Annual Report and
Financial Statements 2025
COPPER
GROWTH
DELIVERY
WE ARE COMMITTED
TO OUR PURPOSE OF
DEVELOPING MINING
FOR A BETTER FUTURE
In this Annual Report, the terms ‘Company’, ‘Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to Antofagasta plc and its subsidiaries, unless the context requires
otherwise. These terms may be used as collective expressions where general reference is made to the companies in the Group and/or where no useful purpose is
served by identifying any particular company or companies.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025
Contents
Strategic Report
Overview
Investment case 02
Framework for growth 04
At a glance 06
Letter from the Chairman 08
Letter from the Chief Executive Officer 10
Copper market review 12
Business model 14
Our strategic pillars 16
Key performance indicators 18
Operating review
Mining Division 20
Transport Division 30
Operating model 32
Key costs 33
Operating excellence and innovation 34
Growth pipeline 36
Pre-production and investments 38
Exploration activities 39
Sustainability review
Sustainability approach 40
Sustainability governance 41
Double materiality matrix 42
Sustainability framework 43
Health and safety 44
People 46
Communities 48
Responsible sourcing 50
Water 52
Biodiversity and circularity 54
Tailings management 55
Energy efficiency and resilience 56
Our TCFD progress 59
TCFD index 61
Non-financial and sustainability
information statement 66
Financial review 68
Risk management 78
Viability statement 96
Corporate Governance
Board Governance
Applying the UK Corporate
Governance Code in 2025 100
Chairman’s introduction 103
Senior Independent
Director’s introduction 106
Board of Directors 108
Board balance and skills 111
Roles in the boardroom 112
Executive Committee biographies 113
Group corporate governance overview 116
Board activities 118
Stakeholder engagement 120
Workforce engagement 122
Committees
Nomination and Governance
Committee report 123
Audit and Risk Committee report 128
Sustainability and Stakeholder
Management Committee report 134
Projects Committee report 137
Remuneration
Remuneration and Talent Management
Committee Chair’s introduction 140
Remuneration at a glance 143
2026 Directors’ and CEO’s
Remuneration Policy 144
2025 Directors’ and CEO
Remuneration Report 151
Remuneration and Talent
Management Committee report 160
Implementation of the Directors’ and
CEO’s remuneration policy in 2026 162
Directors’ report 164
Statement of Directors’ responsibilities
in respect of the financial statements 167
Our reporting suite
Operating review:
Growth pipeline
Sustainability review
Operating review
20
36
40
Sustainability Report
2025
GROWING
RESPONSIBLY
Social Impact
Report
Measuring our
contribution to
the wellbeing
of our neighbouring
communities
Climate Action Plan
Our path to
decarbonisation
Investor Website
2025 Sustainability Report
Climate Action Plan
Social Impact Report
2025 Sustainability Databook
Financial Statements
Financial performance
Independent auditors’ report 170
Consolidated income statement 178
Consolidated statement
of comprehensive income 179
Consolidated statement
of changes in equity 180
Consolidated balance sheet 181
Consolidated cash flow statement 182
Notes to the financial statements 183
Parent company financial statements 236
Other Information
Alternative Performance Measures 243
Five-year summary 246
Production statistics 248
Ore Reserves and Mineral
Resources estimates 249
Notes to ore reserves and
mineral resources estimates 258
Glossary and definitions 261
Shareholder information 264
Cautionary statements 266
01
STRATEGIC
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FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Investment caseInvestment case
A COMPELLING STRATEGY
FOCUSED ON COPPER
Driven by the world’s growing need for copper as the metal of the
future, our investment case offers growth, resilience and long-term
value for all stakeholders.
Focused on
copper
DEVELOPING MINING FOR
A BETTER FUTURE
High
margins
Strong
growth
Lower
risk
Leaders in
sustainability
Strong balance
sheet
Dividend
commitment
Delivering
Energy security and electrification
with
Attractive attributes
built on
Solid foundations
underpinned by our Purpose
ANTOFAGASTA PLC / Annual Report and Financial Statements 202502
Copper production 2025
653.7 kt
(2024: 664.0 kt)
For more see the Letter from
our Chairman | Page 8
For more details on risk
management | Page 78
For more on our Strategic
Framework | Page 16
For more details on financial
performance | Page 68
For more details on growth
pipeline | Page 36
For more details on the
copper market | Page 12
For more details on
sustainability | Page 40
High margins
Delivering increased margins in 2025
as a result of strong copper pricing,
operational discipline and by-product
revenues.
Industry-leading
EBITDA margins in 2025
60%
(2024: 52%)
Lower risk
Established producer operating in
the world’s number one jurisdiction
for copper production.
Established
producer
40+
Years of experience
in producing copper
Strong growth
Construction underway across a range
of growth and development projects,
delivering industry-leading growth.
Copper growth
projects underway
+30%
Medium-term growth
in copper production
Leaders in
sustainability
Delivering safe and responsible
operations with sustainability
at the core of our purpose.
Prioritising safety
Zero
fatalities in 2025
(2024: zero)
Dividend
commitment
Maintaining a consistent balance
of shareholder returns and
investment for the future.
Dividend policy
35%
Minimum distribution
of underlying earnings
Strong
balance sheet
Building a strong platform for the
future, through conservative balance
sheet metrics and financial discipline.
Strong balance sheet
0.53x
Net debt to EBITDA ratio
(2024: 0.48x)
Focused on copper
Copper is the metal of the future, with strong market fundamentals.
Key themes of energy security, grid investments and electrification
continue to drive global demand.
03
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Framework for growth
Our purpose
DEVELOPING MINING
FOR A BETTER FUTURE
Our vision is to be an international mining company focused on copper and its
by-products, known for its operating efficiency, creation of sustainable value,
high profitability and as a preferred partner in the global mining industry.
Discover more about our values | www.antofagasta.co.uk/about-us/our-approach/values-and-principles/
Our purpose and vision drive benefits for:
Planet OrganisationSociety People
Our values underpin how we work and make decisions
Responsibility for
health and safety
We are responsible for our own
health and safety, as well as for that
of others. We identify and control
our risks, and we are aware of the
impacts of our actions.
Respect
for others
We respect our people and care
about their opinions, which is why
we engage in an open, transparent
and collaborative way. We trust
them and have a genuine interest
in their wellbeing.
Committed to
sustainability
We operate responsibly and
efficiently, with a long-term vision.
We maximise the economic value
of our assets, contribute to social
development and minimise our
environmental impacts.
For more details see our
CEO’s statement | Page 10
Our vision of a better future
reflects the quest for a
sustainable planet, with copper
playing a central role in global
energy security, electrification,
economic progress and improved
livelihoods around the world.
Our vision of a better future is
one that is developed together
with local communities, aiming
for a society that recognises
the economic and social value
generated by mining.
To tackle the challenges that
we face in our daily operations
and growth, we need a robust
organisation that consistently
meets these challenges and
is grounded in clear and
unshakeable values and
principles. Our vision of a better
future therefore encompasses
our ethical organisational
behaviour and continuous pursuit
of a sustainable culture of trust,
inclusivity, collaboration, agility
and willingness to embrace
change and continuous learning.
Our success relies on having
the best people at the heart of
everything we do. Our vision
of a better future would be
incomplete without the shared
values of our workforce: a
diverse and inclusive group of
individuals open to learning
and to enjoying personal and
professional growth, who strive
for excellence in their results.
1 2 3
ANTOFAGASTA PLC / Annual Report and Financial Statements 202504
Our strategy is built
on five pillars:
SAFETY AND
SUSTAINABILITY
to enhance our current operations, while
aiming to future-proof our business model
PEOPLE AND
CULTURE
to cultivate the talent
necessary for a
better future
GROWTH
to keep contributing
to the development
of a better future
COMPETITIVENESS
to achieve excellence and
create long-term value
INNOVATION
to constantly push back
boundaries and explore new
ways of advancing the ways
we work
Excellence in
our performance
We continually seek to achieve
the best possible results through
operational discipline. We look after
our resources, and we build trust
by fulfilling our commitments.
Innovation as a
permanent practice
We recognise and promote new
ideas that improve our work
practices and the way we relate to
others, to realise additional value in
our organisation, and to benefit our
stakeholders and the environment.
Forward-
thinking
Our business strategy aims to
generate value through a long-term
vision for shareholders and other
stakeholders. We learn from our
mistakes and have the flexibility
and courage to face new challenges.
Read more about our
strategy | Page 16
4 5 6
05
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
At a glance
A PORTFOLIO
FOCUSED ON COPPER
We are a mining company focused on the responsible production of copper
through our purpose: developing mining for a better future. We operate four
copper mines in Chile, with associated by-products of gold, molybdenum and
silver, and we are listed on the London Stock Exchange.
Mining Division
• High-quality assets with significant potential
for production growth.
• Focus on copper production in the Americas.
Antofagasta operates four copper mines: Los Pelambres is located
in the Coquimbo Region of central Chile, and Centinela, Antucoya
and Zaldívar are in the Antofagasta Region of northern Chile.
Copper production
653,700 t
Gold production
211,300 oz
Molybdenum production
15,800 t
For more details see our
Operating review | Page 20
Copper production by mine
Los Pelambres 45%
Centinela 37%
Antucoya 12%
Zaldívar 6%
Peer 1 Peer 2 Peer 3 Antofagasta Peer 5
TOP 5
Pure-play copper producer
1
1 CY2025. Listed companies only. Source: Visible Alpha
(‘Materials – Copper’ grouping).
653.7 kt
Silver production
3.4 Moz
ANTOFAGASTA PLC / Annual Report and Financial Statements 202506
Corporate highlights
Los Pelambres (copper concentrates)
Centinela (copper concentrates and cathodes)
Antucoya (copper cathodes)
Zaldívar (copper cathodes)
FTSE
100
Market capitalisation
$43 Bn
(31 December 2025)
Corporate credit rating
BBB+
Investment grade (Fitch)
Transport Division
Our Transport Division is known as Ferrocarril de
Antofagasta a Bolivia (FCAB) and provides rail and truck
services to the mining industry in the Antofagasta Region,
including our own mining operations.
Total tonnage transported (2025)
6,407 kt
For more details see our
Operating review | Page 30
Comprising tonnages transported
via rail (5,012 kt) and road (1,395 kt)
07
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DELIVERING GROWTH,
VALUE AND RESILIENCE
Dear shareholders
2025 was a year of delivery for
Antofagasta, with strong safety results,
record financial performance and the
achievement of key milestones at our
major construction projects which, once
completed, are expected to increase our
copper production by 30%, lower our costs
and further consolidate our two large-scale
mining districts for the long-term.
As the world turns increasingly to
copper, we are progressing with the
implementation of our strategic decision to
opt for growth, marking the next chapter in
our 40-year history as a pure-play copper
producer. Our purpose – developing mining
for a better future – continues to guide
our long-term value creation, underpinned
by safe operations, disciplined project
execution and responsible stewardship
across our portfolio.
Letter from the Chairman
Safety remains at the heart of how we
operate and we are pleased to have
delivered another fatality-free year. In
a year when the global mining industry
experienced several serious safety
incidents, we reflected on the importance
of constantly striving to reduce and mitigate
safety risks. To that end, we continue to
strengthen our safety-first culture centred
on visible leadership, accountability and
continuous improvement.
Copper: a global priority
Copper is now firmly recognised as a
strategic material. Demand continues to
rise as societies electrify their economies,
supported by long-term structural drivers
including energy security, electrification
and the rapid expansion of emerging
technologies including those that leverage
artificial intelligence and the associated
investments in infrastructure including
data centres.
At the same time, the supply side remains
challenged globally. Declining ore grades,
water scarcity, rising ore hardness, longer
permitting timelines, and increasing
disruption rates are constraining the
development of new capacity.
These dynamics resulted in record copper
prices during 2025, complemented by higher
prices for our by-products of precious
metals, gold and silver, and molybdenum.
Chile’s position and our heritage
Chile remains the world’s leading
copper-producing nation, with a long-
established regulatory and fiscal environment
that has supported long-term investment.
Following the presidential election in
2025, there is now greater clarity over the
policy agenda, with economic growth a
key priority. Chile is working to streamline
administrative processes associated with
permitting, and these developments are
expected to support Chile’s long-term
competitiveness and reinforce the country’s
role as a critical supplier of copper.
For more than four decades, Antofagasta
has built a reputation as a reliable operator.
Our two large-scale mining districts – Los
Pelambres and Centinela – have more than
five billion tonnes of resources each and
are a strategic advantage. Through our
long-established presence and organic
growth, we have built a portfolio that
has resource depth, strong community
relationships, established infrastructure
and extensive institutional knowledge.
These districts form the backbone of our
long-term growth strategy and give us
the optionality to sequence investment
as market conditions evolve.
Balancing investment and returns
Our operational cash flows drive
our ability to grow, and in 2025 we
produced 653,700 tonnes of copper at
a net cash cost of $1.19/lb, positioning
us competitively on the global cost
curve. Through our capital allocation
framework, we have a well-invested
portfolio, while simultaneously delivering
a balance of returns to shareholders and
investments in growth. As such, we are
able to recommend to shareholders a final
dividend for 2025 which, if approved,
would bring the full year dividend to 50%
of net earnings, exceeding our dividend
policy of a minimum of 35% for more
than 10 consecutive years.
Strategic growth focus
Our medium-term growth strategy
is centred on lower-risk brownfield
expansions within established districts,
with a focus on copper concentrates
with associated by-products, which are
typically lower cost as a result and, we
are progressing on time and on budget
across our portfolio of major construction
and development projects.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202508
At Centinela, construction of the Second
Concentrator Project continues as planned,
with several key milestones achieved,
and we have recently moved into a new
phase of work, installing key equipment.
At Los Pelambres, work on the desalination
plant expansion and the new concentrate
pipeline advanced steadily, strengthening
long-term reliability and providing a platform
for our development project to extend the
mine life beyond 2035, which continued
through the permitting process during 2025.
Collectively, these projects are designed
to expand volumes as well as margins,
benefitting from by-product credits,
extend mine lives and add resilience.
We also advanced our longer-term growth
options. The approval of the Environmental
Impact Assessment (EIA) at Zaldívar in
2025 paves the way for this operation’s
water transition and mine life extension,
creating the opportunity to realise Zaldívar’s
full potential. We have also advanced with
the consolidation of mining properties in the
Centinela District, our greenfield Cachorro
and Encierro projects and our other
exploration activities in Chile and Peru.
Our strategic investment in Buenaventura
provides exposure to a highly prospective
copper region with breadth of permits
and optionality. In the United States, Twin
Metals remains a long-dated option for
development of a deposit that contains
copper and other critical minerals, and we
continue to pursue the regulatory pathway
to protect the project’s value through a
disciplined approach
Innovation: a strategic enabler
We continue to focus on innovation initiatives
that strengthen our competitiveness and
resilience throughout the cycle such
as automation, digitalisation, integrated
remote operating centres and advanced
analytics, to improve safety, productivity
and cost stability. In parallel, we are
developing longer-term innovation
initiatives, such as Cuprochlor-T
®
, and
this is now progressing towards potential
applications at third-party mines.
Governance and sustainability
Effective governance underpins our
strategy, risk management and our ability
to deliver. During the year, we welcomed
Ignacio Bustamante to the Board as an
Independent Non-Executive Director,
adding valuable experience across the
Americas and strengthening the Board’s
oversight of our priorities: strategy, capital
allocation, risk, culture and performance.
At the beginning of 2026, Andrónico Luksic
Craig stepped down from the Board and
Andrónico Luksic Lederer was appointed
as a Non-Executive Director. I would like
to thank Andrónico Luksic Craig for the
significant contribution he has made to the
Board over the past twelve years. We are
delighted that Andrónico Luksic Lederer
accepted our invitation to join the Board.
In his previous role as Vice President of
Development, he oversaw major strategic
transactions and drove significant progress
in exploration, leading to the advancement
of key projects, and the launch of new
exploration activities in Peru. His breadth
of experience will be of great benefit to
Antofagasta in the years ahead.
Sustainability remains integral to our
long-term approach. In 2025, we achieved
full compliance with the Global Industry
Standard on Tailings Management across
our operating portfolio, and have now
achieved The Copper Mark assurance
at all four mines, reaffirming our
commitment to responsible production.
Our longstanding partnerships with local
communities are central to how we create
shared value. The second cycle of the
Somos Choapa programme commenced
during the year, focusing on long-term
development priorities, including education,
infrastructure, climate resilience and
entrepreneurship, co-designed with
municipalities and local organisations.
Safety-first
Zero
fatalities in 2025 (2024: zero fatalities)
Shareholder returns
50%
full year payout ratio, if recommended
final dividend is approved (2024: 50%)
1
Investing in growth
+30%
copper production uplift expected
through our organic growth
programme underway today
1. Shareholder returns shown represent the combination of the interim dividend of 16.6 cents (announced in August 2025) and recommended final dividend of 48.0 cents.
Outlook
The outlook for copper remains compelling,
with strong demand fundamentals and
constrained growth in supply. Chile
continues to provide a stable platform
for long-term investment, supported by
regulatory clarity and reforms aimed
at improving permitting efficiency and
promoting growth. At Antofagasta, we are
delivering with confidence: our strategy
is clear, our projects are progressing
well, and our people remain committed
to operating safely and responsibly.
I would like to thank our employees,
contractors, partners, communities and
shareholders for their continued support.
JEAN-PAUL LUKSIC
Chairman
09
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STRONG FINANCIAL
PERFORMANCE AND
CONSISTENT RETURNS
Dear shareholders,
The past 12 months was a period of
disciplined execution across our business.
We advanced our major construction
projects on time and on budget,
strengthened operational foundations and
delivered record financial performance. As
a pure-play copper producer, we are well
positioned to benefit from the structural
trends underpinning the copper market and
the supportive pricing environment for our
by-products.
Safety performance
Safety is our first priority. In 2025, we
achieved another fatality-free year and a
lost time injury frequency rate below 1.0x.
Letter from the Chief Executive Officer
This reflects sustained leadership
visibility in the field, improved contractor
management practices and strengthened
critical risk controls across both operations
and construction sites. Our teams across
our major construction projects also
performed particularly well, with injury
frequency rates either in line with, or better
than, the Group average – despite a peak
workforce of more than 18,000 contractors.
We continued to embed learning and
continuous improvement through real-time
reporting and investigation tools, enabling
faster corrective actions and reducing
recurrence. Our training programmes were
expanded to deepen capability in critical
leadership behaviours and risk planning.
Established producer
Through robust cost control and favourable
market conditions, we were able to deliver
record financial performance in 2025, with
revenues increasing by 30%, our industry-
leading EBITDA margins widened to 60%
and earnings per share grew by 60%. This
performance reflects disciplined execution
across our business and positions us well
for the next phase of our development.
Los Pelambres marked its 25-year
anniversary in 2025, a significant
milestone for our largest operation.
We delivered a 35% reduction in net
cash costs driven by strong by-product
performance. Looking ahead to 2026, we
see a clear opportunity for Los Pelambres
to reach its full potential, supported by
higher copper grades, ongoing optimisation
initiatives and continued benefits from
recently completed investments in
desalination capacity and ore processing.
Centinela delivered a consistent year
operationally, underpinned by stable
concentrator performance, and further
supported by record gold pricing, which
helped us to achieve a 53% decrease
in cash costs and robust financial
performance at this operation.
At our SX-EW operations, Antucoya
achieved its highest level of material
movement in 2025, with strong
performance in the processing plant.
Work is set to begin in 2026 to investigate
the expansion potential of the hypogene
material located below the existing pit.
Zaldívar is implementing improvements
in throughput and recoveries as a number
of initiatives are advancing.
Our Transport Division (FCAB) performed
well during 2025 and is well positioned
to benefit from future growth in mining
activity in both northern Chile and the
adjacent regions that are served by its
railway network and road haulage footprint.
Following an initial testing period, FCAB’s
hydrogen-powered train commenced
operations in 2025, an important first step
in exploring the use of new technologies
and alternative fuels in support of our
energy efficiency and resilience objectives.
Read our Executives’
biographies | Page 113
ANTOFAGASTA PLC / Annual Report and Financial Statements 202510
Delivering growth
Growth remains a key focus area, and 2025
was a particularly successful step in our
journey towards achieving 30% growth,
through our major projects in construction.
At Centinela, the Second Concentrator
Project remains on track and has
now progressed through several key
construction milestones as we look to
add 170,000 tonnes of copper-equivalent
production, which will also expand
margins through modern technologies
and a greater exposure to by-products
of gold and molybdenum. Work has now
progressed to focus on the installation of
key equipment and integration planning,
ahead of construction finishing in 2027.
In November we were pleased to host
a site visit for analysts and investors to
demonstrate this progress, and outline
Centinela’s future growth potential.
Los Pelambres’ Future Growth Enabling
Projects are projects designed to de-
risk long-term production, with work
progressing on time and on budget.
Construction teams are now fully deployed
on the desalination plant expansion, and
work continues along the route of the
new concentrate pipeline. In addition,
the Los Pelambres Development Options
Project continues to advance through the
Environmental Impact Assessment (EIA)
review process, in line with expectations.
The projects, together with the approval
of our EIA, will support our significant
long-term production plans and value
generation for all stakeholders.
At Zaldívar, the approval of the EIA in
May 2025 was a significant milestone,
and this positive result is a testament to
our teams’ experience and dedication,
and the engagement work undertaken
with local communities. Following approval,
we now have a platform to unlock the full
potential of Zaldívar’s one billion tonnes
of Mineral Resources, using innovation
such as our proprietary primary sulphide
leaching technology, Cuprochlor-T
®
.
Fully funded growth
The issuance of our fourth corporate
bond and the recent completion of the
water-infrastructure financing solution at
Los Pelambres have extended our maturity
profile and completed the funding of our
current growth programme consistent
with our capital allocation framework.
Sustainability leadership
Sustainability is embedded throughout
our day-to-day decision-making. During
2025, we maintained a strong focus on
safe, responsible and efficient operations,
while also continuing to progress our
environmental, social and workforce
priorities. We continue to strengthen our
workforce, aiming to recruit, develop
and retain the best talent in the mining
industry. As a result, female representation
in our workforce has now reached 30%,
representing meaningful progress in
strengthening our workforce culture
and decision-making processes.
We are continuing our pivot away from
continental water sources, through the
expansion of Los Pelambres’ desalination
plant and the approval of Zaldívar’s EIA
in 2025, as we make progress towards
achieving our ambition of 90% of our
water use to come from either sea water
sources or recirculated water.
Innovation supporting our goals
Innovation remains a key enabler of
our operating model and future growth.
Through the expansion of the operating
model for our integrated Remote Operating
Centres in 2025, we are improving
performance through real-time monitoring,
advanced analytics and broader integration
of operational data across a wider range
of activities. Predictive maintenance
initiatives are helping to reduce unplanned
downtime and improve process stability at
our concentrators.
Revenue growth
30%
year-on-year increase to $8.6 billion
(2024: $6.6 billion)
Margin growth
9pp
increase in EBITDA margin to 60.3%,
reflecting strong market pricing and
disciplined cost control (2024: 51.8%)
Earnings growth
60%
increase in earnings per share to
134.8 cents (2024: 84.1 cents)
Outlook
Our focus for 2026 is clear: operate
safely, optimise production, maintain cost
discipline and manage our growth projects
to plan. With a well-invested portfolio and
committed workforce, Antofagasta is well
placed to continue to deliver our purpose –
developing mining for a better future.
Thank you for your continued support.
IVÁN ARRIAGADA
Chief Executive Officer
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Copper market review
STRONG MARKET OUTLOOK
The global copper market maintained favourable fundamentals in 2025,
supported by robust demand growth and tightening constraints on global supply.
2025 was characterised by rising global
demand for copper from both traditional
and non-traditional sources, while the
global supply side was affected by elevated
mine disruptions and permitting delays in
a number of locations and jurisdictions,
with the resulting structural tightness
supporting price momentum. Regional
pricing differences also emerged as trade
tariffs reshaped trade flows, and created
premiums in certain markets. The outlook
for the year ahead remains positive,
underpinned by copper’s fundamental
role in the world’s drive towards energy
security and continued electrification.
Global demand
Copper demand grew in 2025, driven by
long-term structural trends and wider
adoption of copper-intensive technologies,
which will continue to represent central
themes in 2026 and beyond. Energy
security and electrification remain
key drivers, reinforced by emerging
technologies such as AI, smart grids and
data centres. China continues to be the
largest source of global copper demand,
accounting for more than half of global
consumption.
Energy security has become an
increasingly prominent driver of copper
demand during the past year. Major
blackout events in Chile (February 2025)
and Spain (April 2025) highlighted the
need to invest in, and add resilience to
national networks, as electrification plays
an increasing role in modern society.
Governments and utility companies have
responded by beginning to accelerate
investment in transmission and distribution
networks, which are among the most
copper-intensive components of the energy
system, helping to reinforce copper’s role
as a strategic material for the future. On a
more local scale, end-users are beginning
to implement their own distributed energy
systems and battery storage systems, in
pursuit of a more resilient anddecentralised
supply of electricity.
Electrification continues to be a central
factor in rising copper demand, with
the continuing deployment of modern
technologies across homes, offices and
industrial settings. Thanks to itsunique
properties, copper is playing a keyrole in
enabling this transition. In 2025, as global
electricity use continued to rise, copper
demand continued to track this growth.
Emerging technologies, including AI, data
centres and automation, are providing
emerging sources of copper demand.
The rise of AI and machine learning has
driven a surge in data centre construction,
with copper used extensively in power
distribution, cooling systems and server
infrastructure. Battery storage and smart
grid technologies are also expanding rapidly,
with copper required for both energy
storage and control systems. Penetration
rates for these technologies are expected
to increase further in the coming years,
supporting long-term demand growth.
Beyond emerging technologies, an example
of a technology that is now considered a
mainstream component of modern life is
the battery electric vehicle (BEV), which
is a key component of global transport
systems. China has already achieved a
significant level of market penetration,
and while other jurisdictions are yet to
see the same level of adoption, they are
beginning to show strong indicators of
future uptake. This transition underscores
the role of BEVs, including the necessary
charging infrastructure, as a critical pillar
of electrification and a key contributor to
sustained growth in copper demand.
China remains the world’s largest
consumer of copper and in 2025 the
Chinese economy continued to grow,
supported by industrial activity, grid
investment and consumer demand.
Despite rising global tariff rates and
trade route adjustments, China’s copper
demand remained resilient, with domestic
consumption supported by stimulus
measures and strategic investment in
manufacturing and clean energy.
While China’s construction sector
continues to experience a period of
structural adjustment, with lower levels
of activity, this has been offset by a
rebalancing of copper demand towards
new and emerging areas, which has
helped to maintain domestic demand
levels. Overall, China’s role in the global
copper market remains central, and its
demand outlook continues to underpin
long-term market fundamentals.
Beyond China, copper demand is
accelerating in developing economies
such as India and across Southeast
Asia, alongside policy-driven demand
growth in the United States.
In terms of legislative action, in
November 2025 the US Geological
Survey added copper to the official list
of critical minerals, highlighting copper’s
economic importance and supply risks.
Global supply
Copper supply in 2025 was characterised
by elevated disruption rates, persistent
technical challenges and increasing
permitting constraints. These factors
combined to limit the pace of supply
growth, despite a high level of
exploration spending for copper.
Supply disruption rates increased
significantly during the year, with
several incidents affecting some of the
world’s largest copper mines. These
disruptions were linked to technical
failures, geotechnical risks and operational
challenges. The impact of these events has
reinforced the importance of operational
resilience and risk management across the
global mining industry.
Grade decline and ore hardness remain
persistent technical challenges for copper
producers. As mines mature, average copper
grades tend to decline in porphyry copper
deposits, which represent the majority
of copper supply. In addition, increasing
depth of mining typically leads to higher
ore hardness, as increasing proportions
of harder minerals are encountered.
Source: Management estimates and London Metal Exchange (LME).
ANTOFAGASTA PLC / Annual Report and Financial Statements 202512
This increases energy consumption and
equipment wear, adding to operating costs
and reducing throughput. These factors are
contributing to rising capital requirements
across the industry, with producers adding
processing capacity simply to maintain
existing output levels.
Permitting constraints are increasingly a
factor in limiting supply growth in a number
of jurisdictions, where approval timelines
have lengthened and the complexity
of regulatory processes has increased,
delaying the development of new projects.
Contrary to other jurisdictions, Chile
has recently taken steps to address this
issue. In July 2025, Chile’s congress
passed reforms aimed at streamlining
the permitting process and reducing
administrative burdens. These reforms are
expected to improve legal certainty and
accelerate project approvals, supporting
future investment in the country’s mining
sector and promoting growth.
Despite ongoing challenges, the global
copper industry continues to invest in
new capacity, with a focus on brownfield
expansions and strategic partnerships to
develop synergies and cost efficiencies. The
pace of supply growth remains constrained,
particularly from greenfield discoveries, and
the outlook remains subdued despite high
levels of exploration spending.
Global inventories
Despite the net increase in inventory
levels throughout 2025, visible copper
inventories remained low relative to global
consumption, with notable shifts in pricing
dynamics between major exchanges.
In early 2025, news of potential US
tariffs on copper resulted in a significant
reconfiguration of global trade flows and
pricing benchmarks, with implications for
inventory levels and market liquidity. This
led to a sharp increase in Comex pricing,
as traders moved copper units onshore to
the United States, and created a significant
premium between Comex and London
Metal Exchange (LME) pricing. As such,
inventories in locations such as London and
Shanghai were drawn down significantly.
The impact of these developments is still
unfolding, as global inventories readjust
following the news that US tariffs will
only apply to certain segments of the
value chain; but such events in 2025
demonstrate the sensitivity of the global
copper markets to unforeseen adjustments.
Market balance
The copper market remained constrained
in 2025, as demonstrated by a 9% rise
in pricing during 2025 to $4.51/lb (2024
average: $4.15/lb). In the coming period,
disruption rates are expected to remain
at elevated levels and supply growth is
likely to continue to lag demand growth.
These factors are expected to continue
to put pressure on the balance of the
copper market, with a gradual tightening
of market conditions over the medium
term. The outlook for copper remains
positive, with long-term demand growth
expected to outpace supply. However, the
market is likely to experience increased
volatility in the near term, principally driven
by the supply-side risks outlined in this
review, but also affected by geopolitical
uncertainties.
Copper price $/lb Gold price $/oz Molybdenum price $/lb
Average copper
market price (2025)
$4.51/lb
+9%
Average gold
market price (2025)
$3,436/oz
+44%
Average molybdenum
market price (2025)
$22.2/lb
+4%
Producers with strong balance sheets,
disciplined capital allocation and resilient
operations are expected to be well
positioned in this environment.
Consensus estimates
Based on more than 20 contributing banks,
the consensus estimates (as of January
2026) for copper pricing in 2026 and 2027
were $5.43/lb and $5.23/lb respectively.
For context, the copper price (LME, cash
settlement price) as of 31 December 2025
was $5.67/lb.
By-products: gold
Gold prices surged to record highs in
2025, peaking above $4,500/oz, with the
full year market price 44% higher than
2024. This rally was driven by strong
central bank buying, elevated geopolitical
tensions, and expectations of interest rate
cuts. Investment demand also rose sharply,
with exchange-traded funds (ETFs) and
retail purchases increasing amid inflation
concerns and a weaker dollar, reinforcing
gold’s role as a strategic hedge and store
of value.
By-products: molybdenum
The primary use of molybdenum is in
the manufacturing of stainless steel and
other alloys, with molybdenum improving
qualities such as strength, hardness and
resistance to corrosion. Molybdenum prices
averaged $22.2/lb in 2025, supported by
rising demand across the steel, energy
and aerospace sectors. Infrastructure
investment, defence procurement and clean
technology scaling drove consumption, while
supply remained concentrated in China,
Chile and the US.
1 Jan
2025
6
3
30 Jun
2025
31 Dec
2025
1 Jan
2025
5,000
2,000
30 Jun
2025
31 Dec
2025
1 Jan
2025
30
15
30 Jun
2025
31 Dec
2025
Source: FactSet, LME pricing. Source: FactSet. Source: S&P Global Platts.
13
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Business model
DELIVERING SUSTAINABLE
STAKEHOLDER VALUE
We believe in our purpose of developing mining for a better future, delivered
through achieving best practice and positive stakeholder relationships.
Through a clear understanding of our business model, we can create
long-term sustainable value from our resources.
Exploration and acquisition
Evaluation
Construction
Extraction and processing
Sales and marketing
Mine closure and rehabilitation
Transport Division
Known as Ferrocarril de Antofagasta a Bolivia (FCAB),
our Transport Division provides rail and truck services to
the mining industry in the Antofagasta Region, including
our own mining operations.
What we do What we need
For more information, see our
Operating Review | Page 30
For more information see our
Operating Review | Page 20
Responsible mining
We believe it is possible to mine sustainably
by prioritising environmental protection
and the efficient use of natural resources.
Further details are available in our
Sustainability Review | Page 40
Resources
– World-class assets
– Key inputs
– Financial resources
Our resources underpin safe, efficient
operations and long-term growth,
ensuring we deliver value responsibly.
Stakeholder relationships
– Our people
– Communities
– Suppliers
– Customers
– Financial investors
– Governments and regulators
For more details, see our double
materiality matrix | Page 42
Mining Division
ANTOFAGASTA PLC / Annual Report and Financial Statements 202514
Our outcomes
Value we created
We create economic value by responsibly mining
copper, which benefits our shareholders, employees,
local communities and other stakeholders.
What we generated
For more information, see our
Financial Review | Page 68
For more information, see our
Sustainability Review | Page 40
2025
1.91
2021
2.56
2022
1.75
2023
1.69
2024
1.75
Economic contribution
$9,585m
(2024: $7,580 million)
CO
2
e emissions
1.91 tCO
2
e/tCu
Emissions per tonne
of copper produced,
representing a 9%
increase year-on-year
(2024: 1.75 tCO
2
e/tCu)
Water withdrawals
63%
of water withdrawals
were from sea water
in 2025 (2024: 58%)
We are primarily focused
on producing copper, but in
addition we recover gold,
molybdenum and silver as
valuable by-products during
processing at our concentrators.
This ensures the efficient use of
resources and maximises value
from our deposits.
Copper
653.7 kt
(2024: 664.0 kt)
Gold
211.3 koz
(2024: 186.9 koz)
Molybdenum
15.8 kt
(2024: 10.7 kt)
Silver
3.4 Moz
(2024: 2.8 Moz)
For more details, see our
Operating Review | Page 20
45%
2021
45%
2022
60%
2023
63%
2025
58%
2024
S.172(1) Statement
Antofagasta’s purpose is developing mining for a better future –
to achieve this and continue to deliver sustainably, we rely on the
support of a range of different stakeholders. This means that we
understand the importance of putting the safety of our people
first, as we seek to deliver value to our customers, suppliers,
shareholders and the communities in which we operate.
The Directors of Antofagasta plc have acted in accordance with
their duties to operate in the way that they consider, in good
faith, is most likely to promote the success of the Company for
the benefit of its members as a whole, and in doing so have
regard (amongst other matters) to:
a. The likely consequences of any decision in the long term.
b. The interests of the Company’s employees.
c. The need to foster the Company’s business relationships
with suppliers, customers and others.
d. The impact of the Company’s operations on the community
and the environment.
e. The desirability of the Company maintaining a reputation
for high standards of business conduct.
f. The need to act fairly as between members (including all
stakeholders) of the Company.
In the Strategic Report, we outline how these decisions have
been applied. In the Corporate Governance Report (pages
98-167), we discuss the key decisions that the Board has taken
during the year, and how the matters set out in Section 172(1)
of the Companies Act 2006 were relevant to these decisions.
Our products
Managing our environmental footprint
15
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Our strategic pillars
STRATEGY TO
DELIVER LONG-TERM
SHAREHOLDER VALUE
Each pillar has defined
long-term objectives,
with short- and
medium-term goals.
SAFETY AND
SUSTAINABILITY
Emphasising safety and sustainability
to enhance our current operations,
and look to the future.
PEOPLE AND
CULTURE
Investing in people and fostering a
positive culture to cultivate the talent
necessary for a better future.
Safety underpins our operational
excellence model, and helps us to
ensure long-term value creation. We
aim to embed rigorous standards and
proactive risk management to protect
people, sustain productivity and maintain
stakeholder trust.
Our goal is to create and nurture a
working environment with innovation at
the forefront, incorporating new ways
of thinking to tackle current and future
challenges. We strive to inspire people
to solve more complex and dynamic
problems with new management
approaches.
Competitiveness is essential as it
ensures resilience and makes the
business viable in the long-term. By
producing copper efficiently, we are
able to grow and contribute to the
development of mining while promoting
energy security and electrification.
In line with our purpose to develop
mining for a better future, our efforts in
innovation are focused on strengthening
competitiveness and operational
efficiency, while driving the future
development of new ways of mining,
with people at the centre of our strategy.
Growth enables us to maintain our
viability and fulfil our purpose. It allows
us to realise the full potential of our
resources and assets, creating additional
value and diversifying risk.
Key initiatives in 2025
• Advanced analytics for
real-time safety monitoring.
• Engineering projects to manage
occupational risks.
• Somos Choapa second cycle.
• Water efficiency programme.
• Leadership Academy.
• Excellence Academy.
• Digital Academy.
• Young Professionals Programme.
• Unified Recognition Platform.
• Mentoring Programme.
• Competitiveness Programme.
• Operational Excellence
Management System (SGE).
• Time on Tools methodology.
• Integrated Remote Operating
Centres (IROCs).
• Predictive Maintenance (PdM).
• SIRO MINCO (Integrated System
of Operational Recommendations
Mine and Concentrator).
• ShovelSense enables real-time
ore grade measurement.
• Cuprochlor-T
®
(primary sulphide
leaching technology).
• Latin America’s first hydrogen-
powered locomotive at FCAB.
• Construction: Centinela Second
Concentrator Project and Los
Pelambres Growth Enabling Projects.
• EIA approved: Zaldívar Mine Life
Extension and Water Transition
Project.
• EIA submitted (2024) and
review underway: Los Pelambres
Development Options Project.
2025 performance
• Zero fatal accidents in 2025 and
more than 30% reduction in the
Group’s lost time injury frequency
rate since 2020.
• 37% decrease in total Mining
Division emissions (Scope 1 and 2)
since 2020 (market based).
• 100% renewable energy contracted
(Mining Division).
• 3,500+ employees trained via
Leadership Academy.
• 2,500+ participants in Digital
Academy.
• 3,400+ formal recognitions
registered.
• Advanced certification under
Chilean Norm N°3262.
• 653,700 tonnes of copper
produced at a net cash cost
of $1.19/lb (2024: 664,000 tonnes
at net cash cost of $1.64/lb).
• EBITDA margin remains strong
at 60% (2024: 52%).
• Competitiveness Programme
delivered benefits of $115 million,
surpassing target of $100 million.
• Expanded integration of the
operatingmodel for our Integrated
Remote Operating Centres.
• Deployment of robotic maintenance,
real-time ore-sensing and
predictive blasting analytics.
• Workstream to commercially
validate Cuprochlor-T
®
with
third parties.
• Major construction projects
remain on track and on budget.
• Centinela Second Concentrator
Project reached more than
50% completion in Q4 2025.
• Los Pelambres Growth Enabling
Projects reached more than 35%
completion in Q4 2025.
LTIFR (2025)
0.58
We maintained a lost time injury
frequency rate below 1.0
Balanced workforce
30%
of our employee workforce is female
as at 31 December 2025 (2024: 27%)
Competitiveness Programme
$115m
Savings and productivity gains
(FY25 target: $100 million)
Innovation initiatives
+90
Innovation initiatives as of 2025,
including AI and advanced analytics
Growth projects
>50%
Construction progress achieved as
of Q4 2025 at Centinela Second
Concentrator Project
For more information on how we
align our strategic performance
with remuneration | Page 140
To read more on our approach to
health and safety | Page 44
To read more on our people and
culture | Page 46
For further information on the risks
and opportunities associated with
each strategic pillar | Page 82
ANTOFAGASTA PLC / Annual Report and Financial Statements 202516
GROWTH
By prioritising growth, we will
continue contributing to the
development of a better future.
COMPETITIVENESS
Our competitiveness is key to us
achieving excellence and creating
long-term value.
INNOVATION
Innovation is a strategic pillar and a
key enabler of sustainable growth,
operational excellence, and long-term
value creation.
Safety underpins our operational
excellence model, and helps us to
ensure long-term value creation. We
aim to embed rigorous standards and
proactive risk management to protect
people, sustain productivity and maintain
stakeholder trust.
Our goal is to create and nurture a
working environment with innovation at
the forefront, incorporating new ways
of thinking to tackle current and future
challenges. We strive to inspire people
to solve more complex and dynamic
problems with new management
approaches.
Competitiveness is essential as it
ensures resilience and makes the
business viable in the long-term. By
producing copper efficiently, we are
able to grow and contribute to the
development of mining while promoting
energy security and electrification.
In line with our purpose to develop
mining for a better future, our efforts in
innovation are focused on strengthening
competitiveness and operational
efficiency, while driving the future
development of new ways of mining,
with people at the centre of our strategy.
Growth enables us to maintain our
viability and fulfil our purpose. It allows
us to realise the full potential of our
resources and assets, creating additional
value and diversifying risk.
Key initiatives in 2025
• Advanced analytics for
real-time safety monitoring.
• Engineering projects to manage
occupational risks.
• Somos Choapa second cycle.
• Water efficiency programme.
• Leadership Academy.
• Excellence Academy.
• Digital Academy.
• Young Professionals Programme.
• Unified Recognition Platform.
• Mentoring Programme.
• Competitiveness Programme.
• Operational Excellence
Management System (SGE).
• Time on Tools methodology.
• Integrated Remote Operating
Centres (IROCs).
• Predictive Maintenance (PdM).
• SIRO MINCO (Integrated System
of Operational Recommendations
Mine and Concentrator).
• ShovelSense enables real-time
ore grade measurement.
• Cuprochlor-T
®
(primary sulphide
leaching technology).
• Latin America’s first hydrogen-
powered locomotive at FCAB.
• Construction: Centinela Second
Concentrator Project and Los
Pelambres Growth Enabling Projects.
• EIA approved: Zaldívar Mine Life
Extension and Water Transition
Project.
• EIA submitted (2024) and
review underway: Los Pelambres
Development Options Project.
2025 performance
• Zero fatal accidents in 2025 and
more than 30% reduction in the
Group’s lost time injury frequency
rate since 2020.
• 37% decrease in total Mining
Division emissions (Scope 1 and 2)
since 2020 (market based).
• 100% renewable energy contracted
(Mining Division).
• 3,500+ employees trained via
Leadership Academy.
• 2,500+ participants in Digital
Academy.
• 3,400+ formal recognitions
registered.
• Advanced certification under
Chilean Norm N°3262.
• 653,700 tonnes of copper
produced at a net cash cost
of $1.19/lb (2024: 664,000 tonnes
at net cash cost of $1.64/lb).
• EBITDA margin remains strong
at 60% (2024: 52%).
• Competitiveness Programme
delivered benefits of $115 million,
surpassing target of $100 million.
• Expanded integration of the
operatingmodel for our Integrated
Remote Operating Centres.
• Deployment of robotic maintenance,
real-time ore-sensing and
predictive blasting analytics.
• Workstream to commercially
validate Cuprochlor-T
®
with
third parties.
• Major construction projects
remain on track and on budget.
• Centinela Second Concentrator
Project reached more than
50% completion in Q4 2025.
• Los Pelambres Growth Enabling
Projects reached more than 35%
completion in Q4 2025.
LTIFR (2025)
0.58
We maintained a lost time injury
frequency rate below 1.0
Balanced workforce
30%
of our employee workforce is female
as at 31 December 2025 (2024: 27%)
Competitiveness Programme
$115m
Savings and productivity gains
(FY25 target: $100 million)
Innovation initiatives
+90
Innovation initiatives as of 2025,
including AI and advanced analytics
Growth projects
>50%
Construction progress achieved as
of Q4 2025 at Centinela Second
Concentrator Project
To read more on competitiveness |
Page 33
To read more on innovation |
Page 34
To read more on growth and other
investments | Page 36
17
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Key performance indicatorsKey performance indicators
MEASURING
PERFORMANCE
We use a range of financial, operating and sustainability key performance
indicators (KPIs) to assess our performance in meeting objectives.
1. Non-IFRS measure; refer to the Alternative
Performance Measures section on page 243.
2. Excluding exceptional items.
3. Including exceptional items.
4. 2025 payout ratio shown includes proposed
final dividend.
5. 100% of Los Pelambres, Centinela and
Antucoya, and 50% of Zaldívar’s production.
Underlying earnings per share
2
129.3 cents
Earnings per share
3
134.8 cents
Dividend payout ratio
4
50%
2025
129.3
2025
134.8
2025
50%
2021
142.5
2021
130.9
2021
100%
2022
59.7
2022
155.5
2022
100%
2023
72.0
2023
84.7
2023
50%
2024
62.8
2024
84.1
2024
50%
This is a measure of the profit attributable
to shareholders before exceptional items.
Underlying earnings per share excluding
exceptional items increased by 106% to
129.3 cents, reflecting higher underlying
profit after tax.
This is a measure of the profit attributable
to shareholders after exceptional items.
Earnings per share including exceptional
items for the year were 60% higher at 134.8
cents, compared with 2024, reflecting higher
underlying profit after tax.
Dividends are a core component
of our capital allocation framework.
If the recommended final dividend is
approved, the total full year dividend in
respect of 2025 will represent 50% of
underlying net earnings, in line with 2024.
Read more | Page 74 Read more | Page 74 Read more | Page 74
Financial KPIs
EBITDA
1
$5,202m
Profit before tax
$3,160m
Net debt/(Net cash)
1
$2,750m
2025
5,202
2025
3,160
2025
2,750
2021
4,836
2021
3,477
(541)
2021
2022
2,930
2022
2,559
2022
886
2023
3,087
2023
1,966
2023
1,160
2024
3,427
2024
2,071
2024
1,629
This is a measure of our
underlying profitability.
EBITDA was $5,202 million, 52% higher than
2024 on stronger revenues and robust cost
control, which helped to increase the Group’s
EBITDA margin to 60% (2024: 52%).
This is a measure of our profitability
before the deduction of taxes.
Profit before tax (including exceptional items)
was $3,160 million, 53% higher than 2024
due to higher revenues (higher copper and
by-products prices), partly offset by higher
depreciation and amortisation.
This is a measure of our financial liquidity.
Strong balance sheet with net debt of $2,750
million at the end of 2025 and a net debt/
EBITDA ratio of 0.53x (2024: 0.48x).
Read more | Page 71 Read more | Page 72 Read more | Page 75
ANTOFAGASTA PLC / Annual Report and Financial Statements 202518
Sustainability KPIs
Safety
7
0 Fatalities
Water withdrawals (gigalitres)
93.2 GL
CO
2
e emissions intensity
9,10
1.91 tCO
2
e/tCu
2025
0.58
2025
1.91
2021
1.00
2021
2.56
2022
0.84
1
2022
1.75
2023
0.63
2023
1.69
2024
0.56
2024
1.75
Safety is our top priority, with fatalities
and the LTIFR being two of our principal
measures of performance.
Strong safety performance with no fatalities
and the Group’s LTIFR remaining below 1.0.
Water is a precious resource and we are
focused on using the most sustainable
sources and maximising efficient use.
The use of sea water as a proportion of
total withdrawals increased to 63% in 2025
(2024: 58%).
We recognise the need to measure
and mitigate greenhouse gas (GHG)
emissions, as part of our overall strategy.
The Mining Division’s CO
2
e emissions
intensity increased by 9% in 2025
(includes contractor emissions).
Read more | Page 44 Read more | Page 52 Read more | Page 56
LTIFR
8
0.58
6. Mineral Resources (including Ore Reserves)
relating to the Group’s subsidiaries on a
100% basis, and Zaldívar on a 50% basis.
7. LTIFR for 2024 of 0.56 is restated
(previously 0.57).
8. The lost time injury frequency rate (LTIFR)
is the number of accidents with lost time
during the year, per million hours worked.
9. Scope 1 and 2, Mining Division only.
10. Tonnes of CO
2
equivalent per tonne
of copper produced.
Operating KPIs
Copper production
5
653.7 kt
Net cash costs
1
$1.19/lb
Mineral Resources
6
20.7 Bt
2025
653.7
2025
1.19
2025
20.7
2021
721.5
2021
1.20
2021
19.1
2022
646.2
2022
1.61
2022
20.1
2023
660.6
2023
1.61
2023
20.5
2024
664.0
2024
1.64
2024
20.6
Copper is our main product and
largest source of revenue.
Copper production decreased by 2% to
653,700 tonnes, representing a balance
between increased output at Centinela
Concentrates and a lower contribution from
Centinela Cathodes and Los Pelambres.
This is a key indicator of operating
efficiency and profitability.
Net cash costs for 2025 were $1.19/lb, a 27%
decrease year-on-year, following an increase
in the production of gold and molybdenum
by-products and stronger gold prices.
Our Mineral Resources support
our strong organic growth pipeline.
Total Mineral Resources increased by 104
million tonnes during the year, following
work in the wider Centinela District.
Read more | Page 20 Read more | Page 20 Read more | Page 249
34.4
37.7
39.7
33.1
42.8
2025
58.8
2021
31.3
2022
33.1
2023
48.8
2024
59.8
Sea water
Continental water
19
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Operating review
MINING DIVISION
Antofagasta operates four copper mines: Los Pelambres is located
in the Coquimbo Region of central Chile, while Centinela, Antucoya
and Zaldívar are in the Antofagasta Region of northern Chile.
Key Group production highlights (2025)
Copper
653.7 kt
(2024: 664.0 kt)
Gold
211.3 koz
(2024: 186.9 koz)
Molybdenum
15.8 kt
(2024: 10.7 kt)
Net cash costs
$1.19/lb
(2024: $1.64/lb)
Centinela
Centinela mines sulphide and oxide
deposits 1,350 km north of Santiago in the
Antofagasta Region. Centinela produces
copper concentrates (with by-products
of gold, silver and molybdenum), and
copper cathodes.
Antucoya
Antucoya is approximately 1,400 km north
of Santiago and 125 km north-east of
the city of Antofagasta. Antucoya mines
and leaches oxide ore to produce copper
cathodes, using the solvent extraction
and electrowinning (SX-EW) process.
