowings
Senior loans
(2,880.0)
(2,584.8)
Los Pelambres
(i)
(1,491.8)
(1,887.6)
Centinela
(ii)
(1,313.4)
(572.6)
Antucoya
(iii)
(74.8)
(124.6)
Subordinated debt
(176.7)
(205.5)
Antucoya
(iv)
(176.7)
(205.5)
Other loans
\u2013
(670.0)
Los Pelambres
\u2013
(475.0)
Centinela
\u2013
(195.0)
Bonds
(3,854.6)
(1,729.0)
Los Pelambres
(v)
(1,527.8)
\u2013
Corporate
(vi)
(2,326.8)
(1,729.0)
(6,911.3)
(5,189.3)
Leases
Los Pelambres
(vii)
(22.4)
(19.2)
Centinela
(vii)
(96.6)
(114.1)
Antucoya
(vii)
(33.0)
(13.4)
Corporate
(viii)
(9.5)
(12.1)
Transport Division
(vii)
(0.5)
(0.9)
(162.0)
(159.7)
Other financial liabilities
Centinela
(ix)
(583.3)
(594.0)
(583.3)
(594.0)
Preference shares
Corporate
(x)
(2.8)
(2.4)
(2.8)
(2.4)
Total
(7,659.4)
(5,945.4)
(i) The senior loans at Los Pelambres represent: An initial $910 million US dollar denominated syndicated loan divided in three tranches were issued in February 2019. Two of those tranches were repaid in March 2025. An outstanding tranche of $175 million has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. An additional $185 million US dollar denominated bullet loan was issued in September 2024, with a 2-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/ Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the period is $360 million (2024: $1,077.6 million). Three US dollar denominated senior loans were issued in December 2023. The loans are comprised of: (i) $200 million bullet loan with a remaining average life of approximately 1.0 year and an interest rate of Term SOFR six-month rate plus 1.60%, (ii) a $200 million bullet loan with a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.69%, (iii) and a $410 million amortizing loan with an outstanding amount of $307.5 million that has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.70%. The total outstanding amount is $707.5 million (2024: $810.0 million). In February 2025, a $450 million 9-year loan with an interest rate of Term SOFR three-month rate plus a current spread of 1.875% was issued. The amount outstanding is $424.3 million, which is net of capitalised transaction costs of US$25.7 million. (ii) The senior loans at Centinela represent: A US dollar denominated senior loan with an amount outstanding of $299.7 million with a duration of 3.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.55%. The loan is subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA and EBITDA/Interest Expense, which have been complied with, with significant headroom, throughout the period. The US dollar denominated senior loan with amount outstanding of $33.3 million as of 31 December 2024 was repaid in February2025. Centinela\u2019s project finance, in respect of the Second Concentrator Project, has a committed amount of $2.5 billion. During 2025, there were three debt disbursements totalling $485.8 million. The borrowing has a remaining 10-year duration and is divided into six different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount outstanding is $1,013.7 million (2024: $539.3 million). (iii) The senior loan at Antucoya represent a US dollar denominated syndicated loan with an amount outstanding of $74.8 million (2024: $125 million). This loan has a remaining average life of 1.5 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which require the maintenance of specified Net Financial Debt/EBITDA, EBITDA/ Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. (iv) Subordinated debt at Antucoya is US dollar denominated and provided to Antucoya by Marubeni Corporation, with a remaining average life of 1.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. (v) On 6 March 2025, Los Pelambres issued a $1,550 million private placement bond with a 7.07% coupon rate and a 20-year term. (vi) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor and a coupon of 2.375%. In May 2022, Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor and a coupon of 5.625%. In May 2024, Antofagasta plc issued a corporate bond for $750 million with a 10-year tenor and a coupon of 6.250%. In September 2025, Antofagasta plc issued a corporate bond of $600 million with a 10-year tenor and a coupon of 5.625%. (vii) Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (viii) Financial Leases at Corporate and other: are denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos) and have a remaining duration of 2.5 years and are at fixed rates with an average interest rate of 5.2%. (ix) In June 2024, Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela\u2019s existing water transportation assets have been legally transferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes, it has been determined that Centinela continues to control the assets, as it will continue to obtain substantially all the remaining benefits from the assets. Accordingly, the existing assets remain in Centinela\u2019s balance sheet, with the cash receipt resulting in the recognition of the corresponding other financial liability balance, which will be repaid over the 18-year agreement term. (x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company. (B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 14 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases; \u2022 Note 30 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period; \u2022 Note 9 \u2013 interest expense in respect of the lease balances; and \u2022 Note 9 \u2013 cash paid relating to interest on leases. For Payments for short-term leases during 2025 is $25.8 million (2024: $2.5 million) and payments for low value leases (less than 12 months in duration) during 2025 is $0.3 million (2024: $0.1 million). (C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2025
pesos Sterling US dollars Total
At 31 December 2025 $m $m $m $m
Senior loans
\u2013
\u2013
(2,880.0)
(2,880.0)
Bonds
\u2013
\u2013
(3,854.6)
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(176.7)
(176.7)
Other financial liabilities
\u2013
\u2013
(583.3)
(583.3)
Leases
(103.3)
(2.5)
(56.2)
(162.0)
Preference shares
\u2013
(2.8)
\u2013
(2.8)
(103.3)
(5.3)
(7,550.8)
(7,659.4)
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
(D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2025
Fixed Floating Total
At 31 December 2025 $m $m $m
Senior loans
\u2013
(2,880.0)
(2,880.0)
Bonds
(3,854.6)
\u2013
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
(176.7)
(176.7)
Other financial liabilities
(583.3)
\u2013
(583.3)
Leases
(162.0)
\u2013
(162.0)
Preference shares
(2.8)
\u2013
(2.8)
(4,602.7)
(3,056.7)
(7,659.4)
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans and subordinated debt)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.4)
(3,155.1)
(2,790.3)
(5,945.4)
(E) Maturity profile The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2025
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2025 $m $m $m $m $m
Senior loans
(398.5)
(359.6)
(808.6)
(1,313.3)
(2,880.0)
Bonds
\u2013
\u2013
(497.7)
(3,356.9)
(3,854.6)
Other loans
\u2013
(176.7)
\u2013
\u2013
(176.7)
Other financial liabilities
(13.2)
(13.9)
(53.6)
(502.6)
(583.3)
Leases
(89.5)
(35.7)
(36.8)
\u2013
(162.0)
Preference shares
\u2013
\u2013
\u2013
(2.8)
(2.8)
(501.2)
(585.9)
(1,396.7)
(5,175.6)
(7,659.4)
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year. The amounts included above for leases are based on the present value of minimum lease payments. The total minimum lease payments for these leases may be analysed as follows:
2025 2024
$m $m
Within 1 year
(96.4)
(105.2)
Between 1 \u2013 2 years
(38.6)
(30.8)
Between 2 \u2013 5 years
(38.3)
(37.1)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.3)
(173.1)
Less amounts representing finance charges
11.3
13.4
Present value of minimum lease payments
(162.0)
(159.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. The Group has different types of equipment leases embedded within wider contracts, mainly in respect of contracts for earth and mineral movement services, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease agreements. There are no variable lease payments that are based on an index or a rate. (F) Financing facilities Antofagasta plc has a revolving credit facility (RCF) of $500 million which expires on 30 December 2028.
Facility available
Drawn
Undrawn
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Revolving credit facility
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
22 Trade and other payables
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade creditors
(937.9)
(938.1)
\u2013
\u2013
(937.9)
(938.1)
Other creditors and accruals
(466.6)
(382.2)
(15.8)
(10.2)
(482.4)
(392.4)
(1,404.5)
(1,320.3)
(15.8)
(10.2)
(1,420.3)
(1,330.5)
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 19 days (2024: 18 days). Other creditors are mainly related to property, plant and equipment payables of $165.0 million (2024: $142.0 million), finance interest of $62.0 million (2024: $74.5 million), employee tax of $17.6 million (2024: $15.1 million) and other employee liabilities of $155.8 million (2024: $119.9 million). 26 Deferred tax assets and liabilities
Accelerated Temporary differences Withholding Short-term Mining tax Tax
capital allowances on provisions tax differences (royalty) losses Total
$m $m $m $m $m $m $m
At 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024 and 1 January 2025
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
(Charge)/credit to income
54.7
(78.9)
25.2
(2.7)
3.6
(30.4)
(28.5)
Tax on exceptional items
1
54.5
\u2013
\u2013
\u2013
\u2013
\u2013
54.5
Charge deferred in equity
2
\u2013
2.5
44.7
0.5
\u2013
47.7
At 31 December 2025
(1,506.0)
3.2
\u2013
(50.9)
(108.0)
52.4
1,609.3
1. An exceptional deferred tax credit of $54.5 million has been recognised in the income statement due to the derecognition of the deferred tax liability which had been previously recognised through the income statement in relation to the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) (2024: $126.7 million deferred tax charge was recognised in respect of deferred tax of $12.7 million on the exceptional fair value gain on the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. and $114.0 million of deferred tax relating to the Antucoya impairment reversal). 2. The $47.7 million deferred tax credit recognised directly in equity relates to a $44.7 million deferred tax credit in respect of the movements in the fair value of equity investments in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as the relevant UK tax exemption now applies (see Note 4 and 17) and a $3.0 million deferred tax credit in respect of actuarial losses on defined benefit plans. The charge to the income statement of $28.5 million (2024: $32.7 million) included an impact from foreign exchange differences of $0.1 million (2024: $0.3 million). Certain deferred tax assets and liabilities have been offset. Deferred tax assets and liabilities are offset where there is a legally enforceable right to do so, which under Chilean tax regulations is only possible within individual legal entities. The following is the analysis of the deferred tax balance (after offset):