Read more | Page 24 Read more | Page 26
Los Pelambres
Los Pelambres is a sulphide deposit in
Chile’s Coquimbo Region, 240 km north
of Santiago. Los Pelambres produces
copper concentrates (with by-products
of gold, silver and molybdenum).
Read more | Page 22
Major projects: progress at Q4 2025
Centinela
>50%
Second Concentrator Project
Los Pelambres
>35%
Growth Enabling Projects
Copper production 2025
295.3 kt
Plus by-products (gold, molybdenum, silver)
(2024: 319.6 kt)
Copper production 2025
240.4 kt
Plus by-products (gold, molybdenum, silver)
(2024: 223.8 kt)
Copper production 2025
81.2 kt
(2024: 80.4 kt)
ANTOFAGASTA PLC / Annual Report and Financial Statements 202520
BOLIVIA
ARGENTINA
CENTINELA
ZALDÍVAR
ANTUCOYA
ANTOFAGASTA
MEJILLONES
CENTINELA
PORT
PERU
Zaldívar
Zaldívar is an open-pit, heap-leach copper
mine which produces copper cathodes using
the SX-EW process. The mine is located
approximately 175 km south-east of the
city of Antofagasta.
Read more | Page 28
Mines
Capital city
Cities and towns
Ports
ANTOFAGASTA
REGION
SANTIAGO
ARGENTINA
BOLIVIA
PERU
Attributable copper production 2025
36.7 kt
(2024: 40.1 kt)
21
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Review of 2025
Safety performance
In 2025, Los Pelambres recorded another
fatality-free year (2024: 0 fatalities). The
lost time injury frequency rate (LTIFR) was
0.54 (2024: 0.29), and the total recordable
injury frequency rate (TRIFR) was 1.77
(2024: 1.02). Overall, safety performance
at Los Pelambres in 2025 was in line with
performance across the Group.
Financial performance
EBITDA was $2,548.0 million, compared
with $1,861.2 million in 2024, reflecting
higher realised prices for copper and
by-products.
Production
Full-year copper production of
295,300 tonnes was 8% below the prior
year, reflecting reduced ore throughput due
to higher maintenance activity, harder ore
types and lower copper grades during the
year. By-product output of molybdenum and
gold increased by 48% and 18% respectively
in 2025, reflecting higher grades.
Cash costs
Full-year cash costs of $2.21/lb were
6% higher year-on-year, reflecting lower
copper production, increased maintenance
activities, settlement of a three-year
labour agreement and increased hauling
distances, partially offset by lower
treatment charges. Full-year net cash
costs of $0.82/lb were 35% lower than
in 2024, primarily reflecting stronger
gold prices and increased by-product
output of both molybdenum and gold.
Capital expenditure
Capital expenditure was $1,070.5 million
($833.0 million in 2024), including
$847.5 million of sustaining capital
expenditure (which includes $500.5
of capital expenditure on the Growth
Enabling Projects), $178.7 million of
mine development and $44.3 million
of development capital expenditure.
Operating review continued
LOS PELAMBRES
Los Pelambres is a sulphide deposit in Chile’s
Coquimbo Region, 240 km north of Santiago. It
produces copper concentrate (containing gold
and silver) and molybdenum concentrate through
a milling and flotation process.
Fatalities
0
(2024: 0)
LTIFR
1
0.54
(2024: 0.29)
Lifecycle of the mine – (EIA submitted to extend mine life to 2051)
2036
2000 2025
Revenue
$4.1 Bn
+24%
EBITDA
$2.5 Bn
+37%
Safety performance
Financial and operational performance
Copper
production
295.3 kt
Cash costs before
by-products
$2.21/lb
Gold
production
54.8 koz
Net cash
costs
$0.82/lb
2026
Guidance
340-360
2023
2024
2025
300.3
319.6
295.3
Molybdenum
production
12.4 kt
2026
Guidance
60-70
2023
2024
2025
43.3
46.6
54.8
2026
Guidance
9.5-10.5
2023 2024
2025
8.1
8.4
12.4
2026
Guidance
2.00-2.20
2023
2024
2025
1.92
2.09
2.21
2026
Guidance
0.90-1.10
2023 2024
2025
1.14
1.27
0.82
1. Lost time injury frequency rate.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202522
Outlook for 2026
The forecast production for 2026 is
340-360 kt of copper,
9.5-10.5 kt of molybdenum and
60-70 koz of gold.
Cash costs before by-product
credits are forecast to be
$2.00-2.20/lb and net cash
costs to be $0.90-1.10/lb.
Ore Reserves and
Mineral Resources
As of 31 December 2025, Los Pelambres
had total Mineral Resources of 6,047
Mt, with a grade of 0.47% Cu. Total Ore
Reserves were 716 Mt, with a grade of
0.58% Cu, with by-products of gold, silver
and molybdenum. For more information,
see page 249.
Growth and development
Growth Enabling Projects
(underway, 2024-2027)
• Overview: Comprising two distinct
projects: (a) desalination plant
expansion to 800 l/s and (b) new
concentrate pipeline.
• Current status: Project remains
on track and on budget. More than
35% complete as of Q4 2025.
Development Options Project
(mine life extension)
• Overview: Life of mine extension to
2051, which includes expansion of the
El Mauro tailings dam, with additional
options to (a) increase throughput to
205 ktpd and (b) increase desalination
plant capacity.
• Status update: Environmental Impact
Assessment (EIA) submitted in
December 2024. Review process
underway with relevant authorities.
Sustainability snapshot
Community engagement
In 2025, Los Pelambres deepened its
commitment to sustainable development
through the next cycle of the Somos
Choapa programme, a flagship initiative
that has delivered over 150 projects
since its inception. See page 48 for more.
Energy management
Los Pelambres is implementing a
trolley-assist system on a trial basis
(see case study on page 57) as part
of its electrification efforts.
Plant debottlenecking using AI
Maximising SAG mill operating time through statistical analysis.
A SIRO (Integrated System of Operational Recommendations) was deployed at
Los Pelambres’ SAG mill in 2025, with the aim of optimising grinding by identifying
and minimising operational constraints. The system’s machine learning increased
unconstrained SAG mill operating hours by approximately 4% compared to 2024,
directly boosting throughput and reducing process variability.
SAG mill availability during the year reached 94.4%. These improvements contributed
to higher copper output and more stable operations, while also supporting predictive
maintenance and asset reliability.
Automating SAG mill maintenance
To enhance safety and efficiency, Los Pelambres deployed a robotic solution
for replacing SAG mill liners in 2025.
This innovation minimises worker exposure to hazardous tasks and reduces
downtime during maintenance. The first round of robotic maintenance was completed
successfully, with plans to introduce two additional robots in 2026, further expanding
the scope of automation. During the first maintenance cycle, two robots were
deployed, one on each side of the mill, reducing worker exposure to high-risk tasks
and shortening maintenance downtime. This initiative reflects the Group’s commitment
to operational excellence and continuous improvement in workplace safety.
For more information on innovation within the Group | Page 34
Innovation spotlights
The Copper Mark
Los Pelambres successfully achieved The
Copper Mark assurance under the new
criteria in 2025.
Responsible water use
Work continues to expand Los Pelambres’
desalination plant to 800 l/s, doubling
existing capacity. See page 36 for more.
Further details are available in the
Sustainability Review | Page 40
23
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Review of 2025
Safety performance
In 2025, Centinela recorded another
fatality-free year (2024: 0 fatalities).
The lost time injury frequency rate (LTIFR)
was 0.66 (2024: 0.90), and the total
recordable injury frequency rate (TRIFR)
was 1.73 (2024: 2.25).
Financial performance
EBITDA at Centinela was $2,234.2 million
in 2025, compared with $1,130.3 million
in 2024, reflecting higher copper sales
volumes and higher realised copper prices
and by-products.
Production
Total copper production of 240,400
tonnes in full year 2025 was 7% higher
on a year-on-year basis, reflecting a
material increase in production of copper
in concentrate, partly offset by a decline in
cathode output. In respect of by-products,
Centinela produced 156,500 ounces of
gold in 2025, representing a 12% increase
year-on-year, following higher gold grades.
Production of molybdenum during the year
was 42% higher, corresponding to higher
molybdenum grades.
Cash costs
Cash costs before by-product credits
during the full year were $2.27/lb, 13%
lower on a year-on-year basis, following
higher copper-in-concentrate production,
partially offset by higher costs associated
with maintenance activities. Net cash
costs for the full year 2025 were 53%
lower year-on-year at $0.75/lb, primarily
reflecting lower cash costs before
by-product credits, higher by-product
volumes and stronger gold prices.
Operating review continued
CENTINELA
Centinela mines sulphide and oxide deposits
1,350 km north of Santiago in the Antofagasta
Region. Centinela produces a copper concentrate
(containing gold and silver) and a molybdenum
concentrate through a milling and flotation process.
It also produces copper cathodes using the solvent
extraction and electrowinning (SX-EW) process.
Fatalities
0
(2024: 0)
LTIFR
1
0.66
(2024: 0.90)
Copper
production
240.4 kt
Cash costs before
by-products
$2.27/lb
Gold
production
156.5 koz
Net cash
costs
$0.75/lb
Lifecycle of the mine
2001 2025
2058
Revenue
$3.5 Bn
+47%
EBITDA
$2.2 Bn
+98%
Safety performance
Financial and operational performance
2026
Guidance
2023 2024 2025
Molybdenum
production
3.4 kt
2026
Guidance
2023 2024
2025
2026
Guidance
2023 2024
2025
2026
Guidance
2023
2024
2025
2026
Guidance
2023 2024
2025
195-215
242.0
223.8
240.4
155-165
165.8
140.3
156.5
3.0-3.5
2.9
2.4
3.40
2.45-
2.65
2.57
2.60
2.27
0.50-0.70
1.63
1.60
0.75
1. Lost time injury frequency rate.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202524
Capital expenditure
Capital expenditure was $2,478.1 million
($1,414.0 million in 2024), including $590.1
million of mine development, $252.2
million of sustaining capital expenditure
and $1,635.8 million of development capital
expenditure ($1,327.1 million related to
Centinela Second Concentrator Project).
Ore Reserves and
Mineral Resources
As of 31 December 2025, Centinela had
total Mineral Resources of 5,151 Mt, with
a grade of 0.35% Cu. Total Ore Reserves
were 2,505 Mt, with a grade of 0.41%
Cu, with by-products of gold, silver and
molybdenum at Centinela Concentrates.
For more information, see page 249.
Growth and development
Second Concentrator Project
(underway, 2024-2027)
• Overview: Project to add 170 kt CuEq
annual production, comprising 144 kt
of copper, 130 koz of gold and 3.5 kt
of molybdenum.
• Status update: Project remains on
track and on budget, and was more
than 50% complete as of Q4 2025,
with project ramp-up to commence
late 2027, and completion in late 2028.
Sustainability snapshot
Responsible water use
Centinela operates on untreated sea water
pumped from the Group’s port facility on
the Pacific coast. Its last continental water
wells were closed in 2022.
The Copper Mark
Centinela previously achieved The Copper
Mark assurance under the new criteria
in 2024.
Community engagement
The Second Concentrator Project at
Centinela continued to generate significant
employment opportunities for local
communities in 2025. As of 2025, during the
peak of construction, over 13,000 workers
are engaged on site, with a strong emphasis
on hiring from the Antofagasta Region.
Outlook for 2026
Production is forecast to be
195-215 kt of copper, 155-165 koz of
gold and 3.0-3.5 kt of molybdenum.
Production of copper-in-concentrate
is expected to moderate in 2026 as
grades revert back to historical levels.
Cash costs before by-product credits
are forecast to be $2.45-2.65/lb, and
net cash costs to be $0.50-0.70/lb.
Optimising ore handling with technology
In 2025, Centinela introduced a new technology – ShovelSense – as a pilot
project to help further optimise ore loading, through the use of high-speed X-Ray
Fluorescence Analysis (XRF).
With on the spot ore identification and grade characterisation via deposit-specific
algorithms, ShovelSense is a technological solution that helps to identify copper and
gold grades (among other elements) during loading operations.
By analysing material during loading, operators are able to redirect haul trucks
via the Fleet Management System. This approach aims to help reduce ore dilution,
and prevent waste from entering the processing plant, as we stop ore being sent to
waste dumps. The technology was recently implemented on a second rope shovel at
Centinela, along with implementation at Antucoya, helping the Group to realise similar
gains across the portfolio.
Efficiency gains via machine learning
Recommendations powered by machine learning, lifting copper output.
In 2025, Centinela implemented its SIRO treatment system (MINCO) to optimise
concentrator operations. This advanced platform uses historical process data and
mineralogical characteristics to generate prescriptive recommendations for grinding
and flotation. By integrating real-time analytics, SIRO MINCO has enabled operators to
adjust key parameters, resulting in a 1% increase in throughput and a 0.75 percentage
point increase in recoveries. The system also improved process stability and reduced
variability, supporting Centinela’s drive towards operational excellence.
For more information on our approach to innovation | Page 34
Innovation spotlights
Centinela’s community engagement
initiatives are co-ordinated through the
Diálogos para el Desarrollo (‘Dialogues for
Development’) programme. See page 49
for more.
Further details are available in the
Sustainability Review | Page 40
25
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Review of 2025
Safety performance
In 2025, Antucoya recorded another
fatality-free year (2024: 0 fatalities).
The lost time injury frequency rate (LTIFR)
was 0.28 (2024: 1.39), and the total
recordable injury frequency rate (TRIFR)
was 0.98 (2024: 2.63).
Financial performance
EBITDA was $327.0 million, compared with
$275.8 million in 2024, an increase of 19%
reflecting higher realised prices for copper,
partially offset by higher pre-credit cost.
Production
Copper production in the full year was
81,200 tonnes, 1% higher than the same
period in 2024, with an improvement
in ore throughput rates and recoveries
during the year.
Cash costs
Full-year 2025 costs were $2.82/lb,
11% higher year-on-year, reflecting
labour agreement settlement costs
and increased stripping activities.
Capital expenditure
Capital expenditure was $98.8 million
(2024: $123.4 million), including $83.0
million on sustaining capital expenditure.
Ore Reserves and
Mineral Resources
As of 31 December 2025, Antucoya had
total Mineral Resources of 1,062 Mt, with
a grade of 0.28% Cu. Total Ore Reserves
were 712 Mt, with a grade of 0.30% Cu.
For more information, see page 249.
Operating review continued
ANTUCOYA
Antucoya is approximately 1,400 km north of
Santiago and 125 km north-east of the city of
Antofagasta. Antucoya mines and leaches oxide
ore, to produce copper cathodes using the solvent
extraction and electrowinning (SX-EW) process.
Fatalities
0
(2024: 0)
LTIFR
1
0.28
(2024: 1.39)
Lifecycle of the mine
2016 2025
2045
Revenue
$0.8 Bn
+14%
EBITDA
$327 m
+19%
Safety performance
Financial and operational performance
Copper production
81.2 kt
Cash costs
$2.82/lb
2026
Guidance
2023 2024
2025
2026
Guidance
2023 2024
2025
85-90
77.8
80.4
81.2
2.40-
2.60
2.63
2.53
2.82
1. Lost time injury frequency rate.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202526
Outlook for 2026
Production is forecast to be
85-90 kt of copper and cash costs
are expected to be approximately
$2.40-2.60/lb.
Processing operations: SIRO Ácido
In 2025, Antucoya fully deployed the SIRO Ácido platform, integrating
real-time ore characterisation and leaching optimisation across its operation.
This digital innovation, previously known as Mineral Tracker 2.0, enabled a 0.8
percentage point increase in copper recovery, while also saving more than 1,000
tonnes of sulphuric acid, and reducing water consumption by 5% (compared to 2024).
The system’s predictive analytics improved ore stacking and irrigation strategies,
supporting a 1-2 percentage point increase in recovery rates. These achievements
demonstrate Antucoya’s commitment to operational excellence and sustainable
resource use.
Advanced dust suppression
In 2025, Antucoya invested $5 million in advanced dust suppression, installing
12 new water cannon and expanding covered conveyors to 80% of transfer points.
These measures resulted in a 25% reduction in particulate emissions year-on-year, as
verified by four continuous air quality monitoring stations. The operation also included
the launch of a real-time dust alert platform, enabling rapid response to any instances
of elevated levels, and improving compliance with national air quality standards.
Such initiatives are aimed at enhancing Antucoya’s safe working environment and
operational excellence.
For more information on our approach to innovation | Page 34
Innovation spotlights
Growth and development
Preliminary exploration on
low-grade hypogene
• Overview: Studies are underway to
determine the long-term potential for
primary sulphide leaching at Antucoya.
Sustainability snapshot
Responsible water use
In 2025, Antucoya maintained its leadership
in water stewardship by operating entirely
on sea water.
Also during the year, Antucoya piloted
new evaporation reduction technologies,
covering 60% of storage ponds and
achieving a 12% decrease in water loss
compared to 2024. Total water withdrawal
was 7.9 gigalitres in 2025, in line year-on-
year, and Antucoya continues to maintain
a recirculation and reuse rate of over 85%
for its operational water use.
Community engagement
During 2025, Antucoya strengthened its
engagement with local communities through
Diálogos para el Desarrollo (Dialogues for
development), the community engagement
programme in the surroundings of Antucoya
and Centinela. The mine partnered with
regional training centres to deliver technical
workshops for 120 participants, aimed at
improving employability in maintenance and
operations roles. Alongside this, Antucoya
supported a cultural preservation project
in María Elena, funding three community-
led events that celebrated Atacameño
traditions and crafts. These activities
were complemented by environmental
education sessions for local schools,
reaching over 400 students and promoting
sustainable practices.
Workforce balance
Relevos Mina (Mining Shift Programme)
is a local employability programme at
Antucoya that trains community members
– particularly women – as part-time
haul-truck operators, supporting work–
life balance, inclusion and operational
continuity. For more information on this
initiative, see page 46.
The Copper Mark
Antucoya successfully achieved The
Copper Mark assurance under the new
criteria in 2025.
Further details are available in the
Sustainability Review | Page 40
27
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Review of 2025
Safety performance
In 2025, Zaldívar recorded another
fatality-free year (2024: 0 fatalities).
The lost time injury frequency rate (LTIFR)
was 0.98 (2024: 0.31), and the total
recordable injury frequency rate (TRIFR)
was 3.08 (2024: 1.72).
Financial performance
Attributable EBITDA at Zaldívar was
$61.8 million in 2025, compared with
$99.9 million in the same period last
year, with this decrease linked to higher
operating costs, partially offset by higher
realised copper prices.
Production
Total attributable copper production in the
full year was 36,700 tonnes, 8% lower
year-on-year, following a decrease in ore
throughput rates and lower recoveries.
Cash costs
Full-year 2025 cash costs were
$3.44/lb, 14% higher than 2024, following
lower copper production, an increase in
the unit cost for key consumables such
as sulphuric acid, and the settlement of a
three-year collective bargaining agreement.
Capital expenditure
Attributable capital expenditure in 2025
was $60.8 million (2024: $42.2 million),
of which $32.8 million was sustaining
capital expenditure.
Ore Reserves and Mineral
Resources
As of 31 December 2025, Zaldívar had
total Mineral Resources of 1,044 Mt, with
a grade of 0.36% Cu. Total Ore Reserves
were 354 Mt, with a grade of 0.40% Cu.
For more information, see page 249.
ZALDÍVAR
Zaldívar is located approximately 175 km
south-east of the city of Antofagasta. The mine
is an open-pit, heap-leach copper mine which
produces copper cathodes using the solvent
extraction and electrowinning (SX-EW) process.
Operating review continued
Fatalities
0
(2024: 0)
LTIFR
1
0.98
(2024: 0.31)
Lifecycle of the mine – (approved EIA grants option to extend to 2051)
1995 2025
2038
EBITDA
$62 m
(38)%
Safety performance
Financial and operational performance
2
Copper production
36.7 kt
Cash costs
$3.44/lb
2026
Guidance
2023 2024 2025
2026
Guidance
2023 2024
2025
30-35
40.5
40.1
36.7
3.70-
3.90
2.95
3.02
3.44
1. Lost time injury frequency rate.
2. Note that Zaldívar is reported as an associated and therefore revenue is not reported.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202528
Outlook for 2026
Attributable copper production is
forecast to be 30-35 kt at a cash
cost of $3.70-3.90/lb.
Growth and development
Mine Life Extension and Water
Transition Project
• Overview: Environmental Impact
Assessment (EIA) approved in May
2025. Review of water sourcing
options underway, to pivot to sea water
or third-party water sources after three
years (2025-2028). Following approval,
the Group has the option to extend
Zaldívar’s mine life to 2051 through
the phased implementation of primary
sulphide leaching (Cuprochlor-T
®
).
Approval of the EIA included a
collaborative engagement process with
communities, other local stakeholders
and the Chilean government.
Sustainability snapshot
Community engagement
In 2025, Zaldívar partnered with the
Municipality of San Pedro to publish
Ancestral Recipes
, a book designed to help
preserve Atacameño culinary traditions.
This project involved 3,000 contributors
and includes plans for a documentary
to boost cultural tourism. Additionally,
Zaldívar supported three cultural events
in Peine and Camar, promoting indigenous
heritage and community engagement.
Responsible water use
For a number of years, Zaldívar has
maintained high water recirculation rates
(above 90% in 2025), promoting efficient
water use and minimising the demand for
fresh water.
SmartPLS: automation of daily processes
Through an intelligent, automated and data-driven approach, the SmartPLS
Pregnant Leach Solution (PLS) system is helping to optimise heap-leach operations.
This digital platform uses real-time monitoring and predictive analytics to track recovery
curves and key irrigation variables across heap-leach pads, to automate the detection
of underperforming modules and provide actionable recommendations. In 2025, this
system’s insights helped operators make timely adjustments, improving resource
efficiency and supporting a more sustainable production process.
Maintenance: digital condition monitoring
In 2025, Zaldívar implemented Machine Vision, a real-time artificial intelligence
system designed to monitor equipment across its critical plant assets.
Machine Vision is a technology transfer from Centinela to Zaldívar, whereby cameras
are used to monitor the condition of equipment and allow for the early detection of
deterioration and potential failure, particularly in heavy-duty, hazardous settings.
At Zaldívar, Machine Vision has been deployed to automatically detect cracks in
the apron feeders connected to the ore crushing systems, with online monitoring.
For more information on our approach to innovation | Page 34
Innovation spotlights
Further details are available in the
Sustainability Review | Page 40
Energy management
During the year, Zaldívar undertook
projects focused on energy management,
with a focus on the use of renewable
heat for electrowinning processes. An
ongoing haul truck speed control project at
Zaldívar saved 544 cubic metres of diesel,
equivalent to 1.4% of total diesel use.
The Copper Mark
Zaldívar previously achieved The Copper
Mark assurance under the new criteria
in 2024.
29
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Operating review continued
TRANSPORT
DIVISION
Our Transport Division, known as Ferrocarril de
Antofagasta a Bolivia (FCAB), is a strategic service
provider to the mining industry in the Antofagasta
Region of northern Chile.
BOLIVIA
ARGENTINA
CENTINELA
ZALDÍVAR
ANTUCOYA
ANTOFAGASTA
MEJILLONES
CENTINELA
PORT
PERU
ARGENTINA
PERU
BOLIVIA
Tocopilla
María Elena
Sierra Gorda
Antofagasta Region
Antofagasta
Calama
Taltal
Mejillones
Transport network
Mine
Road
Railway
Revenue
$174m
(11)%
EBITDA
$70m
(8)%
2025 tonnage transported
6,407 kt
2024
2025
2022
2023
6,407
7,108
7,110
7,107
History
Founded in 1888, FCAB has played an important role
in the economic development of northern Chile for
137 years. Originally established to connect the port of
Antofagasta with Bolivia’s capital, La Paz, the railway
has been instrumental in supporting the region’s
mining industry and facilitating international trade.
Over the decades, FCAB has evolved from a
traditional rail operator into a modern logistics
provider, adapting its network and services to meet
the changing demands of the mining sector and the
broader regional economy, with a commitment to
innovation and sustainability.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202530
Overview
FCAB operates one of the most extensive
privately-owned rail networks in South
America, connecting a number of operating
mines with ports and processing facilities.
The division prioritises safety, operational
excellence, operating efficiencies,
sustainability and innovation. Its strategic
integration supports economic growth
and the region’s vital mining sector.
Headquartered in the city of Antofagasta,
northern Chile, the division had a
workforce, comprising employees and
contractors, of more than 1,700 people
as at 31 December 2025.
Activities
FCAB manages a railway network
measuring more than 700 km, linking major
mining sites in the Antofagasta Region to
ports and processing plants. In addition
to rail services, the division provides
road cargo solutions, offering flexibility
and comprehensive coverage for clients’
logistical needs. The majority of cargo
transported consists of bulk materials for
the mining industry, including sulphuric
acid, copper concentrates, refined copper
products and concentrates containing other
metals. FCAB’s operations are underpinned
by a focus on operational excellence,
asset efficiency, and the adoption of new
technologies to enhance service reliability
and environmental performance.
BOLIVIA
ARGENTINA
CENTINELA
ZALDÍVAR
ANTUCOYA
ANTOFAGASTA
MEJILLONES
CENTINELA
PORT
PERU
2025 performance
Safety performance
In 2025, FCAB recorded another
fatality-free year (2024: 0 fatalities).
The lost time injury frequency rate
(LTIFR) was 1.24 (2024: 0.42), and
the total recordable injury frequency
rate (TRIFR) was 2.99 (2024: 1.27).
Operating performance
Total volumes transported during the full
year were 10% lower at 6.4 million tonnes,
reflecting reduced levels of overall demand
for the transportation of concentrates
and sulphuric acid. EBITDA reached
$70 million, a 8% decrease compared to
2024, due to lower transported volumes.
The Transport Division remains focused on
three pillars: (1) productivity improvements,
(2) growth, and (3) operational efficiencies.
These pillars aim to boost competitiveness, in
a market characterised by new competitors
and expanding urban areas along the
railway corridor.
Costs and operating efficiency
Productivity, measured as tonnes
transported per employee, rose by 7%
compared to 2024. Total cash costs per
tonne remained broadly stable compared
to 2024, demonstrating effective cost
control despite lower volumes.
Technology and innovation
During 2025, FCAB designed and launched
a medium-term transformation programme,
known as Vías de Transformación
(‘Transformation Pathways’).
This programme is structured around three
main areas: driving commercial growth,
increasing productivity, and developing
operational efficiencies.
Sustainability
In 2025, FCAB made significant progress
on two flagship sustainability initiatives
in the Antofagasta Region: Firstly, the
division’s hydrogen-powered locomotive
began operations between Antofagasta
and Mejillones (see below for more
details). Secondly, FCAB continued the
transformation of the historic Bellavista
Yard, located in the centre of the city of
Antofagasta. During 2025, remediation
of the first ten hectares was completed,
with 20% of the site now planted with
native trees and converted into communal
green space.
This redevelopment project, undertaken
in close collaboration with local authorities
and community groups, is set to increase
the city’s green space by 7% and provide
new recreational areas for residents, along
with additional housing and infrastructure.
The Bellavista Yard initiative not only
rehabilitates a former industrial site but also
supports urban biodiversity and enhances
quality of life in the heart of Antofagasta.
FCAB’s commitment to the region is further
reflected in its workforce: over 85% of
employees are residents of the Antofagasta
Region, supporting local economic
development and strengthening ties with the
communities in which the Group operates.
Latin America’s 1
st
hydrogen locomotive
In November 2025, FCAB marked its 137
th
anniversary by celebrating a year since
the unveiling of Latin America’s first hydrogen-powered locomotive.
The locomotive now operates in the Antofagasta Region, using hydrogen fuel cells
combined with a high-capacity battery to significantly reduce emissions.
This project aims to assess the locomotive’s operational performance and scalability.
If successful, it could enable the gradual introduction of hydrogen-powered technology
across a broader portion of FCAB’s rail network, offering an energy-efficient and low-
emissions solution for future rail transportation.
For more information on our approach to innovation | Page 34
Further details are available in the
Sustainability Review | Page 40
Innovation spotlight
31
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
41%
53%
1%
5%
Prior to
2017
28%
66%
4%
2%
2017
2%
13%
76%
9%
2025
(mid-year)
10%
55%
30%
Best
practice
5%
Operating review continued
OPERATING MODEL
Delivering operational excellence and reliability, through an operating model that
is supported by continuous improvement and a robust maintenance framework.
Operational Excellence Management System: second phase launched in 2025
T
e
a
m
d
e
v
e
l
o
p
m
e
n
t
C
o
n
t
i
n
u
o
u
s
i
m
p
r
o
v
e
m
e
n
t
Common goal
Aspirational challenge
Aiming to reach
full potential
Aspirations, KPIs and goals Process owners Agenda
Resolution
of issues
Innovation and
transformation
Role
confirmation
Process
confirmation
Feedback and
recognition
Standards
Operational Excellence
Management System
The Group’s operating model aims
to embed a culture of continuous
improvement and operational discipline
across all sites. The updated Operational
Excellence Management System (SGE
1
)
was fully deployed in 2024, and sets clear
expectations to support the delivery of
strategic objectives, and achieve an
asset’s full potential (see diagram above).
The SGE is built on ‘Lean’ principles and
integrates nine core practices, including
role and process confirmation, structured
problem-solving, and regular performance
reviews. Implementation began with
critical mining processes, such as loading,
hauling and plant operations, which quickly
delivered measurable gains in productivity
and cost efficiency.
In its first year, the SGE supported 98
initiatives, generating approximately $42
million in value. Its second wave, launched
in 2025, targets a further $160 million
through 95 projects across Los Pelambres,
Centinela, Antucoya and Zaldívar.
Beyond operational metrics, the SGE
fosters collaboration, transparency
and disciplined execution. By aligning
leadership behaviours with operational
goals, the system aims to ensure that
improvements are sustainable, scalable
and embedded in daily routines and
decision-making. The SGE is regularly
updated to reflect lessons learned and
new challenges, supporting the Group’s
ambition to unlock the full potential of its
assets and maintain its position as a leader
in operational excellence.
Maintenance Management System
The Maintenance Management System
(SGM
2
) provides the structure to deliver
reliable, safe and cost-effective operations.
The SGM standardises maintenance
processes across all sites, ensuring
consistency in planning, execution
and performance measurement. This
approach combines preventive, predictive
and proactive strategies to minimise
unplanned downtime and optimise asset
life. Condition-based maintenance and
structured scheduling are now embedded
within the organisation, with major activities
scheduled on defined timelines and
progress tracked through daily reporting
and post-maintenance reviews. Since
deployment, this disciplined approach has
helped improve haul truck availability from
78.8% to 82.7%, and SAG mill availability to
94.4% – approaching industry benchmarks
for best practice.
The SGM also links maintenance
performance to broader business objectives,
including safety, efficiency and sustainability.
By embedding continuous improvement
practices, the system aims to drive
incremental gains in reliability and availability.
Proportion of time spent on each
type of maintenance activity
Reactive
Preventive
Predictive
Proactive
1. Operational Excellence Management System (Sistema de Gestión de la Excelencia, or SGE).
2. Maintenance Management System (Sistema de Gestión de Mantenimiento, or SGM).
ANTOFAGASTA PLC / Annual Report and Financial Statements 202532
KEY COSTS
Our mining operations depend on several key inputs, including energy, labour,
sulphuric acid and fuel, the most important of which are reviewed below.
Electrical energy
All of our operations are connected to
Chile’s main electricity grid, the National
Electrical System (Sistema Eléctrico
Nacional), and source power under
medium- and long-term contracts called
Power Purchase Agreements (PPAs).
Since 2022, the Group has had contracts
in place for all operations based on
renewable power. During 2025, electricity
consumption was 3,724 GWh (2024:
3,771 GWh). The weighted average price
considering all items (total price) was
$128/MWh (2024: $125/MWh).
Labour
During 2025, the Group successfully
concluded four separate three-year labour
agreements, comprising agreements with
supervisors’ unions at Los Pelambres
and Zaldívar, and the workers’ union
and the supervisors’ union at Antucoya.
In 2026, the Mining Division has four
labour agreements scheduled to expire,
comprising three agreements at Centinela
and one at Zaldívar.
Fuel and lubricants
Fuel and lubricants represent
approximately 7% of our production
costs and are primarily used in our
mining operations. During 2025, diesel
prices reflected a more balanced market
environment, supported by lower crude oil
prices, with the average price of WTI crude
oil decreasing by approximately 14% year-
on-year, to $66.0 per barrel (WTI 2024:
$76.6 per barrel). Crude oil represents
around 65% of the diesel price, while the
remaining 35% corresponds to refining,
logistics, distribution, storage and other
associated costs. In this context, the Group
continued to advance initiatives focused
on fuel efficiency and the progressive
electrification of its operations.
Explosives
(category: other inputs)
During 2025, prices for explosives
averaged $620 per tonne (2024: $648
per tonne), reflecting a slight decrease
due to lower pricing for ammonia, a key
input material in the manufacturing process
for explosives, which is derived from
natural gas. Additionally, lower demand
for ammonia from the agricultural sector
contributed to a reduction in pricing.
Grinding balls and mill liners
(category: materials)
Steel is used in the manufacture of
grinding balls and certain mill liners,
and accounts for approximately 6% of a
concentrator plant’s costs and 2% of the
Group’s production costs. During 2025, steel
prices remained under pressure, reflecting
continued global oversupply and subdued
demand, particularly in key consuming
sectors, such as construction. The average
steel price in 2025 was approximately
4% lower than in 2024, mainly driven by a
weaker domestic demand in China, elevated
export levels, and ongoing adjustments in
global steel production.
Tyres (category: other inputs)
Tyre prices are influenced by international
market trends and fluctuate based on the
supply and demand of key raw materials,
including natural rubber, synthetic rubber,
steel and black carbon. In 2025, prices
increased by 3% compared to the same
period in 2024. Each year, our operations
consume approximately 1,500 haul truck
tyres, which are typically procured through
five-year contracts to ensure a stable supply.
Sulphuric acid
Sulphuric acid is one of the main inputs for
the solvent extraction and electrowinning
(SX-EW) leaching process used to produce
copper cathodes, and represented 5% of
Group-level production costs in 2025. Each
year, the Group uses a combined total of
approximately 1.5 million tonnes of sulphuric
acid, which is typically contracted under
one-year agreements to secure supply.
During 2025, the annual acid price (CIF
Chile
1
) was approximately $155 per tonne,
while market spot prices ranged from $145
to $180 per tonne; this compares to an
annual price (CIF Chile
1
) of $130 per tonne
and a market spot range of $125-170 per
tonne in 2024.
Exchange rate
The Chilean peso exchange rate generally
has a strong correlation with the copper
price as copper exports generate nearly
50% of Chilean foreign currency earnings.
During 2025, the Chilean peso averaged
951 to the US dollar (2024: 944). Please
see Financial Review section for more
information.
Competitiveness Programme
Through the Competitiveness Programme,
the Group aims to position itself favourably
on the global cash cost curve through
a series of savings and efficiencies.
Since inception, this programme and its
predecessors have delivered more than
$1 billion of savings and efficiencies over
the course of 10 years. Further details of
the programme are provided on page 50
of this report.
Breakdown of cash costs 2025
Operational services 19%
Materials and spare parts 14%
Labour 13%
Electrical energy 12%
Maintenance services 12%
Fuel and lubricants 7%
Sulphuric acid 5%
Other inputs 10%
Other 8%
1. Cost, Insurance and Freight (CIF).
33
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Operating review continued
OPERATING EXCELLENCE
AND INNOVATION
Innovation is at the heart of our strategy, underpinning sustainable growth,
operational excellence and long-term value creation.
Innovation is one of the Group’s strategic
pillars and a core component of our
purpose to develop mining for a better
future. At Antofagasta, innovation is
focused on sustaining competitiveness
and operational efficiency in the short
term, while simultaneously enabling the
future development of the business and
new ways of doing mining, with people at
the centre of our strategy. Our approach
to innovation is underpinned by robust
governance, disciplined execution and
a dynamic portfolio of initiatives aligned
with the Group’s strategic priorities,
increasingly supported by technology, data
and digital capabilities. Over time, we have
strengthened a differentiated governance
framework to address both short-term
operational challenges and the strategic
priorities set out in the Group’s Innovation
Roadmap. This is reflected in an active and
diversified portfolio aimed at improving
performance, safety, and operational
efficiency, while enabling long-term
business development.
Collaboration with leading global innovation
centres, such as the Massachusetts
Institute of Technology (MIT), enhances our
ability to anticipate trends, explore emerging
technologies, and assess solutions with
potential application in the mining of the
future. In 2025, for the third consecutive
year, Antofagasta’s Mining Division was
recognised as Chile’s most innovative
mining company in the Most Innovative
Companies Chile ranking, prepared by ESE
Business School, MIC Business Consulting,
and Diario El Mercurio.
Strategic innovation
Strategic Innovation, as defined in the
Group’s Innovation Roadmap, addresses
the structural challenges of the business
and enables the future development of the
Mining Division. This roadmap is prioritised
and sequenced based on the Group’s
strategic challenges, ensuring consistency
with the corporate strategy and execution
aligned with business priorities.
During 2025, progress was made on
transformational technologies and
initiatives, including the development and
scaling of Cuprochlor T
®
, our proprietary
large-scale leaching technology for primary
sulphides; alternative approaches to tailings
management focused on water recovery
and tailings valorisation through new
materials; and solutions for large-scale
and selective material movement.
Key initiatives include the development
of a new material transport system using
road trains, with a pilot project expected to
begin operating towards the end of 2026,
aimed at capturing additional efficiencies
and improving productivity. In addition,
ShovelSense technology was incorporated
to enable ore grade measurement at the
shovel, optimising material management
from the earliest stages of the process.
Looking ahead, the Group is considering
the progressive incorporation of generative
artificial intelligence for operational
support, the expansion of digital training,
and the standardisation of key processes
to promote consistency and best
practices. These initiatives are intended
to strengthen the foundations for long-
term competitiveness and future business
development.
Operational innovation
Our Operational Innovation Programme
focuses on strengthening current
operational performance by directly
addressing productivity, safety, and
efficiency challenges. During the period,
significant progress was achieved through
intelligent process control systems,
such as SIRO BLEND and SIRO MINCO,
which optimise daily ore blending as
well as grinding and flotation activities.
These solutions delivered measurable
improvements in copper recoveries and
operational efficiency. In addition, digital
platforms for heap leaching irrigation
management, including SIRO Cinéticas
and SmartPLS, were deployed to enable
real-time monitoring and optimisation of
irrigation cycles, resulting in significant
reductions in water consumption and
higher recirculation rates. For example, at
Antucoya, these solutions reduced residual
water content in heaps from 12% to 9.5%
in 2025, generating water savings of
approximately 0.7 million cubic metres.
Predictive maintenance tools, such as PdM
Haul Trucks, also contributed to reducing
unplanned downtime and improving
equipment availability at Los Pelambres
and Antucoya.
Advanced analytics platforms such as
SIRO Blend, Agile Decision Assistant
(ADA), Mineral Tracker, and Fines
Predictor continued to deliver sustained
improvements in key performance
indicators, including cost reductions
and process optimisation.
At Group level, more than 50 projects
were approved during 2025, generating
efficiency savings in excess of $80 million
and reinforcing a portfolio focused on
operational performance.
Digital innovation also encompasses
the development of people capabilities.
During 2025, the innovation function
was strengthened through targeted
training programmes and the deployment
of digital tools, including the launch of
digital academies and workshops aimed
at accelerating skills development and
reinforcing a culture of innovation.
In parallel, progress was made in
strengthening cyber security through the
progressive implementation of ISO 27000
standards and operational continuity
protocols. In addition, the deployment of
LTE (Long-Term Evolution) connectivity
for autonomous operations at Encuentro
Sulphides at Centinela represented a
significant milestone in the implementation
of digital solutions during 2025.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202534
Cuprochlor-T
®
: innovative technology
for primary sulphide leaching
Cuprochlor-T
®
is a patented technology designed to extract copper from ores
with higher levels of chalcopyrite (primary sulphides), via heap-leaching.
For more than ten years, Antofagasta has been advancing its patented technology,
Cuprochlor-T
®
, which is designed to help overcome the traditional limitations of
heap-leaching of primary sulphide ores. A number of industrial scale trials on this
technology in previous years have achieved copper recoveries in excess of 70% over
a period of 220 days, demonstrating its effectiveness and potential for wider adoption
in the industry.
Furthermore, in 2025 the Group announced plans to construct an industrial-scale leach
pad at Zaldívar in 2026, to validate the performance of Cuprochlor-T
®
at full operational
scale. The Group is currently engaging with a number of third parties, with the aim of
potentially licensing Cuprochlor-T
®
at other copper mines.
Haul trucks: predictive maintenance
Maintenance of heavy mining equipment, especially haul trucks, is a major cost and
operational risk in mining. Traditionally, maintenance was reactive, taking the form
of responding to breakdowns after they occurred. Through predictive maintenance,
however, the Group intends to reduce unplanned downtime and lower costs.
In 2025, Antofagasta implemented its Predictive Maintenance (PdM) tool for the haul
truck fleets at Los Pelambres and Antucoya. The PdM tool uses advanced statistical
analysis and real-time monitoring of engine parameters to detect anomalies before
failures happen. Early alerts are issued, enabling maintenance teams to intervene
on a proactive basis. This approach helped to reduce critical engine failures at Los
Pelambres, resulting in an overall gain in truck availability. At Antucoya, the PdM tool
has also been deployed, with the quantitative impact currently being measured through
ongoing monitoring and further operational use.
OREPro: blast zoning optimisation
OREPro is an advanced digital solution designed to optimise blast zoning in
open-pit mining operations at Los Pelambres.
By integrating geological models, ore characterisation and predictive analytics,
OREPro enables greater precision in blast design and zoning, ensuring greater
separation of ore and waste during blasting. This approach reduces ore dilution
and minimises losses, thereby supporting operating teams to improve recovery
rates and efficiencies in downstream processing.
Through enhanced material characterisation and blast zoning better aligned with
geological variability, OREPro has contributed to the optimisation of the mining
process, delivering improvements of approximately 5% in fragmentation indicators.
These improvements have supported a more efficient and stable operation, with
positive impacts on productivity and operating costs.
Innovation spotlights
35
STRATEGIC
REPORT
FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Operating review continued
GROWTH PIPELINE
At Antofagasta, we continue to advance our portfolio of strategic growth
projects, each designed to deliver long-term value and operational resilience.
Centinela:
Second Concentrator Project
Los Pelambres:
Growth Enabling Projects
Los Pelambres:
Development Options Project
Zaldívar:
Mine Life Extension and Water Transition
Status:
Construction phase,
project on track
Timeline:
2024-2027
Total capital cost estimate:
$4.4 billion
1
Status:
Construction phase,
projects on track
Timeline:
2024-2027
Total capital cost estimate:
$2.0 billion combined
(Comprising c.$1 billion
for each project)
Status:
Planning phase;
EIA submitted December 2024
Total capital cost estimate:
$2.0 billion
(following EIA approval)
Status:
Planning phase;
EIA approved May 2025
Timeline:
Three-year transition period
2025-2028
Project overview: The Centinela Second Concentrator
Project represents a significant expansion of the Group’s
copper production capacity, adding 95 kilotonnes per day
(ktpd) of processing capacity. The new concentrator will
operate at a separate site, situated a few kilometres to the
south-west of the Group’s existing concentrator (nameplate
capacity of 107 ktpd). The plant will principally be fed
from the Esperanza Sur and Encuentro sulphide deposits;
pre-stripping of the latter commenced in 2025. Once
operational, the new concentrator will double production
of copper in concentrates, as well as by-products of gold,
molybdenum and silver, serving to enhance competitiveness
through lower net cash costs.
The project leverages advanced technologies, including
High-Pressure Grinding Rolls (HPGRs), autonomous
mining fleets, and a fully Integrated Remote Operating
Centre (IROC) in Antofagasta city. Through the addition of
modern technologies, the Group expects to realise greater
efficiencies, reduce energy consumption and support the
Group’s sustainability commitments, including the use of
100% renewable energy and sea water in processing.
Project progress: During the course of 2025, the Centinela
Second Concentrator Project remained on track and on
budget. As of the end of the year, early work was underway
by pre-commissioning teams to consider the project’s
integration following the completion of construction in 2027.
Construction activities in 2025 included the completion of
civil works in the primary crusher area. As of the end of
2025, the project workforce numbered over 13,000 people.
Looking ahead: Work in the coming period will focus
on completing construction across several areas of the
project and on the energisation of the main substation.
Project overview: The Los Pelambres Growth Enabling
Projects comprise two projects: (1) a new concentrate
pipeline and El Mauro enclosures, and (2) an expansion of
the existing desalination plant from 400 to 800 litres per
second. These projects are designed to add resilience to the
future operation of Los Pelambres, and will form a platform
for potential further expansions.
Project progress: As of the end of 2025, construction
activities on both the concentrate pipeline and desalination
plant expansion were progressing in line with the
established schedule, and on budget.
On the concentrate pipeline, during the course of 2025
activities continued along both the lower and upper sections of
the pipeline route, including tunnel works in the upper section.
At the desalination plant, civil works continued during
2025 at both the desalination plant and its associated
pumping stations.
Looking ahead: For the concentrate pipeline, work in the
coming period will include the completion of tunnel sections
and the commencement of tie-in work for electrical systems.
For the desalination plant expansion, work in the coming
period will include the installation of additional pumps
and the completion of ancillary electrical infrastructure.
Project overview: The Los Pelambres Development Options
Project is a life of mine extension to 2051, which is focused
on evaluating and enabling future growth opportunities at
Los Pelambres, including the following components:
• Pit extension;
• Expansion of the El Mauro tailings dam;
• Option to increase throughput up to 205 ktpd; and
• Option to increase desalination plant capacity up to
an additional 800 l/s (nominal capacity), to account
for additional evaporation and processing requirements
following expansion.
The project encompasses a range of studies and stakeholder
engagement activities, with the objective of securing
the necessary permits and approvals for long-term
development.
Project progress: EIA submitted December 2024.
Discussions continued throughout 2025 with local
stakeholders, in line with expectations, and the project
remains in its preparatory phase.
Looking ahead: Discussions will continue with local
stakeholders and authorities in 2026, as part of a multi-year
programme of engagement and technical evaluation.
Project overview: The Zaldívar Water Transition and Mine
Life Extension Project is a key initiative to secure the long-
term future of Zaldívar. The project aims to transition from
continental water sources to either sea water or a third-
party supplier. In parallel, the Group has secured approval
for a potential extension of Zaldívar’s mine life to 2051.
Project progress: Approval of the EIA was announced
in May 2025, marking the conclusion of a collaborative
engagement process with communities, other local
stakeholders and the Chilean government. The approval of
the EIA provides a clear pathway for a mine life extension
and initiated a three-year transition to a long-term water
supply solution.
Looking ahead: As of early 2026, studies and engineering
work are progressing as part of the Group’s ongoing
assessment ahead of any investment decision being made.
The Group is currently evaluating a range of potential
solutions, with a decision expected to be made in 2026.
1. Figure quoted here ($4.4 Bn) is the figure provided on announcement in December 2023 and was subsequently reduced by
$380 million following the completion in H1 2024 of the process to outsource Centinela’s existing and planned water infrastructure.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202536
Centinela:
Second Concentrator Project
Los Pelambres:
Growth Enabling Projects
Los Pelambres:
Development Options Project
Zaldívar:
Mine Life Extension and Water Transition
Status:
Construction phase,
project on track
Timeline:
2024-2027
Total capital cost estimate:
$4.4 billion
1
Status:
Construction phase,
projects on track
Timeline:
2024-2027
Total capital cost estimate:
$2.0 billion combined
(Comprising c.$1 billion
for each project)
Status:
Planning phase;
EIA submitted December 2024
Total capital cost estimate:
$2.0 billion
(following EIA approval)
Status:
Planning phase;
EIA approved May 2025
Timeline:
Three-year transition period
2025-2028
Project overview: The Centinela Second Concentrator
Project represents a significant expansion of the Group’s
copper production capacity, adding 95 kilotonnes per day
(ktpd) of processing capacity. The new concentrator will
operate at a separate site, situated a few kilometres to the
south-west of the Group’s existing concentrator (nameplate
capacity of 107 ktpd). The plant will principally be fed
from the Esperanza Sur and Encuentro sulphide deposits;
pre-stripping of the latter commenced in 2025. Once
operational, the new concentrator will double production
of copper in concentrates, as well as by-products of gold,
molybdenum and silver, serving to enhance competitiveness
through lower net cash costs.
The project leverages advanced technologies, including
High-Pressure Grinding Rolls (HPGRs), autonomous
mining fleets, and a fully Integrated Remote Operating
Centre (IROC) in Antofagasta city. Through the addition of
modern technologies, the Group expects to realise greater
efficiencies, reduce energy consumption and support the
Group’s sustainability commitments, including the use of
100% renewable energy and sea water in processing.
Project progress: During the course of 2025, the Centinela
Second Concentrator Project remained on track and on
budget. As of the end of the year, early work was underway
by pre-commissioning teams to consider the project’s
integration following the completion of construction in 2027.
Construction activities in 2025 included the completion of
civil works in the primary crusher area. As of the end of
2025, the project workforce numbered over 13,000 people.
Looking ahead: Work in the coming period will focus
on completing construction across several areas of the
project and on the energisation of the main substation.
Project overview: The Los Pelambres Growth Enabling
Projects comprise two projects: (1) a new concentrate
pipeline and El Mauro enclosures, and (2) an expansion of
the existing desalination plant from 400 to 800 litres per
second. These projects are designed to add resilience to the
future operation of Los Pelambres, and will form a platform
for potential further expansions.
Project progress: As of the end of 2025, construction
activities on both the concentrate pipeline and desalination
plant expansion were progressing in line with the
established schedule, and on budget.
On the concentrate pipeline, during the course of 2025
activities continued along both the lower and upper sections of
the pipeline route, including tunnel works in the upper section.
At the desalination plant, civil works continued during
2025 at both the desalination plant and its associated
pumping stations.
Looking ahead: For the concentrate pipeline, work in the
coming period will include the completion of tunnel sections
and the commencement of tie-in work for electrical systems.
For the desalination plant expansion, work in the coming
period will include the installation of additional pumps
and the completion of ancillary electrical infrastructure.
Project overview: The Los Pelambres Development Options
Project is a life of mine extension to 2051, which is focused
on evaluating and enabling future growth opportunities at
Los Pelambres, including the following components:
• Pit extension;
• Expansion of the El Mauro tailings dam;
• Option to increase throughput up to 205 ktpd; and
• Option to increase desalination plant capacity up to
an additional 800 l/s (nominal capacity), to account
for additional evaporation and processing requirements
following expansion.
The project encompasses a range of studies and stakeholder
engagement activities, with the objective of securing
the necessary permits and approvals for long-term
development.
Project progress: EIA submitted December 2024.
Discussions continued throughout 2025 with local
stakeholders, in line with expectations, and the project
remains in its preparatory phase.
Looking ahead: Discussions will continue with local
stakeholders and authorities in 2026, as part of a multi-year
programme of engagement and technical evaluation.
Project overview: The Zaldívar Water Transition and Mine
Life Extension Project is a key initiative to secure the long-
term future of Zaldívar. The project aims to transition from
continental water sources to either sea water or a third-
party supplier. In parallel, the Group has secured approval
for a potential extension of Zaldívar’s mine life to 2051.
Project progress: Approval of the EIA was announced
in May 2025, marking the conclusion of a collaborative
engagement process with communities, other local
stakeholders and the Chilean government. The approval of
the EIA provides a clear pathway for a mine life extension
and initiated a three-year transition to a long-term water
supply solution.
Looking ahead: As of early 2026, studies and engineering
work are progressing as part of the Group’s ongoing
assessment ahead of any investment decision being made.
The Group is currently evaluating a range of potential
solutions, with a decision expected to be made in 2026.
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Operating review continued
PRE-PRODUCTION
AND INVESTMENTS
Investments: Buenaventura (Peru)
Antofagasta has beneficial ownership of approximately 19% of the outstanding shares of Compañía de Minas Buenaventura S.A.A.
(Buenaventura), which is Peru’s largest publicly-traded precious and base metals company and a major holder of mining rights.
Buenaventura has a portfolio of operating mines and exploration projects in Peru, in addition to a minority stake in the Cerro Verde
copper mine in south-west Peru.
Exploration portfolio: Chile
The Group has a portfolio of exploration projects in Chile, including: Cachorro (Mineral Resources of 256 Mt at 1.29% Cu),
and Encierro (Mineral Resources of 522 Mt at 0.65% Cu).
For more details, see information provided on the page opposite.
Exploration portfolio: Twin Metals Minnesota (USA)
Twin Metals Minnesota is a wholly-owned copper, nickel and platinum group metals (PGMs) underground mining project.
The planned project envisages mining and processing 18,000 tonnes of ore per day for 25 years to produce three separate
concentrates – copper, nickel/cobalt and PGMs. However, further development of the project, as currently configured, is on
hold while litigation takes place to challenge several actions taken by the US federal government to deter its development.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202538
EXPLORATION
ACTIVITIES
At Antofagasta, we conduct exploration activities with the aim of replacing
Mineral Resources mined at our operations during the year, as well as providing
a platform for future, long-term growth by developing a pipeline of organic growth
options. Our strategy is to focus exploration efforts on both near-mine exploration
and greenfield projects, while also looking for opportunities with third parties
in the Americas with a particular focus on Chile, Peru, the USA and Canada.
Chile: near-mine (brownfield)
exploration
During 2025, brownfield exploration was
carried out in the districts surrounding
Centinela, Los Pelambres and Antucoya.
In the Centinela District, new oxide and
sulphide targets were drilled, mainly
towards the southern part of the district,
with the aim of integrating any additional
resources identified into Centinela’s
development scenarios. Additionally, follow-
up exploration between the Esperanza and
Esperanza Sur pits was completed and
agreements with third parties were signed,
which have added new areas of prospective
interest to the district.
At Los Pelambres, the results of peripheral
drilling around the current open pit have
confirmed the extent of copper mineralisation
beyond the final wall boundary. As a result,
a plan for follow-up drilling will be developed
in 2026.
In the Antucoya District, a drilling campaign
is being executed to evaluate the primary
sulphide copper mineralisation. The main
objective is to build a geological model of
sulphide distribution that will allow reporting
of Inferred Resources in the future.
Chile: Cachorro Project
Cachorro is located in northern Chile,
100 km to the north-east of the city
of Antofagasta and 1,100 km north of
Santiago. In 2025, the project secured its
second environmental permit for its next
phase of exploration work. This project
remains in its exploration phase, with
work primarily focused on drilling for new
centres of mineralisation in the vicinity of
already known resources.
The Group’s latest estimate uplifts the
fine copper content by 2.6%, and suggests
an additional 60 million tonnes of 1.10%
copper that could potentially be classified
as Inferred Resources. Furthermore, new
exploration work carried out during 2025
revealed at least two additional mineralised
bodies, which will be subject to further
studies during the coming year.
During 2026, the main objective will be
to secure the environmental permits
associated with the camp and facilities
that will be used in the following stages of
the project, and further work to determine
Cachorro’s geology, geotechnical and
structural geology. All of these efforts
will support the pre-feasibility study work.
Chile: Encierro Project
The Encierro Project is located in the High
Andes of Chile, 100 km east of the city of
Vallenar and 600 km north of Santiago.
The deposit is a Miocene porphyry copper-
gold-molybdenum complex. The project is
currently preparing environmental impact
assessments with the aim of obtaining
government permits and approvals that
will allow the Group to continue with its
exploration efforts.
Exploration work in 2026 will include
surface geological and geophysical studies,
using non-invasive techniques, at new sites
within the property. Drilling will resume
once the necessary permits are obtained.
Reported resources remain the same as
reported as at the end of 2024, with an
estimated 522 Mt with a grade of 0.65%
copper, 0.22 g/t gold, and 74 ppm Mo
(0.5% cutoff).
Chile: Los Volcanes Project
The Los Volcanes Project is located in
northern Chile, 70 km north of the city
of Calama and approximately 1,500 km
north of Santiago. Los Volcanes comprises
three individual projects (Brujulina, CLPS
and Conchi), and the Group’s teams are
currently preparing environmental impact
assessments with the aim of obtaining the
necessary permits and approvals to proceed
with further exploration and delineation of
these three mineralised bodies – which were
initially studied between 2012 and 2014.
Chile: greenfield exploration
Greenfield exploration efforts in Chile
remained focused on the highly prospective
metallogenic belts of northern and central
Chile, with the main aim of identifying copper
porphyries, strata-bound deposits, and
IOCG (iron oxide, gold and copper) deposits.
Americas
We continued to pursue our strategy of
exploration within the Americas during
2025. In Peru, drilling campaigns have been
completed on both the 100% Antofagasta-
owned properties and other properties under
a joint venture. Encouraging drill results
were obtained in one of the projects, which
will be followed-up in 2026 with additional
work to delineate the size and upside
potential. Meanwhile, efforts have also been
made to secure high-quality properties in
the most prolific porphyry copper belts
of Central and Southern Peru, which will
be drilled once the required permits are
obtained during 2026.
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Sustainability review
SUSTAINABILITY
APPROACH
Sustainability at the
heart of our strategy
Our purpose at Antofagasta is to develop
mining for a better future. Sustainability is
at the core of our business, forming a pillar
in the Group’s strategy. It is embedded in
our business decisions and engineering
designs, including our major future growth
and development projects, such as the Los
Pelambres Development Options Project
(EIA submitted December 2024) and the
process associated with the approval
of Zaldívar’s EIA (approval announced
May 2025).
To be successful, our portfolio of long-
life operations requires strong, long-term
relationships with our stakeholders and a
focus on protecting the environment. We
consistently manage the risks related with
the health and safety of the people working
across our operations and construction
projects, and coordinate efforts across a
range of areas, such as energy transition
and resilience, safeguard nature and
biodiversity, and fostering community
development.
Sustainability policy
We have a sustainability policy built on five
pillars: People, Environmental Management,
Social Development, Transparency and
Corporate Governance and Sustainable
Economic Performance (see page 43 for
more information).
Read more in our Sustainability Report | www.antofagasta.co.uk
This policy is aligned with the United
Nations Sustainable Development Goals
and aims to deliver a lasting positive
impact on society while addressing
risks and opportunities that could affect
our business. Our approach features
forward-looking ambitions, including in
areas related to emissions, water use
and workforce talent, which set out our
expected pathway in each area.
Key highlights in 2025
The safety of our people remains our
foremost commitment in securing the
sustainability of our business. The Group
achieved another fatality-free year and
delivered safety performance ahead of
industry peers. Highlights for the year
also include Los Pelambres and Antucoya
achieving The Copper Mark assurance,
thereby joining Centinela and Zaldívar,
which were the first mines globally to
achieve this assurance in 2024 under
updated criteria. The Copper Mark
assurance now covers all four of our
mining operations, verifying our alignment
with its 33 ESG principles and the United
Nations Sustainable Development Goals.
Independent reviewers have confirmed
our compliance through site visits and
interviews, demonstrating our leadership
in responsible copper production.
Delivering sustainable
economic value
Suppliers
Payments for the purchase of
utilities, goods and services
$6,865m
Shareholders
Dividends
$395m
Governments
Income taxes, royalties and
other payments to governments
$726m
Communities
Social investment programmes
$63m
Subsidiaries’ non-
controlling shareholders
Dividends
$365m
Lenders
Interest payments
$474m
Employees
Salaries, wages and incentives
$697m
Additionally, the Group has also received
external recognition in the form of improved
ratings, including an upgrade in the Carbon
Disclosure Project Water Management
score by one notch to A- in February 2025.
Looking ahead to 2026
The Group intends to further integrate
its Operational Excellence Management
System with environmental management,
to strengthen risk detection, as well as
advance the Group’s EIA application for Los
Pelambres’ Development Options Project.
Total value
$9,585m
ANTOFAGASTA PLC / Annual Report and Financial Statements 202540
SUSTAINABILITY GOVERNANCE
The Sustainability and Stakeholder
Management Committee supports the
Board by providing guidance on the Group’s
safety, health, environmental and social
strategies and policies, overseeing related
programmes, and making recommendations
to ensure stakeholder interests are
considered in Board deliberations.
In 2025, the Committee’s focus included:
Health and safety: Assessed prior-year
and current-year performance, and
reviewed the strategic plan for 2025,
including preventative health indicators.
Community engagement: Oversight of
social investment priorities, such as Somos
Choapa and Dialogues for Development,
and Indigenous consultation processes,
with a positive Social Return on Investment
(SROI) on all four assessments completed
during the year.
Tailings management: Progress on
instrumentation and monitoring systems,
and compliance with the Global Industry
Standard on Tailings Management (GISTM).
Sustainability verifications: Oversaw
limited assurance of sustainability reporting,
greenhouse gas emissions and responsible
mining standards, and discussed transition
to new international verification frameworks.
Regulatory and project updates:
Monitored progress on environmental
permits, including approval of Zaldívar’s
EIA during 2025 and continued progress
on the EIA associated with Los Pelambres’
Development Options Project.
For more information on the
Committee’s areas of focus in
2025, see the Sustainability and
Stakeholder Management Committee
report | Page 134
BOARD
The Board is responsible for analysing, leading and monitoring sustainability policies and best practices.
SUSTAINABILITY AND STAKEHOLDER
MANAGEMENT COMMITTEE
• Supports the role of the Board.
• Makes recommendations to ensure that
sustainability topics are included in the
Board’s ongoing decision-making.
• Supervises the community and environmental
aspects of sustainability and human rights
policies.
• In 2025, the Committee met four times, and
monitored developments throughout the year.
AUDIT AND
RISK COMMITTEE
• Supports the role of the Board.
• Responsible for reviewing sustainability-
related financial information and disclosures.
• Monitors risks associated with safety and
sustainability, which is one of our five
strategic pillars, to identify degrees of
uncertainty and allow us to adopt measures
in a timely fashion.
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DOUBLE MATERIALITY
MATRIX
Sustainability review continued
This process, aligned with European Sustainability Reporting Standard (ESRS) guidelines, involved stakeholder engagement to identify and
prioritise key environmental, social and governance topics. The resulting materiality matrix informs our strategic planning and sustainability
policies, ensuring we address the most significant risks and opportunities. Our Board of Directors reviews and approves these findings,
reinforcing our commitment to transparency, best practice, and the creation of long-term value for all stakeholders. Key topics include:
Read more about our materiality assessment | www.antofagasta.co.uk/sustainability/at-a-glance/
Diagnostic
Desktop research –
80 subtopics identified.
Materiality
assessment
19 material topics.
Matrix construction
and validation
As shown below.
Evaluation
and validation
65 subtopics after
applying threshold.
Environment
• Climate change and
decarbonisation
• Tailings management
• Environmental management
• Water management
• Biodiversity
• Circular economy
Social
• Health and safety culture
• Respect for human rights
• Relationship and engagement
with communities and
Indigenous Peoples
• Collaborative labour relations
• Workforce wellbeing
• Diversity and inclusion
• Talent attraction, retention,
and development
Governance
• Sustainable economic growth
• Cyber security
• Responsible sourcing
• Regulatory transformation
and compliance
• Innovation
• Continuous adaptation
to the environment
Impact materiality
Financial materiality
Moderate High Very High
Moderate High Very High
Respect for human rights
Relationship and
engagement with
communities and
Indigenous Peoples
Climate change and
decarbonisation
Cyber security
Biodiversity
Responsible sourcing
Circular economy
Diversity and inclusion
Workforce wellbeing
Innovation
Continuous adaptation
to the environment
Regulatory transformation
and compliance
Collaborative labour relations
Talent attraction, retention,
and development
Sustainable economic
growth
Tailings management
Water management
Environmental management
Health and safety culture
In 2024, we conducted a double materiality assessment to evaluate both how our
activities impact society and the environment, and how external factors affect
our business.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202542
Driven by our values
SUSTAINABILITY
FRAMEWORK
Our purpose
Developing mining for a better future
Supported by responsible
mining standards
As of the end of 2025, all four of the Group’s
mining operations have now achieved
The Copper Mark assurance, which is an
independent assurance framework launched
in 2020 for responsible copper production.
Assurance requires compliance with
33 criteria across areas, which include
governance, labour, the environment,
community and human rights.
People
Aligned SDGs Aligned SDGs
Aligned SDGs Aligned SDGs
Environmental
Management
Social
Development
Aligned SDGs
Material topics
Health and safety culture | Page 44
Collaborative labour relations | Page 46
Workforce wellbeing | Page 44
Diversity and inclusion | Page 46
Talent attraction, retention, | Page 46
and development
Material topics
Climate change | Page 56
and decarbonisation
Environmental management1 | Page 54
Water management | Page 52
Tailings management | Page 55
Circular economy | Page 54
Biodiversity | Page 54
Material topics
Relationship and | Page 48
engagement with
communities and
Indigenous peoples
Material topics
Regulatory transformation
and compliance
1
Cyber security
1
| Page 90
Respect for human rights
1
Responsible sourcing | Page 50
Respect
for others
Committed to
sustainability
Forward-thinking
Responsibility for
health and safety
Innovation as
a permanent
practice
Excellence in our
performance
1. Material topic covered in detail in the 2025 Sustainability Report and Sustainability Databook 2025, published March 2026.
Material topics
Sustainable economic
growth
1
Continuous adaptation
to the environment
1
Innovation | Page 34
Transparency
and Corporate
Governance
Sustainable
Economic
Performance
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This result for 2025 places the Transport
Division as one of the safest operators of
rail and road transport networks in Chile,
with substantial improvements realised
over the past 10 years – as demonstrated
in the chart opposite.
More broadly, high-potential incidents
(HPIs) within the Group – a key leading
indicator of safety – reduced by 5% from
21 in 2024 to 20 in 2025, with the Group
continuing to focus on learning from each
event to avoid repeat incidents. The high-
potential incident frequency rate declined
by 30% year-on-year to 0.04, following a
doubling of the number of hours worked at
the Centinela Second Concentrator Project
during the year.
Embedding learning in 2025
Health and safety is a key component of
our strategy and we further developed
our learning management cycle during
the year. This is a systematic approach
to documenting and analysing all safety-
related events, including injuries, near-
misses, and other incidents. By aiming to
fully capture all health and safety incidents,
including near-miss events, we are able to
identify patterns, share lessons learned,
and implement targeted interventions to
reduce repeat incidents. As part of this
process, each operation conducts regular
on-site reviews and safety walks to verify
compliance with critical controls, engages
directly with operating teams and actively
aims to identify potential hazards. These
proactive inspections help reinforce safety-
first behaviours and ensure continuous
improvement in workplace safety standards.
An example of the Group developing new
processes and systems to embed learning
is demonstrated through the measures
that are being developed for the reporting,
investigating and managing of corrective
actions associated with high-potential
near miss events. This work is being
conducted in connection with our planned
task risk assessment (ARTP) tool, which
is described in detail on the next page.
Fatality-free operations
0
Another fatality-free year registered
in 2025 (2024: 0 fatalities)
Leading safety
metrics improve
30%
Reduction in high-potential
incidents frequency rate in 2025
Sustainability review continued
HEALTH AND SAFETY
Strong safety performance
0.58
Group-level LTIFR
1
maintained
despite over 18,000 contractors
across construction projects
Image: Example of standard PPE
People
Safety-first approach
At Antofagasta, health and safety is at
the heart of our approach, underpinning
every aspect of our business. 2025 was
a year marked by several significant safety
incidents in the global mining industry,
serving as a reminder of the inherent
risks involved in mining.
Our approach to health and safety is built
on four pillars: (a) managing occupational
health and safety risks through layered
assessments and controls, including
the ‘I Say No’ practice; (b) reporting,
investigating and learning from incidents to
prevent recurrence; (c) visible leadership,
with senior executives engaging directly
at worksites; and (d) robust contractor
management, ensuring all business
partners comply with our standards.
In 2025, we strengthened our safety
framework, with a focus on further
developing the right culture to adapt and
evolve in response to new challenges.
2025 performance
The Group recorded another fatality-free
year, in line with 2024, and continuing
our strong performance on safety. More
broadly, performance during the year
saw the Group consolidate its recent
good results in safety, with both the lost
time injury frequency rate and total injury
frequency rate finishing the year in line
with 2024.
In the Mining Division, all four mines
delivered a total lost time injury frequency
rate below 1.0, and – importantly – the
Group’s major construction projects
achieved a lost time injury frequency rate
in line with the Group’s mining operations,
despite this area incorporating a combined
total of more than 18,000 temporary
contractors.
Elsewhere, Antucoya became the first
company in Chile to achieve ESYS (‘Empresa
Segura y Saludable’)
2
certification in 2025,
recognising its leadership in implementing
world-class health and safety standards
across operations.
In the Transport Division, the total lost time
injury frequency rate rose year-on-year
to 1.24 and the total recordable injury
frequency rate rose to 2.99 in 2025.
1. Lost time injury frequency rate.
2. Chilean ESYS certification aligns with WHO Healthy Workplace health principles.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202544
Safety: Performance over past ten years
Lost time injury frequency rates (LTIFR), Transport Division on secondary axis.
Transport Division
Mining Division
Group
0
0.5
2
0
4
6
8
10
12
1.0
1.5
2.0
2.5
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Safety in a growth phase
As our portfolio expands, we had more
than 18,000 external contractors across
three major construction projects as at the
end of 2025. Ensuring that all partners
meet the same rigorous safety standards
remains a key objective. The Group’s
RECSS (‘Special Regulation for Contractors
and Subcontractors’) remains key to how
contractor safety is proactively managed,
and in 2025 we further embedded RECSS
compliance via the following: defining
roles; co-ordinating activities; evaluating
contractor performance; and integrating
new strategies, tools and an assessment
platform to achieve zero accidents and
occupational illnesses.
Enhanced risk mapping
Our understanding of health and safety
risks continues to expand through enhanced
risk mapping and integrated control
strategies. We have worked to align health
and safety risks with environmental risks
under unified frameworks, to anticipate
emerging risks and foster a culture of
prevention. In 2025, three control standards
were implemented: two at El Mauro (Los
Pelambres’ main tailings facility), and one
addressing air quality at Centinela. These
initiatives aim to broaden risk mitigation by
targeting environmental risks that impact
both the environment and workforce health
and safety. See the Risk Management
section on page 78 for more details.
Occupational health
In 2025, we strengthened our approach
to occupational health, by addressing risks
such as dust, noise and chemical exposure.
A key initiative was the implementation of
engineering projects aimed at eliminating
or isolating hazards at their source,
prioritising areas with high silica and noise
exposure; as a result 600 people were
removed from their similar exposure groups,
and are therefore no longer exposed to
specific occupational health risks. We also
advanced health monitoring by expanding
baseline assessments across all operations
and introduced digital tools for real-time
tracking of exposure levels. These measures
contributed to a continued reduction in
permanent occupational illnesses.
Digitalisation of Planned
Task Risk Analysis
The Group’s Planned Task Risk Analysis
system (ARTP
4
) is our safety management
framework, designed to proactively identify,
assess and control risks before work begins.
Developed in 2022 to strengthen operational
discipline and embed a culture of prevention,
the ARTP is a framework for evaluating
hazards associated with each task, and then
ensuring that controls are in place and well
understood. In 2025, the Group digitalised
an initial phase of its ARTP process, making
standardised risk assessments accessible
to all teams and contractors via a digital
library. Success in rolling out the ARTP
system contributed to a 5% reduction in
high-potential incidents to a record low
level in 2025.
Safety performance 2025
2025 2024
Five-year
average
2
%
(vs five-year
average)
Lagging indicators
1
Fatalities 0 0 0.2
3
-100%
Lost time injury frequency rate (LTIFR) 0.58 0.56 0.84 -31%
Total recordable injury frequency rate (TRIFR) 1.69 1.61 2.24 -25%
Leading indicators
1
High-potential incidents 20 21 50 -60%
High-potential incident frequency rate 0.04 0.06 0.16 -75%
Occupational illness frequency rate 0.08 0.03 N/A N/A
1. Frequency rates for lagging indicators are provided in the table above are all calculated per million
hours worked and per 200,000 hours worked for leading indicators. Both cover employees and
contractors on a combined basis.
2. Five-year trailing full-year average (2020-2024).
3. One fatality recorded during the past 5 full-year periods (2021).
4. ARTP denotes ‘Analisis de Riesgo de la Tarea Planificada’.
Mining Division and Group (LTIFR)
Transport Division (LTIFR)
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following pillars: (1) Relationships with
people: Building trust, engagement and
a sense of belonging through transparent
communication, recognition, and support
for personal and professional growth.
(2) Organisational capabilities:
Developing the skills, competencies and
leadership experience required to deliver
the Group’s strategy, with a focus on
training, succession planning, and talent
mobility. (3) Organisational effectiveness:
Optimising structures, processes and
systems to ensure agility, efficiency
and alignment with business objectives.
Equality and work-life balance
Following a multi-year approach to recruit
and provide development opportunities,
to attract the best talent to our workforce,
we achieved a level of 30% women in the
Group’s workforce, increasing from 8.8%
in 2018. Additionally, 27% of our leadership
positions are now held by women. Building
diverse and inclusive teams is a key element
of workforce development, and local
employment will play an important role
in supporting this objective during 2026.
Chilean Norm N°3262 promotes gender
equality and work-life balance. In 2025,
Antofagasta obtained certification for Los
Pelambres, Centinela and Antucoya mining
operations, as well as recertification for the
Transport Division and corporate offices.
Progress included audits of processes and
internal management systems, in addition
to initiatives aligned with Chile’s 40-hour
working week legislation. These efforts
helped Antofagasta to become the first
mining company in Chile to receive the Sello
Iguala Conciliación, awarded by the National
Service for Women and Gender Equality,
in recognition of its gender equality and
work-life balance management system.
Shift programme
In 2019, Antucoya launched Relevos Mina
(Mining Shift Programme), which enables
local residents from the local community of
María Elena to work part-time as truck drivers
during low productivity hours, such as shift
changeovers, with the aim of promoting a
better work-life balance for those with limited
availability to work full-time. This programme
welcomed a further 15 participants in 2025
(2024: 24). Los Pelambres adopted the
programme in 2023, with 17 women from
local communities in the Choapa Valley now
working as truck drivers.
Sustainability review continued
PEOPLE
Our workforce, comprising our employees
and contractors, is key to the Group
delivering its purpose and achieving long-
term success. In 2025, accountability and
cross-functional collaboration were central
to navigating production challenges and the
delivery of major projects. Key highlights
in 2025 included: voluntary turnover in the
Mining Division decreasing to 3.5% (2024:
4.3%) and internal mobility increasing by
five percentage points to 39%. In addition,
through continued efforts to recruit and
retain the best talent, the Group has raised
gender diversity in its workforce balance
to reach 30% women in 2025 (from 8.8%
in 2018), and 27% of leadership roles
held by women, demonstrating progress
made in offering careers and development
opportunities.
Key themes in 2025
In 2025, Antofagasta placed ‘Productivity’
and ‘Leadership’ at the heart of its
organisational agenda. The Group
recognises that effective leadership, with a
strong focus on accountability, is essential
for sustainable growth and operational
excellence. In respect of productivity, our
focus remains on enhancing efficiencies
within teams, through training and talent
development. For example, the Group’s
Leadership and Diversity Academy
introduced an internal trainers’ programme
in 2025, in which Vice Presidents, General
Managers, and other Managers of the
Group helped to deliver leadership courses
to more than 400 supervisors across
the business.
Our focus on leadership was further
demonstrated through the following three
initiatives. Firstly, our refreshed leadership
model was embedded across operations,
focusing on accountability, continuous
improvement and inclusion. Secondly,
our recognition programme consolidated
a culture that values achievement and
innovation, with over 6,000 instances of
staff being recognised for outstanding
contributions in 2025. Thirdly, our Young
Professionals Programme continued to
attract diverse talent, as outlined in the
case study opposite.
Strategic pillars
Effective long-term workforce development
and planning identifies the capabilities
needed and builds skills. At Antofagasta,
our approach is structured around the
Collective bargaining 2025
4
agreements made during the year,
with negotiations conducted in a
fair and transparent environment
Balanced workforce
30%
of employees are female,
reflecting efforts to recruit
and retain the best talent
Average training hours
per employee 2025
105
Representing a more than
45% increase year-on-year
People
Image: Work underway at
Antucoya’s SX-EW processing plant
ANTOFAGASTA PLC / Annual Report and Financial Statements 202546
Collective bargaining
In 2025, the Mining Division concluded
four collective bargaining agreements
across three of the Group’s mining
operations, with four agreements due to
expire within the Mining Division in 2026.
Psychosocial risks
A psychosocial risk assessment was
conducted by the Chilean Ministry of
Social Security in 2025, with the Group’s
corporate offices and Los Pelambres both
evaluated as being ‘low risk,’ maintaining
the same rating as in the previous evaluation
in 2023. The Group’s other operations
have also been evaluated, and are currently
awaiting their results.
Ley Karin adoption
Following the introduction in Chile of
Ley Karin (Karin’s Law or Law 21.643)
in 2024, Antofagasta has implemented
a comprehensive protocol to prevent
harassment and violence in the workplace,
including training and clear reporting
procedures.
Mentoring Programme
The Mentoring Programme was expanded
in 2025 to include over 100 participants,
supporting career development and
leadership growth.
Looking ahead to 2026
In 2026, the focus will be on maintaining
diverse and inclusive teams by increasing
local employment in northern Chile and
boosting productivity by developing digital,
leadership and technical skills.
Young Professionals Programme
Antofagasta’s Young Professionals Programme, established over a decade ago,
is a cornerstone of the Group’s strategy to attract and develop early-career talent.
The programme, which offers structured learning, rotational assignments, and exposure
to multiple business functions, is designed to provide participants with a range of benefits,
from mentorship and networking opportunities to tailored development plans that
accelerate their progression. In 2025, the programme welcomed 21 new participants,
including 17 women, reflecting the Group’s focus on being able to recruit, retain and
offer career opportunities to the best talent in the mining industry.
Discover more | www.antofagasta.co.uk
2025 2024
Executive Committee
1
Male 9 75% 9 75%
Female 3 25% 3 25%
Senior management
2
Male 26 70% 26 72%
Female 11 30% 10 28%
Direct reports to the Executive Committee
Male 56 75% 54 76%
Female 19 25% 17 24%
Overall employee workforce
3
Male 5,902 70% 5,940 73%
Female 2,555 30% 2,155 27%
1. Members of the Executive Committee that report directly to the CEO, as shown on pages 113-115.
2. Includes all members of the Executive Committee, including those who do not report directly to
the CEO, as shown on pages 113-115 and directors of subsidiaries as defined in The Companies
Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.
3. Number of persons who were employees of the Group. The number of persons of each sex
who were Directors of Antofagasta plc at the end of the financial year is shown on page 110.
Female representation in management
Corporate
offices
Los
Pelambres
Centinela Antucoya Zaldívar FCAB
Workforce by location
1
520
334
1,079
547
2,016
921
733
243
219
730
291
824
Female 30%
Male 70%
Workforce (2025)
1. Total number of permanent, full-time and temporary employees at 31 December 2025.
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The Group also continued to co-finance the
Quitai Anko water research consortium in
2025, which is a public–private research
group, led by La Serena University, that
develops and pilots scalable technologies
for water stewardship.
Key project: Somos Choapa
In 2025, the Group initiated the design
of a new phase of the Somos Choapa
programme, building on a decade of
collaboration with municipalities, civil
society and technical teams.
Somos Choapa is a partnership between
Los Pelambres and the municipalities
of Canela, Illapel, Salamanca and Los
Vilos, and this programme celebrated its
tenth anniversary in 2024. The second
cycle launched in early 2025, focusing
on social investment, development of
local capabilities and strengthening local
economies. New collaboration frameworks
were defined with a number of local
councils, with the aim of facilitating
dialogue to co-design future projects. The
Group continues to support 80 rural water
systems through this programme, providing
reliable drinking water to local residents,
alongside ongoing projects to improve
irrigation for local farmers, through support
provided by telemetry and big-data tools.
Los Pelambres maintains active contracts
with 155 regional suppliers, 86 of which
are based in the Province of Choapa.
Building on this foundation, work as part
of Somos Choapa in 2025 focused on
collaborative planning with municipal teams
across a number of local communities.
Key projects have recently included
support for the reconstruction of Illapel’s
Polytechnic School, which is being designed
for 1,050 students with 28 classrooms and
specialised workshops. Wider education
programmes have expanded significantly
under the programme, with the award of
over 1,400 scholarships, including 182
for academic excellence, 424 for higher-
education continuity and 800 for rural
access. Water security was strengthened
through an upgrade to Chillepín’s rural
sanitation system, benefitting local
residents, while the ‘Manos del Choapa’
programme provided training and resources
to 12 micro-enterprises, with the aim of
boosting product quality.
Sustainability review continued
COMMUNITIES
Image: Local community event,
Central Zone
Somos Choapa
10
years of partnership
in the Choapa Valley
Land rehabilitation
2,700
square metres of urban renewal
in the City of Antofagasta to date
Long-term partnerships
At Antofagasta, our commitment to
sustainable development is based on the
belief that mining should generate lasting
value for local communities. In 2025, the
Group advanced its social management
model, characterised by collaborative public–
private partnerships and inclusive dialogue.
The Group’s operations in Chile span two
areas – (a) the Central Zone, notably the
Choapa Valley near Los Pelambres, and
(b) the Northern Zone, including Centinela,
Antucoya, Zaldívar and the Transport
Division (FCAB). Each region presents
different challenges and opportunities,
and our approach is tailored to local
needs, focusing on employment, education,
infrastructure, heritage conservation
and environmental stewardship. Our
social management model rests on four
pillars: open stakeholder relationships,
effective social investments, social
impact measurements, and proactive
risk management. In 2025, Antofagasta
measured the impact of four initiatives using
frameworks such as Theory of Change,
and Social Return on Investment (SROI),
with all four assessed to have delivered a
positive return. This brings the total number
of social programmes assessed under this
approach to 28 since 2018, with a primary
focus on engagement and capacity-building,
and addressing many of the most strategic
areas of social investment.
Central Zone initiatives
A key ongoing area of focus is Los
Pelambres’ Environmental Impact
Assessment (EIA) for the Development
Options Project (see page 37 for more
information). In respect of communities,
this application focuses in part on water
security and environmental sustainability.
In 2025, Los Pelambres employed nearly
800 regional workers (approximately 52%
of its own workforce) and sourced 25% of
suppliers from Coquimbo.
Improving water management within local
communities remains a priority, and we run
our APRoxima and Confluye programmes
to support the efficient use of water and
improvements to sanitation. Under these
initiatives, 206 water sensors have been
installed across the settlements of Canela,
Illapel, Los Vilos and Salamanca, helping
to optimise resources for more than
50,000 people.
Social
Development
Generating local value
$7.4
Bn
of value generated with stakeholders
in Chile in 2025 (2024: $6.2 Bn)
ANTOFAGASTA PLC / Annual Report and Financial Statements 202548
Northern Zone initiatives
Community engagement in the Northern
Zone focuses on education, heritage and
environmental conservation. In 2025,
the Group continued its partnership with
regional universities, by supporting training,
research and outreach programmes that
benefit local students and professionals.
A highlight of the year was a conservation
and regeneration project at the Tambo de
Camar, a pre-Hispanic building on the Inca
Trail, which was declared a World Heritage
Site by the United Nations Educational,
Scientific and Cultural Organization
(UNESCO) in 2014. See the case study
below for more information.
A key aspect of our local engagement
remains employment, and the Centinela
Second Concentrator Project continued
to increase its impact in this regard. Since
the project began, 29% of those hired have
been from the Antofagasta Region.
Zaldívar EIA: consultation process
The Indigenous consultation process with
the Peine community was successfully
completed in 2025, within a framework
of transparency and good faith, and
benefitted from a high degree of community
participation. This approach helped to
foster a climate of mutual understanding,
laying a solid foundation for a long-term
relationship with the community and
playing an important role in the approval of
Zaldívar’s EIA for its Mine Life Extension
and Water Transition Project. The Zaldívar
EIA experience underscores the importance
of engagement with local communities.
Key project: Dialogues for
Development
Dialogues for Development is a project
that uses a co-creation model to select
projects through open applications
and citizen voting. In 2025, a total of
nine participatory urban projects were
selected in Sierra Gorda, Michilla and
María Elena, after a process that included
over 1,300 community members. Beyond
these projects, we also promoted climate
resilience in rural communities near
Centinela and Antucoya, which includes the
funding of solar-powered energy systems
in local health centres and schools.
Tambo de Camar conservation project
In April 2025, the Tambo de Camar conservation project was officially opened,
in a collaboration between the Atacameño community of Camar and Zaldívar.
With an investment of CLP 661 million (c.$1 million), this project restored a key
archaeological site on the Qhapaq Ñan (Inca Trail), declared a UNESCO World
Heritage Site in 2014. The initiative includes 300 metres of trails, viewpoints, a
museum, and a climate-controlled archaeological repository. It is the first such
project in Chile managed directly by an Indigenous community, and aims to promote
cultural tourism and sustainable development. The project has created local jobs
and has trained community members as heritage guides, ensuring skills transfer and
long-term stewardship. Renewable-energy systems were installed in the museum to
minimise environmental impact, and partnerships with regional schools will enable
educational visits from 2026.
Discover more | www.antofagasta.co.uk
These have reduced emissions and
improved energy reliability for over
8,000 local residents.
Transport Division (FCAB)
community engagement
FCAB operates an extensive logistics
network across the Antofagasta Region
of Chile, and has maintained strong links
with a diverse range of communities and
stakeholders for more than 130 years.
In June 2025, FCAB completed
remediation work at Bellavista Yard, the
first of four sites under FCAB's Rail Yard
Conversion Plan – now known as Barrio
Parque – located in the city of Antofagasta,
and marking the start of one of Chile’s
largest urban transformations. The project
involves removing mineral-rich soils and
creating new buildings and green areas,
and will contribute to a more integrated
and resilient city.
To date, the current phase of this
rehabilitation project has 2,700 m² of urban
space, supporting sustainable development of
the city centre. In 2025, FCAB also continued
its reforestation campaign in partnership with
the Antofagasta Regional Hospital, planting
a tree for every child treated in the hospital’s
paediatric critical-care unit.
Looking ahead to 2026
Antofagasta remains committed to
deepening engagement across the Central
and Northern Zones of Chile. With respect
to Somos Choapa, technical working groups
are planned for each municipality, tasked
with designing and implementing the
programme’s new portfolio of initiatives.
The Northern Zone will also see the
continued implementation of the Dialogues
for Development Programme, the well-
established employability strategy, and
an expansion of educational partnerships.
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In parallel, the Group’s Suppliers for a
Better Future Programme engaged more
than 40 companies in 2025, supporting
the adoption of best practices and the
implementation of improvement projects.
The second edition of the ‘Ejecuto mi Plan’
(I execute my plan) programme brought
together 10 suppliers from the regions of
Coquimbo and Antofagasta during 2025,
who presented outstanding action plans
linked to their progress in the programme.
A central objective of the Suppliers for a
Better Future Programme is to promote
higher standards and local employment
within our supply-chain, with a particular
focus on increasing the participation of
women and local workers. In 2025, the
Group achieved notable progress with
supplier companies, with female workforce
representation reaching 15% and local
employment rising to 18%. This result
reflects a targeted approach to recruitment,
training and partnership initiatives, including
collaboration with technical institutes and
local organisations.
Responsible sourcing and
supplier development
The Group’s approach to responsible
sourcing emphasises increases to energy
efficiency and resilience, the promotion
of circular economy solutions and the
prioritisation of local procurement. The
Group continues to apply sustainability
criteria to supplier selection processes,
including sustainability-focused
evaluations, internal carbon pricing
and energy efficiency requirements.
Competitiveness Programme
The Competitiveness Programme is
designed to deliver combined savings
and productivity improvements to the
Group. It extends to supplier relationships,
encouraging partners to adopt best
practices in cost management, innovation
and operational efficiency. Overall, the
programme delivered $115 million of
savings and productivity improvements in
2025, against a full-year target of $100
million. Of this total, 48% can be attributed
to operational efficiencies, 31% to contract
management, and 21% to other cost
reductions.
RESPONSIBLE SOURCING
Image: Morning safety briefing
Regional purchasing
18%
Achieved for regional purchasing
in 2025, meeting ambition of 18%
Balanced workforces
in supplier companies
15%
Achieved for female representation
within supplier companies in 2025,
with ambition of 25%
At Antofagasta, we recognise the strategic
importance of managing our value chain
responsibly by maintaining long-term,
positive relationships with suppliers of
goods and services, and by promoting
sustainable development in local economies
through responsible procurement.
Robust governance
In 2025, the Group advanced its efforts to
continually improve sustainable development
in its supply chain, through areas such
as responsible sourcing, innovation and
social value creation. The Group’s approach
includes a robust governance framework,
strategic partnerships and alignment
with international standards, ensuring
that sustainability is integrated across
all business activities (see page 41 for
more information).
The Group aims to embed strong governance
practices in relation to its supplier
engagement and associated programmes,
with the Risk Management section on page
78 of this report. Governance of supplier
engagement, such as the Suppliers for
a Better Future Programme, is overseen
by a multidisciplinary team, including
sponsors from key corporate functions and
operational leadership. Regular reviews and
stakeholder engagement sessions are held
to ensure transparency, accountability and
the integration of feedback from suppliers,
employees and local communities.
Suppliers for a Better Future
In 2025, the Group unveiled the third
iteration of its Suppliers for a Better Future
Programme, and continues to support
the adoption of best practices and the
implementation of improvement projects.
The development of local suppliers remains
a key focus, since the Group sources more
than 95% of its goods and services from
within Chile. With responsible sourcing in
mind, the Group engaged with over 100
regional suppliers in capacity-building
programmes during the year. These
initiatives, delivered in partnership with
universities and industry experts, aim to
enhance competitiveness, productivity and
innovation among small and medium-sized
enterprises (SMEs) in the local area.
Transparency
and Corporate
Governance
Local hiring
48%
Achieved for local hiring in 2025,
meeting ambition of 45%
Sustainability review continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 202550
Innovation and digitalisation
Innovation is a cornerstone of the Group’s
approach to improving working practices,
standards and efficiencies in its supply
chain. In 2025, Antofagasta accelerated
the adoption of digital tools and advanced
analytics to optimise procurement, logistics
and supplier performance. The deployment
of integrated information systems has
improved data visibility, enabling more
informed decision-making and proactive
risk management.
Collaborative innovation initiatives with
suppliers have yielded tangible benefits,
including the development of new products,
process improvements, and the adoption
of low-carbon technologies. The Group’s
focus on digitalisation extends to the
implementation of predictive maintenance
systems, real-time monitoring platforms, and
the use of artificial intelligence to enhance
operational efficiency. Details of these
efforts are provided on pages 34 and 35.
Suppliers are encouraged to also contribute
to the Group’s overall performance and
sustainability objectives, through promoting
improvement initiatives and transparent
contract management. See page 33 for
more information on the Group’s key costs.
Environmental stewardship
Environmental responsibility is embedded
in the Group’s approach to supply chain
management, with a particular emphasis
on reducing the Group’s Scope 3 emissions
and promoting resource efficiency.
In 2025, Antofagasta advanced several
initiatives aimed at decarbonising its supply
chain, including the co-development of
methodologies for emissions inventory
and the integration of circular-economy
principles.
Key projects included the adoption of
CO₂-lite grinding media at Centinela, the
transition to electric warehouse transport,
and the expansion of recycling and waste
recovery programmes.
Deployment of ‘Time on Tools’
methodology at Centinela
New productivity initiative in 2025 to support contractor management.
In 2025, Centinela implemented a productivity initiative known as the ‘Time on
Tools’ methodology, which focuses on maximising the effective working time of both
employees and contractors, ensuring that operational activities are streamlined and
resources are optimised. By implementing digital measurement systems, Centinela
was able to accurately track productive hours and identify areas for improvement,
and this has helped to contribute to material productivity improvements within
Centinela’s workforce, while maintaining safety standards and production levels.
The initiative also led to enhanced equipment availability and reliability, which are
key factors under the Group’s operational excellence model.
The success of Time on Tools at Centinela has set a benchmark for other operations
within the Group, demonstrating the value of data-driven productivity programmes in
achieving sustainable performance gains.
Discover more | www.antofagasta.co.uk
Social management model
The Group recognises that the development
of supply chain practices should deliver
lasting value for local communities.
In 2025, Antofagasta strengthened its social
management model, which is characterised
by collaborative partnerships, inclusive
dialogue and targeted investments in
education, infrastructure and environmental
stewardship.
Flagship programmes such as Somos
Choapa and Dialogues for Development
have supported both digital inclusion
and local economic development.
The effectiveness of the community
engagement programme is assessed
through internationally recognised social
impact measurement tools, including
the Social Return on Investment (SROI)
methodology and the Territorial Human
Wellbeing Matrix. See pages 48 and 49
for more information.
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Standardisation and training
Water leaders and stewardship
In parallel, the Group advanced its water
management standardisation programme,
with over 70 employees participating in
formal training sessions during 2025.
These sessions focused on water
stewardship, operational standards,
water regulations, hydrogeological and
hydrological modelling, and the use of
water balance models.
Standardisation efforts during the year
included implementing transmission
systems for mine dewatering, aimed at
facilitating future reporting of data to the
local water authority, subject to regulatory
requirements. Currently, this functionality
is only operational at Zaldívar, but other
sites are ready to enable reporting. Work
to install additional flow meters is planned
for 2026, further aiding the Group’s ability
to model water balance and increase the
precision of reporting.
Water Efficiency Programme
The Group’s Water Efficiency Programme
delivered measurable results in 2025.
Zaldívar piloted the use of centrifuges for
water recovery from tailings, achieving
a recovery rate of over 70% in test runs
and reducing fresh water demand by an
estimated 8 l/s. Separately, flocculant
trials at Zaldívar increased water recovery
rates by up to 3%, with annual savings of
approximately 55,000 m³ of water. Efforts
to further optimise dust control activities at
Centinela continued, with associated water
use for suppression maintained at 40 l/s,
supported by new monitoring protocols.
Strategic partnerships
Antofagasta continues to maintain its
strategic partnership with the Pontificia
Universidad Católica de Chile, with
involvement from the university’s Chair of
Water Sustainability. During the year, this
partnership helped to facilitate six technical
lectures on topics that included acid drainage
dynamics and the behavioural dynamics of
suspended solids. These sessions, attended
by over 50 technical staff, were aimed at
supporting the Group’s commitment to
knowledge transfer and innovation.
WATER
Water stewardship training
70+
employees participated in formal
water management and stewardship
training sessions in 2025
Responsible water use
84%
water recirculation rate in 2025
(2024: 83%)
Sustainability review continued
2025 was a year of significant operational
and regulatory milestones for the Group’s
water-related activities, which included:
major project approvals, the ongoing
expansion of desalination capacity, and the
deployment of new technologies to address
water scarcity and improve efficiency. This
section primarily focuses on the Group’s
Mining Division, since water use in the
Transport Division (FCAB) principally
relates to potable water consumption in the
division’s corporate offices, which is not
considered material for the purposes of this
report. During the year, the Mining Division
improved its overall recirculation rate to
84% (2024: 83%), and also increased the
proportion of sea water withdrawals to
63% (2024: 58%).
Centinela and Antucoya continue to utilise
close to 100% water withdrawals from
sea water, following the closure of their
last continental water wells in 2022. The
processing of ores at both operations is
configured to utilise raw sea water, which
is pumped using renewable electricity from
a facility located on the coast. This facility
is currently being expanded as part of the
Centinela Second Concentrator Project
(see page 36 for more details).
At Los Pelambres, the Group’s 400 litres per
second (l/s) desalination plant continues
to operate at design capacity, and work to
expand this facility to 800 l/s is underway.
See below and page 36 for more information.
Major milestones in 2025
Zaldívar: EIA approval
In May 2025, the Group announced the
approval of Zaldívar’s Environmental
Impact Assessment (EIA), paving the
way for water from either sea water or
a third-party supplier, after a three-year
transitional period. The approved EIA allows
for an extension of Zaldívar’s operational
life until 2051.
Los Pelambres: adding further
desalination capacity
Los Pelambres’ desalination plant expansion
is underway and progressing towards
completion in 2027. Beyond this expansion,
the EIA for the operation’s Development
Options Project was submitted to the
environmental authority in December 2024,
and includes the option to further increase
the supply of desalinated water to Los
Pelambres to support future growth.
Image: Los Pelambres’ desalination
plant, Los Vilos
Sea water sourcing
63%
of all water withdrawn by the
Mining Division in 2025 was
sourced from the sea (2024: 58%)
Environmental
Management
ANTOFAGASTA PLC / Annual Report and Financial Statements 202552
Mining Division water withdrawals (% sea water)
Innovation initiatives
Improving water use in leaching
At Antucoya, the Integrated System of
Operational Recommendations (SIRO),
particularly the SIRO Kinetics module, is
an initiative that helps to reduce water use.
This tool enables daily analysis of leaching
kinetics and provides real-time visibility
of metal recoveries. Further details are
provided in the case study below.
AI and analytics: optimising
desalination performance
Los Pelambres’ desalination plant operated
at full capacity throughout 2025, with no
significant downtime reported. Here, the
Group has deployed artificial intelligence and
advanced analytics to help optimise plant
scheduling, using predictive models to identify
periods of favourable sea conditions. These
tools contributed to a 2% increase in plant
utilisation and a reduction in operational costs.
Water management system
The Group’s Water Management Platform
was launched in early 2025, providing
a unified, real-time dashboard for water
balance across all Group operations. This
platform integrates data from flow meters,
reports and process plants, enabling site
teams to track water use, recirculation rates
and operational metrics instantaneously. Its
rollout marks a major step in standardising
reporting and decision-making regarding
water use, supporting the Group’s efforts
to improve operational efficiencies.
Governance and agreements
At Los Pelambres, the redistribution
agreement for water sharing was renewed
for an additional year in 2025, continuing
the well-established practice of undertaking
an annual review with local stakeholders
in the Choapa Valley. The agreement
covers the allocation of water between
stakeholders, with compliance monitored
via monthly reporting.
Future plans
The Group continues to move towards its
medium-term ambition of 90% of water
use from recirculated water and sea water
sources. The completion of the desalination
plant expansion at Los Pelambres will be a
major step towards this level.
Operation
Sea water
proportion
2025
Sea water
proportion
2024
Water
recirculated
2025
Water
recirculated
2024
Los Pelambres 44% 42% 80% 77%
Centinela 95% 95% 82% 83%
Antucoya 97% 97% 89% 88%
Zaldívar 0% 0% 94% 93%
Mining Division total 63% 58% 84% 83%
Optimising water use through innovation
SIRO Kinetic is a digital optimisation project at Antucoya, designed to automate
and enhance copper recovery in heap-leaching.
SIRO Kinetic is a module of the Integrated System of Operational Recommendations
(Spanish acronym ‘SIRO’) that has materially improved leaching operations at
Antucoya. By unifying real-time data during processing, SIRO Kinetic enables teams
to monitor copper recoveries, and associated water use, for each leaching module,
reducing update times from over six hours to just seconds. The system evaluates the
technical and economic contribution of each module daily, ensuring resources are
allocated efficiently and recoveries are maximised. SIRO Kinetic has also helped the
Group to build a robust data repository, which will help to support further efforts in
implementing advanced analytics and predictive modelling.
Discover more | www.antofagasta.co.uk
Water withdrawals and recirculated water use in 2025
43%
45% 45%
60%
63%
58%
Sea water % of total
water withdrawals
2020 2021 2022 2023 20252024
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INFORMATION
During the year, approximately 121
hectares of forest and other ecosystems
were restored, reinforcing our ongoing
commitment to habitat protection and
ecosystem restoration. In addition, at
Los Pelambres efforts are continuing to
regenerate natural habitats, with more than
90,000 plants belonging to 12 local species
used in the ongoing restoration of the
Quillayes Dam, employing phytostabilisation
techniques and more than 90% local
labour. At Centinela, the programme to
safeguard the endangered Chilean tern
Sternula superciliaris
(‘
gaviotín chico
’)
continued, with monitoring and protection
measures in place for nesting sites, and this
initiative led to an increase in the number
of successfully fledged chicks in 2025.