2025 2024
$m $m
Net deferred tax assets
2.2
9.7
Net deferred tax liabilities
(1,611.5)
(1,692.7)
Net deferred tax balances
(1,609.3)
(1,683.0)
The $2.2 million net deferred tax asset balance (2024: $9.7 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 31 December 2025, the Group had unused tax losses of $789.2 million in respect of which no deferred tax asset has been recognised, as the relevant entities are currently loss-making; $237.1 million (2024: $141.1 million) of these tax losses relate to Chilean entities where the tax losses can be carried forward indefinitely, and $552.1 million (2024: $520.3 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project. $267.5 million (2024: $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carried forward indefinitely. The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $8,898.8 million (31 December 2024: $7,397.9 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests in Buenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, the Group qualified for the UK Substantial Shareholding Exemption in respect of its holding in Buenaventura, as it had held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains tax in respect of its investment. Accordingly, in March 2025 the Group de-recognised its existing deferred tax liability. Temporary differences arising in connection with interests in associates and joint ventures are insignificant. The deferred tax balance of $1,609.3 million (2024: $1,683.0 million) includes $1.529.6 million (2024: $1,535.0 million) due in more than one year. The deferred tax assets of $2.2 million are all due in more than one year (2024: $9.7 million). The deferred tax liabilities of $1,611.5 million (2024: $1,692.7) include $79.7 million due in less than 1 year and $1,531.8 million due in more than one year. All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "21 Borrowings and other financial liabilities (A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows:
2025 2024
Note $m $m
Borrowings
Senior loans
(2,880.0)
(2,584.8)
Los Pelambres
(i)
(1,491.8)
(1,887.6)
Centinela
(ii)
(1,313.4)
(572.6)
Antucoya
(iii)
(74.8)
(124.6)
Subordinated debt
(176.7)
(205.5)
Antucoya
(iv)
(176.7)
(205.5)
Other loans
\u2013
(670.0)
Los Pelambres
\u2013
(475.0)
Centinela
\u2013
(195.0)
Bonds
(3,854.6)
(1,729.0)
Los Pelambres
(v)
(1,527.8)
\u2013
Corporate
(vi)
(2,326.8)
(1,729.0)
(6,911.3)
(5,189.3)
Leases
Los Pelambres
(vii)
(22.4)
(19.2)
Centinela
(vii)
(96.6)
(114.1)
Antucoya
(vii)
(33.0)
(13.4)
Corporate
(viii)
(9.5)
(12.1)
Transport Division
(vii)
(0.5)
(0.9)
(162.0)
(159.7)
Other financial liabilities
Centinela
(ix)
(583.3)
(594.0)
(583.3)
(594.0)
Preference shares
Corporate
(x)
(2.8)
(2.4)
(2.8)
(2.4)
Total
(7,659.4)
(5,945.4)
(i) The senior loans at Los Pelambres represent: An initial $910 million US dollar denominated syndicated loan divided in three tranches were issued in February 2019. Two of those tranches were repaid in March 2025. An outstanding tranche of $175 million has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. An additional $185 million US dollar denominated bullet loan was issued in September 2024, with a 2-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/ Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the period is $360 million (2024: $1,077.6 million). Three US dollar denominated senior loans were issued in December 2023. The loans are comprised of: (i) $200 million bullet loan with a remaining average life of approximately 1.0 year and an interest rate of Term SOFR six-month rate plus 1.60%, (ii) a $200 million bullet loan with a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.69%, (iii) and a $410 million amortizing loan with an outstanding amount of $307.5 million that has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.70%. The total outstanding amount is $707.5 million (2024: $810.0 million). In February 2025, a $450 million 9-year loan with an interest rate of Term SOFR three-month rate plus a current spread of 1.875% was issued. The amount outstanding is $424.3 million, which is net of capitalised transaction costs of US$25.7 million. (ii) The senior loans at Centinela represent: A US dollar denominated senior loan with an amount outstanding of $299.7 million with a duration of 3.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.55%. The loan is subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA and EBITDA/Interest Expense, which have been complied with, with significant headroom, throughout the period. The US dollar denominated senior loan with amount outstanding of $33.3 million as of 31 December 2024 was repaid in February2025. Centinela\u2019s project finance, in respect of the Second Concentrator Project, has a committed amount of $2.5 billion. During 2025, there were three debt disbursements totalling $485.8 million. The borrowing has a remaining 10-year duration and is divided into six different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount outstanding is $1,013.7 million (2024: $539.3 million). (iii) The senior loan at Antucoya represent a US dollar denominated syndicated loan with an amount outstanding of $74.8 million (2024: $125 million). This loan has a remaining average life of 1.5 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which require the maintenance of specified Net Financial Debt/EBITDA, EBITDA/ Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. (iv) Subordinated debt at Antucoya is US dollar denominated and provided to Antucoya by Marubeni Corporation, with a remaining average life of 1.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%. (v) On 6 March 2025, Los Pelambres issued a $1,550 million private placement bond with a 7.07% coupon rate and a 20-year term. (vi) Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor and a coupon of 2.375%. In May 2022, Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor and a coupon of 5.625%. In May 2024, Antofagasta plc issued a corporate bond for $750 million with a 10-year tenor and a coupon of 6.250%. In September 2025, Antofagasta plc issued a corporate bond of $600 million with a 10-year tenor and a coupon of 5.625%. (vii) Equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos), Chilean pesos and dollars. (viii) Financial Leases at Corporate and other: are denominated in UF (Unidad de Fomento \u2013 i.e. inflation-linked Chilean pesos) and have a remaining duration of 2.5 years and are at fixed rates with an average interest rate of 5.2%. (ix) In June 2024, Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela\u2019s existing water transportation assets have been legally transferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes, it has been determined that Centinela continues to control the assets, as it will continue to obtain substantially all the remaining benefits from the assets. Accordingly, the existing assets remain in Centinela\u2019s balance sheet, with the cash receipt resulting in the recognition of the corresponding other financial liability balance, which will be repaid over the 18-year agreement term. (x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company. (C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows:
Chilean 2025
pesos Sterling US dollars Total
At 31 December 2025 $m $m $m $m
Senior loans
\u2013
\u2013
(2,880.0)
(2,880.0)
Bonds
\u2013
\u2013
(3,854.6)
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(176.7)
(176.7)
Other financial liabilities
\u2013
\u2013
(583.3)
(583.3)
Leases
(103.3)
(2.5)
(56.2)
(162.0)
Preference shares
\u2013
(2.8)
\u2013
(2.8)
(103.3)
(5.3)
(7,550.8)
(7,659.4)
Chilean 2024
pesos Sterling US dollars Total
At 31 December 2024 $m $m $m $m
Senior loans
\u2013
\u2013
(2,584.8)
(2,584.8)
Bonds
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans (including short-term loans and subordinated debt)
\u2013
\u2013
(875.5)
(875.5)
Other financial liabilities
\u2013
\u2013
(594.0)
(594.0)
Leases
(141.0)
(3.0)
(15.7)
(159.7)
Preference shares
\u2013
(2.4)
\u2013
(2.4)
(141.0)
(5.4)
(5,799.0)
(5,945.4)
(D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows:
2025
Fixed Floating Total
At 31 December 2025 $m $m $m
Senior loans
\u2013
(2,880.0)
(2,880.0)
Bonds
(3,854.6)
\u2013
(3,854.6)
Other loans (including short-term loans and subordinated debt)
\u2013
(176.7)
(176.7)
Other financial liabilities
(583.3)
\u2013
(583.3)
Leases
(162.0)
\u2013
(162.0)
Preference shares
(2.8)
\u2013
(2.8)
(4,602.7)
(3,056.7)
(7,659.4)
2024
Fixed Floating Total
At 31 December 2024 $m $m $m
Senior loans
\u2013
(2,584.8)
(2,584.8)
Bonds
(1,729.0)
\u2013
(1,729.0)
Other loans (including short-term loans and subordinated debt)
(670.0)
(205.5)
(875.5)
Other financial liabilities
(594.0)
\u2013
(594.0)
Leases
(159.7)
\u2013
(159.7)
Preference shares
(2.4)
\u2013
(2.4)
(3,155.1)
(2,790.3)
(5,945.4)
(E) Maturity profile The maturity profile of the Group\u2019s borrowings is as follows:
Within Between Between After 2025
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2025 $m $m $m $m $m
Senior loans
(398.5)
(359.6)
(808.6)
(1,313.3)
(2,880.0)
Bonds
\u2013
\u2013
(497.7)
(3,356.9)
(3,854.6)
Other loans
\u2013
(176.7)
\u2013
\u2013
(176.7)
Other financial liabilities
(13.2)
(13.9)
(53.6)
(502.6)
(583.3)
Leases
(89.5)
(35.7)
(36.8)
\u2013
(162.0)
Preference shares
\u2013
\u2013
\u2013
(2.8)
(2.8)
(501.2)
(585.9)
(1,396.7)
(5,175.6)
(7,659.4)
Within Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024 $m $m $m $m $m
Senior loans
(549.9)
(596.9)
(908.1)
(529.9)
(2,584.8)
Bonds
\u2013
\u2013
\u2013
(1,729.0)
(1,729.0)
Other loans
(670.0)
\u2013
(205.5)
\u2013
(875.5)
Other financial liabilities
(6.1)
(12.2)
(47.3)
(528.4)
(594.0)
Leases
(96.5)
(28.5)
(34.5)
(0.2)
(159.7)
Preference shares
\u2013
\u2013
\u2013
(2.4)
(2.4)
(1,322.5)
(637.6)
(1,195.4)
(2,789.9)
(5,945.4)
Medium and long-term borrowings and other financial liabilities are items that are due beyond one year. The amounts included above for leases are based on the present value of minimum lease payments. The total minimum lease payments for these leases may be analysed as follows:
2025 2024
$m $m
Within 1 year
(96.4)
(105.2)
Between 1 \u2013 2 years
(38.6)
(30.8)
Between 2 \u2013 5 years
(38.3)
(37.1)
After 5 years
\u2013
\u2013
Total minimum lease payments
(173.3)
(173.1)
Less amounts representing finance charges
11.3
13.4
Present value of minimum lease payments
(162.0)
(159.7)
All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. The Group has different types of equipment leases embedded within wider contracts, mainly in respect of contracts for earth and mineral movement services, maintenance services, truck rentals, machinery rental and operation, property lease agreements and equipment lease agreements. There are no variable lease payments that are based on an index or a rate. (F) Financing facilities Antofagasta plc has a revolving credit facility (RCF) of $500 million which expires on 30 December 2028.