TNFD Framework adoption
The TNFD framework offers a global
approach to identifying, assessing,
managing, and disclosing nature-related
issues. In 2025, we began implementing the
LEAP approach as the initial step towards
adopting the TNFD recommendations.
We focused on identifying our interface
with nature, evaluating dependencies
and impacts, and assessing risks and
opportunities. Furthermore, we are
developing key performance indicators
to help measure our progress in nature
conservation and ensure transparent
reporting, in line with the TNFD and
our ICMM commitments.
Circular economy initiatives
Circular economy principles remain a
strategic priority for the Group, with
a focus on the following areas:
• Increasing resource use efficiency;
• Lifecycle extensions; and
• Waste recycling and reclamation.
The Group has developed more than
100 circular economy initiatives, ranging
from the recycling of tyres to food
waste recovery and the monetisation
of industrial by-products. Collaborative
projects include workstreams to actively
involve local communities, universities and
government agencies in projects related
to circular economy topics. These efforts
are supported by Chile’s national circular
economy roadmap, which aims for a
regenerative, sustainable and participatory
economy by 2040.
Sustainability review continued
Circular economy in action
100+
distinct recycling initiatives
developed up to the end of 2025,
ranging from tyre and scrap
metal recycling, to food waste
recovery and industrial by-product
monetisation
BIODIVERSITY AND CIRCULARITY
Biodiversity protection
Biodiversity protection remains a
cornerstone of our approach to operating
sustainably. The strategic importance of
biodiversity is reflected in our alignment
with international standards, notably the
International Council on Mining and Metals
(ICMM) principles and the Taskforce on
Nature-related Financial Disclosures
(TNFD) Framework. Following the ICMM’s
announcement of its Position Statement on
Nature in 2024, we set out to strengthen
our management systems in 2025 by
developing a nature roadmap, including
biodiversity indicators and metrics, and
our adoption of the TNFD framework.
The ICMM’s statement sets out actions
for members to support a nature-positive
future by 2030, including commitments to
respect protected areas, avoid operations
and exploration activities in UNESCO
World Heritage sites, and implement its
proposed mitigation hierarchy to achieve
no net loss, or net gain, of biodiversity prior
to the closure of a mine. These efforts are
closely aligned with the Business Action
Plan on Biodiversity Initiative, a Chilean
initiative launched in 2025 that is being
used to integrate biodiversity into
business strategies.
A key highlight is our ongoing protection
of natural habitats around Los Pelambres,
where 27,808 hectares are protected,
which is more than six times the amount
of land utilised by Los Pelambres. This
includes four nature sanctuaries in the
commune of Los Vilos on the coast of
Chile: Laguna Conchalí, Palma Chilena de
Monte Aranda, Quebrada Llau Llau, and
the recently declared Cerro Santa Inés
sanctuary. The latter is a Valdivian forest
sustained by unique climatic conditions,
such as coastal fog. Through its protected
areas, Los Pelambres helps conserve
nearly half of the vegetation zone types
present in the Coquimbo Region.
Among the Group’s conservation actions
are the rescue and relocation of over
3,000 cactus and bromeliad specimens,
and more than 12,000 individual specimens
of bulbous plants, which were successfully
relocated to Fundo El Mollar, a designated
conservation estate in the Coquimbo Region.
Image: Native desert cactus, Chile
Environmental
Management
Protected areas
27,808
hectares are protected, which is
more than six times the amount
of land utilised by Los Pelambres
ANTOFAGASTA PLC / Annual Report and Financial Statements 202554
Fully GISTM-compliant
4/4
operating tailings facilities now
compliant under GISTM framework,
following confirmation of two
additional facilities in 2025
TAILINGS MANAGEMENT
GISTM: full compliance with
highest global standard
In August 2025, the Group announced
full compliance with the Global Industry
Standard on Tailings Management (GISTM)
at Quillayes (Los Pelambres) and Zaldívar.
This completed the Group’s compliance
for all of its operating facilities, within the
required industry-wide timeline set under
the framework, and certification will be
maintained through audits and community
monitoring. This follows the compliance
achieved in 2023 at the Group’s tailings
facilities at Los Pelambres and Centinela,
with annual updates since then.
Observatorio de Relaves
In January 2025, the Chilean Ministry
of Mining launched its Tailings Platform
(‘Observatorio de Relaves‘), managed
by the national government agency
(SERNAGEOMIN), which provides data
and interactive maps for all deposits in
Chile, covering more than 750 tailings
deposits (including both active and
inactive facilities). Additionally, the Chilean
authorities are currently developing a
platform to monitor the performance of
tailings impoundments, and the Group is
actively engaged in the development of
this initiative on a voluntary basis. These
initiatives are in line with the Group’s
existing approach to tailings management,
which includes the migration of tailings
information, including online monitoring
systems, to a standalone Integrated
Tailings Management Platform.
This initiative began during the year with
the El Mauro tailings facility, and is expected
to include all of the Group’s operating
tailings storage facilities over time.
Independent Tailings
Review Board engagement
The Independent Tailings Review Board
(ITRB) provides independent technical
oversight, supporting risk-informed
decision-making and robust governance.
In 2025 the ITRB was actively engaged
in his role, conducting four site visits to
the tailings facilities at Pelambres and
Centinela. The ITRB also focused on
the safety and sustainability of tailings
operations, verifying GISTM compliance,
assessing emergency preparedness, projects
review and recommending improvements
in monitoring. The Group aims to ensure
that its governance meets global standards,
reinforcing confidence in our approach. In
November 2025, the ITRB presented its
findings, conclusions and recommendations
to the Sustainability and Stakeholder
Management Committee.
Ongoing efforts at Quillayes
Rehabilitation work continues at Quillayes
tailings facility, which is currently being
planted with native tree species using
local labour. The facility reached its final
height in 2008, and is a benchmark for
post-operational management. The Group
continues to monitor and maintain the dam,
ensuring compliance with environmental
and safety standards.
Discover more | www.antofagasta.co.uk
Centinela: in-pit tailings disposal
In 2026, Centinela will begin in-pit tailings disposal, by converting a depleted pit
into a thickened tailings deposit. Through backfilling mined areas, this approach will
improve safety, reduce land disturbance, improve air quality, lower costs and avoiding
potential construction risks associated with a new facility. It is expected that this
project will manage approximately 35 million tonnes of tailings annually. Geotechnical
monitoring and water systems will aid safety and environmental performance, while
long-term benefits will include improvements in land rehabilitation.
Image: El Mauro tailings facility,
Los Pelambres
Environmental
Management
Quillayes Dam closure plan
300
hectares now rehabilitated
with native plant species
55
STRATEGIC
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
Now, what Scope 2 emissions (measured
in tonnes of carbon dioxide equivalent) are
generated, are incurred by the purchase
of electricity, heat, steam or cooling for
Antofagasta’s use. This development reflects
Antofagasta’s long-term commitment to
clean energy, and positions the Group
as a leader in the Chilean mining sector.
The Group’s emissions data is subject
to internal validation and a verification
process with an external provider, ensuring
transparency and accountability. Antofagasta
reports in accordance with the GHG Protocol
and relevant international standards, and
performance is independently verified.
As demonstrated in the charts opposite,
over 85% of the Group’s Scope 1 emissions
are connected to diesel use, and this
explains the Group’s particular focus on
reducing diesel consumption. Examples
of this work include the ongoing trial of a
trolley-assist system at Los Pelambres (see
case study opposite) and numerous smaller-
scale projects, such as the reduction of
idling time and a Smart Driving Programme
at both Centinela and Antucoya, and the
recent introduction of electric logistics
vehicles for handling materials in Centinela’s
warehouses and operational areas.
Emissions and energy consumed in the
United Kingdom and offshore areas relate
solely to corporate offices and are negligible.
Emissions: Scope 3
Scope 3 emissions are those generated
across the value chain. This category
includes emissions from purchased goods
and services, transportation, waste,
business travel and investments.
Sustainability review continued
Emissions: Scope 3
10%
Planned reduction in absolute
emissions by 2030
Sustainable energy use
42%
from renewable energy sources in
2025 (2024: 44%), including 100%
contracted renewable electricity
across the Mining Division
ENERGY EFFICIENCY AND RESILIENCE
At Antofagasta, we understand that a
responsible approach to energy management
is central to a successful business strategy
and long-term value creation. In 2025, we
continued our journey to improve energy
efficiency and resilience, building on the
strong foundations established in previous
years. The Group’s approach is guided by
the ICMM's Position Statement on Climate
Change, and includes robust governance
and a culture of innovation to drive progress
across all operations.
This section includes details of the Group’s
Scope 1, 2 and 3 emissions footprint,
outlines our expected future emissions
pathway, describes energy management
initiatives, highlights climate-resilience
measures, and explains the Group’s
approach to carbon offsets.
Emissions: Scope 1 and 2
Scope 1 emissions, being those tonnes of
carbon dioxide equivalent generated directly
from Antofagasta’s operation of facilities
and combustion of fuel, remain a primary
focus of the Group’s decarbonisation
strategy. The Group’s Scope 1 emissions
are principally linked to diesel consumption
in mining fleets, in stationary equipment
and in generating process heat. Antofagasta
has implemented a range of measures to
reduce these emissions, including fleet
electrification, process optimisation and
targeted energy efficiency projects.
Scope 2 emissions (market based), which
were historically related to the Group’s
purchases of electricity, have been
dramatically reduced in recent years
through the transition to renewable energy
contracts across the Group’s mining
operations in 2022.
Scope 1 and 2 emissions (market-based)
Scope 1 Scope 2 Mining Division (Scopes 1 and 2)
Year
(Group-level,
tonnes)
(Group-level,
tonnes)
Absolute
(tonnes)
Unit basis
(tCO
2
e/tCu)
2025 1,396,322 493 1,319,884 1.91
2024 1,319,382 440 1,228,927 1.75
% change +6% +12% +7% +9%
Note: Group-level data shown on market-basis, covering both the Mining Division and the Transport
Division. Unit basis emissions shown for Mining Division only. For more, see the Sustainability Databook
(www.antofagasta.co.uk). Emissions and energy consumed in the United Kingdom and offshore area relate
solely to a corporate office and are negligible.
All greenhouse gas emissions and energy consumption in respect of sites within our operational control
are calculated in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting
Standard. Greenhouse gases reported on are carbon dioxide, methane, nitrous oxide, perfluorocarbons and
sulphur hexafluoride.
Image: Excavator, Centinela
Environmental
Management
Emissions: Scope 1 and 2
50%
Planned reduction in absolute
emissions by 2035
ANTOFAGASTA PLC / Annual Report and Financial Statements 202556
Scope 1Scope 2Scope 3 Fuel
(including diesel)
Decarbonation
C1
C4
Other
C10
C3
Other
The Group continued its efforts to refine
its understanding of its Scope 3 inventory
in 2025, working closely with suppliers
and logistics partners to improve data
quality and identify reduction opportunities.
The Group’s largest source of Scope
3 emissions is Category 1 (purchased
goods and services), and this underscores
the importance of the Group’s proactive
engagement with local suppliers, which
represented over 70% of total goods and
services purchased in 2025.
The Suppliers for a Better Future
Programme was launched in late 2022
and expanded in 2025. The purpose of this
initiative is to align supplier best practices
with Antofagasta’s values and strategic
framework. It is focused on a range of
objectives, such as the promotion of local
employment, reducing carbon footprints,
fostering innovation and strengthening
business practices. It aims to achieve
these through engaging with key suppliers
in emissions calculation, reporting and
emissions reduction initiatives.
During the year, Antofagasta also
collaborated with transport providers to
optimise logistics and reduce emissions
associated with the movement of
concentrate and supplies. These efforts are
complemented by participation in industry-
wide initiatives, such as the ICMM's
working groups on climate. Antofagasta
recognises that Scope 3 emissions are
complex and require collective action. The
Group’s strategy is to foster transparency,
build capacity among suppliers, and
drive innovation in low-carbon solutions
throughout the value chain.
Future emissions pathway
Antofagasta has set ambitious targets
for emissions reduction, which include:
• Reducing Scope 1 and 2 emissions
by 50% by 2035 (baseline: 2020).
• Reducing Scope 3 emissions by
10% by 2030 (baseline: 2022).
• Achieving carbon neutrality
(Scope 1 and 2 emissions) by 2050.
Los Pelambres: trolley-assist trial
In 2024, Los Pelambres began work on a pilot project to potentially implement
a trolley-assist system for ultra-class haul trucks, with a trial due to commence
in 2026.
Developed in partnership with a major international equipment supplier, this initiative
enables trucks to draw power from overhead electric lines on haul ramps, replacing
a significant portion of diesel consumption with renewable electricity. Industry
benchmarks indicate that trolley-assist can reduce overall greenhouse gas
emissions by an estimated 20–30% per truck compared to diesel-only operation.
Discover more | www.antofagasta.co.uk
The Group’s future emissions pathway is
underpinned by a detailed roadmap that
integrates technology adoption, operational
improvements, and strategic investments.
Key levers include the electrification of
mining fleets, expansion of renewable
energy generation, process innovation,
and the deployment of advanced analytics.
The Group’s approach is regularly reviewed
and adapted to reflect technological
advances, regulatory changes and
stakeholder expectations. Scenario analysis
considers a range of market and policy
developments, ensuring resilience and
flexibility in Antofagasta’s approach. For
more information, see the Group’s Climate
Action Plan, which is available on the
Group’s website (www.antofagasta.co.uk).
See case studies below and on the next
page for details of projects that are being
developed, which demonstrate how we are
seeking to integrate modern technologies
to reduce diesel consumption and future-
proof our operations.
C1 Purchased goods and services
C3 Fuel and energy-related activities not
included in C1
C4 Upstream transportation and distribution
C10 Processing of sold product
Scope 1 emissions
breakdown
(2025)
Scope 3 emissions
breakdown
(2025)
Emissions
by Scope
(2025)
57
STRATEGIC
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
Sustainability review continued
ENERGY EFFICIENCY AND RESILIENCE continued
Centinela: expansion of electric fleet
In 2025, Centinela advanced its electromobility strategy by expanding its fleet of
battery-electric light vehicles and launching its first 100% electric internal logistics
service for warehouse and operational cargoes.
This ongoing initiative includes the implementation of Centinela’s first fully electric
contract, through the incorporation of three electric trucks for logistics transport and
one pickup truck, with the aim to generate operational cost savings and a reduction
in CO
2
emissions, compared to their diesel equivalents. In parallel, successful trials of
fully electric 4x4 pickup trucks have enabled the Group to launch an expanded tender
process, covering all four of the Group’s mining operations.
Energy management
1
Energy management is at the heart of
Antofagasta’s approach to decarbonisation.
In 2025, the Group continued to invest
in energy efficiency projects, process
optimisation and the adoption of digital
tools to monitor and control energy use.
All operations are certified under ISO
50001, and robust systems are maintained
for tracking energy consumption and
identifying savings opportunities.
Energy represented approximately 12%
of Group-level cash costs in 2025, and
the Group consumed 9,107,341,135 kWh
2
of energy in 2025 (2024: 8,938,484,488
kWh). For more information on energy
as a component of the Group’s costs, see
page 33. In 2025, the Group consumed
5,243,345,866 kWh of energy through fuel
consumption (57.6% of total energy use),
representing a result 5% higher year-on-year
(2024: 17.8 PJ, 55.3% of total energy use).
Electricity consumption fell by 2% in 2025
to 3,863,551,170 kWh (42.4% of total energy
use) as a result of increased efficiencies
in ore processing (2024: 3,952,917,783
kWh, 44.2% of total energy use). Energy
management initiatives in 2025 included:
• The installation of new energy-efficient
technologies, such as High-Pressure
Grinding Rolls, at the Centinela Second
Concentrator Project.
• The expansion of electric light vehicle
fleets at Centinela and other sites.
• The implementation of advanced
analytics for process control and
energy optimisation.
• Upgrades to pumping, crushing and
milling circuits to reduce energy intensity.
These projects delivered measurable
reductions in energy consumption and
associated emissions, while improving
operational reliability and cost efficiency.
Operating teams are empowered to identify
and implement energy-saving measures,
supported by cross-functional collaboration
and continuous improvement programmes.
Building resilience
Building resilience to climate change is
integral to Antofagasta’s long-term approach
and business model. The Group operates in
regions that are vulnerable to water scarcity,
extreme weather and other climate-related
physical risks. Our approach combines
risk assessment, adaptation planning, and
investment in resilient infrastructure. Ongoing
initiatives to bolster resilience include:
• Detailed studies undertaken in the run
up to the EIA approval for Zaldívar’s
Mine Life Extension and Water
Transition Project.
• Enhanced water management systems,
including thickened tailings, further
desalination capacity and increased
water recirculation.
• Integration of climate risk into strategic
planning and capital allocation.
• Engagement with local communities and
authorities to build adaptive capacity.
Antofagasta conducts regular climate
risk assessments, informed by the latest
scientific data and stakeholder input.
Mitigation measures are reviewed annually
and updated to reflect emerging risks and
opportunities. Antofagasta also participates
in collaborative research and industry
forums to share best practices and
advance collective resilience.
Approach to carbon offsets
and neutralisation measures
Antofagasta’s primary focus is on
the reduction of its direct emissions.
However, we recognise the critical role
of offsets in achieving carbon neutrality
for hard-to-abate sectors.
In 2025, we continued to evaluate high-
quality offset projects and to prioritise
cost-efficient alternatives with robust
environmental and social co-benefits.
Our approach to offsets is guided by
the following principles:
• Preference for in-sector reductions
and removals.
• Alignment with international standards
and best practices.
• Transparent reporting and third-party
verification.
• Integration with broader sustainability
objectives.
Antofagasta has invested in pilot projects
for reforestation and biodiversity
conservation, and is exploring opportunities
for nature-based solutions in partnership
with local stakeholders. See page 54 for
more information on the Group’s efforts
with respect to biodiversity conservation.
Looking to the future
The Group’s approach to increasing energy
efficiency and resilience is delivering
tangible results, positioning the Group as
a leader in sustainable mining. Progress
in reducing Scope 1, 2 and 3 emissions,
investing in renewable energy and building
climate resilience reflects our commitment
to responsible stewardship and long-term
value creation.
1. Emissions and energy consumed in the United Kingdom and offshore area relate solely to a corporate office and are negligible.
2. The aggregate annual quantity of energy consumed (i) from the combustion of fuel and the operation of the Group’s facilities; and (ii) resulting from the purchase of
electricity, heat, steam and cooling by the Group for its own use.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202558
The Group is pleased to confirm that in
2025 our disclosures are fully consistent
with the TCFD recommendations and
recommended disclosures, as well as the
supplementary guidance for non-financial
groups. The climate-related financial
disclosures made by the Group also comply
with the requirements of the Companies
Act 2006 as amended by the Companies
(Strategic Report) (Climate-related Financial
Disclosure) Regulations 2022. In addition,
the Group’s analysis for 2025 has evolved
by adopting the following approaches:
Strategy section – impact on the business
of our Climate Action Plan: We have
assessed, and reported in our Climate
Action Plan, on progress along our path
to decarbonisation, which was published
in March 2024.
OUR TCFD PROGRESS
The Group’s reporting on the Task Force on Climate-related Financial Disclosures
(TCFD) recommendations is integrated into this report in accordance with UK
Listing Rule 6.6.6R(8). Progress against the recommendations is summarised
in this section, together with an index showing where more detailed disclosures
can be found.
This outlines the actions that we are
taking, or planning to take, to address the
global challenge of transitioning towards
lower greenhouse gas (GHG) emissions,
achieving carbon neutrality by 2050 and
mitigating the impacts of climate change.
In addition, our Climate Action Plan
reflects our medium-term targets.
Metrics and targets section – climate-
related metrics and targets: We have
estimated the capital expenditure required
for Antofagasta to mitigate and adapt
to climate change. As part of ongoing
engineering studies, the sums required
are estimated to be in the range of
$500-1,000 million.
GOVERNANCE
Recommended disclosures Progress
• Board oversight
• Management role
• The Decarbonisation Project Management area, created in 2023 as part of the Vice Presidency of Strategy
and Innovation, has continued to make progress on a more mature decarbonisation plan.
• Base case
1
and development case
2
scenario analyses were presented to the Board, and the results have
informed the annual long-term financial planning process. Both cases incorporate climate change elements
that are significant for each operation, and consider mitigations for these climate change impacts, reflected
through different adaptation measures, and taking into account controls already in place.
• In addition, a climate change case is reviewed annually to enhance understanding of the base case and
development case. The climate change case models the relationship between climatic and operational
variables to define quantitative impacts on each mining operation over time.
• This climate change case (using the base case, the development case scenario and the more severe
climate change scenario based on SSP5-8.5
3
‘fossil-fuelled development’ for physical risk analysis, and the
International Energy Agency’s Net Zero Emissions by 2050 scenario
4
for transition risk analysis) was presented
to the Board and the results of this analysis informed the annual long-term financial planning process.
• Since the establishment of the climate change committee in 2021, the committee has continued to enhance
understanding and appreciation of the importance of our Climate Action Plan within the organisation and to
provide advice to our Executive Committee.
• In 2024, we published our first climate transition plan (known as our Climate Action Plan) and in 2025 we
published an updated Sustainability Report covering the previous calendar year (2024) and our Climate
Action Plan.
1. Base case: a cash flow projection and valuation exercise by the Group through the Life-of-Mine (LOM), where the main objective is to optimise current operations
(revenues and costs) and approved capital expenditure, with projects in construction and operation included in the assessment. Exercise undertaken on an annual basis.
2. Development case: reflects the potential value of the Group’s assets beyond the base case, incorporating the cash flow projections from growth alternatives that are at an
advanced stage, but which are not yet approved.
3. Shared Socioeconomic Pathways (SSPs) are as defined by the Intergovernmental Panel on Climate Change (IPCC) in its 2021 Sixth Assessment Report. Representative
Concentration Pathway (RCP) 8.5 (SSP5-8.5) assumes that emissions continue to increase for the rest of the 21st century, and is considered a worst-case scenario.
4. The International Energy Agency’s (IEA) Net Zero Emissions by 2050 (NZE) scenario is a normative scenario that shows how the global energy sector can achieve net
zero carbon dioxide emissions by 2050, and is included in its Net Zero by 2050: A Roadmap for the Global Energy Sector report.
Metrics and targets section – GHG
emissions and related risks (Scope 3):
The Group’s 2022 Climate Change Report,
published in November 2023, included our
Scope 3 emissions and breakdown, split into
15 categories, and the main areas of work to
achieve our goal of a 10% reduction by 2030
(against a ‘no action’ scenario projected from
a baseline of 2022). This report, and our
Climate Action Plan, both outline key ways
in which we aim to work with our suppliers.
The Scope 3 emissions estimate for 2025
has been verified by a third-party.
The Group has also provided a summary
of its decarbonisation plan in this Annual
Report, and the Climate Action Plan and
Climate Change Report for 2022 are
complementary to this.
59
STRATEGIC
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
Sustainability review continued
STRATEGY
Recommended disclosures Progress
• Identified risks
and opportunities
• Impact on business
• Business resilience
• Los Pelambres’ existing desalination plant (400 l/s water capacity) has been in operation since H1 2024,
and work to expand this facility to 800 l/s is underway.
• Numerous community activities promoting climate resilience took place during 2025, mainly related to water
governance and infrastructure improvements.
• In our transition risk analysis this year, we carried out an exercise to value our updated Climate Action Plan.
The latest iteration of this exercise goes into greater detail and updates estimates for pricing of battery
trucks, trolley costs, stationary charges and retrofits matching fleet replacement plans.
• Reviews were conducted into the impact of climate change risks and opportunities, as part of our 2025
long-term financial planning process under different scenarios, which used our base case, development
case and climate change case as inputs to this process. Potential effects and mitigation measures were
considered in the analyses of both our base case and development case; the latter incorporates climate
change elements (a 2
o
C or lower scenario), allowing us to assess the impact of climate change risks during
the Life-of-Mine (LOM) of each operation.
• An assessment was made into climate change and how it could affect our supply chain. As a result, we have
strengthened the resilience of our supply chains for critical resources, such as diesel and sulphuric acid.
• Continued to improve our understanding of the financial impact of the physical risks of climate change.
We used the ‘fossil-fuelled development’ climate change scenario (SSP5-8.5) in our assessment, consistent
with our approach in the 2024 analysis. For transition risks, we used the NZE by 2050 scenario published
by the IEA.
• As referenced in our 2022 Climate Change Report (published 2023), we follow the TCFD recommendations
to assess our climate-related risks.
RISK MANAGEMENT
Recommended disclosures Progress
• Identifying and
assessing risks
and opportunities
• Managing risks
and opportunities
• Integrating climate
change into overall
risk management
• Climate change physical risks were assessed using the base case, development case and climate change
case described on page 64 and incorporating the SSP5-8.5 scenario as the world’s trajectory. The estimated
financial impact on operating costs and capital expenditure, after taking into account the differences between
the cases, was calculated for two situations: controls already in place and actions planned to be implemented
in the future (base and development cases); and plans and actions to be implemented in the future in more
challenging circumstances (climate change case).
• Climate change transition risks were also assessed using the base case, development case and climate
change case, incorporating the IEA’s NZE by 2050 scenario. The estimated financial impact on operating
costs and capital expenditure, after taking into account the differences between the cases, was calculated
for two situations: controls already in place and actions planned to be implemented in the future (base
and development cases); and plans and actions to be implemented in the future under more challenging
circumstances (climate change case).
• Controls and action plans for transition risks were updated during the year. The risk of a carbon tax was
assessed using the IEA’s NZE by 2050 scenario, with our decarbonisation plan as an input for this analysis.
METRICS AND TARGETS
Recommended disclosures Progress
• Climate-related metrics
• GHG emissions
and related risks
• Targets and performance
• Our first Climate Action Plan was published in 2024, which outlined our current emission targets. We aim
to reduce our Scope 1 and 2 emissions by 50% by 2035, using the year 2020 as a baseline. Our Scope 3
target, which will be achieved through collaboration with industry, is a 10% reduction in this category of
emissions by 2030, using 2022 as the baseline, and calculated according to the ICMM’s Scope 3 Emissions
Accounting and Reporting Guidance. The plan also reports the progress and enabling conditions for the 2035
targets for Scope 1 and 2 emissions (combined basis), and our Scope 3 position and performance in line with
our chosen emissions reduction framework.
• We have estimated the amount of capital required to achieve these targets, assuming trolley- and battery-
based technologies, although we recognise that these technologies may change and/or evolve before we
achieve our decarbonisation goals. As part of ongoing engineering studies, the sums required will be refined
throughout the planning cycle, until a final investment decision.
• In 2025, progress was made on scoping studies at our principal pits, seeking to establish which technology
fits best at each location. The Group has an additional project underway to validate a specific technology
in an operational setting at Los Pelambres, where we are testing a trolley system that would function
as a battery enabler, thus aligning with our decarbonisation strategy by reducing diesel consumption in
haul trucks.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202560
TCFD INDEX
The Group has considered the relevant sections of the TCFD all-sector guidance. Additional information relating to the required
disclosures can be found on the pages indicated in the table below:
Pillar Disclosure Page
Governance Description of the Board’s oversight of climate-related risks and opportunities. 134
Description of management’s role in assessing and managing climate-related risks and opportunities. 40, 78-79
Strategy Description of the climate-related risks and opportunities the Group has identified over the short, medium and
long term.
78-79, 85
Description of the impact of climate-related risks and opportunities on the Group’s businesses, strategy and
financial planning.
78-79, 85
Description of the resilience of the Group’s strategy, taking into consideration different climate-related scenarios,
including a 2°C or lower scenario.
103-105
Risk
management
Description of the Group’s processes for identifying and assessing climate-related risks. 78-79, 85
Description of the Group’s processes for managing climate-related risks. 78-79, 85
Description of how processes for identifying, assessing and managing climate-related risks are integrated into the
Group’s overall risk management.
85
Metrics
and targets
Disclosure of the metrics used by the Group to assess climate-related risks and opportunities consistent with its
strategy and risk management process.
56-64
Disclosure of Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks. 56-58
Description of the targets used by the Group to manage climate-related risks and opportunities and performance
against targets.
56-58
Climate change
scenario analysis
The Group’s current long-term planning
cycle considers a base case and a
development case. Our plans incorporate
climate change elements that are
significant for each operation and consider
mitigation activities to reduce the impact
of climate change. These activities take
the form of different adaptation measures,
with many such controls already in place,
as part of our efforts in line with a 2°C
or lower scenario. These plans also
provide a basis for comparison against
the more severe climate change case
(which is derived from the base case and
development case) and are used for the
evaluation of physical and transition risks.
These are discussed later in this section,
including in relation to an exercise that we
are conducting to identify any potential
relationships between climatic and
operational variables.
Our climate change case uses a ‘fossil-
fuelled development’ climate change
scenario (SSP5-8.5) to assess the financial
impact of the physical risks of climate
change; this is the same scenario that
we first used in 2023.
This scenario benefits from the latest-
generation climate models (CMIP-6) and is
considered an extreme scenario, leading to
warming by 2100 of 3.6 to 6.2°C compared
to pre-industrial temperatures.
The SSP5-8.5 scenario is one of the Shared
Socioeconomic Pathways (SSPs) used in
climate modelling to explore potential future
socioeconomic trends and their implications
for greenhouse gas emissions, climate
change, and adaptation efforts. A worst-
case scenario projects a 4.4°C increase
in global average temperature by 2100. It
is considered to be ‘worst-case’ because
it projects a large increase in global
temperature and delayed but accelerated
transition policies and market changes.
We chose SSP5-8.5 because it is useful
for stress-testing climate models and
assessing the maximum potential impacts
on the Group of unmitigated climate change,
which helps us to be prepared to address
and mitigate even the most severe potential
climate outcomes.
To better understand how physical climate
changes could impact our business, we
have focused on climate change vectors
such as higher temperatures, water stress,
extreme rainfall events, conditions that
generate particulate matter, storm surges
and wave events.
Each of our operations analysed
the potential effect of these factors
under SSP5-8.5 on production, cost
performance, and the cost of adaptation
measures and control options. The base
case and development case were used
as comparators.
To understand the financial impact of
transition risks, our climate change case
uses the International Energy Agency’s
Net Zero Emissions by 2050 scenario
(IEA’s NZE scenario), an ambitious and
widely-recognised scenario that aligns
with limiting global warming to 1.5°C and
provides a global view and context on a
low-carbon transition. The NZE scenario
is a normative scenario that shows how
the global energy sector can achieve net
zero greenhouse gas emissions by 2050,
with advanced economies reaching net
zero emissions ahead of others. This
scenario also meets key energy-related
UN Sustainable Development Goals
(SDGs) and is consistent with limiting the
global temperature rise to 1.5°C, in line
with emissions reductions assessed in
the Intergovernmental Panel on Climate
Change (IPCC)’s Sixth Assessment Report
and outlined in the Paris Agreement.
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Furthermore, this scenario is aligned with
the Group’s decarbonisation plan efforts,
and has been used since 2023 for our
climate change scenario analysis. In the
IEA’s NZE scenario, fossil fuel prices
decline due to low demand, but lower
costs are offset by the introduction of
carbon taxes to encourage the low-carbon
transition. In alignment with this scenario,
we have quantified the potential financial
impact of the introduction of a carbon tax,
including an analysis of our decarbonisation
plan and the identification of opportunities
such as changing the energy source,
reducing diesel consumption in haul trucks,
and replacing diesel use with electricity.
To align the potential impact of both
physical and transition risks to the lifetime
and planning cycle of our mining operations,
we have defined short term as 0–5 years,
medium term as 5–15 years and long
term as 15–50 years, and then identified
the various risks and opportunities. The
most material risks and opportunities were
screened and quantified at an operational
level, and their financial impact was
estimated using assumptions from each
scenario. We also assessed the financial
impact of climate change across the lifetime
of each mine and over a 25-year period
for the Transport Division (see page 31).
As an example of our proactive approach,
in late 2024 the first hydrogen-powered
locomotive in South America arrived at
the city of Antofagasta in northern Chile,
to begin a first stage of trials, which could
lead to a reduction in GHG emissions in the
coming years if trials are successful (see
case study of page 31 for more information).
Climate scenario analysis was used to
better understand and assess the likelihood
and impact of risks and opportunities, and
was integrated into our risk assessment
processes using ISO 31000 and best
practice methodology (using ‘bow
tie’ analysis, which considers causes,
consequences and controls). The estimated
financial impact on operating costs and
capital expenditure was also calculated,
against two views: (1) controls already in
place and actions to be implemented in the
future (base and development cases) and
(2) plans and actions to be implemented in
the future under a more challenging situation
(climate change case). We will continue to
improve the maturity of our analysis through
the studies necessary to refine capital
deployments in mitigation and adaptation.
For further information regarding climate
change risk descriptions, please see pages
24 and 25 of our Climate Change Report
for 2022, published in November 2023, and
the Group’s Climate Action Plan, published
in March 2024 (both of which are available
at www.antofagasta.co.uk).
Results of climate scenario
analysis, excluding copper
market benefit
Impact calculated over each
operation’s life-of-mine
To improve our understanding of how
climate risks may develop and impact
our operations, in 2025 we carried out a
climate scenario analysis exercise with
inputs from the IEA and IPCC, updated
base and development cases, and our
decarbonisation plan. This also helped us
develop our investment plans and enhance
our prevention and recovery measures.
In general, our 2025 analysis found that the
potential exposure of our business under
the physical risks scenario shows no major
changes compared to the analysis in 2024.
The main results for physical risks are:
• The water supply risk means that
Antofagasta’s operations could be
affected by water scarcity. This could
mean having to find solutions to
address the processing loss associated
with lower water availability, and to
comply with the Group’s commitments.
• The extreme rainfall events risk
would mainly affect Centinela. It
would mean losing production, which
would be deferred to later years, and
would necessitate additional tailings
deposits to manage the excess of
accumulated water.
• Particulate matter risk would impact
Los Pelambres in terms of increased
transport distance, investment in
additional dust control measures
for stockpiles and conveyor belts.
In addition, any increase in wind,
combined with an increase in
temperature, would make additional
measures necessary to control
particulate matter generation from the
tailings dam wall and/or other sections
of the facility. At Centinela, an Air
Quality Master Plan is under review;
this considers our mine plan and
potential changes in regulation,
and evaluates investment in the mine
area (such as additional water trucks).
• Risks relating to logistics mainly
relate to Centinela, where the risk is
related to the supply of diesel and
sulphuric acid. Investments to increase
storage tank capacity would need to
be considered.
• High peak and/or sustained elevated
temperatures could principally affect
Centinela and Los Pelambres, where
an increase in temperature would
mean investing in firefighting systems
for material-handling conveyor belts,
improving fire brigade equipment,
and incurring higher equipment
rental costs, among other areas.
To analyse the potential financial impact
of transition risks, we have considered the
following factors: carbon taxes to be paid
if investment in mitigation is not sufficient;
investment in mitigation necessary to
meet our targets (aligned with our Climate
Action Plan); change in the price of diesel
delivered by the NZE by 2050 transition
scenario; change of energy source due
to investments in mitigation; carbon
taxes avoided, which would be one of
the benefits of investing in mitigation
measures; and finally operational costs
associated with the introduction of
green technologies.
The change in the financial impact of
transition risk compared with 2024 is
mainly due to better-quality information
used in the 2025 analysis, a more detailed
iteration of our decarbonisation plan
and the longer life-of-mine (LOM) plans
incorporated into the modelling.
Transition risks
The transition to a low-carbon economy
may entail major policy, regulatory,
technological and market changes to
address climate-change-related mitigation
and adaptation requirements. Given this, as
outlined in the table on the next page, we
have identified and classified our business
transition risks into two categories and
present the possible consequences.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202562
Category Risk Possible cause Possible consequence
Politics and
legislation
Carbon tax The potential future introduction of a carbon
tax that impacts the Group from the year
2030, estimated to be $140/tCO
2
, and rising
to $250/tCO
2
by 2050, according to the
IEA’s NZE. The tax would be applicable if
we do not eliminate our Scope 1 emissions.
Loss of competitiveness due to increased
operational costs (direct and indirect).
Reflected in the medium to long term by an
estimated decrease of $1.5-2.5 billion in the
modelled net present value (NPV) of the Mining
Division operations, partly offset by an estimated
increase of $0.5-1.5 billion in the modelled NPV
of the Mining Division operations related to the
mitigation of carbon taxes through lower emissions.
Regulatory changes to
address climate change
Requirements of the Climate Change
Framework Law (Law 21.455) that
mandates mitigation plans for the mining
sector and emissions standards.
Changes in the Energy Efficiency Law
(Law 21.305) and the Green Tax Law
(Law 20.780).
Chile’s revised Nationally Determined
Contribution (NDC) commitment 2025–
2035, which updates and tightens Chile’s
mitigation trajectory versus the 2020 NDC:
lower average annual emissions allowed
2031-2035 and more specific sectoral
contributions.
Higher costs due to new requirements that could
cause a loss of competitiveness. The Group would
need to reach and maintain emissions neutrality
by 2050.
Increase in the implicit carbon cost of power,
fuels and supply chain inputs.
Loss of competitiveness due to greater pressure
to decarbonise Scope 1 and 2 rapidly.
Mitigation measure: The Group has published
a Climate Action Plan, which outlines our
commitment to reducing CO
2
emissions.
Reputational Greater pressure
from stakeholders
for environmentally
responsible mining
Higher expectations of stakeholders
(investors, clients, communities, society etc).
Slower pace of commercial-scale
technological developments to replace
low-carbon technologies.
Clients choose suppliers who demonstrate greater
climate ambition.
Mitigation measure: The Group has made progress
on a more mature Climate Action Plan.
Greater requirements of
local stakeholders that are
related to climate change
Climate events that affect local communities. Reputational loss and higher costs due to new
requirements.
Transition opportunities
In addition to identifying, assessing and monitoring the transition and physical risks associated with climate change, we are continually
monitoring and exploring new opportunities that allow us to improve our response to such changes.
Area Transition opportunities
Resilience • Improve adaptation and mitigation response through a better understanding of climate-related risks and the Group’s
regularly updated decarbonisation plan.
• Opportunity to carry out nature-based solutions projects.
Products • Increase in copper demand and price, as it is a key material for low-carbon technologies.
Resource
efficiencies
• Reduction of costs associated with energy efficiency.
• Reduction of exposure to potential carbon taxes due to energy efficiency measures.
• Opportunity to switch to low-carbon operational equipment, and to reduce greenhouse gas emissions.
• Increase in capital available to invest in new technologies, due to savings from energy efficiency projects, in line with the
Group’s decarbonisation plan, and the opportunity to develop the infrastructure to support the Group’s new electric equipment.
Energy
sources
• Reduction of exposure to potential carbon taxes by replacing diesel with low-carbon alternatives.
• Opportunity to switch to low-carbon operational equipment, and to reduce greenhouse gas emissions.
• Cost reductions due to lower renewable energy prices (where applicable).
• Development of new technologies facilitating mitigation.
• Increase in capital available to invest in new technologies, due to savings from energy efficiency projects.
• Reduction in operational expenditure, as predicted by the decarbonisation plan, due to the decreasing cost of maintenance of
diesel haul trucks’ engine systems, and reduction of energy costs due to increased energy efficiency of fully electric trucks.
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Analysis of specific variables (all impacts expressed as a NPV)
Variable Range ($m) Risk timeframe
Carbon tax - (1,500-2,500) Medium- and long-term
Investment in mitigation - (500-1,000) Medium-term
Change in diesel price + (1,500-2,500) Medium- and long-term
Change in energy source due to mitigation + (0-500) Medium- and long-term
Carbon taxes avoided by mitigation + (500-1,500) Medium- and long-term
Operating costs + (0-500) Medium- and long-term
All figures in the table above are the estimated NPV impacts arising under the climate case scenario and applying the assumptions described in this section. These figures are
subject to an increased degree of estimation uncertainty and are subject to amendment as further information becomes available.
Although the amount of value at risk is uncertain, the above analysis provides a useful reference point against which to assess and
prioritise the mitigation and adaptation measures we need to take to reduce our exposure and strengthen our resilience. During 2025,
we focused on modelling future operating costs, which reflect the positive benefits of the use of new technologies, and analysing the
most likely technologies to be used to achieve electrification.
Currently, estimated long-term investment in mitigation initiatives is in the range of $500–1,000 million, including the Climate Action
Plan and the investment required to support the energy transition. This estimate has evolved compared to 2023, since in 2024 and 2025
infrastructure studies were undertaken and their cost assessed. We also evaluated the purchase of haul trucks in line with the fleet
replacement envisaged in the 2025 development case. Investment in decarbonisation is expected to be part of our sustaining capital
expenditure as we move forward with our plan. The estimated impact also reflects the incremental costs of enabling technologies, which
will be evaluated as part of the normal renewal cycle of our fleets of haul trucks, and potential improvements to electrical systems,
among others.
Some of the actions and investments envisaged by the Climate Action Plan may in future lead to cost savings. For example, a potential
reduction in operational costs, such as diesel consumption and mining-fleet maintenance, may offset some or all of the investments.
Physical risks: the IPCC’s SSP5-8.5
Physical risks and opportunities have been identified over the short, medium and long term, and the table below shows the timeframe in
which each physical risk may have the greatest effects.
Northern Zone
(Centinela, Antucoya, Zaldívar, FCAB)
Risk timeframe ($m)
Risk Short term Medium term Long term
Decrease and/or loss of water supply -(0-20) -(0-20) -(0-5)
Extreme rainfall events -(0-50) -(0-55) -(0-15)
High and/or sustained temperatures -(0-10) +(0-5) +(0-5)
Particulate matter -(0-20) +(0-10) -(0-5)
Logistics disruption -(0-20) +(0-5) +(0-5)
Central Zone
(Los Pelambres)
Risk timeframe ($m)
Risk Short term Medium term Long term
Decrease and/or loss of water supply -(0-35) -(0-50) -(0-35)
Extreme rainfall events -(0-10) -(0-10) -(0-5)
High and/or sustained temperatures -(0-5) -(0-5) -(0-5)
Particulate matter -(0-15) -(0-40) -(0-10)
Logistics disruption -(0-5) -(0-5) -(0-5)
All figures in the tables above are the estimated NPV impacts arising under the climate case scenario and applying the assumptions
described in this section. These figures are subject to an increased degree of estimation uncertainty and will be subject to amendment as
further information becomes available. All figures presented are in millions of US dollars. Physical changes in climate and their associated
impacts vary by geography and will impact Antofagasta’s operations in different ways.
For further information on climate change, please refer to the Group’s Sustainability Databook for 2025, available on our website |
www.antofagasta.co.uk
ZALDÍVAR
LOS PELAMBRES
CENTINELA
NORTHERN ZONE
CENTRAL ZONE
ANTUCOYA
FCAB
ANTOFAGASTA PLC / Annual Report and Financial Statements 202564
Non-financial and sustainability information statement
The Code is divided into five sections:
• Board leadership and company purpose;
• Division of responsibilities;
• Composition, succession and evaluation;
• Audit, risk and internal control; and
• Remuneration.
NON-FINANCIAL AND SUSTAINABILITY
INFORMATION STATEMENT
The 2024 UK Corporate Governance Code (the Code) is a set of principles of
good corporate governance aimed at companies listed on the London Stock
Exchange. The Non-Financial and Sustainability Information Statement is
a disclosure requirement under the UK corporate governance framework.
The table below classifies non-financial
information in this Strategic Report under
the headings required by the Non-Financial
Reporting Directive. As indicated in the
report, the effective application of policies
and standards underpins the Group’s
management of the risks and opportunities
associated with these matters.
Climate-related financial
disclosures
• Our TCFD disclosures are on page 59.
• Our sustainability framework and
governance are on pages 41 and 134.
• Our Sustainability and Stakeholder
Management Committee has terms of
reference that have been approved by
the Board and are reviewed annually.
Reporting requirement Relevant policies and standards Content Page
SUSTAINABILITY
Sustainability Value chart Letter from the Chair 08
Sustainability policy Letter from the CEO 10
ICMM guidelines Our approach to sustainability 40
The Copper Mark Materiality assessment 42
Sustainability and Stakeholder
Management Committee
134
ENVIRONMENTAL MATTERS
Environmental matters Environmental Management Model Environmental management 54
Climate change standard Tailings 55
Water management standard Biodiversity 54
Biodiversity standard Air quality 56
Tailings policy Climate change 56
Global Industry Standard on Tailings Management Carbon footprint 56
Energy Policy Energy management 58
Water Policy Water management 52
TCFD 59
ANTOFAGASTA PLC / Annual Report and Financial Statements 202566
Reporting requirement Relevant policies and standards Content Page
SOCIAL AND EMPLOYEE TOPICS
Our people People strategy Employee wellbeing 46
Training 46
Labour relations 47
Social matters Social management model Social management model 48
Engagement standard Addressing social concerns 48
Management of initiatives standard Impact measurement 42
Culture and heritage 48
Local jobs 48
Workforce engagement 122
Stakeholder engagement 120
Health and safety Occupational health and safety Occupational health and safety policy 44
Health and safety risk identification Occupational health risk management 45
Regulation for contractors and subcontractors (RECCS) Safety risk management 83
Fatal risk standard (ERFT) Recent performance 19
Occupational health standard (ESO)
Suppliers Purchase and contracts guidelines Sustainability 50
Direct award procedure Local suppliers 50
Materials management policy Local partnerships 50
Supplier development 50
Respectful, diverse and inclusive work culture 46
ANTI-BRIBERY AND ANTI-CORRUPTION TOPICS
Anti-corruption
and anti-bribery
Code of Ethics Business integrity and compliance 94
Compliance model Code of Ethics 94
Anti-corruption model Compliance management 94
Antitrust protocol 94
Description of Principal
Risks and impact on
business activity
Risk management framework 82
Principal Risks 80
Description of the
business model
Business model 14
Non-financial key
performance indicators
At a glance 06
Key performance indicators 19
Total economic contribution 40
DIVERSITY
Our people Diversity and inclusion strategy Inclusive culture 46
Women in the workforce 46
RESPECT FOR HUMAN RIGHTS
Human rights Code of Ethics Modern Slavery Act statement 94
Human rights policy 86
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Financial review
FINANCIAL REVIEW
FOR THE YEAR ENDED 31 DECEMBER 2025
Our financing strategy continues to be a cornerstone of our progress, enabling the
execution of our growth projects and the development of our pipeline. Supported
by a strong balance sheet, we have maintained our capacity to invest in growth
while remaining committed to attractive and sustainable shareholder returns.”
MAURICIO ORTIZ
Chief Financial Officer
Year ended 31.12.2025
(Unaudited)
Year ended 31.12.2024
(Audited)
Before
exceptional items
$m
Exceptional
items
$m
Total
$m
Before
exceptional items
$m
Exceptional
items
$m
Total
$m
Revenue 8,620.3 – 8,620.3 6,613.4 – 6,613.4
EBITDA (including share of EBITDA
from associates and joint ventures)
1
5,201.9 – 5,201.9 3,426.8 – 3,426.8
Total operating costs (5,246.7) – (5,246.7) (4,976.1) 371.4 (4,604.7)
Operating profit from subsidiaries
Operating profit 3,373.6 – 3,373.6 1,637.3 371.4 2,008.7
Net share of results from associates
and joint ventures 52.6 – 52.6 76.2 – 76.2
Operating profit from subsidiaries,
and share of total results from
associates and joint ventures 3,426.2 – 3,426.2 1,713.5 371.4 2,084.9
Net finance income/(expense) (266.7) – (266.7) (64.8) 51.0 (13.8)
Profit before tax 3,159.5 – 3,159.5 1,648.7 422.4 2,071.1
Income tax expense (1,142.7) 54.5 (1,088.2) (628.4) (126.7) (755.1)
Profit from continuing operations 2,016.8 54.5 2,071.3 1,020.3 295.7 1,316.0
Profit for the year 2,016.8 54.5 2,071.3 1,020.3 295.7 1,316.0
Attributable to:
Non-controlling interests 742.4 – 742.4 400.8 85.8 486.6
Profit attributable to the owners
of the parent 1,274.4 54.5 1,328.9 619.5 209.9 829.4
Basic earnings per share
Cents Cents Cents
From continuing operations 129.3 5.5 134.8 62.8 21.3 84.1
1. EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, gains and
losses on disposals and impairment charges/reversals to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s
proportional share of the EBITDA of its associates and joint ventures.
The profit for the financial year attributable to the owners of the parent (including exceptional items) increased from $829.4 million in
2024 to $1,328.9 million in the current year. Excluding exceptional items, the profit attributable to the owners of the parent increased by
$654.9 million to $1,274.4 million.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202568
The full reconciliation of the profit attributable to the owners of the parent between 2024 and 2025, including exceptional items, is as follows:
$m
Profit attributable to the owners of the parent in 2024 829.4
Less: exceptional items – 2024 (209.9)
Profit attributable to the owners of the parent in 2024 (excluding exceptional items) 619.5
Increase in revenue 2,006.9
Increase in total operating costs (excluding exceptional items) (270.6)
Decrease in net share of results from associates and joint ventures (23.6)
Increase in net finance expenses (excluding exceptional items) (201.9)
Increase in income tax expense (excluding exceptional items) (514.3)
Increase in profit attributable to non-controlling interests (excluding exceptional items) (341.6)
654.9
Profit attributable to the owners of the parent in 2025 (excluding exceptional items) 1,274.4
Exceptional items – 2025 (post tax) 54.5
Profit attributable to the owners of the parent in 2025 1,328.9
Revenue
The $2,006.9 million increase in revenue from $6,613.4 million in 2024 to $8,620.3 million in the current year reflected the following factors:
$m
Revenue in 2024 6,613.4
Increase in realised copper price 1,046.5
Increase in copper sales volumes 201.9
Decrease in copper treatment and refining charges 165.0
Increase in gold revenue 341.6
Increase in molybdenum revenue 209.4
Increase in silver revenue 63.9
Decrease in Transport Division revenue (21.4)
2,006.9
Revenue in 2025 8,620.3
Revenue from the Mining Division
Revenue from the Mining Division increased by $2,028.3 million, or 31.6%, to $8,446.8 million, compared with $6,418.5 million in 2024.