Facility available
Drawn
Undrawn
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Revolving credit facility
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
(500.0)
(500.0)
\u2013
\u2013
(500.0)
(500.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "(B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 14 \u2013 depreciation charges, additions and disposals in respect of the right-of-use assets relating to the leases; \u2022 Note 30 (B) \u2013 repayments of the lease balances and new lease liabilities arising during the period; \u2022 Note 9 \u2013 interest expense in respect of the lease balances; and \u2022 Note 9 \u2013 cash paid relating to interest on leases. For Payments for short-term leases during 2025 is $25.8 million (2024: $2.5 million) and payments for low value leases (less than 12 months in duration) during 2025 is $0.3 million (2024: $0.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "22 Trade and other payables
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade creditors
(937.9)
(938.1)
\u2013
\u2013
(937.9)
(938.1)
Other creditors and accruals
(466.6)
(382.2)
(15.8)
(10.2)
(482.4)
(392.4)
(1,404.5)
(1,320.3)
(15.8)
(10.2)
(1,420.3)
(1,330.5)
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 19 days (2024: 18 days). Other creditors are mainly related to property, plant and equipment payables of $165.0 million (2024: $142.0 million), finance interest of $62.0 million (2024: $74.5 million), employee tax of $17.6 million (2024: $15.1 million) and other employee liabilities of $155.8 million (2024: $119.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade creditors
(937.9)
(938.1)
\u2013
\u2013
(937.9)
(938.1)
Other creditors and accruals
(466.6)
(382.2)
(15.8)
(10.2)
(482.4)
(392.4)
(1,404.5)
(1,320.3)
(15.8)
(10.2)
(1,420.3)
(1,330.5)
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade creditors
(937.9)
(938.1)
\u2013
\u2013
(937.9)
(938.1)
Other creditors and accruals
(466.6)
(382.2)
(15.8)
(10.2)
(482.4)
(392.4)
(1,404.5)
(1,320.3)
(15.8)
(10.2)
(1,420.3)
(1,330.5)
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 19 days (2024: 18 days). Other creditors are mainly related to property, plant and equipment payables of $165.0 million (2024: $142.0 million), finance interest of $62.0 million (2024: $74.5 million), employee tax of $17.6 million (2024: $15.1 million) and other employee liabilities of $155.8 million (2024: $119.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
Due in one year
Due after one year
Total
2025 2024 2025 2024 2025 2024
$m $m $m $m $m $m
Trade creditors
(937.9)
(938.1)
\u2013
\u2013
(937.9)
(938.1)
Other creditors and accruals
(466.6)
(382.2)
(15.8)
(10.2)
(482.4)
(392.4)
(1,404.5)
(1,320.3)
(15.8)
(10.2)
(1,420.3)
(1,330.5)
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 19 days (2024: 18 days). Other creditors are mainly related to property, plant and equipment payables of $165.0 million (2024: $142.0 million), finance interest of $62.0 million (2024: $74.5 million), employee tax of $17.6 million (2024: $15.1 million) and other employee liabilities of $155.8 million (2024: $119.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "(B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2025
$m $m $m $m
Financial assets
Equity investments (i)
15.8
\u2013
\u2013
15.8
Trade and other receivables (ii)
\u2013
1,166.1
\u2013
1,166.1
Derivative financial instruments (v)
\u2013
0.7
\u2013
0.7
Cash and cash equivalents (iii)
1,303.5
\u2013
\u2013
1,303.5
Liquid investments (iv)
\u2013
2,193.3
\u2013
2,193.3
1,319.3
3,360.1
\u2013
4,679.4
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (i)
11.6
\u2013
\u2013
11.6
Trade and other receivables (ii)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (iii)
124.3
\u2013
\u2013
124.3
Liquid investments (iv)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (v)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. (i) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. (ii) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to- market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while December average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. (iii) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below. (iv) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below. (v) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. As at 31 December 2025, derivatives relate to foreign exchange option contracts. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2025 and 31 December 2024, there were no transfers between levels in the hierarchy. Except for certain items included within the borrowing line (see below), the carrying amount all other financial assets and financial liabilities measured at amortised cost approximates their fair value.
At 31.12.2025
At 31.12.2024
Carrying value
Fair value
Carrying value
Fair value
Fixed rate bonds
3,854.6
4,165.9
1,729.0
1,630.5
Fixed rate borrowings
\u2013
\u2013
670.0
700.5
Other financial liabilities
583.3
780.7
594.0
756.9
The fair value amounts in the above table were calculated using observable market data and therefore would be treated as level 2 in the fair value hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "(B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2025
$m $m $m $m
Financial assets
Equity investments (i)
15.8
\u2013
\u2013
15.8
Trade and other receivables (ii)
\u2013
1,166.1
\u2013
1,166.1
Derivative financial instruments (v)
\u2013
0.7
\u2013
0.7
Cash and cash equivalents (iii)
1,303.5
\u2013
\u2013
1,303.5
Liquid investments (iv)
\u2013
2,193.3
\u2013
2,193.3
1,319.3
3,360.1
\u2013
4,679.4
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (i)
11.6
\u2013
\u2013
11.6
Trade and other receivables (ii)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (iii)
124.3
\u2013
\u2013
124.3
Liquid investments (iv)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (v)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. (i) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. (ii) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to- market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while December average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. (iii) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below. (iv) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below. (v) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. As at 31 December 2025, derivatives relate to foreign exchange option contracts. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2025 and 31 December 2024, there were no transfers between levels in the hierarchy. Except for certain items included within the borrowing line (see below), the carrying amount all other financial assets and financial liabilities measured at amortised cost approximates their fair value.
At 31.12.2025
At 31.12.2024
Carrying value
Fair value
Carrying value
Fair value
Fixed rate bonds
3,854.6
4,165.9
1,729.0
1,630.5
Fixed rate borrowings
\u2013
\u2013
670.0
700.5
Other financial liabilities
583.3
780.7
594.0
756.9
The fair value amounts in the above table were calculated using observable market data and therefore would be treated as level 2 in the fair value hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "(B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below:
Total
Level 1 Level 2 Level 3 2025
$m $m $m $m
Financial assets
Equity investments (i)
15.8
\u2013
\u2013
15.8
Trade and other receivables (ii)
\u2013
1,166.1
\u2013
1,166.1
Derivative financial instruments (v)
\u2013
0.7
\u2013
0.7
Cash and cash equivalents (iii)
1,303.5
\u2013
\u2013
1,303.5
Liquid investments (iv)
\u2013
2,193.3
\u2013
2,193.3
1,319.3
3,360.1
\u2013
4,679.4
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial assets
Equity investments (i)
11.6
\u2013
\u2013
11.6
Trade and other receivables (ii)
\u2013
669.1
\u2013
669.1
Cash and cash equivalents (iii)
124.3
\u2013
\u2013
124.3
Liquid investments (iv)
\u2013
2,127.1
\u2013
2,127.1
135.9
2,796.2
\u2013
2,932.1
Total
Level 1 Level 2 Level 3 2024
$m $m $m $m
Financial liabilities
Derivative financial instruments (v)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
\u2013
(25.5)
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. (i) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. (ii) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to- market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while December average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. (iii) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below. (iv) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below. (v) Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. As at 31 December 2025, derivatives relate to foreign exchange option contracts. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2025 and 31 December 2024, there were no transfers between levels in the hierarchy. Except for certain items included within the borrowing line (see below), the carrying amount all other financial assets and financial liabilities measured at amortised cost approximates their fair value.
At 31.12.2025
At 31.12.2024
Carrying value
Fair value
Carrying value
Fair value
Fixed rate bonds
3,854.6
4,165.9
1,729.0
1,630.5
Fixed rate borrowings
\u2013
\u2013
670.0
700.5
Other financial liabilities
583.3
780.7
594.0
756.9
The fair value amounts in the above table were calculated using observable market data and therefore would be treated as level 2 in the fair value hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "(C) Financial risk management The Group\u2019s activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Group periodically uses derivative financial instruments to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Board of Directors is responsible for overseeing the Group\u2019s risk management framework. The Audit and Risk Committee assists the Board with its review of the effectiveness of the risk management process, and monitoring of key risks and mitigations. The Internal Audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. (I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales which remain open as to final pricing. In 2025, sales of copper and molybdenum concentrate and copper cathodes represented 87.2% (2024: 89.1%) of revenue and therefore revenues and earnings depend significantly on London Metal Exchange (LME) and realised copper prices. The Group periodically uses futures and min-max options to manage its exposure to copper prices. These instruments may give rise to accounting volatility due to fluctuations in their fair value prior to the maturity of the instruments. No such options were entered into in the current or comparative year. Details of those copper and molybdenum concentrate sales and copper cathode sales which remain open as to final pricing are given in Note 6. Commodity price sensitivity The sensitivity analysis below shows the impact of a reasonably possible change in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $13.2 million (2024: increase by $15.3 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $13.2 million (2024: decrease by $15.3 million). In addition, movement in the average commodity price during the year would impact revenue and earnings. \u2022 A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $57.1 million (2024: $58.0 million) and earnings per share by 5.8 cents (2024: 5.9 cents), based on production volumes in 2025, without taking into account the effects of provisional pricing. \u2022 A $1/lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $13.4 million (2024: $9.1 million), and earnings per share by 1.36 cents (2024: 0.9 cents), based on production volumes in 2025, and without taking into account the effects of provisional pricing. \u2022 A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by $9.4 million (2024: $8.4 million), and earnings per share by 1.0 cents (2024: 0.8 cents), based on production volumes in 2025, and without taking into account the effects of provisional pricing. (II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally Chile) as well as those currencies in which the costs of imported goods and services are determined. After the US dollar, the Chilean peso is the most important currency influencing costs and to a lesser extent sales. Given the significance of the US dollar to the Group\u2019s operations, this is the presentational currency of the Group for internal and external reporting. The US dollar is also the currency for borrowing and holding surplus cash, although a portion of this may be held in other currencies, notably Chilean pesos and Sterling, to meet short-term operating and capital commitments and dividend payments. When considered appropriate, the Group uses forward exchange contracts and currency swaps to limit the effects of movements in exchange rates in foreign-currency-denominated assets and liabilities. The Group may also use these instruments to reduce currency exposure on future transactions and cash flows. Details of any exchange rate derivatives entered into by the Group in the year are given in Note 23(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 20, and the currency exposure of the Group\u2019s borrowings is given in Note 21(C). The effects of exchange gains and losses included in the income statement are given in Note 9. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of non-US dollar monetary financial instruments (including cash, cash equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments. The calculation assumes that all other variables, such as interest rates, remain constant. At 31 December 2025, the Group had a net liability position in respect of Chilean peso denominated financial assets and liabilities of Ch$516 billion, equivalent to $569 million (31 December 2024: Ch$518 billion, equivalent to $520 million). If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $21.8 million (2024: increase of $19.8 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have decreased by $26.6 million (2024: decrease of $24.2 million). (III) Interest rate risk The Group\u2019s borrowings reflect a mixture of fixed and floating rate facilities. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. The interest rate exposure of the Group\u2019s borrowings is given in Note 21. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the net financial assets held as at the reporting date, profit attributable to the owners of the parent would have increased by $14.1 million (2024: increase of $12.9 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. (IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $1.6 million (2024: increase of $1.2 million). There would have been no impact on the income statement. (V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. These contracts meet the own-use criteria and are not recognised on the balance sheet. (VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. All outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 19). As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss allowances are not relevant for these balances. The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. (VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours, and also maintains a $500 million revolving credit facility which can be drawn with three business days\u2019 notice. At the end of 2025, the Group was in a net debt position (2024: net debt position), as disclosed in Note 30(C). Details of cash, cash equivalents and liquid investments are given in Note 20, while details of borrowings including the maturity profile are given in Note 21(E). Details of undrawn committed borrowing facilities are also given in Note 21. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
Less than Between Between After 2025
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2025 $m $m $m $m $m
Senior loans
(550.5)
(493.1)
(1,135.8)
(1,592.3)
(3,771.7)
Other loans (including short-term loans, bond and other
financial liabilities)
(141.3)
(335.5)
(983.3)
(6,595.0)
(8,055.1)
Leases
(96.4)
(38.6)
(38.3)
\u2013
(173.3)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.8)
(3.3)
Trade and other payables
(1,200.9)
(15.9)
\u2013
\u2013
(1,216.8)
(1,989.2)
(883.2)
(2,157.7)
(8,190.1)
(13,220.2)
Less than Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024
2
$m $m $m $m $m
Senior loans
(718.4)
(729.1)
(1,132.1)
(709.9)
(3,289.5)
Other loans (including short-term loans, bond and other
financial liabilities)
(754.2)
(84.2)
(465.9)
(3,488.3)
(4,792.6)
Leases
(104.6)
(31.4)
(37.1)
\u2013
(173.1)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.5)
(3.0)
Trade and other payables
(1,167.2)
(10.2)
\u2013
\u2013
(1,177.4)
Derivative financial instruments
(20.4)
(5.1)
\u2013
\u2013
(25.5)
(2,764.9)
(860.1)
(1,635.4)
(4,200.7)
(9,461.1)
1. The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. 2. The 2024 amounts have been re-presented to better reflect the total values of the interest and principal cash flows, and the maturities of those cash flows.
(VIII) Capital risk management
The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium
and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy
remains unchanged.
The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings)
which was net debt of $2,749.5 million at 31 December 2025 (2024: net debt $1,629.1 million), as well as gross cash (defined as cash,
cash equivalents and liquid investments) which was $4,909.9 million at 31 December 2025 (2024: $4,316.3 million). The Group\u2019s total
cash is held in a combination of interest-bearing accounts, term deposits and managed funds investing in high-quality, fixed income
instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and
accordingly these amounts are presented as liquid investments; however, they are included in net cash for monitoring and decision-making
purposes. The Group has a risk-averse investment strategy. The Group\u2019s borrowings are detailed in Note 21. Additional project finance or
shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis.
Under the terms of some of the borrowing facilities, the Group is required to comply with the following financial covenants:
(1) Net Financial Debt/EBITDA,
(2) EBITDA/Interest Expense, and
(3) Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value).
The Group has complied with these covenants throughout the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "(I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales which remain open as to final pricing. In 2025, sales of copper and molybdenum concentrate and copper cathodes represented 87.2% (2024: 89.1%) of revenue and therefore revenues and earnings depend significantly on London Metal Exchange (LME) and realised copper prices. The Group periodically uses futures and min-max options to manage its exposure to copper prices. These instruments may give rise to accounting volatility due to fluctuations in their fair value prior to the maturity of the instruments. No such options were entered into in the current or comparative year. Details of those copper and molybdenum concentrate sales and copper cathode sales which remain open as to final pricing are given in Note 6. Commodity price sensitivity The sensitivity analysis below shows the impact of a reasonably possible change in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $13.2 million (2024: increase by $15.3 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $13.2 million (2024: decrease by $15.3 million). In addition, movement in the average commodity price during the year would impact revenue and earnings. \u2022 A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $57.1 million (2024: $58.0 million) and earnings per share by 5.8 cents (2024: 5.9 cents), based on production volumes in 2025, without taking into account the effects of provisional pricing. \u2022 A $1/lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $13.4 million (2024: $9.1 million), and earnings per share by 1.36 cents (2024: 0.9 cents), based on production volumes in 2025, and without taking into account the effects of provisional pricing. \u2022 A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by $9.4 million (2024: $8.4 million), and earnings per share by 1.0 cents (2024: 0.8 cents), based on production volumes in 2025, and without taking into account the effects of provisional pricing. (II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally Chile) as well as those currencies in which the costs of imported goods and services are determined. After the US dollar, the Chilean peso is the most important currency influencing costs and to a lesser extent sales. Given the significance of the US dollar to the Group\u2019s operations, this is the presentational currency of the Group for internal and external reporting. The US dollar is also the currency for borrowing and holding surplus cash, although a portion of this may be held in other currencies, notably Chilean pesos and Sterling, to meet short-term operating and capital commitments and dividend payments. When considered appropriate, the Group uses forward exchange contracts and currency swaps to limit the effects of movements in exchange rates in foreign-currency-denominated assets and liabilities. The Group may also use these instruments to reduce currency exposure on future transactions and cash flows. Details of any exchange rate derivatives entered into by the Group in the year are given in Note 23(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 20, and the currency exposure of the Group\u2019s borrowings is given in Note 21(C). The effects of exchange gains and losses included in the income statement are given in Note 9. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of non-US dollar monetary financial instruments (including cash, cash equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments. The calculation assumes that all other variables, such as interest rates, remain constant. At 31 December 2025, the Group had a net liability position in respect of Chilean peso denominated financial assets and liabilities of Ch$516 billion, equivalent to $569 million (31 December 2024: Ch$518 billion, equivalent to $520 million). If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $21.8 million (2024: increase of $19.8 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have decreased by $26.6 million (2024: decrease of $24.2 million). (III) Interest rate risk The Group\u2019s borrowings reflect a mixture of fixed and floating rate facilities. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. The interest rate exposure of the Group\u2019s borrowings is given in Note 21. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the net financial assets held as at the reporting date, profit attributable to the owners of the parent would have increased by $14.1 million (2024: increase of $12.9 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. (IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $1.6 million (2024: increase of $1.2 million). There would have been no impact on the income statement. (V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. These contracts meet the own-use criteria and are not recognised on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "Commodity price sensitivity The sensitivity analysis below shows the impact of a reasonably possible change in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $13.2 million (2024: increase by $15.3 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $13.2 million (2024: decrease by $15.3 million). In addition, movement in the average commodity price during the year would impact revenue and earnings. \u2022 A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $57.1 million (2024: $58.0 million) and earnings per share by 5.8 cents (2024: 5.9 cents), based on production volumes in 2025, without taking into account the effects of provisional pricing. \u2022 A $1/lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $13.4 million (2024: $9.1 million), and earnings per share by 1.36 cents (2024: 0.9 cents), based on production volumes in 2025, and without taking into account the effects of provisional pricing. \u2022 A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by $9.4 million (2024: $8.4 million), and earnings per share by 1.0 cents (2024: 0.8 cents), based on production volumes in 2025, and without taking into account the effects of provisional pricing. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of non-US dollar monetary financial instruments (including cash, cash equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments. The calculation assumes that all other variables, such as interest rates, remain constant. At 31 December 2025, the Group had a net liability position in respect of Chilean peso denominated financial assets and liabilities of Ch$516 billion, equivalent to $569 million (31 December 2024: Ch$518 billion, equivalent to $520 million). If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $21.8 million (2024: increase of $19.8 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have decreased by $26.6 million (2024: decrease of $24.2 million). Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the net financial assets held as at the reporting date, profit attributable to the owners of the parent would have increased by $14.1 million (2024: increase of $12.9 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $1.6 million (2024: increase of $1.2 million). There would have been no impact on the income statement. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
(VI) Credit risk
Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The
Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial
instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies.
The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables
are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of
external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are
recurrent with a good credit history during the years they have been customers.
All outstanding receivable balances are monitored on an ongoing basis.
The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts
presented in the balance sheet are net of allowances for any doubtful receivables (Note 19).
As explained above, for sales contracts which contain provisional pricing mechanisms, which reflects the majority of the Group\u2019s trade
receivable balances, the total receivable balance is measured at fair value through profit or loss, and so potential expected credit loss
allowances are not relevant for these balances.
The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation
being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out
above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
(VII) Liquidity risk
The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual
cash flows.
The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or
liquidated within 24 hours, and also maintains a $500 million revolving credit facility which can be drawn with three business days\u2019 notice.
At the end of 2025, the Group was in a net debt position (2024: net debt position), as disclosed in Note 30(C). Details of cash, cash
equivalents and liquid investments are given in Note 20, while details of borrowings including the maturity profile are given in Note 21(E).
Details of undrawn committed borrowing facilities are also given in Note 21.
The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative
financial instruments.
The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay.
The table includes both interest and principal cash flows.
Less than Between Between After 2025
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2025 $m $m $m $m $m
Senior loans
(550.5)
(493.1)
(1,135.8)
(1,592.3)
(3,771.7)
Other loans (including short-term loans, bond and other
financial liabilities)
(141.3)
(335.5)
(983.3)
(6,595.0)
(8,055.1)
Leases
(96.4)
(38.6)
(38.3)
\u2013
(173.3)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.8)
(3.3)
Trade and other payables
(1,200.9)
(15.9)
\u2013
\u2013
(1,216.8)
(1,989.2)
(883.2)
(2,157.7)
(8,190.1)
(13,220.2)
Less than Between Between After 2024
1 year 1-2 years 2-5 years 5 years Total
At 31 December 2024
2
$m $m $m $m $m
Senior loans
(718.4)
(729.1)
(1,132.1)
(709.9)
(3,289.5)
Other loans (including short-term loans, bond and other
financial liabilities)
(754.2)
(84.2)
(465.9)
(3,488.3)
(4,792.6)
Leases
(104.6)
(31.4)
(37.1)
\u2013
(173.1)
Preference shares
1
(0.1)
(0.1)
(0.3)
(2.5)
(3.0)
Trade and other payables
(1,167.2)
(10.2)
\u2013
\u2013
(1,177.4)
Derivative financial instruments
(20.4)
(5.1)
\u2013
\u2013
(25.5)
(2,764.9)
(860.1)
(1,635.4)
(4,200.7)
(9,461.1)
1. The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed
end date.
2. The 2024 amounts have been re-presented to better reflect the total values of the interest and principal cash flows, and the maturities of those cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "(VIII) Capital risk management The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy remains unchanged. The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings) which was net debt of $2,749.5 million at 31 December 2025 (2024: net debt $1,629.1 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $4,909.9 million at 31 December 2025 (2024: $4,316.3 million). The Group\u2019s total cash is held in a combination of interest-bearing accounts, term deposits and managed funds investing in high-quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however, they are included in net cash for monitoring and decision-making purposes. The Group has a risk-averse investment strategy. The Group\u2019s borrowings are detailed in Note 21. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of some of the borrowing facilities, the Group is required to comply with the following financial covenants: (1) Net Financial Debt/EBITDA, (2) EBITDA/Interest Expense, and (3) Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value). The Group has complied with these covenants throughout the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
(D) Derivative financial instruments
Carrying amount Line item in the statement of Change in the value Amount removed from Line item in
Nominal financial position where the of hedging instrument cash flow hedge reserve to balance sheet
At Amount Assets Liabilities hedging instrument recognised in OCI initial cost of hedged item affected by
31 December 2025 $m $m $m is included $m $m the removal
Foreign currency risk
Foreign exchange Derivative financial
option contract
163.5
0.7
\u2013
instruments (liabilities)
26.2
\u2013
\u2013
This relates to hedging of Chilean-peso-denominated costs associated with the Second Concentrator Project at Centinela, which relates to
the construction of new property, plant and equipment. The hedging instruments are for the period up to June 2026, with an average put
rate of Ch$850/$1 and an average call rate of Ch$1,010.2/$1.