The increase reflected a $1,413.4 million increase in copper sales and a $614.9 million increase in by-product revenue.
Revenue from copper sales
Revenue from copper concentrate and copper cathode sales increased by $1,413.4 million, or 26.1%, to $6,818.7 million, compared with
$5,405.3 million in 2024. The increase reflected the impact of $1,046.5 million from higher realised prices, a $201.9 million increase due
to higher sales volumes and a $165.0 million increase in revenue from lower treatment and refining charges.
(i) Realised copper price
The average realised copper price increased by 18.1% to $4.93/lb in 2025 (2024: $4.18/lb), resulting in a $1,046.5 million increase in
revenue. This was largely due to the higher LME average market price, which increased by 8.8% to $4.51/lb in 2025 (2024: $4.15/lb).
In 2025, there was a $551.0 million positive impact from provisional pricing adjustments, mainly as a result of the positive impact in the
average mark to market price (31 December 2025 $5.65/lb vs 31 December 2024 $3.95/lb) and the positive impact of the settlement of
sales invoiced in the previous and current periods.
Realised copper prices are determined by comparing revenue (after adding back treatment and refining charges for concentrate sales) with
sales volumes in the period. Realised copper prices differ from market prices mainly because, in line with industry practice, concentrate
and cathode sales agreements generally provide for provisional pricing at the time of shipment with final pricing based on the average
market price in future periods (normally around one month after delivery to the customer in the case of cathode sales and four months
after delivery to the customer in the case of concentrate sales).
Further details of provisional pricing adjustments are given in Note 6 to the financial statements.
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(ii) Copper volumes
Copper sales volumes reflected within
revenue increased by 3.6% from 607,100
tonnes in 2024 to 629,000 tonnes in 2025,
increasing revenue by $201.9 million.
This increase was mainly due to higher
production at Centinela Concentrates,
primarily due to higher copper grades as
well as increased ore throughput rates
and recoveries, partly offset by lower
production at Los Pelambres, reflecting
reduced ore throughput due to higher
maintenance activity, harder ore types
and lower copper grades during the year.
(iii) Treatment and refining charges
Treatment and refining charges (TC/RCs)
for copper concentrate decreased by
$165.0 million to $20.3 million in 2025,
compared with $185.3 million in 2024
reflecting lower average TC/RC rates.
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 reflects the invoiced price
(which reflects the net of the market value
of fully refined metal less the treatment
and refining charges).
However, under the standard industry
definition of unit cash costs, treatment and
refining charges are regarded as part of
cash costs.
Accordingly, the decrease in these charges
has had a positive impact on revenue in
the year.
Revenue from molybdenum,
gold and other by-product sales
Revenue from by-product sales (net of
tolling charges) at Los Pelambres and
Centinela relate mainly to molybdenum
and gold and, to a lesser extent, silver.
Revenue from by-products increased by
$614.9 million or 60.7% to $1,628.1 million
in 2025, compared with $1,013.2 million
in 2024. This increase was mainly due to
stronger gold prices and sales volumes,
as well as molybdenum sales volumes.
Revenue from gold sales (net of treatment
and refining charges) was $788.4 million
(2024: $446.8 million), an increase of
$341.6 million which reflected a higher
realised price and a higher sales volume.
The realised gold price was $3,734.9/oz
in 2025 compared with $2,528.3/oz in
2024, reflecting the average market price
for 2025 of $3,435.8/oz (2024: $2,387.1/
oz) and a positive provisional pricing
adjustment of $45.3 million. Gold sales
volumes increased by 19.4% from 177,000
ounces in 2024 to 211,400 ounces in 2025,
reflecting higher gold production at both
Centinela Concentrates and Los Pelambres.
Revenue from molybdenum sales (net
of treatment and refining charges) was
$697.6 million (2024: $488.2 million), an
increase of $209.4 million. The increase
was mainly due to the higher sales volumes
of 15,300 tonnes (2024: 10,900 tonnes)
reflecting an increase in production at both
Los Pelambres and Centinela Concentrates.
Revenue from silver sales increased by
$63.9 million to $142.1 million (2024:
$78.2 million). The increase was due to
the higher realised silver price of $43.7/oz
in 2025 compared with $30.0/oz in 2024,
and a higher sales volume of 3.3 million
ounces (2024: 2.6 million ounces).
Revenue from the
Transport Division
Revenue from the Transport Division
(FCAB) decreased by $21.4 million or 11.0%
to $173.5 million (2024: $194.9 million),
mainly due to the lower transported
volumes, driven by reduced operational
plans from Chilean and Bolivian mining
clients, as well as the weakening of the
Chilean peso compared with the prior year.
Total operating costs
The $270.6 million increases in total
operating costs from $4,976.1 million in
2024 to $5,246.7 million in the current
year reflected the following factors:
$m
Total operating costs in 2024 (excluding exceptional items) 4,976.1
Increase in mine-site operating costs 150.1
Increase in other mining expenses and closure provision costs 34.0
Increase in corporate costs 26.3
Increase in Mining royalty ad-valorem element 2.3
Increase in exploration and evaluation costs 2.8
Decrease in Transport Division operating costs (16.8)
Increase in depreciation, amortisation and gains and losses on disposals 71.9
270.6
Total operating costs in 2025 (excluding exceptional items) 5,246.7
ANTOFAGASTA PLC / Annual Report and Financial Statements 202570
Operating costs (excluding
depreciation, amortisation and
gains and losses on disposals
and exceptional items) at the
Mining Division
Operating costs (excluding depreciation,
amortisation, gains and losses on disposals
and exceptional items) at the Mining Division
increased by $215.5 million to $3,492.2
million in 2025, an increase of 6.6%.
Of this increase, $150.1 million was
attributable to higher mine-site operating
costs. This increase in mine-site costs
reflected the impact of the higher sales
volumes and general inflation, partially
offset by cost savings from the Group’s
Competitiveness Programme.
On a unit cost basis, weighted average
cash costs excluding treatment and
refining charges and by-product revenues
increased from $2.22/lb in 2024 to
$2.32/lb in 2025. As detailed in the
alternative performance measures section,
for accounting purposes by-product credits
and treatment and refining charges both
impact revenue and don’t therefore affect
operating expenses.
The Competitiveness Programme was
implemented to reinforce the operational
improvement and reduce the Group’s cost
base, improving its competitiveness within
the industry. During 2025, the programme
achieved benefits of $115.2 million in the
Mining Division, of which $95.2 million
reflected cost savings and $20.0 million
represented the value of productivity
improvements. Of the $95.2 million of
cost savings, $91.3 million related to Los
Pelambres, Centinela and Antucoya, and
therefore impacted the Group’s operating
costs, and $3.9 million related to Zaldívar
(on a 100% basis) and impacted the
share of results from associates and
joint ventures.
Other mining expenses and closure
provision costs increased by $34.0 million,
mainly reflecting increased other mining
Division costs related to community
projects at Centinela and additional
closure provision costs at Los Pelambres.
Corporate costs increased by $26.3 million
to $99.1 million (2024: $72.8 million),
due to increased labour costs and higher
mining property licence fees as a result
of recent relevant regulatory changes.
Operating costs at the Mining Division
include $31.0 million (2024: $28.7 million)
in respect of the ‘ad valorem’ element
of the mining royalty at Los Pelambres.
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. From a unit cash cost
perspective, the ad valorem expense is
included within ‘C3' cash costs, and is
not included within the net cash cost
and cash cost before by-product credits
amounts, which are the Group’s principal
cash cost metrics.
Exploration and evaluation costs
increased by $2.8 million to $55.5 million
(2024: $52.7 million), reflecting increased
exploration and evaluation expenditure
principally in respect of international
explorations.
Operating costs (excluding
depreciation, amortisation and
gains and losses on disposals)
at the Transport Division
Operating costs (excluding depreciation,
amortisation and loss on disposals) at
the Transport Division decreased by $16.8
million to $108.8 million (2024: $125.6
million), primarily due to lower variable
costs resulting from reduced transported
volumes, as well as cost optimization
initiatives and efficiency improvements.
Depreciation, amortisation and
gains and losses on disposals
(excluding exceptional items)
The net expense for depreciation,
amortisation and gains and losses on
disposals increased by $71.9 million from
$1,573.8 million in 2024 to $1,645.7 million.
This increase was mainly due to higher
depreciation as a result of the increased
sales volumes and additional depreciation of
new assets, partly offset by $49.7 million of
profits on disposal of assets, predominantly
relating to Los Pelambres’ disposal of its
electricity transmission line assets.
Operating profit from
subsidiaries (excluding
exceptional items)
As a result of the above factors, operating
profit from subsidiaries increased by
$1,736.3 million or 106.0% in 2025 to
$3,373.6 million (2024: $1,637.3 million).
Share of results from
associates and joint ventures
The Group’s share of results from
associates and joint ventures decreased
by $23.6 million to a gain of $52.6 million
in 2025, compared with a gain of $76.2
million in 2024. This was mainly due to
the lower profit from Zaldívar (reflecting
increased operating expenses), partially
offset by a higher contribution from
Compañía de Minas Buenaventura S.A.A.
EBITDA
EBITDA (earnings before interest, tax,
depreciation and amortisation, and
impairments) increased by $1,775.1 million
or 51.8% to $5,201.9 million (2024:
$3,426.8 million). EBITDA includes the
Group’s proportional share of EBITDA
from associates and joint ventures.
EBITDA from the Mining Division
increased by $1,781.3 million or 53.2% from
$3,350.9 million in 2024 to $5,132.2 million
this year. This reflected the higher revenue
explained above, slightly offset by higher
mine-site operating costs and a lower
EBITDA from associates and joint ventures.
EBITDA at the Transport Division
decreased by $6.2 million to $69.7 million
in 2025 (2024: $75.9 million), due to
lower revenues from reduced transport
volumes. Although operating costs declined
due to lower variable costs and efficiency
initiatives, the Division’s fixed cost
structure limited the ability to fully offset
the revenue decline, and EBITDA was
also affected by lower contributions from
associates and joint ventures.
71
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
Financial review continued
Commodity price and exchange rate sensitivities
The following sensitivities show the estimated approximate impact on EBITDA for 2025 of a +/-10% movement in the average copper,
molybdenum and gold prices and a +/-10% movement in the average US dollar/Chilean peso exchange rate.
The impact of the movement in the average commodity prices reflects the estimated impact on the relevant revenues during 2025, and
the impact of the movement in the average exchange rate indicates the estimated impact on Chilean peso denominated operating costs
during the year. These estimates do not incorporate any impact in respect of provisional pricing or hedging instruments, any potential
inter-relationship between commodity price and exchange rate movements, or any impact from the retranslation or changes in valuations
of assets or liabilities held on the balance sheet at the year-end.
Average market commodity
price/average exchange rate
during the year ended 31.12.25
Impact of a 10% movement in the
commodity price/exchange rate on
EBITDA for the year ended 31.12.25
$m
Copper price $4.51/lb 662.7
Molybdenum price $22.2/lb 75.0
Gold price $3,435.8/oz 72.6
US dollar/Chilean peso exchange rate 907.13 172.0
Net finance income/(expense) (excluding exceptional items)
Net finance expense (excluding exceptional items) of $266.7 million reflected a variance of $201.9 million compared with the $64.8 million
expense in 2024.
Year ended
31.12.25
$m
Year ended
31.12.24
$m
Investment income 156.2 184.2
Interest expense (342.1) (312.2)
Other finance items (80.8) 63.2
Net finance (expense)/income (266.7) (64.8)
Interest income decreased from $184.2 million in 2024 to $156.2 million in 2025, mainly due to lower average interest rates, partially
offset by a higher average cash and liquid investment balance.
Interest expense increased from $312.2 million in 2024 to $342.1 million in 2025, primarily due to the additional interest expense relating
to Centinela’s water transportation agreement during the current period, and in the comparative period the partial capitalisation of the
financing costs relating to Los Pelambres’ Phase 1 Expansion Project, partially offset by lower average interest rates.
Other finance items were a net loss of $80.8 million, compared with a net gain of $63.2 million in 2024, a variance of $144.0 million.
This was mainly due to the foreign exchange impact of the retranslation of Chilean peso denominated assets and liabilities, which resulted
in a $52.0 million loss in 2025, reflecting the strengthening of the peso during the year, compared with a $82.1 million gain in 2024,
reflecting the weakening of the peso during that period. In addition, there was an expense of $28.7 million in respect of the unwinding
of the discounting of provisions (2024: expense of $18.8 million).
Profit before tax (excluding exceptional items)
As a result of the factors set out above, profit before tax (excluding exceptional items) increased by 91.6% to $3,159.5 million
(2024: $1,648.7 million).
ANTOFAGASTA PLC / Annual Report and Financial Statements 202572
Income tax expense
The tax charge for 2025 excluding exceptional items increased by $514.3 million to $1,142.7 million (2024: $628.4 million) and the
effective tax rate for the year was 36.2% (2024: 38.1%). Including exceptional items, the tax charge for 2025 was $1,088.2 million
and the effective tax rate was 34.4% (2024: 36.5%).
Year ended
Excluding exceptional items
31.12.2025
Year ended
Including exceptional items
31.12.2025
Year ended
Excluding exceptional items
31.12.2024
Year ended
Including exceptional items
31.12.2024
$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 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 (55.0) 1.7 (55.0) 1.7 (7 7.8) 4.7 (77.8) 3.8
Reversal of deferred tax on fair
value gains (exceptional item) – – 54.5 (1.7) – – – –
Reversal of the provision
against carrying value of
assets (exceptional items) – – – – – – (13.7) 0.7
Difference in overseas tax rate – – – – – – 1.1 (0.1)
Net Other items 0.9 – 0.9 – – – – –
Tax expense and effective tax
rate for the Year ended (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:
• 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);
• The impact of unrecognised tax losses (impact of $55.0 million/1.7%);
• Adjustments to deferred tax in respect of the mining royalty (impact of $14.7 million/0.4%);
• The withholding tax relating to the remittance of profits from Chile (impact of $11.4 million/0.4%);
• Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $7.8 million/0.2%);
• An offsetting impact of the recognition of the Group’s share of results from associates and joint ventures, which are included in the
Group’s profit before tax net of their respective tax charges (impact of $14.2 million/0.4%); and
• Adjustments in respect of prior years (impact of $2.4 million/0.1%).
The new Chilean mining royalty has taken effect from 1 January 2024. The new royalty terms include a royalty ranging from 8% to 26%
applied to the ‘‘Mining Operating Margin’’, depending on each mining operation’s 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 new 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 new royalty since 1 January 2024. The impact of the new royalty for Los Pelambres in 2025
included the recognition of a $31.0 million expense within operating expenses in respect of the ad valorem element. Zaldívar (which
as a joint venture is equity accounted for, and so its tax expense is not consolidated within the above Group tax expense line) was also
subjected to the new royalty from 1 January 2024.
Centinela and Antucoya have tax stability agreements in place, thus the new royalty rates will only impact their royalty payments from
2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a rate from 5% to 14% of taxable operating
profit, depending on the level of operating profit margin.
73
STRATEGIC
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FINANCIAL
STATEMENTS
CORPORATE
GOVERNANCE
OTHER
INFORMATION
Financial review continued
Exceptional items
Exceptional items are 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 gains
and 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.
Compañía 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.
From March 2024 onwards, the Group was
considered to have significant influence
over Buenaventura (in accordance with
the IAS 28 Investments in Associates and
Joint Ventures definition). Accordingly,
the Group’s interest in Buenaventura has
been accounted for as an investment in
associate from that date.
An exceptional fair value gain of $51.0
million was recognised during 2024 in
respect of this agreement. A deferred tax
expense of $12.7 million was recognised in
respect of this gain, resulting in a post-tax
impact of $38.3 million.
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 Group’s existing shareholding in
Buenaventura.
Antucoya impairment reversal
During 2024, 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 the Antucoya operation.
Non-controlling interests
Profit for 2025 attributable to non-
controlling interests (excluding exceptional
items) was $742.4 million, compared with
$400.8 million in 2024, an increase of
$341.6 million. This reflected the increase
in earnings analysed above.
Earnings per share
Year ended
31.12.25
$ cents
Year ended
31.12.24
$ cents
Underlying earnings
per share (excluding
exceptional items) 129.3 62.8
Earnings per share
(exceptional items) 5.5 21.3
Earnings per
share (including
exceptional items) 134.8 84.1
Earnings per share calculations are based
on 985,856,695 ordinary shares.
As a result of the factors set out above,
the underlying profit attributable to equity
shareholders of the Company (excluding
exceptional items) was $1,274.4 million
compared with $619.5 million in 2024,
giving underlying earnings per share of
129.3 cents per share (2024: 62.8 cents
per share). The profit attributable to
equity shareholders (including exceptional
items) was $1,328.9 million (2024: $829.4
million), resulting in earnings per share of
134.8 cents per share (2024: 84.1 cents
per share).
Dividends
Dividends per share proposed in relation to
the period are as follows:
Year ended
31.12.25
$ cents
Year ended
31.12.24
$ cents
Ordinary dividends:
Interim 16.6 7.9
Final 48.0 23.5
Total dividends
to ordinary
shareholders 64.6 31.4
The Board determines the appropriate
dividend each year based on consideration
of the Group’s cash balance, the level of
free cash flow and underlying earnings
generated during the year and significant
known or expected funding commitments.
It is expected that the total annual dividend
for each year would represent a payout
ratio based on underlying net earnings
for that year of at least 35%.
The Board has recommended a final
dividend for 2025 of 48.0 cents per
ordinary share, which amounts to $473.2
million and will be paid on 11 May 2026
to shareholders on the share register
at the close of business on 17 April 2026.
The Board declared an interim dividend
for the first half of 2025 of 16.6 cents
per ordinary share, which amounted to
$163.7 million.
This gives total dividends proposed in
relation to 2025 (including the interim
dividend) of 64.6 cents per share or
$636.9 million (2024: 31.4 cents per
ordinary share or $309.8 million in total)
equivalent to a payout ratio of 50% of
underlying earnings.
Capital expenditure
Capital expenditure increased by $1,269.6
million from $2,414.9 million in 2024 to
$3,684.5 million in the current year, mainly
due to an increase in expenditure on the
Second Concentrator Project and the
Encuentro Sulphides Project at Centinela
and the Desalination Plant Expansion
and Concentrate Pipeline and El Mauro
Enclosures Projects at Los Pelambres,
and higher IFRIC 20 mine development
expenditures.
Capital expenditure figures quoted in this
report are on a cash flow basis, unless
stated otherwise.
Derivative financial instruments
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. At 31 December 2025, there
were foreign exchange derivative financial
instruments in place in respect of the
Centinela Second Concentrator Project
capital expenditure, with a positive fair
value at that point of $0.7 million (2024:
negative fair value of $25.5 million).
ANTOFAGASTA PLC / Annual Report and Financial Statements 202574
Cash flows
The key features of the cash flow statement are summarised in the following table.
Year ended
31.12.25
$m
Year ended
31.12.24
$m
Cash flows from continuing operations 4,252.9 3,276.2
Income tax paid (708.2) (666.8)
Net interest paid (258.7) (143.1)
Purchases of property, plant and equipment (3,684.5) (2,414.9)
Dividends paid to equity holders of the Company (395.3) (317.4)
Dividends paid to non-controlling interests (364.8) (240.0)
Agreement to acquire non-controlling interest (80.0) –
Capital increase from non-controlling interest 186.9 156.7
Proceeds from sale of property plant and equipment 68.0 –
Dividends from associates and joint ventures 22.2 3.5
Other items (0.1) 0.2
Changes in net debt relating to cash flows (961.6) (345.6)
Other non-cash movements (134.3) (141.6)
Effects of changes in foreign exchange rates (24.5) 17.9
Movement in net debt in the period (1,120.4) (469.3)
Net debt at the beginning of the year (1,629.1) (1,159.8)
Net debt at the end of the year (2,749.5) (1,629.1)
Cash flows from continuing operations
were $4,252.9 million in 2025 compared
with $3,276.2 million in 2024. This
reflected EBITDA from subsidiaries for
the year of $5,019.3 million (2024: $3,211.1
million) adjusted for the negative impact
of a net working capital increase of
$773.6 million (2024: positive impact of
$65.9 million from a net working capital
decrease), partly offset by a non-cash
increase in provisions of $7.2 million
(2024: negative impact of a decrease
in provisions of $0.8 million).
The $773.6 million working capital
increase in 2025 was due to an increase
in receivables (reflecting the higher
copper price and higher volumes included
in receivables at 31 December 2025
compared with 31 December 2024) and
a decrease in accounts payables, slightly
offset by a decrease of work in progress
and finished goods inventories at Centinela
and Los Pelambres.
The net cash outflow in respect of tax in
2025 was $708.2 million (2024: $666.8
million). This amount differs from the
current tax charge in the consolidated
income statement (including exceptional
items) of $1,114.1 million (2024: $662.9
million) as the cash tax payments reflect
payments on account for the current year
based on prior periods’ profit levels of
$635.1 million (2024: $567.8 million),
the settlement of outstanding balances in
respect of the previous year’s tax charge
of $40.2 million (2024: $49.2 million) and
withholding tax payments of $34.2 million
(2024: $71.1 million), partly offset by the
recovery of $1.3 million relating to prior
years (2024: $21.3 million).
Capital expenditure in 2025 was $3,684.5
million compared with $2,414.9 million
in 2024. This included expenditure of
$2,478.1 million at Centinela (2024:
$1,414.0 million), $1,070.5 million at
Los Pelambres (2024: $833.0 million),
$98.8 million at Antucoya (2024: $123.4
million), $4.8 million at the corporate
centre (2024: $7.1 million) and $32.3
million at the Transport Division (2024:
$37.4 million). The increase in capital
expenditure was mainly due to an increase
in expenditure on the Second Concentrator
Project and the Encuentro Sulphides
Project at Centinela and the Desalination
Plant Expansion and Concentrate Pipeline
and El Mauro Enclosures Projects at Los
Pelambres, and higher IFRIC 20 mine
development expenditures.
Dividends paid to equity holders of the
Company were $395.3 million (2024:
$317.4 million) of which $231.7 million
related to the payment of the previous
year’s final dividend and $163.6 million
to the interim dividend declared in
respect of the current year.
Dividends paid by subsidiaries to
non-controlling shareholders were
$364.8 million (2024: $240.0 million).
Payment in respect of the agreement to
acquire non-controlling interest was $80.0
million. In January 2025 the Group entered
into an agreement with Mineralinvest to
acquire Mineralinvest’s 49% interest in
Antomin Investors’ 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 Financial Instruments: Presentation,
resulting in an $80 million reduction
in reserves. This transaction further
consolidates the Group’s 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.
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A capital contribution of $186.9 million
was received from Marubeni, the
minority partner at Centinela, in respect
of financing for the Centinela Second
Concentrator Project.
Proceeds from sale of property plant and
equipment were $68.0 million for 2025
(2024: nil), predominantly relating to
Los Pelambres’ disposal of its electricity
transmission line assets.
Dividends received from associates and
joint ventures were $22.2 million for 2025
(2024: $3.5 million) mainly related to a
dividend received from Compañía de Minas
Buenaventura S.A.A.
Financial position
At 31.12.25
$m
At 31.12.24
$m
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 at the
end of the period (2,749.5) (1,629.1)
At 31 December 2025, the Group had
combined cash, cash equivalents and
liquid investments of $4,909.9 million
(31 December 2024: $4,316.3 million).
Excluding the non-controlling interest share
in each partly-owned operation, the Group’s
attributable share of cash, cash equivalents
and liquid investments was $3,936.8 million
(31 December 2024: $3,513.5 million).
Total Group borrowings and other financial
liabilities at 31 December 2025 were
$7,659.4 million, an increase of $1,714.0
million on the prior year (31 December
2024: $5,945.4 million). The increase was
mainly due to $2,122.1 million in respect
of the bonds issued at Los Pelambres
($1,527.8 million) and Corporate ($594.3
million), $725.0 million from new senior
loans at Los Pelambres ($429.2 million)
and Centinela ($295.8 million) and $471.5
million in respect of further draw-downs
of the project financing at Centinela, partly
offset by $920.5 million of repayments of
the senior loans at Los Pelambres ($837.0
million), Centinela ($33.3 million) and
Antucoya ($50.0 million), $670.0 million
of repayments of the short-term loans
at Los Pelambres ($475.0 million) and
Centinela ($195.0 million), $45.0 million
of repayments of subordinated debt to
Marubeni Corporation at Antucoya and
payments $10.7 million related to other
financial liabilities at Centinela.
Excluding the non-controlling interest
share in each partly-owned operation,
the Group’s attributable share of the
borrowings was $5,759.3 million
(31 December 2024: $4,447.0 million).
These movements resulted in net
debt at 31 December 2025 of $2,749.5
million (31 December 2024: net debt
$1,629.1 million). Excluding the non-
controlling interest share in each
partly-owned operation, the Group
had an attributable net debt position
of $1,822.5 million (31 December
2024: net debt $933.5 million).
Going concern
The consolidated financial information
contained in the financial statements
has been prepared on the going concern
basis. Details of the factors which have
been taken into account in assessing the
Group’s going concern status are set
out in Note 1 to the financial statements.
Financial review continued
Consistent approach to capital allocation
Capital outflow
Financial position Macro perspective Value optimisation Climate resilience
Creating sustainable value and shareholder returns over the long term
Decision factors
Growth capex
Excess cash dividend
Strong balance sheet
Capital outflow
Sustaining capex and mine development Committed dividends (35% payout)
Operating cash flow
Capital allocation framework
The Group’s capital allocation framework guides decision-making, with the objective of ensuring that the sustaining and development
capital needs of the business are met, along with committed dividends in line with the Group’s policy. Further distributions to fund
further growth and development, as well as additional shareholder returns, are considered using a range of internal and external
factors that include maintaining the strength of the Group’s balance sheet.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202576
Risk management
RISK MANAGEMENT
FRAMEWORK
Effective risk management is an essential part of our culture and strategy.
The accurate and timely identification, assessment and management of risks
give us a clear understanding of the actions required to achieve our objectives.
Key elements of integrated
risk management
We recognise that risks are
inherent to our business
Only through adequate risk management
can internal stakeholders be supported in
making key decisions and implementing
our strategy.
Exposure to risks must be
consistent with our risk appetite
The Board defines and regularly reviews
the acceptable level of exposure to
emerging and Principal Risks. Risks are
aligned with our risk appetite, taking into
consideration red lines, trade-offs and
opportunities.
We are all responsible
for managing risks
In accordance with the risk level,
each business activity carries out risk
evaluations at least annually to ensure
the sound identification, management,
monitoring and reporting of risks that
could impact the achievement of our goals.
Risk is analysed using
a consistent framework
Our risk management methodology is
applied to all of our operating companies,
projects, exploration activities and support
areas so that we have a comprehensive
view of the uncertainties that could affect
the achievement of our strategic goals.
The framework is based on ISO 31000
and COSO ERM.
1
We are committed to
continuous improvement
Lessons learned and best practices
are incorporated into our procedures
to protect and unlock value sustainably.
Areas of focus and
development during 2025
In January 2024, the UK Corporate
Governance Code was updated, introducing
Provision 29 (applicable for accounting
periods commencing on, or after, 1 January
2026), which requires the Board to make
an annual declaration on the effectiveness
of the Group’s material controls.
During the period, the Board oversaw
progress in further strengthening the
Group’s risk management and internal
control framework, including the refinement
of the risk management methodology, and
in particular, the need to identify and assess
material controls.
The starting point for this work was the
set of 18 Principal Risk Areas identified
in prior years under the UK Corporate
Governance Code 2018. These risks were
reviewed using a methodology aligned with
the UK Corporate Governance Code 2024.
Following this review, it was determined
that the 18 risks would henceforth be
treated as the Group’s Risk Areas.
As part of this process, the Board held
a dedicated workshop to update, review
and approve the risk appetite for each Risk
Area, ensuring continued alignment with the
Group’s strategic objectives and evolving
risk profile.
The approved risk appetite statements
enabled the Group to undertake a detailed
assessment of the risks within each Risk
Area and to determine which of those
risks constitute Principal Risks, taking into
account their likelihood, impact and potential
consequences for solvency, liquidity,
reputation and the achievement of
strategic objectives.
1. The Committee of Sponsoring Organisations of the Treadway Commission Enterprise Risk Management framework.
Material controls were identified and a
dry-run process was launched to monitor,
update, test and strengthen the material
controls framework. These controls
were incorporated into the Audit and
Risk Committee’s agenda, supporting its
oversight of the implementation of the
requirements set out in Provision 29.
A preliminary assessment of material
controls was conducted on Principal Risks
during the year which has informed the
2026 enterprise risk management plan to
ensure the Group’s readiness to comply
with Provision 29.
In addition, and maintaining our
commitment to strengthen the risk analysis
in compliance with applicable regulation,
the following represent some of the actions
that our Risk, Compliance and Internal
Control Department undertook during 2025:
• Updated emerging risks in sessions
with senior management and
conducted on-site risk reviews
of selected areas, enhancing the
Group’s risk maturity level.
• Following the enactment of the
Economic Crimes Law in Chile, the
Group integrated the Risk Management
framework into the Crime Prevention
Model (CPM), appointing a member
of the compliance team as the Crime
Prevention Model Technical Secretariat.
• Reported monthly to both the Group’s
Executive Committee and individual
risk owners to identify and manage
any deviation from what is expected,
updating and monitoring critical
controls and action plans.
• Continued training of risk owners and
users of the framework in their roles
as owners of controls and action plans.
• Prepared new action plans to maintain
risk exposure within acceptable limits.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202578
• Embedded timely and comprehensive
risk analysis into relevant decision-
making processes.
• Shared best practices across our
operating companies.
• Participated in the FQAR (Functional
Quality Assurance Review) process,
which consists of a verification
and review by independent project
reviewers, that applied both to the
preparatory stages of a project and
during its execution.
During 2026, each risk owner will
continue the management of their risks
and material controls when applicable,
being supported by risk specialists and
subject matter experts to respond to the
Group´s Risk Appetite. The Board and
its Audit and Risk Committee will closely
oversee this process, ensuring a robust
approach aligned with Provision 29 and
the principles of the revised UK Corporate
Governance Code.
Governance
The Board has overall responsibility for risk
management and determines the nature
and extent of the principal and emerging
risks that we will accept to achieve our
strategic objectives. The Board receives
a detailed analysis of each key matter in
advance of Board meetings. This includes
reports on our operating performance
including health and safety, financial,
environmental, legal and social matters; key
developments in our exploration, project
and business development activities; and
information on the commodity markets,
updates on talent management and
analysis of financial investments.
The provision of this information enables
the early identification of potential issues
and the assessment of any necessary
preventive and mitigating actions.
The Audit and Risk Committee assists the
Board by reviewing the effectiveness of the
risk management process and monitoring
principal and emerging risks, preventive
and mitigation procedures, and action plans.
The Chair of this Committee reports to the
Board following each Committee meeting
and, if necessary, the Board discusses the
matters raised in more detail.
These processes support the Board in
effectively monitoring the Group’s major
risks and any preventive and mitigating
procedures, and to assess whether the level
of actual risk exposure is consistent with
the Group’s defined risk appetite. If a gap is
identified, an action plan is prepared to fill it.
The Risk, Compliance and Internal Control
Department is responsible for the Group’s
risk management systems. It implements the
Group’s risk management policy to ensure
there is a strong risk management culture
at all levels of the organisation. The Risk,
Compliance and Internal Control Department
supports business areas in analysing their
risks, identifying existing preventive and
mitigating controls and defining further
action plans. It maintains and regularly
updates the Group’s risk register.
Each operation’s General Manager,
with the Risk, Compliance and Internal
Control Department support, reports to
the Executive Committee and to the Audit
and Risk Committee on the overall risk
management process, with detailed updates
on Principal Risks, mitigation activities and
actions taken in each Group’s subsidiary.
Third line of defence
The Internal Audit Department provides
assurance on the risk management
process, including the effectiveness of the
performance of the first and second lines
of defence.
Second line of defence
The Risk, Compliance and Internal Control
Department is accountable for monitoring
our overall risk profile and risk management
performance, registering risks and issuing
alerts if any deviation is detected.
First line of defence
Each person is responsible for identifying,
preventing and mitigating risks in their
business area and escalating their concerns
to the appropriate level if required.
Board of Directors
• Has overall responsibility for risk management and its alignment with the Group’s strategy.
• Approves the risk management policy.
• Defines risk appetite.
• Reviews, challenges and monitors Principal Risks.
Board Committee (Audit and Risk)
• Support the Board in monitoring Principal Risks and exposure relative to our risk appetite.
• Make recommendations to the Board on the risk management system.
• Review the effectiveness and implementation of the risk management system.
Executive Committee
• Assesses risks and their potential impact on the achievement of our strategic goals.
• Promotes our risk management culture in each of the business areas.
• Ensures there is transparent and satisfactory dialogue with stakeholders.
Our risk management structure
The General Manager of each operation
has overall responsibility for leading
and supporting risk management at the
respective operation. Risk owners within
each operation have direct responsibility
for the risk management processes and for
regularly updating individual business risk
registers, including with relevant mitigation
activities. The individual owners of the risks
and controls at each operation are identified
in order to provide effective and direct risk
management.
Each operation held at least an annual
workshop on risk, at which the operation’s
risks and mitigation activities were reviewed
in detail and updated as necessary.
Workshops are used to assess Principal
Risks that may affect relationships with
stakeholders, limit resources, interrupt
operations and/or negatively affect potential
future growth. Mitigation techniques for
strategic and operational risks are reviewed
quarterly by the Risk, Compliance and
Internal Control Department. We promote a
consistent risk management process across
our different operations, ensuring risk is
considered at all levels of the organisation.
Risk information flows from the operations
to the Board, when applicable, and from the
Board back to the operations.
Risk management cycle
Risk appetite is the expression of the
acceptable exposure to uncertainties
that the organisation is willing to assume
in the pursuit of its objectives. Our risk
management cycle has four stages, and is
designed to identify, assess, treat and follow
up on our risks in order to take appropriate
measures and controls to maintain risks
within the defined risk appetite.
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Risk management continued
RISK AREAS AND PRINCIPAL RISKS
We maintain a risk register through a robust assessment of the potential risks
that could affect the Group’s performance. This register enables risks to be
identified in a thorough and systematic way, using agreed definitions.
Risk management
We are aware that not all risks can be
eliminated and that exposure to some
risk is necessary in the pursuit of our
corporate objectives.
Mining is a long-term business and, as
part of the risk reviews and evaluation
process, we identify new or emerging
risks which could impact the Group’s
sustainability in the long run, even if
there is only limited information available
at the time of the evaluation.
Any identified new or emerging risks
that could impact our long-term strategic
objectives are included in the risk
analysis and are reviewed and
monitored periodically by the Board.
As new information becomes available,
based on research, expert analysis
and internal investigations, suitable
controls and action plans are defined and
incorporated into the Group’s risk register.
We identify, assess and manage the risks
critical to the Group’s success. Overseeing
such risks protects our business, people
and reputation. The risk management
process provides reasonable confidence
that the relevant risks are recognised and
monitored, enabling the Group to achieve
its strategic objectives and create value.
Because risks are periodically re-evaluated,
the table and risk heat map shown here
summarise Group’s risk at a specific point
in time, as well as showing the changes
that have taken place since 2024.
Throughout the year, the Board carried
out a robust assessment of the Group’s
emerging risks and Risk Areas, which are
set out on the following pages with related
preventive and mitigation measures.
During 2025, the impact of ‘Political,
legal and regulatory’ (7) was reduced
from ‘Significant’ to ‘Moderate’ due to a
favourable judicial decision. The increase
in the outlook on Community Relations is
mainly due to the greater interaction with
the community within the framework of
commenced projects.
Risk area
Risk
appetite
Risk
level
Principal
Risk
Change in risk
level vs 2024
People
1. Talent management
2. Labour relations
Safety and sustainability
3. Health and safety
4. Environmental management
5. Climate change
6. Community relations
7. Political, legal and regulatory
8. Ethical conduct
Competitiveness
9. Operations
10. Tailings storage
11. Strategic resources
12. Cyber security
13. Liquidity
14. Copper and by-product prices
15. Exchange rates
Growth
16. Growth of mineral resource base and opportunities
17. Project execution
Innovation
18. Innovation and digitalisation
Risk appetite
Low
Medium
High
Risk level
Low
Medium
High
Very High
Change in risk vs 2024
Decreasing
Unchanged
Increasing
ANTOFAGASTA PLC / Annual Report and Financial Statements 202580
Low
Medium
High
Very High
Principal Risk
Risk heat map
IMPACT
PROBABILITY
Very unlikely Unlikely Possible Likely Almost certain
SevereSignificantModerateLowVery low
14
8
9 10
7
1743 6
11 16
15
5
12
18
13
1 2
The risk impact scale has five levels of probability and impact:
Probability
Level Quantitative Qualitative
Almost certain Once a week Happens often
Likely Once a month or more Could happen easily and has occurred under similar conditions
Possible Once or twice a year Could happen and has happened in similar conditions
Unlikely Once or twice every 10 years Has not happened yet, but could happen
Very unlikely Once or twice every 50 years Only in extreme circumstances
Impact
Level EBITDA/Health and safety/Environment/Communities/Legal/Reputation
Severe • Any incident with an impact of more than 50% of EBITDA.
• Accident that causes multiple fatalities or permanent disabilities.
• Irreversible environmental damage or serious incident that impacts a community, with long-term effects.
• Regulatory breaches which may lead to a revocation of operating permits or a financial impact exceeding 20% of EBITDA.
• Severe impact on the Group’s international reputation, with long-term effects.
Significant • Any incident with an impact of between 20% and 50% of EBITDA.
• Accident that causes a single fatality or permanent disability.
• Reversible environmental damage or major incident affecting a community, with medium-term effects.
• Regulatory breaches which may lead to a criminal conviction or a financial impact between 3% and 20% of EBITDA.
• High impact on the Group’s national reputation, with medium-term effects.
Moderate • Any incident with an impact of between 10% and 20% of EBITDA.
• Accident resulting in lost time.
• Moderate environmental impact or small incident that affects a community, with short-term effects.
• Regulatory breaches which may lead to criminal charges or a financial impact of between 0.05% and 3% of EBITDA.
• Moderate adverse claims and in the national news for a medium-term period.
Low • Any incident with an impact of between 5% and 10% of EBITDA.
• Accident without lost time.
• Minor environmental or community impact.
• Regulatory breaches that may result in a financial impact of less than 0.05% of EBITDA.
• Moderate claims and in the national news for a short-term period.
Very low • Any incident with an impact of less than 5% of EBITDA.
• Minor occupational accident.
• Very minor environmental or community impact, easily resolved.
• Regulatory breaches that will not result in a financial penalty.
• Claims that do not reach the formal media.
YoY movement
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RISK MANAGEMENT SYSTEM
Defining risk appetite is key to embedding the risk management system into our
organisational culture.
The Group’s risk appetite statement helps to align our strategy with the objectives of each business unit, clarifying which risk levels are,
or are not, acceptable. It promotes consistent decision-making on risk, allied to the strategic focus and risk/reward balance approved
by the Board. The Risk Areas have been presented to the Board and are grouped in line with our strategic pillars: People, Safety and
Sustainability, Competitiveness, Growth and Innovation. These pillars are supported by our corporate governance structures. The Risk
Areas, where Principal Risks are contained, are outlined in the risk heat map and table on the previous two pages, and in more detail below.
Principal Risks
A detailed assessment within the Risk Areas allowed the Group to identify the Principal Risks – defined as the subset of Risks Areas
that meet the criteria of having the potential to materially impact the organisation’s strategy, performance, solvency, liquidity, reputation,
or long-term viability. Accordingly, the Risk Areas considered Principal Risks are: Health and Safety, Environmental Management,
Community Relations, Ethical Conduct, Operations, Tailings Storage, Liquidity, Project Execution and Cyber security.
Antofagasta’s management approach to all Risk Areas, including those identified above as Principal Risks (highlighted in orange),
is set out below.
Risk management continued
1. TALENT MANAGEMENT
Managing talent and maintaining a high-quality workforce in a fast-evolving technological and cultural
environment remains a top priority for us. Failure to address these challenges could negatively impact
the performance of our current operations and future growth opportunities.
Risk appetite:
Risk level:
Preventive and mitigation measures
We recognise that attracting and retaining strong talent is essential for
long-term competitiveness, and we are willing to take measured risks
in adopting new approaches to workforce development, embracing
diverse profiles, and investing in digital capabilities. However, we have
low tolerance for leadership or capability gaps that could affect safety,
our licence to operate, or strategic delivery.
Training programmes are developed for various roles within the
organisation, through the Leadership and Diversity Academy, spanning
executives to employees.
Our goal is to develop a resilient workforce that drives productivity,
innovation and long-term value creation by investing in critical
skills, promoting and recruiting talent from diverse backgrounds and
providing robust succession and workforce planning and employee
value propositions. Therefore, we are prepared to take measured
risks in attracting and retaining talent, acknowledging that achieving
a perfect skills match at the time of hire will not always be possible.
As part of our long-term talent strategy, we will prioritise internal
development, early-career growth and reskilling over external
recruitment. As an example of this, the Mining Division saw an
increase in internal mobility of five percentage points from 2024
to 2025, reaching 39%.
Highlights
During the year, we continued to strengthen our leadership and talent
development ecosystem. We expanded our academies, launching
the Digital and Innovation Academy, while further consolidating the
Academy of Excellence and the Leadership and Diversity Academy.
In the latter, the Group’s leaders played a central role as trainers,
delivering capability-building to supervisors through a structured
train-the-trainers approach, reinforcing leadership accountability
and internal knowledge transfer. As part of our commitment to
leadership continuity and organisational resilience, we enhanced
both the coverage and quality of successors for our critical roles
in our succession planning review. This resulted in a more robust
pipeline and a continued improvement in diversity outcomes. Female
representation in our succession pool increased by more than 2
percentage points during the year, reaching an 8.6% increase over
the past two years. We also continued to invest in early-career
talent. In 2025, our Young Professionals Programme welcomed 21
participants, supporting the development of future leaders aligned
with our values and long-term business strategy. To support talent
retention and sustain employee commitment, we conducted pulse
engagement surveys throughout the year to assess the effectiveness
of the improvement plans implemented following the 2024
Engagement Survey. These insights guide adjustments to our plans,
enabling us to strengthen engagement drivers and reduce retention
risks through a more responsive and employee-centred approach.
Strategic pillars
Safety and sustainability Competitiveness Growth
People and culture Innovation
Risk level
Low
Medium
High
Very High
Risk appetite
Low
Medium
High
ANTOFAGASTA PLC / Annual Report and Financial Statements 202582
2. LABOUR RELATIONS
Our highly-skilled workforce and experienced management team are critical to our current operations,
implementing development projects and achieving long-term growth without major disruption.
Risk appetite:
Risk level:
Preventive and mitigation measures
We prioritise building strong, trusting relationships with our
employees, unions and contractors. We maintain continuous dialogue
with them to support fair working conditions and promote a diverse
and inclusive culture.
As Chilean labour regulations strengthen and Copper Mark standards
evolve, we remain committed to upholding the highest standards of
workforce conduct. We will not compromise on health and safety,
non-discrimination, or diversity and inclusion. Internal mobility,
promotions and recruitment must be merit-based, and we will
continue to uphold strict regulatory compliance while fostering an
inclusive environment throughout the organisation.
Labour audits are carried out annually on our contracting companies
to evaluate compliance with labour standards regarding salaries
and insurance.
Highlights
During 2025, we achieved Chilean Standard 3262 certification
across our operations, which strengthens our internal management
systems on gender equality and work-life balance.
In 2025, three-year labour agreements were successfully negotiated
with the Antucoya workers’ union and the Zaldívar, Los Pelambres
and Antucoya supervisors’ unions in an atmosphere of mutual
respect.
Multi-year labour agreements help to ensure long-term stability, and
we encourage the early identification and resolution of issues during
their term.
Collective bargaining with contractors was also carried out within
the expected agreements and without conflict or impact on the
Group, except for a brief strike by a contractor in Centinela that
had no impact on operational continuity.
This year, the labour audit achieved a compliance rate of over 96%.
For the remaining non-compliant areas, an action plan is prepared
and fully actioned within a period of two months.
3. HEALTH AND SAFETY (Principal Risk)
Health and safety incidents could result in harm to our employees, contractors and local communities.
Ensuring their safety and wellbeing is our ethical obligation, and one of our core values.
A poor safety record or a serious accident could have a long-term impact on morale and on our reputation
and productivity.
Risk appetite:
Risk level:
Preventive and mitigation measures
Health and safety is a core value and non-negotiable priority for the
Group. We aim for zero severe and fatal accidents and therefore do
not accept exposure to uncontrolled environments or energy releases
that could cause irreversible harm. Given the high-energy nature of
mining, we remain committed to minimising exposure through strong
controls, engineering design, and operational discipline. Critical
controls and verification tools are constantly strengthened through the
verification programme and through regular audits of critical controls
for potential high-risk activities. Leadership visibility and strong use of
‘Planned Task Risk Assessment’ (ARTP) and ‘Yo Digo No’ (I Say No)
tools are a key part of our safety performance.
We also recognise the presence of occupational health risks such
as respirable crystalline silica and do not tolerate unmanaged
exposure, applying monitoring, engineering measures and PPE where
required. Health and safety underpins operational performance:
safe operations reduce downtime, improve efficiency and support
long-term value creation.
Highlights
Our safety performance indicators continued to improve year-on-year
in 2025, with no fatalities recorded during the year, marking a fourth
consecutive year without fatal incidents and with a historical lowest
number of high-potential incidents recorded.
We have launched the digital version of our ARTP tool (planned task
risk assessment) and have begun a full-scale implementation across
all operations.
We continue to reinforce our learning management system to ensure
we learn from incident investigations and avoid repeats.
We are now looking into high-potential near-misses to ensure we
correct all deviations and prevent future high-potential incidents.
We continue to work to reduce exposure to hazards such as noise
and silica, through elimination or isolation of projects which carry
occupational risk.
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Risk management continued
4. ENVIRONMENTAL MANAGEMENT (Principal Risk)
Operational excellence must consider environmental factors as an integral part of management
to ensure operational continuity, enable growth and secure the approval of new projects.
Risk appetite:
Risk level:
Preventive and mitigation measures
We prioritise minimising the environmental impacts of our projects
and operations, maximising resource efficiency. In doing so, we aim
to avoid any operational incidents that impact the environment and
which could affect our relationship with local stakeholders as well
as our reputation, reducing the social value we generate. Should
such incidents occur, immediate control, containment, or corrective
measures will be taken to address such events.
We recognise that our environmental performance is key to the
sustainability of our business and supports growth and operational
excellence. To minimise impacts on the environment and biodiverse
areas, we apply an environmental management model aligned with our
sustainability policy and national and international standards across
our operations and projects. This includes robust preparedness and
closure plans to ensure ongoing compliance with current legislation.
Highlights
During 2025, we implemented a range of critical controls embedded
in our environmental management model (EMM) across all projects
and operations within the Group, including early-stage projects and
business development activities. This initiative aims to strengthen
our operational excellence and transition towards preventive
environmental management, integrating environmental considerations
throughout the lifecycle of our companies and enabling the timely
development of projects.
We progressed in our work to integrate our organisation-wide
Operational Excellence Management System with the EMM, notably
introducing a new indicator that enables systematic monitoring of
environmental performance across all our operations and projects.
This is achieved through tracking the recurrence of undesired
environmental incidents, as well as developing operational standards
for the critical controls associated with our most significant
operational risks that could have environmental consequences. This
process marks the beginning of a new approach to environmental
management, reinforcing risk prevention and ensuring accountability
from controls owners.
In May 2025, the relevant authorities in Chile approved the EIA for
our Zaldívar Mine Life Extension and Water Transition Project. This
now ensures operational continuity while long-term water transition
alternatives are developed, enabling us to stop extracting water from
current sources. In November 2025, we also secured a favourable
environmental permit (DIA) for the Cachorro project, which will allow
us to continue studying this deposit, which is located in the Sierra
Gorda commune.
Additionally, the Los Pelambres Development Options Project at
Los Pelambres continues to progress through its environmental
assessment process, with the Environmental Assessment Service
(SEA) submitting their first response to observations submitted by
authorities and citizens in November 2025.
In October 2025, the Environmental Superintendency in Chile
confirmed the successful implementation of FCAB’s Compliance
Programme, addressing acid spill incidents from 2020 and 2024.
This resolution concludes the process without any sanctions.
Antucoya and Los Pelambres recertified their operations under the
Copper Mark, joining Zaldívar and Centinela, which were certified in
2024. As a result, all copper production from the Group is certified
under The Copper Mark requirements. This reaffirms our commitment
to responsible and sustainable production and our alignment with the
United Nations Sustainable Development Goals.
Strategic pillars
Safety and sustainability Competitiveness Growth
People and culture Innovation
Risk level
Low
Medium
High
Very High
Risk appetite
Low
Medium
High
ANTOFAGASTA PLC / Annual Report and Financial Statements 202584
5. CLIMATE CHANGE
Our Climate Action Plan seeks to strengthen our capacity to adapt to and mitigate the impacts of
climate change on our business. It enables us to take early action to manage the related risks and
opportunities, aiming to mitigate the effects of climate change and help adaptation to new scenarios.
Risk appetite:
Risk level:
Preventive and mitigation measures
We seek to identify and manage climate change risks through
regular assessments of the effectiveness of associated controls,
ensuring they remain fit for purpose. We are exploring nature-based
solutions and low-carbon technologies to enhance resilience, support
decarbonisation targets, maintain and strengthen our licence to
operate and reputation with key stakeholders.
Given the exposure of some operations to localised climate impacts
and a tightening regulatory environment in Chile, we are implementing
cost-effective mitigation and adaptation measures in line with our
Climate Action Plan. We will also seek to capitalise on climate-related
opportunities, such as addressing water scarcity by reducing reliance
on continental water and increasing the use of sea water and
recirculated water.
Highlights
We are focused on contributing to the reduction of greenhouse gas
emissions and water scarcity.
Since April 2022, all mining operations have been powered by 100%
renewable electricity. This has allowed us to achieve a 30% reduction
in Scope 1 and 2 emissions by 2022, ahead of our 2025 target, with
emissions savings equivalent to 730,000 tCO₂e.