The changes in the fair value are primarily driven by designated intrinsic value of the option. Cost of hedging is highly immaterial.
Carrying amount Line item in the statement of Change in the value Amount removed from Line item in
Nominal financial position where the of hedging instrument cash flow hedge reserve to balance sheet
At Amount Assets Liabilities hedging instrument recognised in OCI initial cost of hedged item affected by
31 December 2024 $m $m $m is included $m $m the removal
Foreign currency risk
Foreign exchange Derivative financial Property, plant
option contract
847.0
\u2013
(25.5)
instruments (liabilities)
25.5
\u2013
and equipment
This relates to hedging of Chilean-peso-denominated costs associated with the Second Concentrator Project at Centinela, which relates to
the construction of new property, plant and equipment. The hedging instruments are for the period up to June 2026, with an average put
rate of Ch$850.0/$1 and an average call rate of Ch$1,017.4/$1.
No hedge ineffectiveness was recognised .
Cash flow hedges The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting.
Hedging reserve Hedging reserve
2025 2024
$m $m
Balance at 1 January
18.6
\u2013
Cash flow hedges
Foreign currency risk \u2013 Derivative financial instruments
(26.2)
25.5
Amount included in the cost of non-financial items
Tax on movements on reserves during the year
7.1
(6.9)
Balance at 31 December
(0.5)
18.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
24 Long-term incentive plan
The long-term incentive plan ('the Plan') forms part of the remuneration of senior managers in the Group. Directors are not eligible to
participate in the Plan.
Details of the awards
Under the Plan, the Group may grant awards based on the price of ordinary shares in the Company and cannot grant awards over
actual shares.
\u2022 Restricted Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company\u2019s
ordinary shares, subject to the relevant employee remaining employed by the Group when the Restricted Award vests; and
\u2022 Performance Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the
Company\u2019s ordinary shares subject to both the satisfaction of a performance condition and the relevant employee remaining employed
by the Group when the Performance Award vests.
When awards vest under the Plan, participants become entitled to receive a cash payment by reference to the number and portion of
awards that have vested and the market value of the Company\u2019s ordinary shares on the date of vesting. There is no exercise price payable
by participants in respect of the awards.
Restricted Awards can only vest in full if participants remain employed by the Group for three years from the date that Restricted Awards
are granted. In ordinary circumstances, the first one-third of a Restricted Award will vest after one year, the second one-third will vest
after two years and the remaining one-third will vest after three years. There are no performance criteria attached to Restricted Awards.
The fair value of Restricted Awards granted under the Plan is recorded as a compensation expense over the vesting periods, with a
corresponding liability recognised for the fair value of the liability at the end of each period until settled.
Performance Awards only vest if certain performance criteria are met. The performance criteria reflect a number of factors including
total shareholder return, earnings levels, growth in the Group\u2019s reserves and resources and project delivery targets. The fair value of
Performance Awards under the Plan is recorded as a compensation expense over the vesting period, with a corresponding liability at the
end of each period until settled.
Valuation process and accounting for awards
The fair value of the awards is determined using a Monte Carlo simulation model. The inputs into the Monte Carlo simulation model are
as follows:
2025
2024
Weighted average forecast fair value share price at vesting date
$40.1
$22.6
Expected volatility
38.25%
37.01%
Expected life of awards
3 years
3 years
Expected dividend yields
1.03%
4.60%
Discount rate
3.48%
1.48%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous one year. The
expected life of awards used in the model has been adjusted based on management\u2019s best estimate for the effects of non-transferability
and compliance with the objectives determined according to the characteristics of each plan.
The number of awards outstanding at the end of the year is as follows:
Restricted Performance Restricted Performance
Awards Awards Awards Awards
Number Number Number Number
2025 2025 2024 2024
Outstanding at 1 January
464,607
1,094,740
459,508
997,018
Granted during the year
253,761
427,406
238,893
392,428
Cancelled during the year
(31,696)
(54,974)
(36,147)
(55,713)
Payments during the year
(216,178)
(306,497)
(197,647)
(238,993)
Outstanding at 31 December
470,494
1,160,675
464,607
1,094,740
Number of awards that have vested
197,852
\u2013
188,479
\u2013
The Group has recorded a liability of $36.1 million at 31 December 2025, of which $14.7 million is due after more than one year
(31 December 2024: $17.9 million of which $8.9 million was due after more than one year) and total expenses of $30.5 million
for the year (2024: expense of $15.0 million).
", "dimensions": { "concept": "antofagastaplc:DisclosureOfLongTermIncentivePlan", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "
25 Post-employment benefit obligations
(A) Defined contribution schemes
The Group operates defined contribution schemes for a limited number of employees. The amount charged to the income statement in
2025 was $0.1 million (2024: $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain
payable at the end of either year.
(B) Severance provisions
Employment terms at some of the Group\u2019s operations provide for payment of a severance payment when an employment contract comes
to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying
years of service) and based on the final salary level. The severance payment obligation is treated as an unfunded defined benefit plan,
and the obligation recognised is based on valuations performed by an independent actuary using the projected unit credit method, which
are regularly updated. The obligation recognised in the balance sheet represents the present value of the severance payment obligation.
Actuarial gains and losses are immediately recognised in other comprehensive income.
The most recent valuation was carried out in 2025 by Valtin Consulting, a qualified actuary in Santiago, Chile which is not connected with
the Group.
The main assumptions used to determine the actuarial present value of benefit obligations were as follows:
2025 2024
% %
Average nominal discount rate
1
5.5%
5.3%
Average rate of increase in salaries
2.2%
1.7%
Average staff turnover
3.2%
3.2%
1. The average nominal discount rate shown in the table above is a weighted average of the discount rates applied to the individual companies, weighted by the number of
employees per company. The table below showing the assumptions applied in the calculation of the provision shows the simple average of the discount rates applied to the
individual companies, which therefore differs from the weighted average rate shown in the table above.
Amounts included in the income statement in respect of severance provisions are as follows:
2025 2024
$m $m
Current service cost (charge to operating profit)
(29.0)
(25.4)
Interest cost (charge to other finance items)
(8.9)
(8.1)
Foreign exchange credit to other finance items
(15.1)
16.9
Total charge to income statement
(53.0)
(16.6)
Movements in the present value of severance provisions were as follows:
2025 2024
$m $m
Balance at the beginning of the year
(152.2)
(139.9)
Current service cost
(29.0)
(25.4)
Actuarial (losses)
(10.9)
(12.2)
Unwinding of discount on provisions
(8.9)
(8.1)
Paid in the year
21.2
16.3
Foreign currency exchange difference
(15.1)
17.1
Balance at the end of the year
(194.9)
(152.2)
The weighted average duration of the severance payment obligation is 9 years (2024: 9 years).
Description of assumptions used
Discount rate
31 December 2025
31 December 2024
Nominal discount rate
5.51%
5.25%
Reference rate name
20-year Chilean Central Bank Bonds
20-year Chilean Central Bank Bonds
Governmental or corporate rate
Governmental
Governmental
Reference rating
AA-/AA+
AA\u2013/AA+
Corresponds to an issuance market (primary)
or secondary market
Secondary
Secondary
Issuance currency associated to the reference rate
Chilean peso
Chilean peso
Date of determination of the reference interest rate
9 December 2025
8 November 2024
Source of the reference interest rate
Bloomberg
Bloomberg
The discount rate is the interest rate used to discount the estimated future severance payments to their present value. The nominal
discount rate shown in the table above is a simple average of the discount rates applied to the individual companies. The table above
shows the principal instruments and assumptions utilised in determining the discount rate.
Rate of increase in salaries
This represents the estimated average rates of future salary increases, reflecting likely future promotions and other changes. This has
been based on historical information for the Group for the period from 2021 to 2025.
Turnover rate
This represents the estimated average level of future employee turnover. This has been based on historical information for the Group for
the period from 2021 to 2025.
Sensitivity analysis
Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and staff
turnover. The sensitivity analysis below has been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant.
\u2022 If the discount rate is 100 basis points higher, the defined benefit obligation would decrease by $9.6 million (2024: decrease
by $7.2 million). If the discount rate is 100 basis points lower, the defined benefit obligation would increase by $9.4 million
(2024: increase by $7.7 million).
\u2022 If the expected salary growth increases by 1%, the defined benefit obligation would increase by $9.3 million (2024: increase
by $7.8 million). If the expected salary growth decreases by 1%, the defined benefit obligation would decrease by $9.9 million
(2024: decrease by $7.3 million).
\u2022 If the staff turnover increases by 1%, the defined benefit obligation would decrease by $2.7 million (2024: decrease by $2.1 million).
If the staff turnover decreases by 1%, the defined benefit obligation would increase by $2.8 million (2024: increase by $2.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "(A) Defined contribution schemes The Group operates defined contribution schemes for a limited number of employees. The amount charged to the income statement in 2025 was $0.1 million (2024: $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain payable at the end of either year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "26 Deferred tax assets and liabilities
Accelerated Temporary differences Withholding Short-term Mining tax Tax
capital allowances on provisions tax differences (royalty) losses Total
$m $m $m $m $m $m $m
At 1 January 2024
(1,406.2)
63.1
(66.6)
(126.9)
(189.2)
141.2
(1,584.6)
(Charge)/credit to income
(95.0)
13.6
41.4
80.7
(15.2)
(58.4)
(32.9)
Adjustment due to introduction of new royalty
\u2013
\u2013
\u2013
(24.6)
91.7
\u2013
67.1
Tax on exceptional items
1
(114.0)
\u2013
\u2013
(12.7)
\u2013
\u2013
(126.7)
Charge deferred in equity
\u2013
2.9
\u2013
(9.4)
0.6
\u2013
(5.9)
At 31 December 2024 and 1 January 2025
(1,615.2)
79.6
(25.2)
(92.9)
(112.1)
82.8
(1,683.0)
(Charge)/credit to income
54.7
(78.9)
25.2
(2.7)
3.6
(30.4)
(28.5)
Tax on exceptional items
1
54.5
\u2013
\u2013
\u2013
\u2013
\u2013
54.5
Charge deferred in equity
2
\u2013
2.5
44.7
0.5
\u2013
47.7
At 31 December 2025
(1,506.0)
3.2
\u2013
(50.9)
(108.0)
52.4
1,609.3
1. An exceptional deferred tax credit of $54.5 million has been recognised in the income statement due to the derecognition of the deferred tax liability which had been previously recognised through the income statement in relation to the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (see Note 4) (2024: $126.7 million deferred tax charge was recognised in respect of deferred tax of $12.7 million on the exceptional fair value gain on the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compa\u00f1\u00eda de Minas Buenaventura S.A.A. and $114.0 million of deferred tax relating to the Antucoya impairment reversal). 2. The $47.7 million deferred tax credit recognised directly in equity relates to a $44.7 million deferred tax credit in respect of the movements in the fair value of equity investments in Compa\u00f1\u00eda de Minas Buenaventura S.A.A., as the relevant UK tax exemption now applies (see Note 4 and 17) and a $3.0 million deferred tax credit in respect of actuarial losses on defined benefit plans. The charge to the income statement of $28.5 million (2024: $32.7 million) included an impact from foreign exchange differences of $0.1 million (2024: $0.3 million). Certain deferred tax assets and liabilities have been offset. Deferred tax assets and liabilities are offset where there is a legally enforceable right to do so, which under Chilean tax regulations is only possible within individual legal entities. The following is the analysis of the deferred tax balance (after offset):
2025 2024
$m $m
Net deferred tax assets
2.2
9.7
Net deferred tax liabilities
(1,611.5)
(1,692.7)
Net deferred tax balances
(1,609.3)
(1,683.0)
The $2.2 million net deferred tax asset balance (2024: $9.7 million) relates to the total deferred tax position of those individual Group entities which have a net deferred tax asset position. In general, these net deferred tax asset positions reflect tax losses, which in some cases are partly offset by deferred tax liabilities in respect of accelerated capital allowances and other temporary differences. At 31 December 2025, the Group had unused tax losses of $789.2 million in respect of which no deferred tax asset has been recognised, as the relevant entities are currently loss-making; $237.1 million (2024: $141.1 million) of these tax losses relate to Chilean entities where the tax losses can be carried forward indefinitely, and $552.1 million (2024: $520.3 million) relate to entities outside Chile, predominantly in respect of the Twin Metals project. $267.5 million (2024: $267.5 million) of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carried forward indefinitely. The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $8,898.8 million (31 December 2024: $7,397.9 million). At 31 December 2024, the Group has recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group\u2019s interests in Buenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, the Group qualified for the UK Substantial Shareholding Exemption in respect of its holding in Buenaventura, as it had held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains tax in respect of its investment. Accordingly, in March 2025 the Group de-recognised its existing deferred tax liability. Temporary differences arising in connection with interests in associates and joint ventures are insignificant. The deferred tax balance of $1,609.3 million (2024: $1,683.0 million) includes $1.529.6 million (2024: $1,535.0 million) due in more than one year. The deferred tax assets of $2.2 million are all due in more than one year (2024: $9.7 million). The deferred tax liabilities of $1,611.5 million (2024: $1,692.7) include $79.7 million due in less than 1 year and $1,531.8 million due in more than one year. All amounts are shown as non-current on the face of the balance sheet, as required by IAS 12: Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
27 Decommissioning and restoration provisions
2025 2024
$m $m
Balance at the beginning of the year
(428.0)
(441.1)
Charge to operating profit in the year
(6.6)
(0.8)
Unwind of discount to net interest in the year
(19.3)
(10.8)
Adjustment to provision discount rates
(0.5)
0.1
Capitalised adjustment to provision
1
(107.3)
13.0
Utilised in year
7.2
10.7
Foreign currency exchange difference
(1.4)
0.9
Balance at the end of the year
(555.9)
(428.0)
Short-term provisions
(11.5)
(5.9)
Long-term provisions
(544.4)
(422.1)
Total
(555.9)
(428.0)
1. Corresponds to the update of financial parameters or update of closure plans.
Decommissioning and restoration costs relate to the Group\u2019s mining operations. Costs are estimated on the basis of a formal closure
plan and are subject to regular independent formal review by Sernageomin, the Chilean government agency which regulates the mining
industry in Chile. The capitalized adjustment to the provision relates to decommissioning which was impacted by changes to the foreign
exchange and discount rates and further development of Centinela\u2019s Second Concentrator Project. The provision balance reflects the
present value of the forecast future cash flows expected to be incurred in line with the closure plans, discounted using Chilean real
interest rates with durations corresponding with the timings of the closure activities. At 31 December 2025, the real discount rates ranged
from 2.21% to 2.33% (31 December 2024: 2.43% to 2.58%).
It is estimated that the provision will be utilised from 2026 until 2058 based on current mine plans, with approximately 15% of the total
provision balance expected to be utilised between 2026 and 2035, approximately 49% between 2036 and 2045 and approximately 36%
between 2046 and 2058.
Given the long-term nature of these balances, it is possible that future climate risks could impact the appropriate amount of these provisions,
both in terms of the nature of the decommissioning and site rehabilitation activities that are required, or the costs of undertaking those activities.
Within this Annual Report, the Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures
(TCFD). This process includes scenario analyses assessing the impact of transition and physical risks. As a simple high-level sensitivity, we
have considered whether the level of estimated costs relating to the potential future risks identified under the scenario analysis could indicate
a general level of future cost increases as a consequence of climate risks which could indicate a significant potential impact on these provision
balances. This analysis did not indicate a significant potential impact on the decommissioning and restoration provision balances. However,
more detailed specific analysis of the potential impacts of climate risks in future periods could result in adjustments to these provision balances.
When future updates to the closure plans are prepared and submitted to Sernageomin for review and approval, it is possible that additional
consideration of potential climate risk impacts may need to be incorporated into the plan assumptions. In addition, Sernageomin may introduce
new regulations or guidance in respect of climate risks which may need to be addressed in future updates to the Group\u2019s closure plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "
28 Share capital and other reserves
(A) Share capital
The ordinary share capital of the Company is as follows:
2025 2024 2025 2024
Number Number $m $m
Authorised
Ordinary shares of 5p each
1,300,000,000
1,300,000,000
118.9
118.9
2025 2024 2025 2024
Number Number $m $m
Issued and fully paid
Ordinary shares of 5p each
985,856,695
985,856,695
89.8
89.8
The Company has one class of ordinary shares which carry no right to fixed income. Each ordinary share carries one vote at any
general meeting.
There were no changes in the authorised or issued share capital of the Company in either 2025 or 2024. Details of the Company\u2019s
preference share capital, which is included within borrowings in accordance with IAS 32: Financial Instruments, are given in Note 21A(x).
(B) Other reserves and retained earnings The share premium account, fair value and translation reserves and retained earnings for both 2025 and 2024 are included within the consolidated statement of changes in equity as follows:
2025 2024
$m $m
Share premium
At 1 January and 31 December
199.2
199.2
Hedging reserves
1
At 1 January
(13.1)
\u2013
Gains/(losses) on the cash flow hedges (including cost of hedging)
2
18.4
(17.9)
Tax on the above
(5.0)
4.8
At 31 December
0.3
(13.1)
Equity investment revaluation reserve
3
At 1 January
\u2013
108.4
Gains on equity investment
\u2013
22.0
Reclassification
7
\u2013
(130.4)
At 31 December
\u2013
\u2013
Foreign currency translation reserves
4
At 1 January
(5.1)
(3.9)
Currency translation adjustment
1.3
(1.2)
At 31 December
(3.8)
(5.1)
Total other reserves per balance sheet
(3.5)
(18.2)
Retained earnings
At 1 January
9,191.4
8,558.4
Parent and subsidiaries\u2019 profit for the period
1,276.3
753.2
Equity-accounted units\u2019 (loss)/profit after tax for the period
52.6
76.2
Agreement to acquire own equity instruments
(80.0)
\u2013
Actuarial (losses)
5
(6.7)
(9.4)
Deferred tax on equity investment
6
46.3
\u2013
Reclassification
7
\u2013
130.4
Total comprehensive income for the year
1,288.5
950.4
Dividends paid
(395.3)
(317.4)
At 31 December
10,084.6
9,191.4
1. Hedging reserves comprise cash flow hedge reserve of $0.3 million (2024: $13.1 million) and cost of hedging of nil. See Note 23(D) for further information. 2. Change in fair value of hedging instruments is net of the non-controlling interests impacts of $7.9 million (2024: $7.6 million). 3. The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 17. 4. Exchange differences arising on the translation of the Group\u2019s net investment in foreign-controlled companies are taken to the foreign currency translation reserve. 5. Actuarial gains or losses relating to long-term employee benefits of the Group and associates and joint ventures are as described in Note 24, and these figures are net of the non-controlling interests impacts. 6. Corresponds to the derecognition of deferred tax relating to the Buenaventura shares, as explained in Notes 4 and 17. 7. Corresponds to the reclassification of the fair value gain relating to the Buenaventura shares from the Equity investment revaluation reserve to Retained earnings, as explained in Note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "(A) Share capital The ordinary share capital of the Company is as follows:
2025 2024 2025 2024
Number Number $m $m
Authorised
Ordinary shares of 5p each
1,300,000,000
1,300,000,000
118.9
118.9
2025 2024 2025 2024
Number Number $m $m
Issued and fully paid
Ordinary shares of 5p each
985,856,695
985,856,695
89.8
89.8
The Company has one class of ordinary shares which carry no right to fixed income. Each ordinary share carries one vote at any general meeting. There were no changes in the authorised or issued share capital of the Company in either 2025 or 2024. Details of the Company\u2019s preference share capital, which is included within borrowings in accordance with IAS 32: Financial Instruments, are given in Note 21A(x). 22", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
(B) Other reserves and retained earnings
The share premium account, fair value and translation reserves and retained earnings for both 2025 and 2024 are included within the
consolidated statement of changes in equity as follows:
2025 2024
$m $m
Share premium
At 1 January and 31 December
199.2
199.2
Hedging reserves
1
At 1 January
(13.1)
\u2013
Gains/(losses) on the cash flow hedges (including cost of hedging)
2
18.4
(17.9)
Tax on the above
(5.0)
4.8
At 31 December
0.3
(13.1)
Equity investment revaluation reserve
3
At 1 January
\u2013
108.4
Gains on equity investment
\u2013
22.0
Reclassification
7
\u2013
(130.4)
At 31 December
\u2013
\u2013
Foreign currency translation reserves
4
At 1 January
(5.1)
(3.9)
Currency translation adjustment
1.3
(1.2)
At 31 December
(3.8)
(5.1)
Total other reserves per balance sheet
(3.5)
(18.2)
Retained earnings
At 1 January
9,191.4
8,558.4
Parent and subsidiaries\u2019 profit for the period
1,276.3
753.2
Equity-accounted units\u2019 (loss)/profit after tax for the period
52.6
76.2
Agreement to acquire own equity instruments
(80.0)
\u2013
Actuarial (losses)
5
(6.7)
(9.4)
Deferred tax on equity investment
6
46.3
\u2013
Reclassification
7
\u2013
130.4
Total comprehensive income for the year
1,288.5
950.4
Dividends paid
(395.3)
(317.4)
At 31 December
10,084.6
9,191.4
1. Hedging reserves comprise cash flow hedge reserve of $0.3 million (2024: $13.1 million) and cost of hedging of nil. See Note 23(D) for further information.