In 2024, we established updated targets: to reduce Scope 1 and 2
emissions by 50% by 2035 compared to 2020, and to engage with
the industry to achieve a 10% reduction in Scope 3 emissions by
2030. We are also targeting carbon neutrality by 2050, or sooner
if technology permits.
In 2024, we unveiled Antofagasta’s Climate Action Plan titled: ‘Our
Path to Decarbonisation’, and each operation and other corporate
areas such as mining development, projects and supply, drew up
individual, specific action plans during 2025.
Our decarbonisation plan employs cutting-edge technologies and
innovative solutions, including transitioning our haul truck fleet to
low-emission power sources. In 2025, we undertook an electric-
based trolley-assist pilot project at Los Pelambres, aimed at gaining
operational experience with the technology and testing a power-
agnostic diesel truck (PADT) compatible with our trolley-assist
system and electric batteries. This helped us to validate assumptions
around the operation, availability, maintenance costs and mine design
impacts of this haulage system. We have also been conducting trials
of electric pick-up and logistics trucks at Centinela and Zaldívar.
Turning to our use of water, we aspire for 90% of the water required
for our operations to come from sea water and/or recirculated
sources. This goal is expected to be met with the commissioning
of Los Pelambres’ expansion of its desalination plant to 800 l/s.
During the year, we also continued to focus on other innovative
water projects, such as: improved water efficiency through process
optimisation; and applying advanced technologies to reuse and recycle
water within our operations. We also approved capital expenditure
for pilot projects to be carried out in 2026, aimed at: reducing
evaporation (Los Pelambres, Centinela and Antucoya); installing
solar panels over the El Mauro tailings pond (Los Pelambres); and
bioconsolidation (Los Pelambres).
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6. COMMUNITY RELATIONS (Principal Risk)
Failure to identify and manage local concerns and expectations could negatively impact the Group.
Relations with local communities and stakeholders affect our reputation and could impede our ability
to grow and generate social value.
Risk appetite:
Risk level:
Preventive and mitigation measures
We recognise that project expansion increases local operational risks
and are committed to preventing and mitigating them in line with our
Human Rights Policy, ensuring accessible grievance mechanisms for
affected individuals, communities and Indigenous peoples. We meet all
commitments with neighbouring communities and comply with laws,
agreements and stakeholder plans.
All new projects assess local impacts – including risks to social
cohesion and opportunities for local employment and capacity
building – supported by early engagement and continuous feedback.
We ensure fulfilment of community commitments through initiatives
grounded in dialogue, transparency, collaboration and traceability,
supported by strong internal controls and impact measurement.
To mitigate the impact of the drought in the Province of Choapa,
we continue to strengthen community programmes related to the
availability of water for human consumption and irrigation. In northern
Chile, the Dialogues for Development programme continued to
strengthen as a co-construction model, promoting community
projects through open calls and public participation.
We focus on building long-term, trust-based and mutually beneficial
relationships across the project lifecycle, conducting periodic
assessments of community needs to anticipate risks and support
sustainable, shared-value outcomes.
We seek to build economic, social and human capital in the regions
where we operate by promoting local employment, supporting local
suppliers, and offering education and training opportunities. We deliver
a range of programmes to support local entrepreneurs and micro and
small enterprises.
Highlights
In 2025, the Group’s scholarship programme supported 803
students in accessing school education and more than 1,000 young
people in pursuing higher education in the regions of Antofagasta
and Coquimbo. This initiative reaffirms the Group’s commitments
to developing local talent, ensuring equitable access to educational
opportunities and strengthening human capital in the territories
where it operates.
We continue to make progress in measuring the impact of our social
programmes. Through systematic monitoring, we have developed
improvement plans aimed at optimising the performance of initiatives
and enhancing the social value of our operations.
In line with our Human Rights Policy, we put in place development
and monitoring of gap-closing action plans in 2025, where potential
issues and risks were identified through due diligence of human
rights-related topics. In addition, we continued to strengthen
our Community Grievance Management System to make it more
accessible and effective in addressing community concerns, which
can be raised confidentially and are traceable, enabling their status
and resolution to be monitored.
Furthermore, the Indigenous consultation process with the Peine
community was successfully concluded, having been conducted
transparently, in good faith and with high levels of community
participation. This dialogue has resulted in concrete agreements
and fostered mutual understanding, both of which are key elements
in building a long-term relationship with the community.
Risk management continued
Strategic pillars
Safety and sustainability Competitiveness Growth
People and culture Innovation
Risk level
Low
Medium
High
Very High
Risk appetite
Low
Medium
High
ANTOFAGASTA PLC / Annual Report and Financial Statements 202586
7. POLITICAL, LEGAL AND REGULATORY
We recognise that mining is a global industry, and we must be prepared to manage geopolitical and political
risks in the countries where we operate. The Group may be affected by political instability, regulatory changes
and disputes in the countries where it conducts its business. Changes in the legal and regulatory environment,
or disputes or litigation, could negatively impact the Group’s operations and projects.
Risk appetite:
Risk level:
Preventive and mitigation measures
We only operate in jurisdictions where corruption, human rights or
security risks can be effectively mitigated and we constantly monitor
political, legal and regulatory developments affecting our operations
and projects.
We comply fully with existing laws, regulations, licences, permits and
human rights in each of the countries in which we operate.
We assess political risk as part of our evaluation of potential projects,
including the nature of any foreign investment agreements.
We monitor proposed changes in government policies and regulations,
particularly in Chile, and belong to several associations that engage
with governments on these matters. This helps to improve our internal
processes and ensures we are prepared to meet any new regulatory
requirements.
Highlights
We continue to see a low degree of political uncertainty in Chile.
Since the rejection of the second draft of a proposed new constitution
in 2023, the previously existing constitution remains in force. The
Chilean government has announced that it will no longer pursue
constitutional reform within this term of office.
During 2025, the Chilean government passed a law to unify and
simplify permits for mining and energy projects. It sets deadlines of
25 to 120 days for government review, and creates a digital platform
to centralise processes. The goal is to improve legal certainty and
transparency, and reduce regulatory complexity, while supporting
copper, lithium, and green hydrogen projects. It also aims to boost
international competitiveness, without lowering environmental
standards. In September 2024, the new ‘Ley de Delitos Económicos’
(Economic Crimes Law) came into force. We have strengthened our
team of crime prevention officers to better address the new challenges
arising from the law, focusing on preventing environmental crimes,
work accidents and occupational diseases, as well as fraud and
corruption. We are confident that we have robust controls in place.
The Group continues to support certain Chilean industry associations,
particularly the Consejo Minero (Mining Council) and SONAMI,
in representing the mining industry and responding to regulatory
developments.
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Risk management continued
Strategic pillars
Safety and sustainability Competitiveness Growth
People and culture Innovation
Risk level
Low
Medium
High
Very High
Risk appetite
Low
Medium
High
8. ETHICAL CONDUCT (Principal Risk)
The Group is committed to operating with integrity and strictly adhering to applicable anti-corruption laws
and regulations, ensuring that adequate resources and systems are in place to support ongoing compliance
and promptly identify and address risks of non-compliance. We have no tolerance for any activity that may
contravene applicable anti-corruption laws.
Risk appetite:
Risk level:
Preventive and mitigation measures
We promote ethical conduct across the Group, its supply chain and
third-party relationships through internal policies, standards and
governance systems that support a strong compliance culture.
We do not tolerate any activity that may constitute a breach of
applicable anti-corruption laws.
Our compliance framework – including the crime prevention model,
Ethics Committee, Code of Ethics, procedures, communication
channels, training and corruption controls – is designed to identify
and prevent risks, supported by regular compliance assessments
and strengthened third-party oversight. It applies to both employees
and contractors. It is clearly defined and is communicated regularly
through internal channels as well as being available on the Group’s
website. New employees are trained in the compliance model as part
of their induction programme.
The Group’s crime prevention model strengthens compliance with
anti-bribery and anti-corruption laws in the United Kingdom and Chile,
and is reviewed by an external entity.
The Group maintains honest and transparent interactions with
authorities, ensuring timely and accurate disclosure and constructive
co-operation during reviews or investigations. Any actual or perceived
breaches are addressed consistently and ethically.
Highlights
In 2024, the ‘Ley de Delitos Económicos’ (Economic Crimes Law)
came into force for legal entities (companies). During 2025 the
Group’s risk register was updated, where necessary, to ensure
we have a robust model of crime prevention in place in every
operation. As part of this process, our crime prevention manual
was updated, aligning it with the new regulations and reinforcing
the responsibilities assigned to both employees and the Group’s
companies.
The updated crime prevention manual forms part of our Integrated
Risk Management System and strengthens our capacity to prevent,
detect and respond to behaviours that could generate criminal liability
for any subsidiary of the Group.
9. OPERATIONS (Principal Risk)
We prioritise the availability of equipment and infrastructure while ensuring our assets operate within their
design and technical limits. Mining operations face uncertain events – such as equipment failure, geological
variations, extreme weather and natural disasters – that can disrupt production, increase costs and affect
operational continuity.
Risk appetite:
Risk level:
Preventive and mitigation measures
We focus on maximising equipment availability and efficiency through
strong control of planned maintenance and by limiting unplanned
events. We recognise that external factors – such as climatic events,
natural failures, system faults, geological variability, or shortages of
specialised labour – can still disrupt production or increase costs.
We have business continuity and disaster recovery plans for key
processes within our operations, to mitigate the consequences
of a crisis or natural disaster.
To achieve the full potential of our key processes, we operate under a
standardised operating model and an excellence management system
aimed at reducing variability and improving process performance.
Operations maintain robust operational risk management, resilience
and business continuity plans to support performance at design
capacity and reduce idle time.
Highlights
Building on lessons learned in previous years, the Group has further
strengthened operational resilience in 2025. Proactive engagement
with communities and authorities has helped minimise the impact
of incidents and maintain trust. At Los Pelambres, the persistent
challenge of drought continues, but the desalination plant – now fully
operational and in the process of being expanded – has ensured water
supply stability, safeguarding production and reducing climate-related
risk. The concentrate pipeline and power infrastructure upgrades have
progressed on schedule, enhancing operational reliability. Centinela’s
Second Concentrator Project has advanced, with robust stakeholder
consultation and timely permitting supporting future growth. Across
all operations, environmental impact assessments and regulatory
compliance have been prioritised, for example, as seen with Zaldívar’s
successful permit extension. Labour agreements and transparent
communication have contributed to a stable social environment.
Overall, the Group’s focus on climate adaptation, regulatory diligence
and community engagement has been key to sustaining performance
and mitigating risks in a dynamic context.
ANTOFAGASTA PLC / Annual Report and Financial Statements 202588
10.TAILINGS STORAGE (Principal Risk)
Ensuring the stability of our tailings storage facilities (TSFs) and deposits throughout all phases of
their lifecycle is central to the Group’s operations. A failure or collapse of our TSFs could result in
fatalities, environmental damage, impacts on the quality of life of neighbouring communities, regulatory
breaches, reputational harm, and/or loss of operational continuity.
Risk appetite:
Risk level:
Preventive and mitigation measures
Our TSFs and any potential or actual impact on the environment.
The policy is based on sound governance and open communication
with stakeholders.
TSF risks are assessed and managed throughout their entire lifecycle
using data, validated models, and input from qualified internal experts
and independent specialists. Governance is reinforced through
independent oversight mechanisms, including an annual Independent
Tailings Review Board (ITRB or Independent Reviewer), with at least
one meeting held each year, and periodic Dam Safety Reviews (DSR)
conducted in accordance with the required frequency for each tailings
facility, typically every three to five years. We prioritise TSF stability
to minimise health and safety risks and reduce the likelihood of fines,
shutdowns or reputational impacts.
Regulatory and stakeholder expectations have raised governance
standards under frameworks such as the GISTM, alongside increased
scrutiny from investors and communities. Our TSFs comply with
applicable laws and standards, and we provide relevant information
to authorities and affected stakeholders.
Management follows our Tailings Policy, emphasising risk
identification, strong controls and verification of their effectiveness.
Independent recommendations are incorporated where appropriate,
and any relating to legal or compliance matters are always addressed.
TSF governance is overseen at the highest levels of the organisation,
ensuring clear accountability across the full lifecycle.
Highlights
The GISTM was published in 2020. We implement this standard at
all our operations. All our TSFs, including those at Los Pelambres,
Centinela and Zaldívar, are in compliance with this standard.
In accordance with the GISTM framework, we periodically update our
risk assessments, in order to reduce risks to the lowest practicable
level. This is achieved by focusing on more detailed risk identification,
failure modes and controls in order to avoid catastrophic failures.
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11. STRATEGIC RESOURCES
The interruption of the supply of any of the Group’s key strategic inputs and services, such as electricity, water,
fuel, sulphuric acid or mining equipment, could have a negative impact on production. In the long term, any
restriction on the availability of key strategic resources such as water or electricity could affect the Group’s
growth opportunities. A significant part of the cost of the Group’s inputs is influenced by external market factors.
Risk appetite:
Risk level:
Preventive and mitigation measures
We diversify our suppliers to avoid overdependence. Where this is
not feasible, we apply a strategic approach that may include long-
term agreements with reputable suppliers who meet our risk-based
standards and ensure full supply traceability, including safeguards
against modern slavery. Long-term contracts are also used to reduce
exposure to market volatility.
We aim to transition to a future operating model in which, when
feasible, an increasing proportion of our electricity supply comes
from reliable, renewable, or sustainable sources when safety and
cost requirements are met.
We prioritise alternative water sources where possible. This approach
reduces scarcity-related risks, lowers emissions and can improve
operational efficiency. Centinela and Antucoya continue to utilise
100% sea water, following the closure of Centinela’s last continental
water wells in 2022. The ore processing at both operations is
designed to use raw sea water, which is pumped using renewable
electricity from a facility located on the Pacific coast.
Geopolitical conflicts do not currently have a material impact on the
supply of our key inputs; however, these must continue to be monitored.
We acknowledge that geopolitical tensions, resource scarcity and
commodity price volatility can restrict operational capacity and
increase costs. These risks are actively monitored and mitigated
through infrastructure investments, regulatory engagement and
contingency planning.
Highlights
In 2025, we worked with over 4,600 suppliers, with 95% of
purchases by value sourced from suppliers based in Chile. This
approach has helped us mitigate geopolitical risks affecting our
suppliers.
During 2025, the strategic supply risk was influenced by the risk
of ensuring water access, for which we continue to move towards
our aspiration of 90% of water use from recirculated water and/
or sea water sources. The completion of the desalination plant
expansion at Los Pelambres – scheduled for 2027 – is expected to
be a key step in achieving this target. In addition, the Addendum of
the EIA for the Los Pelambres Development Options Project was
submitted in November 2025, which includes the option to further
increase the supply of desalinated water to Los Pelambres to support
future growth.
In May 2025, Zaldívar received approval for its Environmental
Impact Assessment (EIA), a pivotal milestone that extends the mine’s
operational life to 2051. This approval formalises a transition away
from continental (groundwater) sources, setting a new standard for
sustainable water management at the site. Following this approval,
Zaldívar has now entered a three-year transition period (2025–
2028) to replace continental water with sea water or supply from an
authorised third party. This phased approach aligns with regulatory
requirements and community agreements, ensuring operational
continuity and environmental responsibility.
12. CYBER SECURITY (Principal Risk)
Malicious interventions (Hacking) of Operational Technology (OT) and Information Technology (IT)
networks could affect the Group’s reputation and/or operational continuity.
Risk appetite:
Risk level:
Preventive and mitigation measures
Cyber security threats are an inherent element of our digital
operations, intensified by greater connectivity, the use of AI
technologies and reliance on third-party systems. We focus on
maintaining the availability, integrity and resilience of our networks
through continuous strengthening of critical cyber controls and
real-time monitoring of IT services.
Our cyber security model aligns with recognised standards such
as ISO 27000 and the NIST (National Institute of Standards and
Technology) framework, supported by audits to identify vulnerabilities
and a structured response and recovery model for cyber incidents,
including strategic and technical activation layers. Business continuity
plans and no-system procedures are triggered when required.
We also foster an internal cyber security culture through awareness
programmes, ethical phishing exercises and targeted initiatives
designed to enhance organisational resilience.
Highlights
In 2025, to strengthen our controls, we continued to carry out ethical
phishing and ethical hacking exercises, and we also advanced our
cyber security strategy to protect our digital infrastructure, ensure
operational continuity and comply with new regulatory requirements.
Our actions were focused on upgrading technology platforms,
managing cyber security risks and developing a resilient culture.
In co-ordination with the Operations Management teams of each site,
no-system procedures (PSS) were developed to provide guidance
to operations personnel responsible for critical business processes
on what to do in the event of a loss of continuity of the technological
infrastructure; namely, whether to operate manually or initiate the
industrial shutdown protocol, as applicable. The PSS were approved
by the General Managers of each operation and handed over to
the Risk, Compliance and Internal Control Department, who will be
responsible for co-ordinating the operation and maintenance of the
PSS (including updates, testing and improvements).
Risk management continued
Strategic pillars
Safety and sustainability Competitiveness Growth
People and culture Innovation
Risk level
Low
Medium
High
Very High
Risk appetite
Low
Medium
High
ANTOFAGASTA PLC / Annual Report and Financial Statements 202590
13. LIQUIDITY (Principal Risk)
We aim to maintain a strong liquidity position through conservative financial management, disciplined
capital allocation and diversified funding sources, ensuring resilience across commodity cycles and against
macroeconomic volatility.
Risk appetite:
Risk level:
Preventive and mitigation measures
The Group’s investment policy prioritises security, liquidity and return.
We maintain sufficient liquidity through cash reserves, financing
access and regular cash flow reviews to ensure we can fund
operations if risks materialise.
We seek to diversify funding sources across instruments and markets,
consistent with our investment policy. Significant investments are
assessed against a range of financing options, enabling us to select
those best suited to their risk profile.
Highlights
In 2025, we maintained a robust balance sheet and kept strong
financing ratios, ensuring our ability to secure debt financing.
Our efforts centred on diversifying funding sources, and on attracting
significant interest from financial institutions offering competitive
financing terms and longer tenors aligned with the life of the assets
being financed. As an example, we successfully completed the
financing of the water infrastructure of Los Pelambres (part of the
Growth Enabling Projects) with an innovative structure, long tenor
and a diversified investor and lender base which included banks,
insurance companies, pension funds and others.
During the year, and in addition to the financing of the water
infrastructure of Los Pelambres, we also completed a bond issuance
for Antofagasta plc. These initiatives expanded our lender base,
diversified funding sources, and extended debt maturities.
14. COPPER AND BY-PRODUCT PRICES
The Group’s results largely depend on raw material prices: primarily copper and, to a lesser extent, gold and
molybdenum. These product prices are heavily influenced by various external factors. Long-term forecasting and
the assumptions used in evaluating investment opportunities have a significant impact on expected performance.
Risk appetite:
Risk level:
Preventive and mitigation measures
We acknowledge our exposure to raw material price volatility,
particularly copper, with performance influenced by global supply–
demand dynamics, economic conditions, geopolitical factors and
energy or environmental policies. Long-term price forecasts are
essential for evaluating investments and expected returns.
We sell at market prices and do not undertake speculative hedging.
Hedging is only used in specific, clearly defined circumstances,
maintaining the Group’s direct exposure to market conditions.
Highlights
During 2025, we maintained adequate liquidity levels, which
supported our ability to manage risks associated with exposure to
commodity prices, particularly copper, and their inherent volatility.
15. EXCHANGE RATES
R
The Group’s sales are primarily denominated in US dollars, while some of its operating costs are expressed in
Chilean pesos. The appreciation of the Chilean peso could negatively impact the Group’s financial results.
Risk appetite:
Risk level:
Preventive and mitigation measures
Due to the strong correlation between the Chilean peso/US dollar
exchange rate and copper prices, FX hedging is considered only
in specific cases. FX risks are actively monitored, and hedging
may be used to reduce volatility and protect margins.
We recognise that FX markets are highly volatile and driven by
external factors such as interest rate differentials and geopolitical
developments. Accordingly, we track macroeconomic indicators
and may apply targeted hedging strategies to manage short-term
exposure to movements in the US dollar against the Chilean peso.
Highlights
The divergence in the management of monetary policies between
Chile and the US during the year, as well as the expectation of
interest rate differentials between the two countries, together with
the effect on the copper price, were among the main drivers for the
US dollar/Chilean peso exchange rate.
During 2025, the US dollar/Chilean peso exchange rate remained
relatively stable and above budget levels. Market developments are
continuously monitored, and during the year, no additional hedging
was deemed necessary.
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16. GROWTH OF MINERAL RESOURCE BASE AND OPPORTUNITIES
The Group must identify new resources to ensure continuous future growth through exploration and
acquisition. There is a risk that exploration activities may fail to identify sufficient viable mineral resources.
Risk appetite:
Risk level:
Preventive and mitigation measures
We recognise the need to identify new mineral resources to support
long-term growth. To broaden our resource base and mitigate
operational and political risks, we assess exploration and investment
opportunities in new jurisdictions, both independently and through
strategic alliances or joint ventures. All potential opportunities are
reviewed by the Business Development Committee within Board-
approved authority levels.
We aim to partner with credible mining companies and high-potential
exploration programmes, and when appropriate, pursue targeted
acquisitions of companies, mines or advanced projects, ensuring
alignment with our policies and technical standards. Our exploration
and M&A strategy prioritises opportunities in the Americas, focusing
on deposits expected to meet Board-approved return thresholds.
Country risk assessments, including stress tests and sensitivity
analyses, guide decisions to ensure we invest in stable and secure
jurisdictions.
Highlights
Our exploration activities continued to focus on the Americas and
our risk exposure level was unchanged. During 2025, three copper
projects were drilled in Peru with encouraging results in one of them
which justify being followed up with further drilling in the next years.
In Chile, positive drill results were obtained in holes carried out in
northern zone of the Los Pelambres mine that confirm the extension
of the copper mineralisation beyond the limits of current pit.
With respect to the Cachorro Project, a second DIA approval was
obtained, which will enable progress to be made in capturing
information if approval is obtained to advance to feasibility stages.
Greenfield exploration identified two highly prospective properties
in Chile and Peru that were successfully negotiated and incorporated
into the exploration pipeline. Environmental and land access
permits will be obtained during the next year to drill both porphyry
copper projects.
Two Group’s executives have continued as directors in Compañía
de Minas Buenaventura S.A.A. (‘Buenaventura’). Buenaventura is
Peru’s largest publicly traded precious and base metals company
and a major holder of mining rights in Peru.
At the beginning of 2024, Twin Metals Minnesota successfully
executed its exploration plan in the U.S.-state of Minnesota,
identifying areas with potential for further exploration, and it is
currently evaluating exploration activities to continue to advance
the understanding of its mineral deposits.
17. PROJECT EXECUTION (Principal Risk)
Incorporating new projects into the portfolio aims to ensure sustainability, and increase business value.
Effective project execution is critical to avoid delays, cost overruns, and production losses.
Risk appetite:
Risk level:
Preventive and mitigation measures
We are committed to developing new reserves and expanding
capacity in a disciplined, risk-aware manner aligned with long-term
value creation. Projects that do not comply with legislation, internal
standards or sustainability requirements will not be developed.
Our projects are developed in accordance with the practices set out
in our asset delivery system (ADS), including the Functional Quality
Assurance Review (FQAR) process, and are reviewed by internal and
external experts.
Significant risks to schedules, costs or value delivery must be actively
managed and escalated as needed. All projects must assess potential
cost escalation and include operating cost forecasts supported by
stress-tested assumptions.
Highlights
Project risks are proactively managed and frequently evaluated to
minimise their impacts.
Project estimates include a contingency provision, calculated using
a probability-based method that considers the systemic and specific
risks of each project.
In 2025, one of the main focuses of project risk management has
been the construction of Los Pelambres’ Future Growth Enablers
(new concentrate pipeline and desalination plant expansion) and
Centinela Second Concentrator Project, both of which are currently
in construction.
Risk management continued
Strategic pillars
Safety and sustainability Competitiveness Growth
People and culture Innovation
Risk level
Low
Medium
High
Very High
Risk appetite
Low
Medium
High
ANTOFAGASTA PLC / Annual Report and Financial Statements 202592
18. INNOVATION AND DIGITALISATION
To achieve the Group’s strategic and performance objectives, and remain competitive in an evolving market,
it is essential to embrace and adopt innovative technologies.
Risk appetite:
Risk level:
Preventive and mitigation measures
We focus on innovations that deliver cost savings and enhance
efficiency, reliability and safety, ensuring alignment with the Group’s
strategic priorities. Innovation supports growth and the development
of new solutions across our operations.
Within the Mining Division, our innovation governance model provides
a structured framework for identifying, developing and implementing
initiatives, ensuring alignment with the Group’s strategic goals and
fostering continuous improvement.
A dedicated team monitors external innovation trends relevant to
the business, while we encourage employees to challenge existing
practices and propose improvements.
We also leverage partnerships with the world’s leading innovation
centres to maximise opportunities for process and system
enhancement.
Highlights
Our Innovation Roadmap has been followed as planned, and guides
the review and approval of key strategic initiatives, prioritising
technological and operational challenges. This systematic approach
enables us to seize opportunities, mitigate risks related to technology
adoption, and maintain our competitive edge in an evolving industry.
Cuprochlor-T
®
has completed engineering studies for an industrial-
scale leach pad at Zaldívar, with construction planned for 2026 to
validate its performance at operational scale. At Los Pelambres, a
robotic solution for SAG mill liner replacement during maintenance
activities is being implemented, with plans to deploy four robots
throughout 2026.
Additionally, the Group is undertaking studies to examine the
application of water recovery and diagnostic studies have been
conducted to better understand the composition of tailings, supporting
future evaluations of resource management. Work to develop a
pre-feasibility study for the electrification of mining operations
continues (see Trolley-Assist case study on page 57).
Emerging risks
Operating in a dynamic environment poses risks that, at the time they are identified, may in some cases be related to one or more of the
Risk Areas and, consequently, be critical to the business if not properly managed.
Emerging risks are new or transformed risks (or a new combination of risks) whose probability, impact, timing of occurrence, or control
mechanisms are not yet fully understood, and which may evolve over time in response to technological, regulatory, environmental, or
social changes. Risk Management proactively identifies and assesses emerging risks, using both internal and external information sources,
and reviewing emerging risks at least on an annual basis. New emerging risks that may become Principal Risks in the future are reviewed
annually by the Board and the Audit and Risk Committee.
Current emerging risks are:
Emerging risk Impact
Geoeconomic confrontation Geoeconomic confrontation with an impact on the logistics chain, the commodities market and/or
economic recession.
Concentration of copper smelting Increase in copper smelting capacity concentration could lead to higher exposure to certain logistical,
commercial and geopolitical risks.
The above risks are closely monitored and actively managed to minimise their threat.
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Risk management continued
COMPLIANCE AND
INTERNAL CONTROLS
How we achieve our objectives is crucial to the sustainable long-term
development of the Group. We have no tolerance for bribery and corruption,
and are committed to working with integrity and transparency. We comply
with all applicable anti-corruption and anti-bribery legislation, and ensure
that necessary controls are in place to prevent any unethical behaviour.
Areas of focus and
development during 2025
• In 2024, the ‘Ley de Delitos
Económicos’ (Chilean Economic
Crimes Law) started to apply to legal
entities (companies). During 2025, we
have reviewed and updated, where
necessary, our risk register with the
offences established in the new law, and
we can conclude that we have a robust
model of crime prevention in place in
every operation. As part of this process,
we updated our Crime Prevention
Manual, aligning it with the new
regulatory requirements and reinforcing
the responsibilities assigned to both
employees and the companies. The
updated Crime Prevention Manual forms
part of our Integrated Risk Management
System and strengthens our capacity
to prevent, detect, and respond to
behaviours that could generate criminal
liability for any Group company.
• In 2024, the ‘Karin Law’, or Law
21.643, was published. This legislation
establishes new provisions to prevent,
investigate and punish workplace
harassment, sexual harassment
and violence at work. During 2025,
the Group implemented updated
investigation processes. These were
reported to the relevant authority
and did not receive any significant
observations, indicating effective
compliance with the applicable legal
framework and reinforcing the Group’s
zero-tolerance policy toward such
behaviour through various training
initiatives and communications.
• An established due diligence process
is in place, based on a risk analysis
approach.
• The Company’s Crime Prevention Model
was evaluated by an independent expert.
• Employees in high-risk areas completed
in-depth training on ethics and
compliance.
• New employees were trained in the
Compliance Model and Code of Ethics
as part of their induction programme.
• All employees updated their conflict-
of-interest disclosures.
• A campaign ‘let’s talk about integrity’
was launched with a large-scale
communication related to antitrust
guideline, model of crime prevention,
and others.
• Anti-corruption events took place
at all our operations to reinforce
compliance with our integrity values.
• The Risk, Compliance and Internal
Control team have been integrated
into the approval process for social
contributions, to strengthen monitoring
and governance.
• A communication campaign was
carried out as part of our focus on
prevention in our Compliance Model.
• Whistleblowing investigations,
undertaken by a group of experts,
were centralised and standardised,
guaranteeing an independent process.
• We focused on prevention in the Group’s
construction projects, in topics related
to compliance and the value of respect.
Code of Ethics
This sets out our commitment to
conducting business in a responsible and
sustainable manner. Our Code of Ethics
(‘The Code’) requires honesty, integrity
and accountability from all employees
and contractors, and includes guidelines
for identifying and managing potential
conflicts of interest. It is at the core of
our Compliance Model and supports the
implementation of all related activities.
Compliance model
The Compliance Model applies to both
our employees and our contractors. It
is clearly defined and is communicated
regularly through internal channels as
well as being available on our website.
All contracts include clauses relating
to ethics, modern slavery and crime
prevention to ensure contractors’
adherence to our Compliance Model.
We actively promote open communication
with all our employees, contractors and
local communities. This helps ensure that
our corporate and value creation objectives
are achieved in an ethical and honest way.
The Compliance Model is reviewed
regularly, both internally and by third
parties, and on corruption-related
matters it is evaluated in accordance
with Chilean anti-corruption legislation.
The Model has three pillars:
Prevention: Its main focus is to prevent
the occurrence of any irregular or illegal
situations. We provide a series of tools
and training opportunities to all employees
and contractors to support appropriate
behaviour through:
• Internal policies and procedures;
• Antitrust guidelines;
• The management and update of our
Compliance risk register;
• Our robust due diligence processes;
• Anti-corruption clauses in suppliers’
and employees’ contracts;
• Compliance training and
communication; and
• Access Control and Governance, Risk
and Compliance (GRC) tools are used
as part of our segregation of duties
controls.
Our Code of Ethics is available on our website | www.antofagasta.co.uk
ANTOFAGASTA PLC / Annual Report and Financial Statements 202594
Detection: Detection of any potentially
irregular or illegal situation is boosted by:
• Robust and open whistleblowing
channels where individuals can
present complaints and grievances
anonymously in a context of our
non-retaliation policy;
• Data analysis;
• Anti-corruption internal controls;
• Normative instruments, such as
internal policies, procedures or
guidelines, which are continually
reviewed; and
• Internal audit.
Action: Immediate action is taken if an
irregular or illegal situation is detected,
and we investigate according to our
internal procedures using fact-based,
objective and professional standards.
An Ethics Committee, which includes
members of the senior management team,
reviews the findings of every investigation
and suggests remediation plans. The
performance of the compliance programme
is reported twice a year to the Audit and
Risk Committee and to the Board, as
well as the cases received through the
whistleblowing channels.
During the year, we received 760
allegations. Of these, 187 (25%) were ethics
related and 573 (75%) were non-ethical
concerns. The ethical allegations were
classified as: 55% (102) fraud; conflicts
of interest, and other misconduct; 45%
(85) workplace and sexual harassment;
there were no allegations received
relating to regulatory non-compliance
or modern slavery.
Remediation actions such as process
improvement and training on the specific
raised matters, disciplinary written
warnings, organisational transfers and
restrictions and, when reasonable, contract
termination. Our Crime Prevention Model
ensures compliance with anti-bribery
and anti-corruption laws in the United
Kingdom and Chile, and is evaluated
by an external entity.
Due diligence highlights
During the year, 11,018 suppliers were
reviewed, of which 0.04% were rejected.
Of these, 98% were Chilean suppliers and
2% were international. The reasons for
rejection were mainly due to high financial
or tax risk, non-compliance with Group
guidelines or non-compliance with Chilean
Law 20.393 (Criminal Responsibility of
Legal Entities).
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Viability statement
VIABILITY
STATEMENT
To address the requirements of Provision 31 of the 2024 UK Corporate
Governance Code, the Directors have assessed the prospects of the Group
over a period of five years.
Mining is a long-term business and
timescales can run into decades. The
Group maintains Life-of-Mine models
covering the full remaining mine life for
each mining operation. More detailed
medium-term planning is completed for
a five-year time horizon (as well as very
detailed annual budgets). Accordingly, five
years has been selected as the appropriate
period over which to assess the prospects
of the Group.
When taking account of the impact of the
Group’s current position on this viability
assessment, 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 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. 67% of the borrowings
are repayable after more than five years,
beyond the viability review period.
When assessing the prospects of the
Group, the Directors have considered the
Group’s copper price forecasts, the Group’s
expected production levels, operating cost
profile and capital expenditure. These
forecasts are based on the Group’s budgets
and Life-of-Mine models, which are also
used when assessing relevant accounting
estimates, including depreciation, deferred
stripping and closure provisions, and
accounting judgements including potential
indicators of impairment.
The copper price forecasts are based on
consensus analyst forecasts, and include a
long-term copper price forecast of $4.30/
lb. The analysis has assumed that additional
future borrowing facilities will be put in
place in line with the Group’s financial
plans. The forecasts have assumed
distributions in line with the Group’s policy
that the total annual dividend for each year
would represent a payout ratio based on
underlying net earnings (as defined in the
Alternative Performance Measures section)
for that year of at least 35%.
The Directors have assessed the Principal
Risks which could impact the prospects
of the Group over this 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
down-side sensitivity analyses have been
performed in relation to the scenarios
described above, assessing the standalone
impact of each of:
• A deterioration in the future copper
price forecasts by 10% throughout
the five-year period.
• An even more pronounced short-term
reduction of 50 c/lb in the copper
price for a period of three months,
in addition to the above general
deterioration in the copper price
throughout the review period.
• Overruns in the budgets of the
Group’s largest capex projects by 20%.
• The potential impact of the Group’s
most significant individual operational
risks materialising with the most
severe scenario considered being
the operational impact of a key
infrastructure failure at Los Pelambres
or Centinela with a potential impact
lasting up to 12 months.
• A shutdown of any one of the Group’s
operations for a period of three months.
• The stability of tailings storage
facilities represents a potentially
significant operational risk for mining
operations globally. The Group’s
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’s prospects
and viability, the Directors confirm that
they have a reasonable expectation that the
Group will be able to continue in operation
and meet its liabilities as they fall due over
the next five years.
The Strategic Report has been approved
by the Board and signed on its behalf by:
JEAN-PAUL FRANCISCA
LUKSIC CASTRO
Chairman Senior Independent
Director
ANTOFAGASTA PLC / Annual Report and Financial Statements 202596
CORPORATE
GOVERNANCE
Board Governance
Applying the UK Corporate
Governance Code in 2025 100
Chairman’s introduction 103
Senior Independent
Director’s introduction 106
Directors’ Biographies 108
Board balance and skills 111
Roles in the boardroom 112
Executive Committee biographies 113
Group corporate governance overview 116
Board activities 118
Stakeholder engagement 120
Workforce engagement 122
Committees
Nomination and Governance
Committee report 123
Audit and Risk Committee report 128
Sustainability and Stakeholder
Management Committee report 134
Projects Committee report 137
Remuneration
Remuneration and Talent Management
Committee Chair’s introduction 140
Remuneration at a glance 143
2026 Directors’ and
CEO’s Remuneration Policy 144
2025 Directors’ and CEO
Remuneration Report 151
Remuneration and Talent
Management Committee report 160
Implementation of the Directors’ and
CEO’s remuneration policy in 2026 162
Directors’ report 164
Statement of Directors’ responsibilities
in respect of the financial statements 167
ANTOFAGASTA PLC / Annual Report and Financial Statements 202598
At its core, Antofagasta is a long-term business.
Our mines operate on decades long timelines,
and our governance structures and processes
are designed to help us achieve long-term
sustainable success.”
JEAN-PAUL LUKSIC
Chairman
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Applying the UK Corporate Governance Code in 2025
HOW WE
APPLY THE CODE
UK Corporate Governance
Code compliance statement
The UK Corporate Governance Code issued
by the Financial Reporting Council (FRC)
in January 2024 (the Code) sets out the
governance Principles and Provisions that
applied to the Company during 2025, with
the exception of Provision 29, which is
applicable for accounting periods beginning
on or after 1 January 2026 and against
which the Board will report in the 2026
Annual Report.
The Code is not a rigid set of rules; it
consists of Principles and Provisions
and offers flexibility through ‘comply or
explain’ reporting against the Provisions.
The UK Listing Rules require companies
to apply the Principles and to explain
their compliance in a manner that would
enable shareholders to evaluate how
the Principles have been applied. This
Corporate Governance Report shows how
these Principles have been considered
and applied to the Company’s specific
circumstances.
The Company has applied the Principles
of the Code in 2025. The Company also
complied with the detailed Provisions
of the Code in 2025, with the exception
of Provisions 9 and 19. Provision 9
recommends that the Chairman should
be independent on appointment when
assessed against the circumstances set
out in Provision 10, and Provision 19
recommends that the Chairman should
not remain in post beyond nine years from
the date of first appointment to the Board.
The Company’s Chairman, Jean-Paul
Luksic, was appointed to the Board in 1990.
He served as CEO of the Group’s Mining
Division from 1998 until 2004 and was
appointed Executive Chairman in 2004.
In 2014, he stepped back from executive
responsibilities to become Non-Executive
Chairman, a role he has continued to hold
since then. Mr Luksic’s long-standing UK
corporate governance and Chilean mining
and business experience, coupled with his
knowledge of the Group’s businesses, have
been for many years, and continue to be, a
cornerstone of the Company’s continuing
growth and success.
Mr Luksic is also a member of the family
that has interests in the E. Abaroa
Foundation, a controlling shareholder of
the Company for the purposes of the UK
Listing Rules, and is therefore uniquely
positioned to ensure that the interests of
shareholders, together with the interests
of other stakeholders (many of whom are
based in Chile), are taken into account
to promote the long-term sustainable
success of the Company, and to promote
governance that the Board recognises
as best for the Company’s particular
circumstances in the long term.
Mr Luksic is committed to wider
succession and diversity planning and, in
his roles as Chairman of the Board and
Chair of the Nomination and Governance
Committee, he has overseen the design
and implementation of succession plans to
increase diversity, including gender, and to
continually refresh the Board with a focus
on maintaining its overall independence.
The Board exceeds, and its Committees
meet, the Code’s recommendations for
independent composition. The Company
complied with the UK Listing Rule target
of 40% women on the Board during the
first half of 2025, and aims to maintain
this position over the long term, while
recognising that there may be periods
where we fall slightly below the target –
as has been the case, for example, since
Ignacio Bustamante’s appointment in July
2025. The Board has a female Senior
Independent Director as at the date of this
report. There is also a Board-approved
succession plan for the Chairman in the
event of an unforeseen departure.
The Board considers that Mr Luksic
continues to demonstrate objective
judgement and provide constructive
challenge and leadership, and believes that
his continued appointment is appropriate
without fixing a limit to his length of service.
The Company’s major shareholders are
regularly consulted on this subject, and
in meetings with the Senior Independent
Director in December 2025 continued
to express their unanimous support
for Mr Luksic’s continued service as
Chairmanof the Board.
The independence of the Board and its
Committees is entirely in line with the
Code provisions, and the Chairman is fully
supported by the Board, the Nomination
and Governance Committee and the
Senior Independent Director in ensuring
that, despite non-compliance with Code
Provisions 9 and 19, good governance
is maintained.
Further details on the composition of the
Board and its Committees are set out on
page 108 and further details on the role of
the Senior Independent Director are set out
on pages 106 and 112.
The UK Corporate Governance Code
is available on the Financial Reporting
Council website | www.frc.org.uk
How the Code Principles
were applied in 2025
Board leadership and
Companypurpose
The role of the Board
• The Company is led by an effective
and entrepreneurial Board, which is
collectively responsible for promoting
the Company’s long-term sustainable
success, generating value for
shareholders and contributing to wider
society – as shown throughout this
Corporate Governance Report. The
Board has ensured that the necessary
resources are in place for the Company
to meet its objectives and measure
performance against them.
• The Board has adopted and actively
promotes the Group’s purpose, vision,
values and strategy, and has satisfied
itself that it is aligned with the Group’s
culture – pages 4-5, 16-17 and 118-119.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025100
• The Board ensures effective
engagement with, and encourages
participation from, shareholders and
other stakeholders to ensure that its
responsibilities are met – pages 40-67,
103-106, 120-121 and 140-142.
• The Board ensures that workforce
policies and practices are consistent
with the Company’s purpose, vision
and values and support its long-term
sustainable success. The workforce
can raise anonymously any matters
of concern through the Group’s
whistleblowing channels – pages
46-47, 94-95, 122, 133 and 140-163.
• The Board considers the matters set
out in Section 172 of the Companies
Act 2006 in Board discussions and
decision-making – detailed examples
can be found on pages 120-121.
Division of responsibilities
• The Board is structured to ensure
that no one individual or small group
of individuals dominates its decision-
making – as demonstrated throughout
this Corporate Governance Report.
• There is a clear division of
responsibilities between the Board
and the executive leadership of the
Company’s business – pages 111-112
and 116. The CEO is not a Director of
the Company and is therefore not a
member of the Board – page 112.
• The roles of the Board and the Board
Committees are recorded in the
schedule of matters reserved for the
Board and the terms of reference for
each of the Board’s Committees, which
are available on the Company’s website
at www.antofagasta.co.uk.
• The Board, supported by the Company
Secretary, has the policies, processes,
information, time and resources it
needs in order to function effectively
and efficiently – pages 103-117.
The Chairman
• The Chairman leads the Board and is
responsible for its overall effectiveness
in directing the Company, with his
responsibilities shown on page 112.
• The Board considers that the Chairman
demonstrates objective judgement
and promotes a culture of openness,
healthy challenge and debate – pages
100 and 106.
• The Chairman facilitates constructive
Board relations and the effective
contribution of all Directors. He is
responsible for setting the Board’s
agenda and ensuring that Directors
receive accurate, timely, relevant and
clear information – pages 112, 117 and
124-127.
Non-Executive Directors
• The Non-Executive Directors
provide constructive challenge and
strategic guidance, offer perspectives
across various specialisms, and hold
management to account – pages 108-111.
Commitment
• All Directors have confirmed that they
are able to allocate enough time to meet
the expectations of their role – page 109.
• Directors do not undertake additional
external appointments without the
Board’s prior approval – page 109.
• Time commitment is considered during
Board effectiveness reviews, when
electing and re-electing Directors,
and when considering requests for
additional external appointments.
Factors considered include the nature
of, and time commitment associated
with, such external roles.
• A review of Directors’ external
directorships is carried out
annually – pages 107 and 165.
Information and support
• The Board is provided with appropriate
information in a form and of a sufficient
quality to discharge its duties – page 117.
• The Board has access to independent
professional advice and to the advice
and services of the Company Secretary
– pages 112 and 125.
• The Board is regularly updated on
the Group’s performance between
scheduled Board meetings – page 117.
Composition, succession
and evaluation
Composition of the Board
and Committees
• As at the date of this report the
Board had 11 Directors, comprising
a Non-Executive Chairman and ten
other Non-Executive Directors,
seven of whom are independent –
pages 108-112.
• All members of the Audit and Risk and
Remuneration and Talent Management
Committees are independent, and
two of the three Nomination and
Governance Committee members
are independent – pages 108-110.
• The Board and its Committees
comprise Directors with the requisite
combination of skills, experience
and knowledge to fulfil their roles –
pages 108-112.
• There is a diverse pipeline for
succession. Consideration is given to
the length of service of the Board as
a whole and membership is regularly
refreshed – pages 111 and 123-127.
Appointments to the Board
and succession planning
• There is a formal, rigorous and
transparent process, led by the
Nomination and Governance
Committee, to identify and appoint
new Directors – pages 123-127.
• Independent external search
consultancies are used for
appointments to the Board –
pages 124-126.
• An effective succession plan is
maintained for Board and senior
management appointments –
pages 124-126 and 161.
• Appointments and succession plans
are based on merit and objective
criteria and promote diversity of
gender, social and ethnic backgrounds,
cognitive and personal strengths
and experience – pages 123-127.
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Development
• New Directors receive a thorough
induction upon joining the Board –
page 125.
• Directors are regularly updated with
information and training and, as a
minimum, receive an annual briefing
on legal, regulatory, market and other
developments relevant to directors
of UK-listed companies – page 125.
Evaluation
• An annual evaluation of the Board
considers composition, diversity and
how effectively members work together
to achieve objectives – page 127.
• Individual evaluation is part of the
annual Board evaluation and assesses
whether each Director continues to
contribute effectively – page 127.
• An externally facilitated Board and
Committee effectiveness review
was conducted in 2025 – page 127.
Re-election
• All Directors stand for annual
re-election by shareholders.
Audit, risk and internal control
Governance
• The Board has established formal and
transparent policies and procedures
to ensure the independence and
effectiveness of the Internal Audit and
External Audit functions and to satisfy
itself on the integrity of financial and
narrative statements – pages 128-133.
Financial and business reporting
• The Board considers that the Annual
Report presents a fair, balanced and
understandable assessment of the
Company’s position and prospects –
page 167.
Risk and internal control
• The Board has established procedures
to manage risk, oversee the internal
control framework and determine the
nature and extent of the risks that the
Company is willing to take in order
to achieve its long-term strategic
objectives – pages 78-95 and 128-133.
Experience and competence
• All Audit and Risk Committee members
are considered to have recent and
relevant financial experience and have
competence relevant to the mining
industry. One member is a Qualified
Chartered Accountant – pages 108-112.
Applying the UK Corporate Governance Code in 2025 continued
Remuneration
Policy
• The Company has no executive
Directors; however, the CEO’s
remuneration is disclosed as if
he were a Director.
• The Directors’ and CEO’s
Remuneration Policy, which is being
submitted for approval by shareholders
at the 2026 AGM, is aligned with the
Company’s purpose, vision and values
and is clearly linked to the successful
delivery of the Company’s long-term
strategy – pages 144-150.
• The Remuneration and Talent
Management Committee Chair,
Francisca Castro, served as a member
of the Committee for more than 12
months before being appointed as Chair.
• The CEO’s remuneration includes
transparent, stretching and rigorously
applied performance-related elements
designed to promote the Company’s
long-term sustainable success –
pages 144-162.
Procedure
• The Board has a formal and transparent
procedure for developing policy on
executive remuneration and determining
Director and senior management
remuneration – pages 144-163.
• No Director, nor the CEO, is involved in
deciding his or her own remuneration.
• Directors exercise independent
judgement and discretion when
authorising remuneration outcomes,
taking account of Company and
individual performance and wider
circumstances, including internal
and external factors – pages 140-143
and 151-156.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025102
Chairman’s introduction
ROBUST GOVERNANCE
FRAMEWORK
Welcome to the Corporate Governance section of our 2025 Annual Report. In this
section we explain the corporate governance framework that we have developed
over many years to balance recognised best practices and the Company’s
particular circumstances, all with the aim of promoting the long-term sustainable
success of the Company.
Dear shareholders
Welcome to the Corporate Governance
section of our 2025 Annual Report. My
introductory letter on pages 8-9 of this
Annual Report sets out some of the Group’s
key challenges and achievements in 2025,
as well as the outlook for the Company.
Our focus remains on safe and sustainable
production, and the Board’s governance
structures are designed to ensure that we
regularly review the Group’s plans and
performance in this area, and that we set
the tone from the top of the organisation to
make sure that we consistently deliver on
this as part of our core business.
We operate as a responsible copper
producer, with sustainability fully
integrated into our strategy, shaping how
we operate, invest and grow the business
over the long-term.
We are proud of our performance during
the year, which included strong operational
and financial performance, and, reflecting
that safety remains at the core of how we
operate, another fatality-free year across
our operations.
The medium-term outlook for copper
is strong, and we remain focused on
delivering our strategy with discipline,
resilience and in line with our purpose
of developing mining for a better future.
Board oversight of major
capital investment projects
The delivery of the Group’s major capital
investment projects is a key area of
focus and oversight for the Board and the
Projects Committee. Project updates are
a regular item on the Board’s agenda, and
are supplemented by separate monthly
project progress reports, site visits and
internal audit reports on project-related
controls and processes.
The Projects Committee plays a key role
in providing the Board with additional
oversight of the Group’s projects portfolio,
and met on six occasions in 2025. This
frequency reflects the importance of the
projects underway and the emphasis
on maintaining robust governance
processes to support effective and
successful project delivery.
Our commitment to
sustainability issues
It is clear to the Board that sustainability
continues to be an important enabler
for our long-term business success.
Environmental and social stewardship,
climate change planning and mitigation
and responsible water sourcing are all key
elements of our approach to sustainability.
Following a long and collaborative
engagement process with communities,
government and other local stakeholders in
Chile, the Board was delighted to oversee
the approval of the Environmental Impact
Assessment (EIA) at Zaldívar, which
enables Zaldívar’s mine life to be extended
to 2051, with a three-year transition to a
long-term alternative water supply from
2028 (expected to be either sea water
or a third-party water source).
Our longstanding partnership with local
communities is central to how we create
shared value.
Our governance structures support our oversight
of the Group’s strategic plans and performance, and
are central to our risk management procedures.”
JEAN-PAUL LUKSIC
Chairman
Read the Directors’ biographies |
Page 108
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Chairman’s introduction continued
This achievement allows the Group to
continue operating at Zaldívar, providing
employment for its own workers and
those of contracting companies (a
combined total of nearly 4,000 people),
and conducting business with local
suppliers. This strengthens supply chains
linked to mining, and contributes to a
favourable environment for investment and
development in the Antofagasta Region.
The Environmental Permit also includes
social and environmental commitments
which will strengthen long-term
relationships with the communities of
the Salar and elsewhere in the region.
Our efforts on climate change are
an integral part of our approach to
sustainability, but far from the only ones.
The copper we produce has a key role to
play in a net-zero world: our responsibility
is to produce it sustainably, efficiently,
and with respect for local communities
and the environment.
We were also delighted that, following in
the footsteps of Centinela and Zaldívar,
which became the first mines in the world
to complete the assurance process for The
Copper Mark under the new 33-criteria
framework during 2024, Los Pelambres
and Antucoya also achieved assurance by
The Copper Mark in 2025. Achieving The
Copper Mark demonstrates our ongoing
efforts towards responsible and sustainable
copper production.
Stakeholder engagement
During the year, our Directors visited
our operations and projects, including
the Bellavista Yard remediation work at
FCAB and the Integrated Remote Operating
Centre for Centinela (both in Antofagasta),
the Second Concentrator Project and
Encuentro Mine Development Project at
Centinela, and Los Pelambres’ Growth
Enabling Projects (desalination plant
expansion and concentrate pipeline). The
insights from these visits were shared at
Board and Committee meetings, deepening
the Directors’ understanding of our
activities and providing direct feedback to
the Board from our stakeholders at site.
Board oversight of financial
strategy and long-term viability
Our ability to deliver growth depends on
a sound financing strategy. The Board has
continued to oversee the implementation
of our approach to financing, which
aims to enable our pipeline of growth
and development projects while also
protecting our balance sheet strength
and facilitating a sustainable approach to
capital allocation. Significant milestones
in 2025 included the $2 billion financing
(including bank financing and a private
placement bond with a 20-year term)
secured in March 2025 in connection
with Los Pelambres’ expansion of its
desalination plant, issuing a $600 million
corporate bond in September 2025
in support of sponsor contributions
for Centinela’s Second Concentrator
Project, and a $900 million corporate
loan facility secured by Los Pelambres in
November 2025 to complete the financing
requirements for its new concentrate
pipeline and El Mauro enclosures Project.
See the Section 172 statement on page 120
for more information.
The Board closely monitors the implications
of the financing strategy on the Company’s
viability in the medium term, including the
Principal Risks which could impact the
prospects of the Group over this period
and including robust downside sensitivity
analysis. See the viability statement on
page 96 for more information.
Oversight of risk management
and material controls
The Board and the Audit and Risk
Committee have been working to be able
to report against Code Provision 29 as at
the end of 2026. As part of this oversight,
during 2025, the Board conducted a
thorough review of the Group’s risk
appetite statements and key risk areas and
approved amended risk appetite statements
during the year. Further details can be
found on page 78.
Further work is planned during 2026
to confirm the Group’s material controls
and establish the process by which those
controls will be monitored and their
effectiveness assessed to support the
Board’s declaration of effectiveness.
Board changes and
succession planning
An independent, skilled and balanced Board
is essential in delivering our strategy.
As reported last year, Vivianne Blanlot
left the Board on 31 March 2025. Ignacio
Bustamante joined the Board in July 2025
and brings over 30 years of mining senior
leadership experience in the Americas.
Ignacio also has UK listed company
experience, having previously served
as CEO and an executive director of
Hochschild Mining plc.
We also made some changes to the
composition of our Committees during the
year, in accordance with our succession
plan for Board roles. Ignacio Bustamante
joined both the Audit and Risk Committee
and the Remuneration and Talent
Management Committee in September
2025, and Francisca Castro rotated off the
Audit and Risk Committee from that date.
In monitoring the Board’s succession
plans, the Board has carefully considered
the independence of all Directors and is
satisfied that Francisca Castro continues
to be independent not withstanding that
the ninth anniversary of her appointment
was in November 2025. In reaching this
conclusion, the Board has taken into
account:
• The entirely Non-Executive
composition of the Board, which is
designed to promote independent
oversight and constructive challenge
of management.
• That there are no circumstances
that are likely to impair, or (other
than her tenure) circumstances that
could appear to impair, Francisca’s
independence.
• That Francisca’s character and the
manner in which she performs her
role clearly demonstrate independent
thought and judgement.
• That in accordance with the Board
and Committee succession plan,
Francisca will remain in the roles of
Senior Independent Director, Chair
of the Remuneration and Talent
Management Committee and member
of the Nomination and Governance
Committee for a further 12 months
following the ninth anniversary of
her appointment.
As the Directors’ and CEO Remuneration
Policy has been reviewed by the
Remuneration and Talent Management
Committee during the year and will be
submitted for approval by shareholders
at the 2026 AGM, the Board agreed that
it would not be appropriate to change the
Chair of that committee prior to the 2026
AGM, and also recognised the benefit
of a managed handover and transition
of the roles of both Remuneration and
Talent Management Committee Chair and
Senior Independent Director. Accordingly,
Francisca will offer herself for re-election
as an Independent Non-Executive Director
at the 2026 Annual General Meeting. No
other factors set out in Provision 10 of the
UK Corporate Governance Code apply to
the Company’s Independent Directors.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025104
In January 2026 Andrónico Luksic
Craig stepped down from the Board and
Andrónico Luksic Lederer was appointed
as a Non-Executive Director with effect
from 1 March 2026. The Board as a whole
comprises a majority of Independent
Directors (seven out of 11) and our
succession plans seek to ensure that
we regularly refresh the Board’s skills,
experiences and perspectives through
Independent Non-Executive Director
rotation; while balancing this with the need
for continuity and embedded Company
knowledge to reflect the long-term nature
of the mining industry and the life-cycle
of our assets.
Board evaluation
We always seek continuous improvement
in all that we do, and the Board and its
governance are no exceptions to this.
Following a tender process during 2024,
we engaged Lintstock in 2025 to conduct
an external review of the performance
of the Board and its Committees. I am
pleased to report that the review found
the Board to be performing strongly, with
highly engaged Directors, a well-balanced
composition, and a clear understanding of
the Company’s priorities.
Further details regarding the evaluation and
our progress can be found on page 127.
Shareholder engagement
As a Board, we are keen to hear from our
shareholders. We were pleased to engage
directly with shareholders at our AGM
in 2025, where we shared the Board’s
perspective on the Company’s performance
and the outlook for the year ahead.
During the year, our senior management
team also maintained regular contact
with our shareholders, and feedback from
these meetings is shared with the Board
at every meeting.
As part of the Board’s shareholder outreach,
at the end of 2025 Francisca Castro, our
Senior Independent Director and Chair of
the Remuneration and Talent Management
Committee, and Heather Lawrence, Non-
Executive Director, met with shareholders
and proxy advisers in London.
Board oversight of climate-related risks and opportunities
The Board has ultimate responsibility for the Company’s
climate-related objectives and strategy, and oversight of
climate-related risks and opportunities is fully integrated within
the Company’s governance structures. This responsibility and
oversight includes specific climate-related activities such as
approving and monitoring progress towards the achievement
of emission reduction targets and approving and reviewing
the Company’s TCFD disclosures. It also includes more
general approval and oversight responsibilities, which in turn
incorporate climate-related risks and opportunities, such as
reviewing and approving the Company’s capital allocation
framework. Within the framework are criteria relating to climate
resilience and an internal carbon price. Additional Board
responsibilities include: reviewing and approving base and
development case planning models, including adjustments for
physical and transition risks associated with climate change;
approving the Group’s annual budget; reviewing the Group’s
principal and emerging risks, which include climate change;
and approving KPIs in the Group’s remuneration structures that
reward our employees for progress in achieving the Group’s
climate-related objectives.
In 2025, the Board allocated time to specifically review the
financial implications of climate change on the Group, using
the TCFD framework. Further details are set out on page 59.
During 2024, the Board approved the Company’s inaugural
Climate Action Plan, which includes a decarbonisation strategy
to accompany the emissions reduction targets that were
published in February 2024.
The Board is supported by all of its Committees in ensuring
that climate-related considerations are fully integrated into the
Board’s governance structures. For example:
• As shown on pages 123-126, the Nomination and
Governance Committee considers the Board’s skills
matrix when making appointments to the Board. This
matrix includes sustainability experience (which includes
competence on climate-related issues) as a key skill and
the Board ensures that there is an adequate depth of
climate change knowledge and awareness when making
new appointments to the Board.
• As shown on pages 128-133, the Audit and Risk Committee
assists the Board in overseeing the Group’s risk management
framework, including climate change risk and the financial
implications of climate change.
• As shown on pages 134-136, the Sustainability and
Stakeholder Management Committee considers climate
change when reviewing and monitoring relevant strategy,
policies and performance matters.
• As shown on pages 137-139, the Projects Committee
considers climate change when reviewing and monitoring
the Group’s major capital projects.
• As shown on pages 140-162, the Remuneration and
Talent Management Committee monitors executives’ and
managers’ short- and long-term incentive plans, which
include KPIs relating to climate change.
In the meetings, discussions centred
on receiving feedback on our proposed
2026 Directors’ and CEO Remuneration
Policy and our approach to corporate
governance, and provided an opportunity
for shareholders and proxy advisers to
share their perspectives on the Company.
This feedback was reported to the Board
and forms an essential input in relation to
the Board’s priorities for the year ahead.
Details of these meetings can be found
in the Senior Independent Director’s
introduction on page 106 and the
Remuneration and Talent Management
Committee Chair’s introduction on page 140.
At its core, Antofagasta is a long-term
business. Our mines operate on decades-
long timelines, and our governance
structures and processes are designed
to help us achieve long-term sustainable
success.
Thank you for your ongoing engagement.
I look forward to seeing you at our AGM.
JEAN-PAUL LUKSIC
Chairman
See Climate Action Plan | www.antofagasta.co.uk
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SUPPORTING EFFECTIVE
GOVERNANCE
Q. What is your role as Senior
Independent Director (SID)?
Given the Company’s controlling
shareholding, and Jean-Paul’s role
as Chairman of the Board, the SID
role at Antofagasta involves additional
responsibilities, including taking on some of
the governance responsibilities (particularly
in relation to investor engagement on
governance matters) which would typically
be carried out by an independent non-
executive Chair. My role also involves
the usual SID responsibilities of (i) being
available to shareholders to ensure that
the Board considers their views, interests
and concerns, (ii) supporting the Chairman
with advice on corporate governance
matters, and ensuring that the views
of the other Directors are conveyed to
him and reflected in Board discussions,
and (iii) leading the annual review of the
Chairman’s performance.
I discharge my responsibilities as SID
through close co-ordination with the
Chairman, Directors, Company Secretary
and management team, and through
meetings with various shareholders
and proxy advisers during the year to
understand their views of the Company
and its approach to corporate governance.
Q. Why did you meet with
shareholders and proxy
advisers during the year, and
what issues were discussed?
In my roles as SID and Chair of the
Remuneration and Talent Management
Committee, I aim to meet with
shareholders every year to gain a first-
hand understanding of their views. During
2025, I invited the Company’s 20 largest
investors as well as the Investment
Association, Glass Lewis and Institutional
Shareholder Services to meet to receive
feedback on our proposed 2026 Directors’
and CEO Remuneration Policy, and to
discuss corporate governance matters.
Matters discussed included the tenure and
independence of individual Directors and
the Board as a whole (which continues to
have a majority of Independent Directors),
the role of the controlling shareholder
and the Chairman, and Board succession
planning. The feedback I received was
very positive and no major concerns
were raised. All of the shareholders I
met expressed support for the Chairman,
notwithstanding that the length of his
tenure does not align with UK Corporate
Governance Code recommendations.
Feedback received from shareholder
engagement is taken into account when
challenging management, reviewing
succession planning and considering
other corporate governance matters.
Q. What impact does the
controlling shareholding
have on Company decisions?
Members of the Luksic family have been
involved in the Company for over 45 years.
During this time, the Company has
demonstrated an excellent track record in
terms of safety, operational performance
and financial strength.
I have discussed the role of the controlling
shareholders with other shareholders. The
widely held view is that the substantial
controlling interest is positive, with
shareholders satisfied that the interests
of the controlling shareholders are
aligned with theirs, and many having
invested based on this interest. They
have expressed their appreciation of the
members of the Luksic family who serve
on the Board, commending their long-
term vision, which has contributed to the
Company’s prudent operating, financial and
growth strategy, aswell as its stability.
Shareholder support is, of course,
conditional on the strength of the current
corporate governance framework, which
rigorously protects the interests of all
shareholders equally.
I, and all the other Independent Directors,
guard our independence vigorously and
place a strong emphasis on maintaining
this governance and protection regime.
We are supported and encouraged by the
other Directors who – like the Independent
Directors – bring their own perspectives
and opinions and are committed to the long-
term sustainable success of the Company.
FRANCISCA CASTRO
Senior Independent Director
My engagement with shareholders ensures that the
Board and management team receive a balanced view
of issues that are relevant and important to them.”
FRANCISCA CASTRO
Senior Independent Director
Senior Independent Director’s introduction
Read the Directors’ biographies |
Page 108
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025106
Independence from controlling
shareholders
In accordance with UK Listing Rule
6.6.1R(13), the Directors confirm that the
Company continues to be able to carry out
its main activity independently from its
controlling shareholders (as defined in the
UK Listing Rules) at all times. Details of the
Company’s substantial shareholders are set
out on page 165.
Related party transactions
Certain related party transactions outside
the ordinary course of business must
be subject to independent assessment
and approval.
Identifying Directors’ interests
Process How this is managed Responsibility
Monitoring of
Directors’ interests
If a Director has an interest in any other entity, the Board will consider that interest under
its arrangements for authorising potential conflicts of interest under section 175 of the
Companies Act. See page 165 for more information.
Directors
Managing related party transactions
Process How this is managed Responsibility
Proposed transaction Ongoing monitoring of Directors’ interests and the Company’s related parties provides
information to determine whether a related party approval is required for a proposed
transaction.
Company Secretary,
senior management and
the Executive Committee
Contract negotiation
and verification
The Executive Committee seeks to ensure that the best possible terms are achieved for
a proposed transaction and that, where appropriate or necessary, terms are verified by
industry benchmarking reports or independent third-party valuation or assessment.
If the potential transaction is between the Group and a controlling shareholder or their
related parties and is a transaction to which the UK Listing Rules related party transaction
rules apply, a committee of Directors independent from the controlling shareholder and its
related parties is formed to oversee and support management in this process.
Senior management and
the Executive Committee
and, if involving a
controlling shareholder,
Independent Directors
Approval by
Independent Directors
Potential related party transactions outside the ordinary course of business involving a
controlling shareholder, or its related parties, are reviewed and, if appropriate, approved
by Directors independent from the controlling shareholders.
All potential related party transactions over $40 million, whether or not in the ordinary
course of business, are referred to the Board. Any Director with a potential conflict or
connection with the related party will not take part in the related decision. Transactions
within the ordinary course of business that are below $40 million require approval by
the relevant operating company board. All the operating company boards in the Mining
Division have directors representing third-party shareholders.
Independent Directors
The Company has for many years presented
all such related party transactions
between the Company and the controlling
shareholders or their related entities to a
committee of Directors independent from
the controlling shareholders, to assess
whether the Company should enter into
such transactions and, if so, to oversee
the negotiation process. In most cases,
transactions of this nature will also be
subject to independent review by third-
party shareholders in each of the Group’s
mining operations.
Any Director with a potential conflict or
connection with the related party does not
take part in the decision on that transaction.
Related party governance
in practice
There are several checks and balances to
ensure that there is full transparency in the
handling of related party transactions by
the Board. The following table summarises
the approach taken to identify and manage
related party transactions and actual or
potential conflicts of interest.
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Board of Directors
A WELL-BALANCED AND
EXPERIENCED BOARD
Jean-Paul Luksic
Chairman
Independent: No
Committee member:
Appointed to the Board: 1990
Appointed Chairman: 2004
(Non-Executive since 2014)
Experience
Over 30 years’ experience with
Antofagasta, including responsibility
for overseeing development of
the Los Pelambres and El Tesoro
(Centinela Cathodes) mines.
Current positions
• Member of the board of Consejo
Minero, the industry body
representing the largest
mining companies in Chile
• Non-Executive Director of
Quiñenco SA and Quiñenco
group listed companies
Banco de Chile and
Sociedad Matriz SAAM SA
• Member of the board of Centro de
Estudios Públicos, a not-for-profit
academic foundation in Chile
Previous roles
• Chairman of the board
of Consejo Minero
• CEO of the Group’s
Mining Division
Ramón Jara
Non-Executive Director
Independent: No
Committee member:
Appointed to the Board: 2003
Experience
Lawyer with considerable legal and
commercial experience in Chile.
Current positions
• Chairman of Fundación
Minera Los Pelambres
(charitable foundation)
• Chairman of Fundación
Educacional Luksic
(charitable foundation)
• Member of the Advisory Council
of Centro de Estudios Públicos,
a not-for-profit academic
foundation in Chile
• Chairman of the Chile–Japan
Business Committee of
Sociedad de Fomento Fabril
(Chilean Industrial Council)
• Member of the APEC Business
Advisory Council (ABAC)
Previous roles
• Partner, Jara del Favero
Abogados
• Director of Empresa
Nacional del Petróleo (ENAP)
• Vice President, SONAMI
(National Mining Association)
• Member of the board of the
Centre of Arbitration of the
Chilean Chamber of Commerce
Francisca Castro
Non-Executive Director
Independent: Yes
Committee member:
Appointed to the Board: 2016
Experience
Commercial engineer with over
25 years’ experience in industry,
including mining, energy, finance
and public/private infrastructure
projects in the United States
and Chile.
Current positions
• Member of the Chilean Pension
Funds Risk Classification
Committee
• Independent Director of
Conexión Kimal-Lo Aguirre S.A.,
a power transmission company
in Chile
Previous roles
• Executive Vice-President
of Business and Subsidiaries
at Codelco
• General Co-ordinator of
Concessions at Chile’s
Ministry of Public Works
• Various roles within Chile’s
Finance Ministry and the
World Bank, Washington DC
• Member of the independent
Technical Panel of Chile’s
Public Works Concessions
• Director of SalfaCorp SA
• Director of the Fraunhofer
Chile Research Foundation
For explanation in
relation to Francisca
Castro independence |
Page 104
2025 meeting
attendance
Jean-Paul Luksic 8/8
Francisca Castro 8/8
Ramón Jara 7/8
Juan Claro 8/8
Andrónico Luksic C
1
3/8
Michael Anglin 8/8
Tony Jensen 8/8
Eugenia Parot 8/8
Heather Lawrence 8/8
Tracey Kerr 8/8
Vivianne Blanlot
2
3/3
Ignacio Bustamante
3
4/4
1. Andrónico Luksic C left
the Board on 27 January
2026. Andrónico Luksic L
joined the Board on
1 March 2026.
2. Vivianne Blanlot left the
Board on 31 March 2025.
3. Ignacio Bustamante joined
the Board on 1 July 2025.
Key to Committees
Nomination and
Governance
Audit and Risk
Sustainability
and Stakeholder
Management
Projects
Remuneration and
Talent Management
Committee Chair
Biographical details
for the Directors of the
Company are set out
on the following pages.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025108
Eugenia Parot
Non-Executive Director
Independent: Yes
Committee member:
Appointed to the Board: 2021
Experience
Civil biochemical engineer
with over 35 years’ experience
working for leading engineering
and consulting companies, and
providing services to some of
the largest mining projects in
Latin America in the areas of
environment, sustainability and
mine waste management.
Previous roles
• Vice President of Latin America,
Regional President for South
America and Managing Director
for Chile, Golder Associates
• Director on Golder’s holding
company board and member
of the audit and finance and
investments committees
• Member of the boards of
Golder South America, Chile,
Peru and Argentina
Juan Claro
Non-Executive Director
Independent: No
Committee member:
Appointed to the Board: 2005
Experience
Extensive industrial experience
in Chile, including an active
role representing Chilean
industrial interests nationally
and internationally.
Current positions
• Chairman of Coca-Cola
Andina SA
• Director of Melón SA
and Agrosuper SA
• Member of the board of Centro de
Estudios Públicos, a not-for-profit
academic foundation in Chile
• Country Adviser, Goldman Sachs
Previous roles
• Chairman of Energía Coyanco SA
• Chairman of the Sociedad
de Fomento Fabril
(Chilean Industrial Council)
• Chairman of the Confederación
de la Producción y del Comercio
(Chilean Business Confederation)
• Chairman of the Consejo
Binacional de Negocios
Chile–China (Council for
Bilateral Chile–China Business)
Tony Jensen
Non-Executive Director
Independent: Yes
Committee member:
Appointed to the Board: 2020
Experience
Mining engineer with over 40 years’
mining experience in the United
States and Chile in operational,
financial, business development
and management roles.
Current positions
• Director of Black Hills
Corporation
Previous roles
• Director of Golden Star
Resources Limited
• President, CEO and Director
of Royal Gold Inc
• Mine General Manager of the
Cortez joint venture in Nevada;
treasury, business development
and a wide range of other
operating roles with Placer
Dome in the USA and Chile
• Member of the University
Advisory Board for the South
Dakota School of Mines and
Technology
Michael Anglin
Non-Executive Director
Independent: Yes
Committee member:
Appointed to the Board: 2019
Experience
Mining engineer with over 30 years’
experience in base metals, including
the development, construction and
operation of large-scale mining
operations in the Americas.
Current positions
• Adviser to IntelliSense.io
Previous roles
• Vice President Operations
and Chief Operating Officer
of BHP Base Metals
• Director of EmberClear Corp
• Director of Tulla Resources,
Australia
• Director of SSR Mining Inc
All Directors have confirmed that their other commitments do not prevent them from devoting sufficient time to their roles, and the
Board acknowledges that the skills and experience gained by the Directors from these external appointments are of benefit to the Group.
Additional external appointments cannot be undertaken without the prior approval of the Board. The Directors’ diligent attendance at
regular and ad-hoc meetings held throughout the year demonstrated their commitment.
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Board of Directors continued
Tracey Kerr
Non-Executive Director
Independent: Yes
Committee member:
Appointed to the Board: 2024
Experience
Geophysicist with extensive
experience in safety, sustainability,
operations and exploration in global
mining businesses.
Current positions
• Non-executive director
at Hochschild Mining plc
• Non-executive director
at Weir Group plc
Previous roles
• Non-executive director at
Polymetal International plc
• Non-executive director at
Jubilee Metals Group plc
• Senior executive at major mining
companies including Anglo
American, Vale and BHP
Ignacio Bustamante
Non-Executive Director
Independent: Yes
Committee member:
Appointed to the Board: 2025
Experience
Bachelor of Science in Business
and Accounting with over 30 years’
senior leadership experience in the
mining sector across the Americas.
Current positions
• Head of Base Metals at
Appian Capital Advisory LLP
Previous roles
• CEO and executive director
of Hochschild Mining plc
• Senior executive positions in
the Hochschild Mining plc group
• Non-executive director
of Aclara Resources
• Non-executive director
of Scotiabank Peru
• Non-executive director
of Profuturo AFP in Peru
Andrónico Luksic L.
Non-Executive Director
Independent: No
Committee member: None
Appointed to the Board: 2026
Experience
Business administrator with
broad mining experience in sales,
exploration, business development,
and general management.
Current positions
• Deputy Chairman of the board
of directors of Quiñenco S.A.
• Member of the board of
directors of Compañía de
Minas Buenaventura S.A.A.
Previous roles
• Vice President of Development
of Antofagasta Minerals
• Corporate Manager in
the Mining Division
• Director, Antofagasta
Minerals, Toronto Office
• Various positions at Banco
de Chile
Heather Lawrence
Non-Executive Director
Independent: Yes
Committee member:
Appointed to the Board: 2023
Experience
Qualified as a chartered accountant
with over a decade working in senior
roles within corporate finance and
investment banking, with particular
experience across industrial and
transportation businesses.
Current positions
• Non-executive director and
audit committee chair of
Melrose Industries plc
Previous roles
• Non-executive director
of Wizz Air Holdings
• Non-executive director
and audit committee
chair of FlyBe Group plc
Key to Committees
Nomination and Governance Sustainability and Stakeholder Management Remuneration and Talent Management
Audit and Risk Projects Committee Chair
Diversity tables
1
as at 31 December 2025
Number of
Board members
Percentage of
the Board
Number of senior positions on the
Board (CEO, CFO, SID and Chair)
2
Number in executive
management
Percentage of executive
management
Ethnic group
White British or other White
(including minority-white groups) 4 36.36% – 3 25.00%
Mixed/multiple ethnic groups 5 45.45% 1 7 58.33%
Asian/Asian British – – – – –
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab 1 9.09% 1 2 16.67%
Not specified/prefer not to say 1 9.09% – – –
Gender
Men 7 63.63% 1 9 75.00%
Women 4 36.36% 1 3 25.00%
Non-binary – – – – –
Not specified/prefer not to say – – – – –
1. Data collected via questionnaire.
2. The CEO and CFO are not Directors and therefore are not considered for the purposes of this category.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025110
Board balance and skills
AN INDEPENDENT
AND DIVERSE BOARD
The Board comprises 11 Directors with a broad and complementary set
of technical skills, educational and professional experience, nationalities,
personalities, cultures and perspectives.
Board balance
Independence
1
Gender diversity
2
Tenure Nationality
3
1. The Board reviews the independence of Directors annually. The Board has
carefully considered the independence of all Directors and is satisfied that
Francisca Castro, Michael Anglin, Tony Jensen, Eugenia Parot, Heather
Lawrence, Tracey Kerr and Ignacio Bustamante continue to be independent in
character and judgement and that there are no relationships or circumstances
that are likely to affect, or could appear to affect, their judgement. Further
details, including the explanation as to why the Board is satisfied that Francisca
Castro continues to be independent, notwithstanding that the ninth anniversary
of her appointment was in November 2025, are set out on page 104.
2. Details on the Board’s diversity policy can be found on pages 125-126.
3. The Company has met the Parker Review target for ethnic diversity, and in
2025 more than half the Board identified as being from an ethnic minority
background according to the criteria in the Parker Review survey, as shown
on page 110. As noted throughout this Annual Report, the Group’s footprint is
primarily in Chile, where ethnicity profiles and representation in society differ
significantly from those in the UK. Nevertheless, the Board recognises that
the mining industry is international, and therefore the Board includes several
Directors from outside Chile in support of its vision and strategy.
1. Ramón Jara is a lawyer. Heather Lawrence qualified as a chartered accountant.
2. Directors considered to have sustainability skills have self-certified that they are, or have been, responsible for sustainability as an executive or as a member of a
sustainability committee of a board. This includes competence on climate-related issues.
Board skills
Director
Independence
CEO
experience
Mining industry
experience
Mining
operations
Board
governance
Financial
Legal or
accounting
1
Executive
compensation
Latin American
experience
UK market
Project
management
Sustainability
2
Energy
experience
Government
relations
Communication
Jean-Paul Luksic
Francisca Castro
Ramón Jara
Juan Claro
Michael Anglin
Tony Jensen
Eugenia Parot
Heather Lawrence
Tracey Kerr
Ignacio Bustamante
Andrónico Luksic L
Chairman 1
Independent 7
Non-independent 3
Male 7
Female 4
0-5 years 5
6-10 years 3
11+ years 3
UK 1
Australia 1
Peru 1
USA 2
Chile 6
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OTHER
INFORMATION
111
Roles in the boardroom
BOARD AND SENIOR
MANAGEMENT’S ROLES
AND RESPONSIBILITIES
The Group’s CEO, Iván Arriagada, is not a Director, reflecting the law and practice in Chile.
1
Despite this, interaction between the Board and
executive management is as you would expect between Non-Executive Directors and management in a typical UK-listed company.
The Board considers that there are considerable benefits associated with having a Board of exclusively Non-Executive Directors; it provides
a broad range of perspectives and encourages robust debate with, and independent oversight of, the Group’s executive management.
Non-Executive Chairman
Jean-Paul Luksic
Leads the Board and ensures its
effectiveness overall.
• Promotes the highest standards of
integrity, probity and corporate governance.
• Sets the agenda for Board meetings in
consultation with the Senior Independent
Director, CEO and Company Secretary.
• Chairs meetings and ensures that there is
adequate time for discussion of all agenda
items, focusing on strategic, rather than
routine, issues.
• Promotes a culture of openness and
debate within the Board by facilitating
constructive Board relations and the
effective contribution of all Directors.
• Oversees Director induction, development
and performance reviews.
• Leads relations with shareholders,
including the Group’s controlling
shareholders.
Senior Independent Director
Francisca Castro
Provides a sounding Board for the
Chairman and supports the Chairman in
the delivery of his objectives as required.
• Where necessary, acts as an intermediary
between the Chairman and the other
members of the Board or the CEO.
• Stands in for the Chairman where
appropriate.
• Acts as an additional independent point
of contact for shareholders, focusing on
the Group’s governance and strategy, and
gives shareholders an alternative means
of raising concerns other than with the
Chairman or senior management.
Non-Executive Directors
2
Ramón Jara
Juan Claro
Andrónico Luksic L
Provide a range of outside perspectives
to the Group and encourage robust
debate with, and challenge to, the Group’s
executive management.
• The Board does not consider these
Directors to be independent because
they do not meet one or more of the
independence criteria set out in the
UK Corporate Governance Code.
• Have specific skills and experience
which bring value to the Board.
Independent Non-Executive
Directors
Francisca Castro
Michael Anglin
Tony Jensen
Eugenia Parot
Heather Lawrence
Tracey Kerr
Ignacio Bustamante
Ensure that no individual or small group
of individuals can dominate the Board’s
decision-making.
• Meet the independence criteria set out in
the UK Corporate Governance Code.
3
• Have no connection with the Group or any
other Director which could be perceived
to compromise independence.
• Provide a range of outside perspectives
to the Group and encourage robust
debate with, and challenge to, the Group’s
executive management.
Company Secretary
Julian Anderson
Ensures that Directors have access to
the information they need to perform
their roles.
• Provides a conduit between the Board
and its Committees and a link between
the Board and management.
• Advises the Board on corporate
governance and supports the Board in
applying the UK Corporate Governance
Code and complying with the UK listing
regime and obligations.
CEO
Iván Arriagada
Leads the implementation of the Group’s
strategy set by the Board.
• Manages the overall operations and
resources of the Group.
• Leads the Executive Committee and
ensures its effectiveness in all aspects
of its duties.
• Provides information and makes
recommendations to the Board regarding
the Group’s day-to-day activities and
long-term plans.
Executive Committee members
Present proposals, recommendations
and information to the Board within their
areas of responsibility.
• Support the CEO in the implementation
of the Group’s strategy set by the Board.
1. Chilean law prohibits CEOs of listed companies from being Directors of those companies. The CEO and CFO attend all Board meetings. The CEO also attends all Board
Committee meetings and there is regular formal and informal dialogue between management and the Board. The division of responsibilities between the Chairman, the
CEO and the Senior Independent Director is available on the Company’s website | www.antofagasta.co.uk.
2. Ramón Jara provides advisory services to the Group. Andrónico Luksic L is the nephew of Jean-Paul Luksic, the Chairman of the Company, and is Vice Chairman of
Quiñenco SA; until 1 February 2026 he served as Vice President of Development of the Company and a member of the Executive Committee. Jean-Paul Luksic is a Non-
Executive Director of Quiñenco and some of its listed subsidiaries. Like Antofagasta plc, Quiñenco is controlled by a foundation in which members of the Luksic family are
interested. Ramón Jara and Juan Claro have served on the Board for more than nine years from the date of their first election.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025112
Executive Committee biographies
MEMBERS OF THE
EXECUTIVE COMMITTEE
Iván Arriagada
CEO appointed in 2016
Joined the Group in 2015
Engineer and economist with more than
30 years’ international experience in the
mining and oil and gas industries.
Previous roles
• Chief Financial Officer of Codelco
• Various positions over eight years at BHP
Base Metals, including Vice President
Operations, Chief Financial Officer Base
Metals division, and President of Spence
and Cerro Colorado operations
• More than 15 years’ experience with Shell
plc, with senior assignments in Chile, the UK,
Argentina, and the US
Katharina Jenny
Vice President of Corporate Affairs
appointed in 2024
Joined the Group in 2016
Mining engineer and MBA, with
over 20 years’ experience in mining.
Previous roles
• General Manager of FCAB
(Transport Division)
• Health and Safety Manager at
Antofagasta Minerals
• Productivity and Costs Manager,
and Safety Manager, at Codelco
• Various roles at BHP, including mine
planning, health and safety and environment
Patricio Enei
Vice President of Legal
appointed in 2014
Joined the Group in 2014
Lawyer and MBA, with over
25 years’ experience in mining.
Previous roles
• General Counsel at Codelco
• Corporate Affairs Manager at Escondida
• Senior lawyer at BHP Billiton in Chile
• Chief Legal Counsel at Collahuasi
• Lawyer at the Instituto de Normalización
Previsional and in private practice
Octavio Araneda
COO appointed in 2023
Joined the Group in 2023
Mining engineer with a Master’s degree
in Minerals Economics and more than
30 years’ experience in the mining industry.
Previous roles
• CEO of Codelco
• Operations Vice President (Centre-South
and North) at Codelco, General Manager
El Teniente division of Codelco
René Aguilar
Vice President of Strategy and
Innovation appointed in 2024
Joined the Group in 2017
Industrial psychologist with 20 years’ experience
in mining, including in sustainability, safety,
human resources and corporate affairs.
Previous roles
• Vice President of Corporate
Affairs and Sustainability
• Group Head of Safety at
Anglo American, London
• Vice President of Corporate Affairs
and Sustainability at Codelco
• Health and Safety Director of the International
Council on Mining and Metals (ICMM), London
Mauricio Ortiz
CFO appointed in 2020
Joined the Group in 2015
Electrical engineer with two Master of Sciences
degrees (Metals and Energy Finance and Electrical
Engineering) and more than 20 years’ experience
in the energy, mining and railway industries.
Previous roles
• Vice President of Finance
• General Manager of FCAB (Transport Division)
• Business Development Manager
of Antofagasta Minerals
• Finance Manager at Codelco – Chuquicamata
• Business Development Principal at Rio
Tinto plc, London
• Various operating project roles at BHP
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OTHER
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Georgeanne Barceló
Vice President of People and
Organisation appointed in 2022
Joined the Group in 2021
Human resources specialist with a degree
in Law and a Master’s degree in Strategic
Human Resources Management, and more
than 20 years’ experience in international
and national companies across a range of
sectors, including insurance and industry.
Previous roles
• Labour Relations Manager of Antofagasta
Minerals
• Corporate Director of People at Bupa Chile
• Human Resources Vice President at Komatsu
Latin America
Rodrigo Bravo
Vice President of Sales
appointed in 2024
Joined the Group in 1999
Civil industrial engineer with over 30 years’
experience in the marketing of copper and
by-products.
Previous roles
• Managing Director at Antofagasta Minerals,
Shanghai Office
• Deputy Commercial Director at Antofagasta
Minerals
• Senior Sales Manager at Antofagasta Minerals
• Manager Copper Sales at Codelco
Jorge Bermúdez
Vice President of Projects
appointed in 2024
Joined the Group in 2024
Mechanical engineer with over 40 years’
experience in managing construction and
development of international projects for
multiple sectors including mining.
Previous roles
• Chief Operating Officer Latin America &
Caribbean at Canadian consulting firm
WSP Global
• Vice President & General Manager M&M
Americas at American international technical
professional services firm Jacobs
• Numerous roles over 20 years at
Fluor Corporation
Alejandra Vial
Vice President of Sustainability
appointed in 2024
Joined the Group in 2019
Agronomist with over 25 years’ experience in
mining, including in sustainability, environment,
health and safety and communities.
Previous roles
• Corporate Environmental Manager
of Antofagasta Minerals
• Environmental and Permitting
Director of Barrick Gold Chile
• Sustainability, Safety and Occupational
Health Manager at Codelco’s Projects
Vice-Presidency
David Fernández
General Manager – FCAB
(Transport Division)
appointed in 2024
Joined the Group in 2024
Commercial engineer with 35 years’ experience
in the railway transport industry in Chile.
Previous roles
• General Manager of Ferrocarril del Pacífico S.A.
(FEPASA)
• General Manager Puerto Panul San Antonio
• General Manager Graneles de Chile Transvia
• Various commercial, management and
operations positions at FEPASA, MTS,
Shell and Grupo Arauco
Executive Committee biographies continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025114
María de la Luz Osses
General Manager –
Zaldívar appointed in 2025
Joined the Group in 2020
Metallurgical civil engineer with more
than 25 years’ experience in mining.
Previous roles
• Primary Sulphides Project Manager
at Zaldívar
• Hydrometallurgical Processes Expert
at Antofagasta Minerals
• Process Control, R&D, and
Geo-metallurgical Planning at Codelco
• Founding partner and general manager
of Biotecnologías Antofagasta S.A.
Patricio Chacana
General Manager –
Los Pelambres appointed in 2025
Joined the Group in 2025
Chemical civil engineer with Master’s degree
in Chemical Engineering and nearly 30 years’
experience in mining, both in Chile and abroad.
Previous roles
• Chief Executive Officer of ICL Iberia
in Spain
• Various positions at Anglo American,
including Executive Head of Technical
for Base Metals, General Manager
of Los Bronces, and Plant Manager
• Senior Process Metallurgist at Xstrata Nickel,
Glencore Canada
• Process Engineering Superintendent
at Codelco
Nicolás Rivera
General Manager –
Centinela appointed in 2025
Joined the Group in 2025
Civil mining and industrial engineer with
nearly 20 years’ experience in mining.
Previous roles
• Vice President of Mining Resources
at Codelco
• Vice President of Northern Operations
at Codelco
• General Manager at El Teniente and
Chuquicamata operations, Codelco
• Operations Manager at El Teniente
• Various positions at Anglo American
Ivo Fadic
General Manager –
Antucoya appointed in 2023
Joined the Group in 2016
Mechanical engineer with Master’s in
Asset Management and Maintenance,
with over 20 years’ experience in mining.
Previous roles
• Operations Manager at Los Pelambres
• Maintenance Manager at Los Pelambres
• Maintenance Manager – Concentrator
Plants at Minera Escondida
• Engineering Manager – Concentrator
Plants at Minera Escondida
• Various operations roles in BHP,
Anglo American, and SQM
Grey area denotes members of the Executive Committee that do not report directly to the CEO
Mauricio Larraín
Vice President of Planning and
Technical Services appointed in 2023
Joined the Group in 2017
Civil mining engineer and Master of Sciences
(Mineral Economics) with over 30 years’
experience in mining.
Previous roles
• Vice President of Northern Operations
• General Manager of Los Pelambres
• General Manager at Codelco’s El Teniente
division
• Operations Manager at El Teniente
• Mine Planning Corporate Manager of Codelco
• Various positions at Codelco and
Los Pelambres until 1997
115
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OTHER
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OUR GOVERNANCE
FRAMEWORK
Group corporate governance overview
Antofagasta plc Board
The Board’s role is to promote the long-term, sustainable
success of the Company, generating value for shareholders
and contributing to wider society. The Board has established
the Company’s purpose, values, strategy and risk appetite and
monitors the culture of the Group as well as its performance
against defined measures.
The schedule of matters reserved for the Board is available
on the Company’s website at antofagasta.co.uk.
Key responsibilities
• Culture;
• Strategy and management;
• Governance;
• Shareholder engagement;
• Internal controls, risk management and compliance;
• Financial and performance reporting; and
• Approving material transactions.
CEO and Executive Committee
The Board has delegated day-to-day responsibility for
implementing the Group’s strategy and fostering the
corresponding organisational culture to the Company’s CEO,
Iván Arriagada.
Mr Arriagada is not a Director of the Company but attends
all Board meetings and Board Committee meetings. He is
supported by the members of the Executive Committee, each
of whom has executive responsibility for his or her function.
Mr Arriagada chairs the Executive Committee.
The Executive Committee leads the annual budgeting and
planning processes, monitors the performance of the Group’s
operations and investments, evaluates risk, and establishes
internal controls, promoting the sharing of best practices across
the Group.
Subcommittees of the
Executive Committee
Members of the Executive Committee also sit on the boards
of the Group’s operating companies and report on the activities
of those companies to the Board, Mr Arriagada and the
Executive Committee.
The Board has delegated to the Disclosure Committee primary
internal responsibility for identifying information that may need
to be disclosed to the market and for managing its disclosure
in line with the Group’s current Disclosure Procedures Manual.
The Executive Committee is assisted in its responsibilities by the
following subcommittees:
Nomination and
Governance
Audit and Risk
Sustainability
and Stakeholder
Management
Projects
Remuneration
and Talent
Management
Business
development
Water, energy
& emissions
management
Disclosure
Ethics
Operating
performance
review
Project
steering
Climate
change
Board Committees
The Board is assisted in discharging its responsibilities by five
Board committees.
The Board has delegated authority to these committees to
perform certain activities as set out in their terms of reference.
See more | www.antofagasta.co.uk
The Chair of each committee reports to the Board following
each committee meeting, allowing the Board to understand
and, if necessary, discuss matters in detail and to consider
the committee’s recommendations.
Key responsibilities
• The key responsibilities of each committee and their
focus areas during 2025 are set out on page 123-163.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025116
Board and Board Committee information flows
Chairman and Senior
Independent Director agree
agenda with the CEO and
the Company Secretary
Papers circulated
in advance
of meetings
Further information
provided between
meetings
Action lists prepared
and updated as key
actions are
implemented
Minutes prepared,
circulated and
approved
Board and
Committee
meetings
Chairman and Senior Independent
Director agree agenda with the CEO
and the Company Secretary
• Agenda of standing items agreed with the Board and
maintained by Chairman, SID, Company Secretary
and CEO.
• Agreed key topics and events added to agendas
as required.
• Ad-hoc meetings called as required.
Papers circulated
• Papers circulated one week in advance of meetings.
• Materials include CEO report (candid summary of his
views on evolving strategic challenges, changes in risk
assessments and emerging issues) and management
report (detailed information on performance and KPIs).
Board and Committee meetings held
• Include in-camera sessions without management present.
• CEO and Executives present on strategic, operating and
development matters.
Minutes prepared, circulated and approved
• Company Secretary prepares minutes for all Board and
committee meetings.
• Minutes are circulated and reviewed by the Board and
management and tabled for approval at next meeting.
Action lists prepared and maintained
• Action lists maintained for the Board and each
committee, ensuring that Director queries or concerns
are identified and addressed in a timelymanner.
Further information shared between
meetings
• Flash reports circulated to the Board with monthly and
year-to-date production and financial results.
• Separate monthly reports are circulated in relation to
the Group’s major development projects.
• In-depth six-monthly operations report (including
detailed health and safety and operational performance).
B
o
a
r
d
a
g
r
e
e
d
3
-
y
e
a
r
f
o
r
w
a
r
d
a
g
e
n
d
a
s
*
* The whole Board periodically
discusses and agrees a 3-year
forward agenda at standing items
ensuring clear visibility of key strategic
topics for discussion of the appropriate time.
117
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OTHER
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Board activities
KEY BOARD
ACTIVITIES IN 2025
During 2025, the Board provided oversight on the pursuit of the Group’s strategy,
addressed critical issues in a timely manner and advised management on the
development of strategic priorities and plans, while seeking to align these with
the values of the Group and stakeholders’ best interests.
Below are examples of how the Board’s activities
in 2025 have furthered the Group’s strategy.
Read more about our strategic framework |
Page 4
Activity Example outcomes
CULTURE & PEOPLE
• Monitored operational and project performance and its link with the Group’s culture,
particularly concerning health and safety.
• Oversaw the continued implementation of the Group’s strategic framework, including the
Group’s purpose, vision, values and culture.
• Monitored progress on the implementation of the Group’s Diversity
and Inclusion Strategy.
• Reviewed workforce engagement survey results.
• Received feedback on meetings with representatives of the Group’s labour unions.
• Continued to oversee the culture of operational resilience, supporting adherence to
mine plans, adopting and embracing new technology and innovation and operating
with a long-term approach.
• Oversaw progress in strengthening operations and leadership resource, supporting
internal succession planning.
• No fatalities in 2025, with both our lost time injury
frequency rate and total recordable injury frequency
rate remaining below industry benchmarks.
• Progress on key projects and sustainability agenda
• The Group achieved a level of 30% women in its
workforce, increasing from 8.8% in 2018.
• Four collective bargaining agreements concluded
in 2025.
GOVERNANCE AND ENGAGEMENT
• Reviewed Board and Executive Committee succession plans.
• Approved changes to the composition of the Board’s Committees.
• Reviewed Directors’ independence and skills on the Board.
• Reviewed the output and recommendations from the 2025 externally facilitated Board
and committee effectiveness review.
• Monitored feedback from investors and proxy advisers regarding the Group’s corporate
governance arrangements.
• Reviewed and approved the Company’s Modern Slavery Act statement.
• Successful appointment of new Independent
Non-Executive Director (Ignacio Bustamante).
• Board and committee composition in line with UK
Corporate Governance Code recommendations.
• Agreed continuing independence and succession
plan for Francisca Castro (as Senior Independent
Director).
INTERNAL CONTROLS, RISK MANAGEMENT AND COMPLIANCE
• Reviewed the Group’s principal and emerging risks and conducted a thorough review of,
and approved, new iterations of the Group’s risk appetite statements. These are aligned
with the Group’s strategic pillars and current circumstances.
• Reviewed actions planned for 2026 to document, monitor and assess the effectiveness
of material controls.
• Reviewed budgets for initiatives designed to mitigate material identified risks.
• Reviewed physical and transition risks associated with climate change.
• Reviewed and confirmed the effectiveness of the Group’s risk management and internal
control systems.
• Reviewed the Group’s model and procedures for the prevention of economic crimes.
• Reviewed the results of the Group’s whistleblowing processes.
• Reviewed Internal Audit progress reports and approved the 2026 internal audit plan.
• Reviewed the Group’s AI objectives and implementation.
• See Risk Management section (pages 78-95 for
outcomes in relation to Principal Risks.
• On track with planned actions in relation to material
controls to support compliance with UK Corporate
Governance Code Provision 29 in 2026.
• Risk management and internal controls systems
assessed as effective.
• Internal Audit function assessed as effective.
FINANCIAL PERFORMANCE AND REPORTING
• Approved the Group’s 2024 full-year and 2025 half-year results.
• Recommended and declared dividends paid to shareholders during 2025.
• Reviewed and approved the going concern and viability statements.
• Full-year and half-year results released in
accordance with agreed timetable.
• Total dividends of $395 million paid to shareholders
during 2025 in line with agreed dividend policy.
• Going concern and long-term viability statements
approved and agreed with auditors.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025
118
Our strategy is designed to enable us to achieve our purpose. It is supported by five pillars: safety and sustainability,
people and culture, competitiveness, innovation and growth; each of which has defined short- and medium-term goals.
Safety underpins our operational excellence model, and helps us to ensure long-term value creation.
We aim to embed rigorous standards and proactive risk management to protect people, sustain productivity
and maintain stakeholder trust.
Board activities in 2025
• Reviewed and monitored the Group’s health and safety performance and strategic plan.
• Reviewed the Group’s compliance with its environmental commitments and progress of key
environmental impact studies, and monitored the Group’s implementation of its Climate Action Plan.
• Continued to monitor independent reviews of the safety of the Group’s tailings storage facilities and
assessed these versus industry best practice and the ICMM’s Global Industry Standard on Tailings
Management.
SAFETY AND
SUSTAINABILITY
To enhance our current
operations, while aiming
to future-proof our
business model.
PEOPLE AND
CULTURE
To cultivate the talent
necessary for a better future.
GROWTH
To keep contributing
to the development
of a better future.
COMPETITIVENESS
To achieve excellence and
create long-term value.
INNOVATION
To constantly push back
boundaries and explore
new ways of advancing
the ways we work.
Investing in people and fostering a positive culture to cultivate the talent necessary for a better future.
Our goal is to create and nurture a working environment with innovation at the forefront, incorporating
new ways of thinking to tackle current and future challenges. We strive to inspire people to solve more
complex and dynamic problems with new management approaches.
Board activities in 2025
• Reviewed the results of employee engagement surveys.
• Reviewed employee performance, including the Company’s short-term and long-term incentive scorecards.
• Monitored progress of the people and organisation strategic plan, which includes the Group’s Diversity
and Inclusion Strategy.
Our competitiveness is key to us achieving excellence and creating long-term value. Competitiveness
is essential as it ensures resilience and makes the business viable. By producing copper efficiently,
we are able to grow and contribute to the development of mining while promoting energy security
and electrification.
Board activities in 2025
• Monitored the results of the Group’s Competitiveness Programme.
• Approved key procurement contracts and the Group’s marketing strategy.
• Reviewed and monitored the Group’s operating and financial performance.
• Reviewed and approved the Group’s 2026 budget.
Innovation is a strategic pillar and a key enabler of sustainable growth, operational excellence, and
long-term value creation. In line with our purpose to develop mining for a better future, our efforts
in innovation are focused on strengthening competitiveness and operational efficiency, while driving
the future development of new ways of mining, with people at the centre of our strategy.
Board activities in 2025
• Oversaw progress on the Group’s innovation portfolio, including operational and data analytics
initiatives.
• Reviewed progress on the implementation of the Group’s digital transformation programme.
• Reviewed progress on the strategy for the Group’s proprietary Cuprochlor-T
®
primary sulphide
leaching technology.
Growth enables us to maintain our viability and fulfil our purpose. It allows us to realise the full potential
of our resources and assets, creating additional value and diversifying risk.
Board activities in 2025
• Reviewed the progress of material development projects including Los Pelambres’ Growth Enabling
Projects, the Centinela Second Concentrator Project, the Encuentro Mine Development Project,
and Zaldívar’s Mine Life Extension and Water Transition Project.
• Reviewed business development and exploration opportunities and activities.
• Reviewed and approved the divestment of mining properties in Chile.
• Reviewed and approved the Group’s long-term price assumptions and commercial parameters.
• Reviewed the Group’s Mineral Resources and Ore Reserves statement.
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Stakeholder engagement
SECTION 172
CONSIDERING STAKEHOLDER VIEWS
The Group maintains an ongoing dialogue with stakeholders to understand
their expectations and concerns, and their views are shared with the Board
using a range of mechanisms to allow them to be carefully considered in the
Board’s deliberations. Information relating to the Group’s key stakeholders, their
importance to the Group’s long-term sustainable success and the key initiatives
that are in place to recognise their interests and concerns, many of which are
overseen by the Board, is described within the Strategic Report.