2. Change in fair value of hedging instruments is net of the non-controlling interests impacts of $7.9 million (2024: $7.6 million).
3. The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 17.
4. Exchange differences arising on the translation of the Group\u2019s net investment in foreign-controlled companies are taken to the foreign currency translation reserve.
5. Actuarial gains or losses relating to long-term employee benefits of the Group and associates and joint ventures are as described in Note 24, and these figures are
net of the non-controlling interests impacts.
6. Corresponds to the derecognition of deferred tax relating to the Buenaventura shares, as explained in Notes 4 and 17.
7. Corresponds to the reclassification of the fair value gain relating to the Buenaventura shares from the Equity investment revaluation reserve to Retained earnings,
as explained in Note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
29 Non-controlling interests
The non-controlling interests of the Group during 2025 and 2024 were as follows:
Share of profit/
Non-controlling At (loss) for the Capital Share of Hedging and At 31 December
interest 1 January 2025 financial year increase dividends actuarial gains 2025
%
Country
$m $m $m $m $m $m
Minera Los Pelambres SCM
40.0
Chile
1,517.8
456.1
\u2013
(364.8)
(0.1)
1,609.0
Minera Centinela SCM
30.0
Chile
1,650.1
265.5
186.9
\u2013
4.0
2,106.5
Minera Antucoya SCM
30.0
Chile
332.9
21.1
\u2013
\u2013
(0.1)
353.9
Sociedad Contractual
Minera El Encierro
42.8
Chile
(8.8)
(0.3)
\u2013
\u2013
\u2013
(9.1)
Total
3,492.0
742.4
186.9
(364.8)
3.8
4,060.3
Share of profit/
Non-controlling At (loss) for the Capital Share of Hedging and At 31 December
interest 1 January 2024 financial year increase dividends actuarial gains 2024
%
Country
$m $m $m $m $m $m
Minera Los Pelambres SCM
40.0
Chile
1,429.6
329.1
\u2013
(240.0)
(0.9)
1,517.8
Minera Centinela SCM
30.0
Chile
1,448.3
52.1
156.7
\u2013
(7.0)
1,650.1
Minera Antucoya SCM
30.0
Chile
224.9
108.0
\u2013
\u2013
\u2013
332.9
Sociedad Contractual
Minera El Encierro
42.8
Chile
(6.3)
(2.6)
0.1
\u2013
\u2013
(8.8)
Total
3,096.5
486.6
156.8
(240.0)
(7.9)
3,492.0
The proportion of the voting rights is proportional to the economic interest for each of the companies listed above.
For material entities with non-controlling interests, the summarised financial position and cash flow information for the years ended
31 December 2025 and 31 December 2024 is set out below:
Los Pelambres Centinela Antucoya
2025 2025 2025
$m $m $m
Non-controlling interest (%)
40.0%
30.0%
30.0%
Cash and cash equivalents
549.0
1,489.0
54.1
Current assets
1
1,936.7
2,625.1
405.7
Non-current assets
7,016.8
8,210.4
1,760.5
Current liabilities
(1,002.4)
(1,100.1)
(186.7)
Non-current liabilities
(3,929.4)
(2,777.4)
(405.6)
Net cash from operating activities
2,314.5
1,813.2
209.8
Net cash used in investing activities
(935.0)
(2,412.6)
(89.2)
Net cash (used in)/from financing activities
(288.5)
1,200.2
(328.7)
1. The current assets include cash and cash equivalents.
Los Pelambres Centinela Antucoya
2024 2024 2024
$m $m $m
Non-controlling interest (%)
40.0%
30.0%
30.0%
Cash and cash equivalents
497.4
825.2
149.3
Current assets
1
1,472.3
2,111.9
533,4
Non-current assets
6,414.0
6,033.8
1,747.8
Current liabilities
(1,541.5)
(935.1)
(160.2)
Non-current liabilities
(2,535.3)
(1,942.0)
(431.6)
Net cash from operating activities
1,418.9
771.3
286.4
Net cash used in investing activities
(792.0)
(1,374.0)
(112.3)
Net cash (used in)/from financing activities
(332.5)
1,238.2
41.6
1. The current assets include cash and cash equivalents.
Notes to the summarised financial position and cash flow
(i) The amounts disclosed for each subsidiary are based on the amounts included in the consolidated financial statements (100% of the
results and balances of the subsidiary rather than the non-controlling interest proportionate share) before intercompany eliminations.
(ii) Summarised income statement information is shown in the segment information in Note 5.
(iii) There are some subsidiaries, including Encierro, with a non-controlling interest portion not included in this note where those portions
are not material to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
30 Notes to the consolidated cash flow statement
(A) Reconciliation of profit before tax to cash flow from operations
2025 2024
$m $m
Profit before tax
3,159.5
2,071.1
Depreciation
1,695.4
1,568.2
Net (profit)/loss on disposals
(49.7)
5.6
Net finance expense \u2013 excluding exceptional items
266.7
64.8
Net share of loss/(profit) of associates and joint ventures
(52.6)
(76.2)
Exceptional items (see Note 4)
\u2013
(422.4)
Decrease/(increase) in inventories
48.5
(166.5)
(Increase)/decrease in debtors
(581.0)
243.1
Decrease in creditors
(241.1)
(10.7)
Increase/(decrease) in provisions
7.2
(0.8)
Cash flow generated from operations
4,252.9
3,276.2
(B) Analysis of changes in net debt
Movement
At Early Amortisation between At
1 January Cash New termination of finance Capitalisation maturity Fair value 31 December
2025 flow leases IFRS 16 costs of interest categories losses Exchange 2025
$m $m $m $m $m $m $m $m $m $m
Cash and cash equivalents
2,189.2
534.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7.1)
2,716.6
Liquid investments
2,127.1
70.0
\u2013
\u2013
\u2013
\u2013
\u2013
(3.8)
\u2013
2,193.3
Total cash and cash
equivalents and liquid
investments
4,316.3
604.5
\u2013
\u2013
\u2013
\u2013
\u2013
(3.8)
(7.1)
4,909.9
Borrowings due within
one year
(1,219.9)
1,635.5
\u2013
\u2013
\u2013
\u2013
(814.2)
\u2013
\u2013
(398.6)
Borrowings due after
one year
(3,969.4)
(3,318.6)
\u2013
\u2013
(22.7)
(16.2)
814.2
\u2013
\u2013
(6,512.7)
Other financial liabilities
due within one year
(6.1)
10.7
\u2013
\u2013
\u2013
\u2013
(17.8)
\u2013
\u2013
(13.2)
Other financial liabilities
due after one year
(587.9)
\u2013
\u2013
\u2013
\u2013
\u2013
17.8
\u2013
\u2013
(570.1)
Leases due within one year
(96.5)
106.3
(38.9)
\u2013
\u2013
\u2013
(60.4)
\u2013
\u2013
(89.5)
Leases due after one year
(63.2)
\u2013
(75.5)
22.8
\u2013
\u2013
60.4
\u2013
(17.0)
(72.5)
Preference shares
(2.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
(2.8)
Total borrowings and other
liabilities from financing
activities
(5,945.4)
(1,566.1)
(114.4)
22.8
(22.7)
(16.2)
\u2013
\u2013
(17.4)
(7,659.4)
Net (debt)
(1,629.1)
(961.6)
(114.4)
22.8
(22.7)
(16.2)
\u2013
(3.8)
(24.5)
(2,749.5)
At Amortisation Movement At
1 January New of finance Capitalisation between maturity Fair value 31 December
2024 Cash flow leases costs of interest categories gains Exchange 2024
$m $m $m $m $m $m $m $m $m
Cash and cash equivalents
644.7
1,550.1
\u2013
\u2013
\u2013
\u2013
\u2013
(5.6)
2,189.2
Liquid investments
2,274.7
(148.5)
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
2,127.1
Total cash and cash equivalents
and liquid investments
2,919.4
1,401.6
\u2013
\u2013
\u2013
\u2013
0.9
(5.6)
4,316.3
Borrowings due within one year
(794.1)
154.0
\u2013
\u2013
\u2013
(579.8)
\u2013
\u2013
(1,219.9)
Borrowings due after one year
(3,057.9)
(1,459.9)
\u2013
(13.5)
(17.9)
579.8
\u2013
\u2013
(3,969.4)
Other financial liabilities due
within one year
\u2013
4.6
\u2013
\u2013
\u2013
(10.7)
\u2013
\u2013
(6.1)
Other financial liabilities due
after one year
\u2013
(598.6)
\u2013
\u2013
\u2013
10.7
\u2013
\u2013
(587.9)
Leases due within one year
(107.8)
152.7
\u2013
\u2013
\u2013
(141.4)
\u2013
\u2013
(96.5)
Leases due after one year
(116.9)
\u2013
(111.1)
\u2013
\u2013
141.4
\u2013
23.4
(63.2)
Preference shares
(2.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
(2.4)
Total borrowings and other
liabilities from financing activities
(4,079.2)
(1,747.2)
(111.1)
(13.5)
(17.9)
\u2013
\u2013
23.5
(5,945.4)
Net (debt)
(1,159.8)
(345.6)
(111.1)
(13.5)
(17.9)
\u2013
0.9
17.9
(1,629.1)
(C) Net debt
2025
2024
Cash, cash equivalents and liquid investments
4,909.9
4,316.3
Total borrowings and other financial liabilities
(7,659.4)
(5.945.4)
Net debt
(2,749.5)
(1,629.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
31 Exchange rates
Assets and liabilities denominated in foreign currencies are translated into US dollars and Sterling at the period-end rates of exchange.
Results denominated in foreign currencies have been translated into US dollars at the average rate for each period.
2025
2024
Year-end rates
$1.347 = \u00a31;
$1.254 = \u00a31;
$1 = Ch$907.1 $1 = Ch$996.5
Average rates
$1.318 = \u00a31;
$1.277 = \u00a31;
$1 = Ch$951.3 $1 = Ch$944.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
32 Related party transactions
The immediate Parent Company of the Group is Metalinvest Establishment and the ultimate Parent Company is the E. Abaroa Foundation,
in which members of the Luksic family are interested.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below.
The transactions entered into with related parties who are not members of the Group are set out below. There are no guarantees given
or received and no provisions for doubtful debts related to the amount of outstanding balances.