Section 172 of the Companies Act 2006
mandates that directors act in good faith
and in a manner most likely to promote the
success of the Company for the benefit of
its stakeholders. Therefore the Board must
consider how decisions balance the needs
of various stakeholders and their impact
on long-term performance.
The Board identifies the Group’s
key stakeholders as: our people; our
communities; our suppliers; our customers;
our shareholders; our financial investors;
and Governments and regulators. Our
stakeholder engagement processes support
the Board’s understanding of stakeholder
priorities and enables the Board to consider
all relevant factors when making decisions
for the Group’s long-term success.
Principal decisions made
by the Board in 2025
Examples of key Board decisions in
2025 are provided here to show of how
stakeholder considerations, and the factors
set out in section 172(1) of the Companies
Act 2006, were central to decision-making
processes. The Board considered the
varying interests of stakeholders but with
an overarching focus, as required by section
172(1), on acting in a way that would be
most likely to promote the success of the
Company for the benefit of its members as
a whole. The likely long-term consequences
of each decision were, among other things,
key considerations for the Board.
Los Pelambres:
water infrastructure financing
In 2024, the Board approved the expansion
of Los Pelambres’ desalination plant to
secure a reliable water supply and support
extended mine life, more detail on this
project can be found on page 36. In March
2025, Los Pelambres successfully closed
the financing associated with its water
assets. Through a structured financing
solution, using a wholly-owned subsidiary
of Los Pelambres, the Group secured
$2 billion on favourable terms, comprising
$1,550 million in privately placed notes
with a 20-year tenor and a $450 million
loan agreement with a group of commercial
banks with a tenor of approximately
nine years.
The financing package is designed to
help support the Company’s capital
allocation framework and our ability to
balance shareholder distributions with
investments in sustaining capital and
development projects.
The financing involved unbundling Los
Pelambres’ water assets into a separate
entity to secure infrastructure returns for
investors independent from the volatility of
copper prices. The water assets are backed
by a long-term water supply agreement
which provides stability for the financing.
How the Board considered,
and had regard to, the interests
of key stakeholders and the
requirements of section 172(1)
As noted above, the financing supports the
expansion of the Los Pelambres desalination
plant and secures a reliable water supply,
with the financing structure also supporting
the capital allocation framework and our
ability to balance shareholder distributions
and investments in capital and development
projects. In reaching its decision to approve
the financing structure, a principal factor
for the Board was securing the long-term
success of the business. (
Section 172(1)
(a) – likely consequences of any decision
in the long term
).
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025120
Engagement regarding the financing
required consistent dialogue with financial
investors and providers of capital to realise
the growth ambitions of the Company
and its stakeholders, with the Board
considering feedback on that dialogue
before taking the decision to proceed
(
Section 172(1)(c) – the need to foster
business relationships with suppliers,
customers and others
).
A consistent approach to capital allocation
is an important aspect of the Company’s
business model and provides clarity for
the Company’s equity and fixed income
investors in understanding the likely timing
and scale of shareholder distributions.
Through a clear framework, defined and
monitored by the Board, the Company
can provide clarity to all stakeholders in
respect of investments and shareholder
distributions. (
Section 172(1)(e) and
(f) – maintaining a reputation for high
standards of business conduct, and the
need to act fairly as between members of
the Company
). More detail on the Group’s
capital allocation framework can be found
on page 76. The Company’s dividend policy
can be found on page 3.
Zaldívar:
long-term business case
Zaldívar’s Environmental Impact
Assessment (EIA) was formally approved
during May 2025, enabling Zaldívar’s
mine life to be extended to 2051 following
a three-year transition to a long-term
alternative supply of water from 2028.
During 2025, the Board received regular
updates on progress and consultation in
support of the EIA application and approval.
The Board also approved investigations to
assess the viability of alternative long-term
water supply options (including the use of
sea water or a third-party water source)
and considered the long-term business
case for Zaldívar in the context of the
investment required to secure its long-term
water supply.
How the Board considered,
and had regard to, the interests
of key stakeholders and the
requirements of section 172(1)
The EIA application process required a
collaborative engagement process with
communities, government and other local
stakeholders in Chile.
(Section 172(1)(c),
(d) and (e) – the need to foster business
relationships with suppliers, customers
and others, the impact of the company’s
operations on the community, and
maintaining a reputation for high
standards of business conduct)
In advance of a decision on long-term
water supply, the Board has been
regularly updated on the views of nearby
communities and authorities to understand
both the impact of water availability in the
area and the construction of alternative
water supply infrastructure.
(Section 172(1)
(a) and (d) – the likely consequences of
any decision in the long term, and the
impact of the company’s operations on
the community and environment).
This was
also a key focus area for the Sustainability
and Stakeholder Management Committee
in 2025, as shown on page 136 and the
Board received regular reports directly
and through the Sustainability and
Stakeholder Management Committee
throughout the year.
In considering a future decision, the Board
has had regard to the need to foster the
Group’s business relationships with the
workforce that will work to construct the
water supply alternative, and suppliers
that will deliver the products required for
construction.
(Section 172(1)(b) and (c) –
the interests of the Company’s employees,
and the need to foster the Company’s
business relationships with suppliers,
customers and others).
More detail on
the Group’s workforce engagement
mechanisms can be found on page 122.
The expectations of stakeholders are key
considerations for the Board, seeking to
ensure that an appropriate water supply
alternative can be provided to Zaldívar to
secure the extension of the life of the mine
to 2051 and to realise the full potential of its
1 billion tonne resource.
(Section 172(1)(f) –
the need to act fairly as between members
of the Company).
Risk appetite
statement review
The Board has ultimate responsibility for
overseeing the Group’s emerging and
Principal Risks and its risk appetite, as well
as maintaining adequate control systems.
During 2025, the Board, supported by the
Audit and Risk Committee, conducted a
thorough review of the Group’s key risks
and associated risk appetite statements and
approved the principle on which risk appetite
is assessed, a new low-medium-high risk
appetite scale, and adjustments or rephrasing
of certain risk appetite statements.
The risk appetite statements provide
clarity on the risk (after the application
of associated controls) that the Board is
willing to accept to pursue its strategic
goals and support the identification of
material controls the effectiveness of
which the Board will be required to assess
in 2026 to comply with Code provision 29.
How the Board considered,
and had regard to, the interests
of key stakeholders and the
requirements of section 172(1)
The assessment of risk appetite requires
the Board to consider the interests of
key stakeholders, with key risks facing
the business having potentially direct
impacts on the long-term sustainability of
the business (and therefore shareholder
value)
(Section 172(1)(a) and (f) – likely
consequences of any decision in the long-
term and the need to act fairly between
members, our people, contractors and
suppliers, the communities in which we
operate and the environment).
More detail
on Principal Risks and risk appetite can
be found on page 78. Specific examples
of stakeholder considerations in relation
to key risk areas include:
Health & Safety: The health and safety of
our workforce remains at the forefront of
our approach and is critical for the success
of responsible mining. Consequently, the
Board’s appetite for health and safety
risk is low, and we have adopted a range
of leading and lagging indicators of
safety with health and safety related key
performance indicators reported regularly
to the Board.
(Section 172(1)(b) and (e) –
interests of employees and maintaining
a reputation for high standards of
business conduct).
Community relations: Adverse relations
with local communities and stakeholders
could affect our reputation and impede
our ability to grow and generate social
value. The Board’s risk appetite for
community relations risks is low, and it
receives regular reports on community
engagement activities both directly and
through the Sustainability and Stakeholder
Management Committee.
(Section 172(1)(c)
and d) – fostering business relationships
with suppliers, customers and others, and
the impact of the Company’s operations
on the community and environment).
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Workforce engagement
CONNECTING WITH
OUR WORKFORCE
Mining is a long-term business with decades-long timescales. Our relationships
with our stakeholders are central to our long-term success and to our purpose of
developing mining for a better future. The Group’s governance structures ensure that
the views and interests of stakeholders, including our employees and contractors,
are discussed in the boardroom and considered as part of the Board’s deliberations.
The Group maintains strong relations with
its workforce, based on trust, continuous
dialogue and favourable working conditions.
The Board has carefully considered and
reviewed the mechanisms in place to
allow the Board to understand the views
of the Group’s workforce. Ultimately, the
Board has decided not to adopt any of the
three workforce engagement mechanisms
recommended in the UK Corporate
Governance Code (a Director appointed
from the workforce, a formal workforce
advisory panel or a designated non-executive
director). The Board considers that adopting
any of these mechanisms would interfere
with the effective, structured and formal
combination of mechanisms already in place
to engage with a highly unionised workforce.
The Group’s workforce comprises 38,072
people, including employees, permanent
contractors and temporary contractors
associated with projects. Approximately
22% of the workforce are Group employees
and 78% are employees of contractor
companies. More than 97% of the Group’s
employees are in Chile, and approximately
53% declare residence in the region of
operation. Approximately 79% of the
Group’s employees are unionised. This
number is close to 93% at the operator
level. The Group maintains ongoing dialogue
with labour unions and key issues are raised
with, and discussed by, the Remuneration and
Talent Management Committee and the Board.
The Group has established control
mechanisms to ensure that all companies
that contract with the Group, whose
employees are often members of their own
labour unions, meet the Group’s standards
and guidelines on labour, environmental
and social, and ethical matters, and
adopt good practices with regard to safe
workplaces and the quality of employment.
For companies holding contracts with the
Group for a period of six months or more,
their employees benefit from certain
protections required of those companies.
These include ethical wages – which, as
of December 2025, were 28% higher in
the Mining Division than the Chilean legal
minimum – as well as other basic benefits,
including life and health insurance. These
protections are subject to regular audits
by independent third parties to ensure full
compliance with these standards. Below is
a selection of the workforce engagement
mechanisms currently has in place:
• Directors regularly visit the Group’s
operations either individually or in
small groups throughout the year and
engage informally with the workforce
and other parties to gauge overall
workforce culture. Impressions
and views arising from these visits
are reported to the Board and its
Committees, and related questions are
raised with the management team.
• Labour relations matters, proposed
labour negotiation limits and feedback
from labour negotiations are reported
directly to the Remuneration and Talent
Management Committee and the Board
throughout the year as a key part of the
CEO’s general updates to the Board.
• The CEO, Chief Operating Officer, Vice
President of People and Organisation,
and the General Managers and People
and Organisation Managers of each
respective operation meet with union
representatives during the year to
share relevant information and listen
to concerns and suggestions. The
results of these discussions are shared
with the Remuneration and Talent
Management Committee and the Board.
• The CEO met with union representatives
during 2025, enabling him to share
business performance and challenges
associated with the Group’s strategic
framework, reinforce shared culture
and values and listen to concerns and
ideas. The purpose of these meetings
is to foster a collaborative dialogue and
working environment.
• Group-wide employee engagement
surveys are conducted every two
or three years. These surveys are
conducted by independent third parties
on behalf of the Group, and the results
are reported to the Remuneration and
Talent Management Committee and the
Board. The most recent Group-wide
engagement survey was conducted
in 2024, with a 94% participation
rate. Overall engagement results were
aligned with those of best employers in
Latin America. In 2025, targeted pulse
surveys were conducted in critical
areas across the Group as a follow-
up to the 2024 results, and action
plans were implemented based on the
outcomes of those surveys. During
2025, action plans arising from the
2024 surveys were implemented and a
follow up engagement pulse survey was
conducted. The results of these initiatives
were reported to the Remuneration and
Talent Management Committee.
• The Group’s workforce is encouraged
to report any concerns to the Ethics
Committee through a confidential
whistleblowing hotline. Reports may
be made anonymously. All reports
are followed up and investigated, and
overall figures and trends and any
specific cases involving a potential
crime are reported to the Audit and
Risk Committee and the Board.
During 2025, the Board actioned
feedback received from the workforce
in making decisions related to talent
retention initiatives, the oversight of labour
negotiations and the development of the
Group’s Diversity and Inclusion Strategy.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025122
Nomination and Governance Committee report
MAINTAINING EFFECTIVE
GOVERNANCE
The Committee supports the Board in ensuring that effective governance
structures are in place, and that the Board and its Committees maintain an
appropriate balance of independence, skills, experience and diversity, in line
with best practice corporate governance recommendations.
Key responsibilities
The Nomination and Governance Committee supports the Board in ensuring
that effective governance structures are in place, and that the Board and its
Committees are appropriately staffed and operate effectively. The Committee
monitors feedback from investors in relation to governance matters, identifies
qualified individuals to join the Board, recommends any changes to the
composition of the Board and its Committees, and implements an annual
process to assess Board effectiveness.
This involves:
• Monitoring trends, initiatives and proposals in relation to corporate
governance.
• Reviewing and discussing feedback from investors on the Company’s
corporate governance.
• Overseeing and facilitating annual reviews of the Chairman, the Board,
Board Committees and individual Directors, including externally
facilitated reviews.
• Evaluating and overseeing the balance of skills, knowledge and
experience on the Board and its Committees.
• Monitoring the independence of Directors.
• Overseeing Board succession plans and leading the process to identify
suitable candidates to fill vacancies; nominating such candidates for
approval by the Board and ensuring that appointments are made on merit
and against objective criteria, including gender.
• Overseeing the induction of new Directors and the development of
all Directors.
• Overseeing CEO succession plans.
• Reviewing the Group’s governance reporting.
Our external performance review found the Board to be
performing strongly, with highly engaged Directors and a
well-balanced composition.”
JEAN-PAUL LUKSIC
Chair of the Nomination and Governance Committee
2025 membership and meeting attendance
Number attended/eligible to attend
Jean-Paul Luksic (Chair) 5/5
Tony Jensen 5/5
Francisca Castro 5/5
Other regular attendees included the Company Secretary.
The Committee meets as necessary and at least twice per year.
Except for the Chair, all Committee members are independent.
Read the Directors’
biographies | Page 108
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123
Key activities in 2025
Corporate governance
• Monitored the fulfilment of UK
Corporate Governance Code
requirements.
• Reviewed Directors’ declarations
on potential conflicts of interest.
• Reviewed the Governance
section of the 2024 Annual
Report and recommended
it to the Board for approval.
• Reviewed arrangements for
the 2025 AGM and publication
of the 2025 AGM Notice.
• Reviewed feedback from
investors and proxy advisers
on the shareholder resolutions
tabled at the 2025 AGM.
• Reviewed shareholder and proxy
adviser feedback on governance.
Q. What is the Committee’s
role in relation to succession
planning?
The Committee oversees and develops
succession plans for the Board and the
CEO. Succession planning for the Executive
Committee (excluding the CEO) and
broader employee talent management
is overseen by the Remuneration and
Talent Management Committee.
The activities of the Remuneration and
Talent Management Committee are set
out on pages 160-161.
During 2025, the Committee reviewed the
Board’s succession plan and recommended
changes to Committee memberships and
the appointment of Independent Non-
Executive Director Ignacio Bustamante,
who joined the Board in July 2025.
Q. How does the Committee
address the process of CEO
succession?
The Committee regularly reviews
succession plans for the CEO, in the case
of either a planned or unplanned departure.
This involves defining the character, skills,
experience and expertise required to fulfil
the role, as well as monitoring the market
Nomination and Governance Committee report continued
for potential external candidates and
assessing potential internal candidates
and their development needs. The
consideration of both external and internal
candidates for the role of CEO ensures
a clear assessment of relative strengths
and weaknesses and provides a useful
international benchmark.
Q. What is the scope of the
Board’s succession planning?
The Board’s succession plan is reviewed
formally at least once a year and addresses
Board size and independence, Committee
structure and composition, skills on the
Board, Board and Committee members’
tenure, independence of Directors,
diversity (including gender) and
Board roles. Succession plans include
contingency plans in the event of an
unexpected departure, medium-term plans
for orderly replacement of current Board
members, and long-term plans linking
strategy with the skills needed on the
Board in the future.
Given the long-term nature of the mining
industry, our succession plans recognise
the benefit of Directors serving for
longer periods than the nine years
recommended under the UK Corporate
Governance Code.
This is balanced by our aim to maintain a
majority of Independent Directors through
our shorter to medium-term succession
planning and Director rotation.
There is a Board-approved succession
plan for all Board roles in the event of
an unexpected departure.
Q. How does the Board identify
the appropriate skills for new
Board candidates?
The Board maintains a Board skills matrix
and the Committee reviews the balance
of skills, experience and expertise on
the Board at least annually. This process
enables the Board and the Committee to
identify the skills required when making
new appointments to the Board, and to
instruct search firms to identify candidates
who fit these criteria.
Q. What steps does the
Committee take to identify
and appoint new Directors?
The Committee discusses relevant profiles
for future appointments and potential
candidates, taking into account: the
results of Board effectiveness reviews, as
shown on page 127; the Group’s purpose,
vision, values and strategy, as shown on
Succession planning
• Reviewed and endorsed detailed
succession plans for the Board,
the Senior Independent Director,
Committee Chairs, and the CEO.
• Continued to provide input to the
Remuneration and Talent Management
Committee in relation to succession
plans for the Executive Committee
(excluding the CEO).
Board and Committee
composition
• Managed the global search carried
out in relation to the appointment of
Independent Non-Executive Director
Ignacio Bustamante.
• Reviewed and proposed changes
to the Committees’ composition.
• Reviewed and endorsed updates
to the Board’s skills matrix.
Board effectiveness reviews
• Oversaw the implementation of
recommendations arising from the
2024 internal evaluation of the
Board and Committees.
• Reviewed the report from Lintstock
Limited on the 2025 external
evaluation of the Board and its
Committees.
• Requested a performance review
of the Chairman by Directors, led
by the Senior Independent Director;
and of individual Directors, led by
the Chairman.
Board/Director independence
• Reviewed the independence of
all Directors.
• Endorsed the assessment of
Francisca Castro as independent
notwithstanding her nine–years’
service, having regard to the
majority independence of the
Board as a whole.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025124
pages 118-119; the Board’s diversity policy
(below); and the core competencies and
existing areas of expertise on the Board,
as shown on pages 108-111.
To assist with making new appointments
to the Board, the Committee appoints
independent external search consultancies
with no connection to the Group. In 2025,
the Committee worked with Spencer
Stuart, a signatory to the voluntary code
of conduct for executive search firms to
address gender diversity and corporate
practices for related search processes, to
assist with the search that resulted in the
appointment of Independent Non-Executive
Director Ignacio Bustamante in July 2025.
Spencer Stuart has no other connection
with the Company or individual Directors.
Spencer Stuart was briefed on the skills
and experience of the existing Directors
and asked to identify potential candidates
who would best meet the required criteria,
which included their relevant experience,
skills, leadership capabilities, contribution
to Board diversity and whether they had
sufficient time to devote to the role. Also
important for overall Board effectiveness
is that potential candidates are proficient
in Spanish and, preferably, have relevant
mining or extractive industry experience.
The search that resulted in Ignacio’s
appointment aimed to identify candidates
with global business experience, a strong
understanding of the geopolitical landscape
and substantive experience relating to
natural resources. The external search
consultancy was instructed to access the
widest possible talent pool and, as has been
the case for many years, to specifically
identify potential female candidates.
Q. What support does the
Company provide to facilitate
induction and assist with
professional development?
Induction
New Directors receive a thorough
induction on joining the Board. This
includes meetings with the Chairman, other
Directors, the Chief Executive Officer and
Executive Committee members; briefings
on the Group’s strategy, UK corporate
governance, operations, projects and
exploration activities; and visits to the
Group’s operations. Ignacio Bustamante’s
induction process is summarised in the
table above.
New Director Ignacio Bustamante’s induction
Meeting/site visit Topics covered
Chairman • Introduction to Group; and
• Board and Director responsibilities.
Company Secretary • UK listing framework and UK Corporate Governance Code;
• Board and Committee composition; and
• Board calendar and protocols.
Senior Independent Director • Board dynamics.
Committee Chairs • Function of Committees;
• Current areas of focus; and
• Terms of reference.
CEO • Group purpose and strategy;
• Current focus areas; and
• Culture.
CFO • Financial reporting;
• Operating companies’ financing status; and
• Risk and compliance management model.
Other Executive
Committee members
• Overview of individual areas of responsibility,
current focus areas and strategic objectives.
Los Pelambres site visit • Visit to Los Pelambres with other Non-Executive Directors
to gain an understanding of the operation and related
growth projects; and
• Meeting with the Los Pelambres management team.
Continuing personal development
Directors receive an annual briefing on
governance, legal, regulatory and market
developments that are relevant to directors
of UK-listed companies, complemented by
discussions on Board-related matters.
Directors have access to, and are
encouraged to regularly attend, round table
discussions, seminars and other events
that cover topics relevant to the Group
and their roles.
Resources
The Company provides Directors with
the necessary resources to maintain and
enhance their knowledge and capabilities.
All Directors have access to management
and to such information as they need to
discharge their duties and responsibilities
fully and effectively.
Directors are also entitled to seek
independent professional advice
concerning the affairs of the Group
at the Company’s expense.
Q. What is the Board’s position
in relation to diversity?
The Company’s Diversity and Inclusion
Policy reflects the Board’s belief in the
benefits of diversity and its conviction
that more diverse companies attract
and maintain the best talent and achieve
stronger overall performance.
The Board uses a broad definition of
diversity when setting policies, appointing
Directors and staffing its Committees
(including the Nomination and Governance,
Audit and Risk and Remuneration and
Talent Management Committees). This
definition includes gender, disability,
nationality, educational and professional
experience, ethnicity, personality type,
culture and perspective.
The Committee has worked hard to ensure
that the Board and its Committees are
suitably diverse according to these criteria.
The Board reviews its effectiveness in
meeting diversity goals each year as
part of the annual Board and Committee
evaluation process.
The Company has met the Parker Review
target, and more than half of Board
members identify as being from an ethnic
minority background according to the Parker
Review and UK Listing Rules criteria, as
shown in the diversity tables on page 110.
As noted throughout this Annual Report,
the Group’s activities are focused in Chile,
where ethnicity profiles and representation
in society differ significantly from those in
the UK. Nevertheless, the Board recognises
that the mining industry is international,
and in support of its vision and strategy
also includes Directors from the United
Kingdom, United States and Australia.
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Nomination and Governance Committee report continued
Gender diversity is a pillar of the Group’s
diversity and inclusion strategy. The Board
supports the important work performed
by the FTSE Women Leaders’ Review in
pursuing a 40% target for women on FTSE
350 boards and on executive committees,
and among their direct reports, by the
end of 2025. The Board met the Listing
Rule target of at least 40% of women on
the Board during the first half of 2025,
but fell below the target to 36% following
Ignacio Bustamante’s appointment in July
2025. While we support, and aim to meet,
the 40% target, we continue to ensure
that appointments to the Board are made
on merit and therefore accept that there
may be periods where the 40% target is
not achieved. Since 2014, five of our nine
Board appointees (56%) have been women
and we remain committed to promoting the
participation of women on our Board, as
well as in senior management positions and,
just as importantly, in the Group’s workforce.
We believe that such an increase will
benefit the Group, the industry and Chile.
We have met the UK Listing Rule target
for at least one woman to hold the role
of Chair, Senior Independent Director,
CEO or CFO, as shown in the diversity
tables on page 110. As of the date of
this report, there are four women on our
Board of 11 Directors (36%). Each of
the Board Committees includes female
Directors and Directors from ethnic
minority backgrounds, and at least 50%
of the members of the Audit and Risk and
Remuneration and Talent Management
Committees are female.
Q. What policies are in place
to promote a diverse pipeline
of talent for the future?
The Group is committed to developing a
diverse pipeline of talent that will widen
the pool of female and other diverse
candidates for Board and leadership
positions in the future. In this, the Group
is leading the way in Chile, particularly
with female participation in the workforce,
as Chile remains behind more developed
economies despite considerable progress
in recent years.
A Diversity and Inclusion Roadmap was
developed in 2029 to bring together
guidelines, best practices and objectives,
and which seeks to integrate diversity
and inclusion principles and values into
the Company’s practices. The roadmap
includes alliances with relevant educational
institutions and organisations promoting
diversity and inclusion.
Metrics associated with the development of
the Diversity and Inclusion Policy have been
part of the Group’s Annual Bonus Plan and
formal talent management and succession
planning exercise for many years, and
performance against objective metrics is
assessed by the Remuneration and Talent
Management Committee at the end of each
year. In 2025, the Group’s Annual Bonus
Plans included key performance indicators
on the number of women in leadership
positions versus a baseline.
The Remuneration and Talent Management
Committee is also responsible for
succession planning for the Executive
Committee, which allows for ongoing
monitoring of the impact of the Diversity
and Inclusion Policy on new appointments
and individuals’ progress within the
Company, including at the level of those
who report to the Executive Committee.
As part of the policy, female members of
senior management have served on the
boards of all our operating companies for
many years and, currently, we have four
women on the Executive Committee:
the Vice President of Sustainability, the
Vice President of People and Organisation,
the Vice President of Corporate Affairs
and the General Manager at Zaldívar.
It is important to acknowledge that
culture plays a key role in this, and we
have therefore implemented actions and
programmes to promote an inclusive
culture. These include encompassing
unconscious bias training, work/life
balance measures, sexual harassment
and domestic violence prevention, and
information campaigns.
36%
of Board members are women
as of 31 December 2025
100%
of our operating companies have female
Board members as of 31 December 2025
>50%
of Board members identify as being
from an ethnic minority background
Human resources processes, such as
recruitment and the individual performance
management system, have been reviewed
and adjusted to ensure their inclusiveness
and lack of bias. As part of our Inclusion
and Diversity Strategy, after the Mining
Division became the first company in Chile
to achieve certification under the new
Chilean Standard that aims to establish
comprehensive management systems
for gender equality and the integration of
work, family and personal life, our Transport
Division and all of individual mining operating
companies in our Mining Division sought
or achieved certification according to this
standard during 2025. These milestones
reflect our commitment to fostering an
inclusive workplace.
We are very pleased to report that our
ambition to reach 30% female participation
by the end of 2025 has been met. The
gender balance at each level of the Group
is monitored and reported monthly to the
Executive Committee. In 2025, women
made up 27% and 35% of the Group’s
executive and supervisory employees
respectively (annual average). Women
represented an annual average of 23%
of operational roles in 2025.
The Suppliers for a Better Future
Programme, which seeks to align contractor
companies’ practices with those of
Antofagasta, includes targets on hiring
women. As of 2025, 14% of contractor
employees were women (2024: 12%).
The Board will continue to monitor
developments in 2026.
More detail on programmes we have
introduced and the gender balance
within the Group is given in the
People section | Page 46
JEAN-PAUL LUKSIC
Chair of the Nomination
and Governance Committee
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025126
Key findings
The Board was found to be performing
strongly, with highly engaged Directors,
a well-balanced composition, and a clear
understanding of the Company’s priorities.
Directors are aligned in their commitment
to governance, and there was recognition
of the importance of the Board’s role in
delivering the Company’s key strategic
priorities. The level of support available
to the Board was an area of strength,
and Directors were mindful of ensuring
that the interests of all stakeholders were
appropriately understood and considered.
The scope and objectives of the review were agreed following several briefing meetings with Lintstock.
Lintstock collaborated with the Chairman, the Senior Independent Director and the Company Secretary
to design a bespoke questionnaire tailored to the Company.
As well as covering core aspects of governance such as information, composition and dynamics,
the review considered people, strategy and risk areas relevant to the Company’s performance.
The review had a particular focus on the following areas:
• Boardroom dynamics, including the relationship with management.
• Strategic processes and priorities.
• Capturing any learning opportunities for the Board from the past year.
Following Antofagasta’s June Strategy Day, surveys were distributed to Board members to assess
the performance of the Board, its Committees, and the Chairman. Each Director also completed a
self-assessment questionnaire addressing their own performance.
Scoping and tailoring
March – April 2025
Completion of surveys
June – July 2025
Lintstock’s findings were shared with the Chairman and then discussed at the October Board meeting.
Actions were agreed for implementation and monitoring.
In-depth interviews with Board members were conducted by two Lintstock Partners. The findings
from the survey stage enabled Lintstock to focus discussions on the priorities for each interviewee.
Lintstock analysed the surveys and the interviews, and delivered focused reports documenting the
findings, including a number of recommendations to increase effectiveness.
Board discussion
October 2025
Interviews
July 2025
Analysis and delivery of reports
August 2025
The Review identified certain priorities
for the Board, including:
• Further refining the cadence and
emphasis of the Board’s strategic
oversight.
• Continuing to achieve an effective
balance of focus between detailed
oversight and broader strategic themes.
• Continuing to oversee Board and
management succession and enhance
performance feedback processes.
Lintstock also found the Board Committees
to be performing well, but was able to
provide a number of recommendations
to further enhance their effectiveness.
The review included a comparison of the
Board’s performance against the Lintstock
Governance Index, drawn from over
200 of Lintstock’s recent mandates.
This provided a balanced view of the
Board’s strengths and priorities, placing
its performance into context.
Our Board effectiveness review process
2023 and 2024 (internal reviews)
In accordance with the UK Corporate Governance Code and
recognised best practice, the Board ensures that evaluations are
conducted on an annual basis to increase Board effectiveness
and to identify areas for improvement. Externally facilitated
reviews are conducted every three years. The following outlines
the Board’s most recent three year review cycle. The internal
reviews in 2023 and 2024 were based on thorough anonymous
questionnaires completed by Directors that included specific
questions relating to improvement opportunities identified in
the 2022 external review to measure progress, as well as
fundamental questions to explore Directors’ perceptions of the
Board and Committee’s culture, governance and performance.
The processes included:
• Internal evaluations of the Board and its Committees.
• Individual evaluations of Directors.
• Closure of gaps identified in the 2022 and 2023 evaluations.
• Identification of further opportunities to improve.
2025 (external review)
The Board engaged Lintstock in 2025 to perform an external
review of the performance of the Board and its Committees.
Lintstock is an advisory firm that specialises in board reviews
and has no other connection with the Company or individual
Directors. A description of the activities performed by Linstock
over the year is as follows.
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AUDIT AND RISK
COMMITTEE REPORT
The Committee assists the Board in assessing whether the Annual Report is,
when taken as a whole, fair, balanced and understandable and provides the
necessary information to allow shareholders to assess the Group’s position
and performance, business model and strategy.
Key responsibilities
The Audit and Risk Committee assists the Board in meeting its responsibilities
relating to financial reporting and control, risk management and internal
control and compliance.
The Committee’s main responsibilities include:
• Monitoring the overall financial reporting process, which includes
responsibility for reviewing the year-end and half-year financial reports.
• Overseeing the external audit process and managing the relationship
with the Group’s external auditor.
• Ensuring that the requirements of the Audit Committees and the External
Auditor: Minimum Standard are followed.
• Reviewing and monitoring the independence and objectivity of the
Company’s external auditor.
• Overseeing Internal Audit, including monitoring and reviewing the
effectiveness of the Group’s Internal Audit function, and monitoring
plans, processes and findings.
• Oversight of internal policies on the supply of non-audit services.
• Assisting the Board with its responsibilities with respect to risk
management and internal controls, including reviews of the Group’s
risk appetite and key risks and controls.
• Monitoring the performance of the Group’s compliance and Crime
Prevention Models.
We have continued to support the planning and
preparation for the Group’s approach to identifying,
monitoring and assessing the effectiveness of material
controls, to ensure we are well prepared for the new
UK Corporate Governance Code requirements in
relation to material controls in 2026.”
TONY JENSEN
Chair of the Audit and Risk Committee
2025 membership and meeting attendance
Number attended/eligible to attend
Tony Jensen (Chair) 5/5
Francisca Castro 4/4
Heather Lawrence 5/5
Tracey Kerr 5/5
Ignacio Bustamante 1/1
Francisca Castro stepped down from the Committee and Ignacio
Bustamante joined the Committee on 1 September 2025.
Other regular attendees included representatives from the
Group’s external auditor, the CEO, the CFO, the Group Financial
Controller, the Head of Internal Audit, the Head of Risk,
Compliance and Internal Control and the Company Secretary.
The Committee meets as necessary and at least twice a year.
It works within the framework of a detailed annual work plan
derived from the Committee’s terms of reference, which are
available on the Company’s website at www.antofagasta.co.uk.
All Committee members are independent and are considered
to have recent and relevant financial experience; a majority of
Committee members have significant experience relevant to the
mining sector.
Committee members participate in all other Board Committees,
allowing the Committee to consider the full spectrum of risks
faced by the Group.
The Committee’s performance was reviewed as part of the
external evaluation process conducted by Lintstock during the
year. The review concluded that no changes to the Committee’s
composition were necessary.
Read the Directors’
biographies | Page 108
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025128
Key activities in 2025
Financial reporting
• Reviewed the 2024 year-end and
2025 half-year financial reports,
focusing on significant accounting
matters relating to the Group’s results.
• Reviewed
accounting matters relating
to the 2025 year-end results.
• Reviewed the Group’s 2024
Reserves and Resources Statement
and highlights of the 2025 statement.
• Assisted the Board in its
determination that the 2024 Annual
Report was fair, balanced and
understandable.
• Reviewed analyses to support the
2025 going concern and long-term
viability statements.
• Reviewed the Group’s tax strategy
and tax position, including the
effective tax rate.
External audit
• Reviewed and approved the 2025
audit plan, including fees.
• Assessed the effectiveness of the
external audit process and reviewed
the independence and performance
of the external auditor.
• Reviewed and approved non-audit
services to be provided by Deloitte
in connection with the Group’s $600
million bond issuance in September
2025 and limited assurance (under
ISAE 3000) in respect of the Group’s
sustainability reporting.
• Reviewed the key audit findings
from the external auditor (Deloitte)
in respect of the 2024 audit, and
reviewed progress reports in respect
of the 2025 audit.
• Met with the external auditor, without
management present, to ensure
that the external audit team had
the support necessary to effectively
perform their role during the year.
• Recommended to the Board that
Deloitte be put forward for re-election
as the Company’s auditor at the
2026 AGM.
Internal audit
• Reviewed key findings from the
internal audit reviews conducted
during 2025.
• Reviewed the quality, experience
and expertise of the Internal Audit
function, confirming its suitability
for the business.
• Reviewed actions to co-ordinate
audit scope with Deloitte to avoid
duplication or double testing.
• Approved the 2026 internal audit plan.
• Met with the Internal Audit Manager,
without management present, to
ensure that the function had the
support necessary to effectively
perform its role during the year.
Risk management
and internal control
• Assisted the Board with its thorough
review and approval of revised risk
appetite statements and its review
of the effectiveness of the Group’s
risk management and internal
control processes.
• Reviewed the activities undertaken
during the year to further develop
the maturity of risk management
processes and material controls.
• Monitored progress with action plans
to prepare for the future requirements
of Provision 29 of the 2024 UK
Corporate Governance Code.
Compliance
• Reviewed the Group’s whistleblowing
arrangements, including details of
the most significant reports and
actions taken, along with plans to
strengthen the function.
• Reviewed training on the Group’s
compliance model, Crime Prevention
Model and Modern Slavery Policy.
Reviewed activities undertaken during
the year to develop their maturity.
• Reviewed the 2024 Modern Slavery
Act statement and the steps taken
to reduce the risk that slavery and
human trafficking take place in
any part of the Group’s business,
including within supply chains.
• Monitored the functioning of the
Group’s Crime Prevention Model.
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Financial reporting
Q. What were the Committee’s
main activities in 2025
in respect of the Group’s
financial reporting?
The Committee reviews the year-end
financial statements and half-year
financial reports and ensures that the
key accounting policies, estimates and
judgements applied in those financial
statements are reasonable. We also
monitor the overall financial reporting
process to ensure that it is robust and
well-controlled. This includes efforts to
ensure: that the Group’s accounting and
finance function is adequately resourced,
with the appropriate segregation of duties
and internal review processes; that the
Group’s accounting policies and procedures
are appropriate and clearly communicated;
and that the Group’s accounting and
consolidation systems operate effectively.
The Committee provides advice to the
Board that is taken into account as part
of its assessment of whether the Annual
Report, as a whole, is fair, balanced, and
understandable, and provides shareholders
with the essential information to evaluate
the Group’s position, performance,
business model and strategy. In conducting
this assessment for the 2025 Annual
Report, the Committee drew on its in-depth
understanding of the Group, its financial
results, and the key accounting judgements
applied in the financial statements. This
ensured that the tone and content of the
narrative accurately and transparently
reflected the financial performance for
the year.
We also reviewed:
• The Mineral Resources and Ore
Reserves statement included in the
Annual Report, and the conclusions
of the corresponding reserve and
resource independent audits.
• The going concern basis adopted in
the financial statements, as well as the
detailed long-term viability statement
in the Annual Report.
• The Group’s tax strategy and tax
position, including the effective tax rate,
tax claims, the status of the recovery
of tax refunds, tax-disallowed expenses
and the impact of the implementation
of the recently updated mining royalty
in Chile.
Q. What significant accounting
issues in relation to the financial
statements were considered by
the Committee during 2025?
In addition to our financial review and risk
management responsibilities, we evaluated
several important accounting issues
throughout the year, particularly related to
the carrying value of assets and liabilities.
Zaldívar impairment indicator
assessment: We reviewed the assessment
that there was not an indicator of a
potential impairment in respect of Zaldívar.
As part of this assessment, we reviewed
the assumptions underlying management’s
updated (and more rigorous) model for
production and valuation, and considered
relevant down–side sensitivities, which
indicated recoverable amounts which
were above the carrying value of Zaldívar.
Buenaventura impairment review: We
reviewed the assessment that there was
no indicator of impairment in relation
to the Group’s investment in associate
balance in respect of Buenaventura.
Buenaventura’s share price performed
strongly in 2025, supporting our valuation
indicating headroom above the carrying
value of the Group’s investment.
Tax matters: We reviewed relevant tax
matters. In particular, we continued to
monitor the status of the claims and
queries raised by the Chilean Internal
Revenue Service with Centinela in respect
of approximately $87 million of tax
deductions recognised in relation to the
amortisation of start-up costs relating to
the Encuentro pit.
OECD Pillar Two model rules (outlined
on page 205): We reviewed the analysis
which indicated that the E. Abaroa
Foundation should be considered the
Ultimate Parent Entity for Pillar Two
purposes. We also reviewed the Group’s
conclusion that no significant top-up tax
is expected to be due in respect of either
2024 or 2025.
Going concern and viability: We
reviewed the going concern and viability
assessments and related disclosures.
In particular, we considered the Group’s
strong financial position, its forecast future
performance, and the key risks which could
impact the future results; and we reviewed
robust down–side sensitivity analyses,
which all indicated outcomes that could be
managed in the normal course of business.
External audit
Q. What are the Committee’s
responsibilities in respect of
the external audit process?
The Committee is responsible for overseeing
the Company’s relationship with the Group’s
external auditor. As the Chair of the Audit
and Risk Committee, I have established
an effective direct relationship with Chris
Thomas, the lead audit partner at Deloitte.
The Committee reviews and approves the
scope of the external audit, its terms of
engagement and its fees. The Committee
monitors the effectiveness of the audit
process and is responsible for ensuring the
independence of the external auditor. The
Committee informs the Board of the outcome
of the external audit and explains how the
external audit contributes to the integrity
of the Group’s financial reporting. The
Committee formally meets with the external
auditor without management present at
least once a year. We also oversee the
performance of the external auditor and
make recommendations to the Board in
respect of the appointment, reappointment
or removal of the external auditor.
Q. How do you assess
the effectiveness of the
external audit process?
We work closely with Deloitte to ensure
that external audit quality is maintained
throughout the year. Deloitte incorporates
feedback from both the Committee and
management and engages extensively
with management to align on critical
review matters.
The Committee considers the following
factors as part of its review of the
effectiveness of the external audit
process during the year:
• The appropriateness of the proposed
audit plan, the significant risk areas
and areas of focus identified, and the
effective performance of the audit.
• The technical skills and industry
experience of the audit engagement
partner and the wider audit team.
• The quality of the external auditor’s
reporting to the Committee.
• The effectiveness of the co-ordination
between the UK and Chilean audit teams.
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ANTOFAGASTA PLC / Annual Report and Financial Statements 2025130
• The effectiveness of the interaction
and relationship between the Group’s
management and the external auditor.
• Feedback from management in
respect of the effectiveness of the
audit processes for the individual
operations and the Group overall.
• The review of reports from the
external auditor detailing its own
internal quality control procedures, as
well as its annual transparency report.
• The review of the FRC’s annual
Quality Inspection Report on Deloitte.
In light of this assessment, the Committee
considered it appropriate that Deloitte be
reappointed as external auditor for 2026.
The Group’s shareholders will be invited
to confirm this appointment at the 2026
Annual General Meeting (AGM).
Q. How do you assess the
independence and objectivity
of the external auditor?
The Committee regularly monitors the
external auditor’s independence and
objectivity in line with the Group’s policy
in respect of auditor independence and
non-audit services.
There are specific regulatory requirements
in respect of non-audit services. The
FRC has issued a list of specifically
permitted services, with all other services
prohibited. Permitted services relate
to specific activities required by law
or regulation and a limited number of
types of review or verification work,
such as half-year reviews, verification of
additional information contained within
the Annual Report or cross-referenced
from the Annual Report, and work as a
reporting accountant on transactions or
debt issuances. The provision of non-audit
services is also subject to a cap, such
that the total annual fees from non-audit
services may not exceed 70% of the
average audit fee over the prior three years.
A breakdown of the Group’s audit and
non-audit fees paid is disclosed in
Note 7 to the financial statements.
Deloitte provided services as reporting
accountant in connection with the Group’s
$600 million bond issuance in September
2025, and provided services in connection
with the limited assurance (under ISAE
3000) of the Group’s sustainability
reporting, but otherwise did not provide
any non-audit services (excluding
audit-related services) during 2025.
In general, where the external auditor is
selected to provide non-audit services,
it is because it has specific expertise or
experience in the relevant area and is
considered the most suitable provider.
Pre-approval from the Committee is
required before non-audit services can be
performed by the external auditor, other
than for services that are considered to be
clearly trivial. The Committee has reviewed
the level of these services over the year
and is confident that the objectivity and
independence of the auditor are not
impaired by such non-audit work.
The external auditor provides a report to
the Committee at least once a year, setting
out its firm’s policies and procedures for
maintaining its independence.
The Committee considers that Deloitte
remained independent and objective
throughout 2025 and up to the date
of this report.
The UK regulatory requirements in
respect of competitive audit tendering and
related audit committee responsibilities
in respect of the external auditor are
set out in the Competition & Markets
Authority’s Statutory Audit Services for
Large Companies Market Investigation
(Mandatory Use of Competitive Tender
Processes and Audit Committee
Responsibilities) Order 2014 (the Order).
The Company complied with the provisions
of the Order during 2025.
Q. What are the plans for
external auditor rotation?
We carried out a tender process during
2022, which resulted in Deloitte replacing
PwC, the previous auditor, and being
appointed with effect from 2024 onwards.
Chris Thomas is the lead audit partner
at Deloitte.
Under UK regulations, the Company’s next
mandatory tender will be in respect of the
2034 audit.
Risk management,
compliance and internal
control
Q. How does the Committee
interact with the Board
and other committees
on risk-related matters?
I report to the Board following each
Committee meeting, summarising the main
matters reviewed. These regular reports
allow Directors to understand the main
issues under consideration and, when
relevant, to discuss them in more detail
with the Board.
The Risk, Compliance and Internal Control
Department also presents directly to the
Board, updating the analysis of the Group’s
Principal Risks and mitigating actions.
We ensure that the review of risk by the
Board is not compartmentalised into
isolated sessions but is integrated into
everything considered by the Board. To this
end, the CEO report provided to the Board
at each meeting covers any significant
materialised risk and each proposal
presented to the Board incorporates
a risk analysis.
These processes have assisted the Board
in carrying out a robust assessment of
the emerging and Principal Risks facing
the Company, including those that could
threaten its business model, future
performance, solvency or liquidity; and have
enabled it to assess the acceptability of the
level of risks that arise from the Group’s
operations and development activities.
Members of the Audit and Risk Committee
participate in all the other Board
Committees, allowing the Committee
a good understanding of risks being
considered by these Committees and the
full spectrum of risks faced by the Group.
Q. What are the Committee’s
responsibilities in relation to
risk management and internal
control?
The Committee plays an important role in
assisting the Board with its responsibilities
regarding risk management and related
controls. The Board has ultimate
responsibility for overseeing the Group’s
emerging and Principal Risks and its risk
appetite, as well as maintaining adequate
control systems – which were in place
throughout the year and up to the date
of this report.
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The Committee’s terms of reference
incorporate the FRC’s Guidance on Risk
Management, Internal Control and Related
Financial and Business Reporting, and
the Board is satisfied that the Group’s risk
management and internal control systems
accord with this guidance. In order to
achieve our business objectives, internal
control systems are designed to identify
and manage, rather than eliminate, the risk
of failure, and can only provide reasonable,
not absolute, assurance against material
misstatement or loss.
In accordance with Provision 29 of
the 2018 version of the UK Corporate
Governance Code (which applied to the
Company in 2025), during the year the
Board, with the support of the Committee,
reviewed the effectiveness of the Group’s
risk management, compliance and internal
control systems, including the effectiveness
of internal controls over financial reporting,
the performance of the Internal Audit
function and the relationship with the
External Auditor.
During 2025, the Committee also reviewed
the Company’s internal control framework,
which consists of three lines of defence:
• First, business units identify and
manage risks.
• Second, the Risk, Compliance and
Internal Control Department provides
oversight and support.
• Third, the Internal Audit function
provides independent assurance.
The Committee is satisfied that the ‘three
lines of defence’ model implemented
is robust and ensures that: there are
several layers of internal responsibility
and verification; there are standardised
frameworks and systems used consistently
across the Group’s operations; there
is analysis and documentation of key
risks and controls, with regular reviews
and updates; internal verification is
performed across all areas on a regular
basis; and Internal Audit activities
are highly integrated into the Group’s
risk management and internal control
processes. Nevertheless, the Committee
will continue to oversee specific areas
of focus so that the Board is in a strong
position to make a declaration as to the
effectiveness of the Group’s management
and internal control systems in relation to
the new Provision 29 of the 2024 version
of the UK Corporate Governance Code that
will apply to the Company from 2026.
We feel confident that the reviews
undertaken by the Committee during 2025
have allowed it to make an appropriate
assessment of the effectiveness of the
Group’s risk management and internal
control systems during the year. The
reporting of these activities by the
Committee to the Board supports the
Board’s confirmation that it has undertaken
a review of the effectiveness of the Group’s
risk management and internal control
systems during the year as required
under Provision 29 of the 2018 version
of the UK Corporate Governance Code.
Q. What were the Committee’s
main activities in 2025 relating
to risk management?
A considerable portion of the Committee’s
agenda throughout 2025 was committed
to risk management, notably to continuing
to monitor our response to the changes
to risk management and internal control
requirements under the Provision 29 of
the 2024 version of the UK Corporate
Governance Code, published in January
2024, which will be reported on for the first
time in 2027. The Risk, Compliance and
Internal Control Department presented to the
Committee several times during the year to
explain progress. This process has involved
both bottom-up and top-down initiatives. In
May 2025, the Board held a risk workshop,
assisted by the Committee, which included
a detailed discussion in relation to material
risks and overall risk appetite (see page 78
for more information).
The identified risk areas and material
controls identified to manage and mitigate
Principal Risks, together with plans for
testing the effectiveness of the material
controls, were discussed (and assessed)
by the Committee in November 2025,
ahead of the new Provision 29 taking effect.
Apart from this more fundamental review,
we assisted the Board with its evaluation
of emerging and Principal Risks. The Group
monitors for emerging risks by considering
macroeconomic, microeconomic,
geopolitical, climate and other trends
that could impact our business. This is
complemented by a benchmarking review
of emerging and Principal Risks identified
by our peers.
This year, the Risk, Compliance and
Internal Control Department presented
on developments in the Group’s risk
management processes. The General
Managers of the Group’s operations
presented to the Committee their
assessments of their respective operations’
most relevant risks at Group level, risk matrix
and residual risks. The meeting also served
as a forum for sharing experiences and
action steps. This direct interaction between
the Committee and the General Managers is
extremely valuable, not just in terms of the
direct insight into each operation it affords
the Committee, but also in allowing us to
emphasise the importance we attach to
strong risk management processes.
The analysis of emerging and Principal
Risks includes: an assessment of the
significance of the risks based on the
probability of each risk materialising; its
potential impact; and an evaluation of the
quality of the controls in place in respect
of each specific risk. The evaluation of the
potential impact is not limited to economic
factors but also includes aspects such as
safety, health, environmental, regulatory,
community and reputational issues. We
also examine whether risks have been
increasing or decreasing in significance,
and the budget for each risk mitigation
objective, to assist with the identification
of emerging risks.
Internal audit
Q. What are the Committee’s
main activities in relation to
internal audit?
The Committee monitors and reviews the
effectiveness of the Group’s Internal Audit
function. The Head of Internal Audit reports
directly to the Committee and a meeting is
held without management present at least
once a year.
We also monitor succession planning and
the resources available to the Internal Audit
team to ensure that it has an appropriate
mix of skills and experience for the Group’s
businesses. Internal Audit utilises a mix
of permanent team members, temporary
secondees from elsewhere in the Group
and third parties. The permanent team
includes members with specific expertise
in some of the most relevant areas for the
Group, including technical mining, IT, risk,
compliance, internal control, sustainability
and cyber security.
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The Committee reviews and approves
Internal Audit’s work plan for the coming
year, including its focus areas, budget,
headcount, methodology and other
resources. Internal Audit takes a risk-
focused approach when planning its
work, using the risk registers maintained
by each business to monitor and control
their key risks. We ensure its work plan
is flexible and has sufficient resources
to allow for special reviews that may be
required during the year. During 2025,
the Committee stewarded the completion
of planned audits and approved the 2026
internal audit plan.
Internal Audit presents to the Committee
summaries of the key findings from the
reviews conducted during the year and
any actions that have been taken or
proposed, as required. All internal audit
reports, when finalised, are distributed
to Committee members.
The Committee reviewed actions to
co-ordinate internal audit scope with
Deloitte to avoid duplication or double
testing, to ensure an efficient relationship
between the internal and external audit
processes, and to achieve the effective
and timely sharing of findings.
The Committee focussed on internal
control preparedness during the year and
oversaw Internal Audit’s