(A) Qui\u00f1enco SA
Qui\u00f1enco SA ('Qui\u00f1enco') is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock
Exchange, and in which members of the Luksic family are interested. Two Directors of the Company, Jean-Paul Luksic and Andronico
Luksic L, are also directors of Qui\u00f1enco.
The following transactions took place between the Group and the Qui\u00f1enco group of companies, all of which were on normal commercial
terms at market rates.
\u2022 The Group earned interest income of $1.4 million (2024: $1.0 million) during the year on investments with BanChile Administradora
General de Fondos SA, a subsidiary of Qui\u00f1enco. Investment balances at the end of the year were $40.1 million (2024: $30.5 million).
\u2022 The Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $295.2 million (2024: $318.4 million). The balance
due to ENEX SA at the end of the year was $17.9 million (2024: $17.9 million).
\u2022 The Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $7.3 million (2024: $13.2 million).
The balance due to Hapag Lloyd at the end of the year was $0.2 million (2024: nil).
\u2022 The Group made purchases of technology services from Artikos Chile SA, a subsidiary of Qui\u00f1enco, of $0.3 million
(2024: $0.3 million). The balance due to Artikos Chile SA at the end of the year was nil (2024: nil). From the end of 2025,
this company will no longer be related company with the Group.
\u2022 The Group paid fees of $0.1 million to Banco de Chile, a subsidiary of Qui\u00f1enco, for its role as custodian in respect of the Los
Pelambres bond.
(B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA
In 2025, the Group leased office space on normal commercial terms from Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA, a company in which
members of the Luksic family are interested, at a cost of $0.9 million (2024: $0.6 million).
(C) Antomin
As at 31 December 2025, the Group held a 51% interest in Antomin 2 Limited ('Antomin 2') and Antomin Volcanes Limited ('Antomin
Volcanes'), which own a number of copper exploration properties ('the Antomin properties'). The Group originally acquired a 51% interest
in the Antomin properties for a nominal consideration from Mineralinvest Establishment ('Mineralinvest'), a company in which members of
the Luksic family are interested, which continued to hold the remaining 49% interest in the Antomin properties. The Group is responsible
for any exploration costs relating to the Antomin properties. During the year ended 31 December 2025, the Group incurred $0.5 million
(31 December 2024: $0.1 million) of exploration costs at these properties.
Prior to 2025, the Antomin properties were held by Antomin 2 and Antomin Investors Limited ('Antomin Investors'). In January 2025,
the Group entered into an agreement with Mineralinvest to acquire Mineralinvest\u2019s 49% interest in Antomin Investors\u2019 copper exploration
properties in the Centinela District for $80 million. Properties that were held by Antomin Investors that are outside the Centinela District
were demerged into a new entity, Antomin Volcanes, held 51% by the Group and 49% by Mineralinvest. The acquisition of the remaining
49% stake in Antomin Investors completed in October 2025. As Antomin Investors is a subsidiary of the Antofagasta plc Group, this
agreement to acquire the remaining 49% stake in Antomin Investors constitutes an agreement to acquire own equity instruments in
accordance with IAS 32 \u2013 Financial Instruments: Presentation, resulting in an $80 million reduction in reserves.
This transaction further consolidates the Group\u2019s mining property interests in the Centinela District providing flexibility for future growth
options. This transaction was overseen and approved by a committee of independent Directors who sought and received confirmation from
a financial adviser, a major international investment bank with extensive experience in advising UK issuers on such matters, that the terms
of the transaction were fair and reasonable as far as the shareholders of the companies were concerned.
(D) Compa\u00f1\u00eda Minera Zald\u00edvar SpA
The Group has a 50% interest in Zald\u00edvar (see Note 16), which is a joint venture with Barrick Mining Corporation. Antofagasta is the
operator of Zald\u00edvar. The balance due from Zald\u00edvar to Group companies at the end of the year was $2.7 million (2024: $2.2 million).
During 2025, Zald\u00edvar declared dividends of nil to the Group (2024: nil).
(E) Compa\u00f1\u00eda de Minas Buenaventura S.A.A
The Group has a 18.94% interest in Compa\u00f1\u00eda de Minas Buenaventura S.A.A, which is an associate. During the year ended 31 December
2025, the Group has received dividends from Buenaventura of $21.0 million (2024: $3.5 million).
(F) Directors and other key management personnel
Information relating to Directors\u2019 remuneration and interests is included in the Remuneration Report, which does not form part of these
financial statements. Information relating to the remuneration of key management personnel including the Directors is given in Note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "32 Related party transactions The immediate Parent Company of the Group is Metalinvest Establishment and the ultimate Parent Company is the E. Abaroa Foundation, in which members of the Luksic family are interested. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below. The transactions entered into with related parties who are not members of the Group are set out below. There are no guarantees given or received and no provisions for doubtful debts related to the amount of outstanding balances. (A) Qui\u00f1enco SA Qui\u00f1enco SA ('Qui\u00f1enco') is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock Exchange, and in which members of the Luksic family are interested. Two Directors of the Company, Jean-Paul Luksic and Andronico Luksic L, are also directors of Qui\u00f1enco. The following transactions took place between the Group and the Qui\u00f1enco group of companies, all of which were on normal commercial terms at market rates. \u2022 The Group earned interest income of $1.4 million (2024: $1.0 million) during the year on investments with BanChile Administradora General de Fondos SA, a subsidiary of Qui\u00f1enco. Investment balances at the end of the year were $40.1 million (2024: $30.5 million). \u2022 The Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $295.2 million (2024: $318.4 million). The balance due to ENEX SA at the end of the year was $17.9 million (2024: $17.9 million). \u2022 The Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $7.3 million (2024: $13.2 million). The balance due to Hapag Lloyd at the end of the year was $0.2 million (2024: nil). \u2022 The Group made purchases of technology services from Artikos Chile SA, a subsidiary of Qui\u00f1enco, of $0.3 million (2024: $0.3 million). The balance due to Artikos Chile SA at the end of the year was nil (2024: nil). From the end of 2025, this company will no longer be related company with the Group. \u2022 The Group paid fees of $0.1 million to Banco de Chile, a subsidiary of Qui\u00f1enco, for its role as custodian in respect of the Los Pelambres bond. (B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA In 2025, the Group leased office space on normal commercial terms from Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA, a company in which members of the Luksic family are interested, at a cost of $0.9 million (2024: $0.6 million). (C) Antomin As at 31 December 2025, the Group held a 51% interest in Antomin 2 Limited ('Antomin 2') and Antomin Volcanes Limited ('Antomin Volcanes'), which own a number of copper exploration properties ('the Antomin properties'). The Group originally acquired a 51% interest in the Antomin properties for a nominal consideration from Mineralinvest Establishment ('Mineralinvest'), a company in which members of the Luksic family are interested, which continued to hold the remaining 49% interest in the Antomin properties. The Group is responsible for any exploration costs relating to the Antomin properties. During the year ended 31 December 2025, the Group incurred $0.5 million (31 December 2024: $0.1 million) of exploration costs at these properties. Prior to 2025, the Antomin properties were held by Antomin 2 and Antomin Investors Limited ('Antomin Investors'). In January 2025, the Group entered into an agreement with Mineralinvest to acquire Mineralinvest\u2019s 49% interest in Antomin Investors\u2019 copper exploration properties in the Centinela District for $80 million. Properties that were held by Antomin Investors that are outside the Centinela District were demerged into a new entity, Antomin Volcanes, held 51% by the Group and 49% by Mineralinvest. The acquisition of the remaining 49% stake in Antomin Investors completed in October 2025. As Antomin Investors is a subsidiary of the Antofagasta plc Group, this agreement to acquire the remaining 49% stake in Antomin Investors constitutes an agreement to acquire own equity instruments in accordance with IAS 32 \u2013 Financial Instruments: Presentation, resulting in an $80 million reduction in reserves. This transaction further consolidates the Group\u2019s mining property interests in the Centinela District providing flexibility for future growth options. This transaction was overseen and approved by a committee of independent Directors who sought and received confirmation from a financial adviser, a major international investment bank with extensive experience in advising UK issuers on such matters, that the terms of the transaction were fair and reasonable as far as the shareholders of the companies were concerned. (D) Compa\u00f1\u00eda Minera Zald\u00edvar SpA The Group has a 50% interest in Zald\u00edvar (see Note 16), which is a joint venture with Barrick Mining Corporation. Antofagasta is the operator of Zald\u00edvar. The balance due from Zald\u00edvar to Group companies at the end of the year was $2.7 million (2024: $2.2 million). During 2025, Zald\u00edvar declared dividends of nil to the Group (2024: nil). (E) Compa\u00f1\u00eda de Minas Buenaventura S.A.A The Group has a 18.94% interest in Compa\u00f1\u00eda de Minas Buenaventura S.A.A, which is an associate. During the year ended 31 December 2025, the Group has received dividends from Buenaventura of $21.0 million (2024: $3.5 million). (F) Directors and other key management personnel Information relating to Directors\u2019 remuneration and interests is included in the Remuneration Report, which does not form part of these financial statements. Information relating to the remuneration of key management personnel including the Directors is given in Note 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "
33 Litigation and contingent liabilities
The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course
of business. The Group cannot predict the outcome of individual legal actions, or claims or complaints or investigations. As a result,
the Group may become subject to liabilities that could affect our business, financial position and reputation. Litigation is inherently
unpredictable and large judgements may at times occur. The Group may incur, in the future, judgement or enter into settlements of claims
that could lead to material cash outflows. The Group does not expect a material loss from the legal proceedings, claims, complaints and
investigations that the Group is currently subject to. Provisions are recognised when it is probable that the Group will be required to settle
an obligation arising as a result of a legal claim against the Group.
Details of any significant potential tax uncertainties are set out in Note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "33 Litigation and contingent liabilities The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. The Group cannot predict the outcome of individual legal actions, or claims or complaints or investigations. As a result, the Group may become subject to liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may incur, in the future, judgement or enter into settlements of claims that could lead to material cash outflows. The Group does not expect a material loss from the legal proceedings, claims, complaints and investigations that the Group is currently subject to. Provisions are recognised when it is probable that the Group will be required to settle an obligation arising as a result of a legal claim against the Group. Details of any significant potential tax uncertainties are set out in Note 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
34 Ultimate Parent Company
The immediate Parent Company of the Group is Metalinvest Establishment and the ultimate Parent Company is the E. Abaroa Foundation,
in which members of the Luksic family are interested. Both Metalinvest Establishment and the E. Abaroa Foundation are domiciled
in Liechtenstein. Information relating to the interests of Metalinvest Establishment and the E. Abaroa Foundation is given in the
Directors\u2019 Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800MY6QVH4FVLD628", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }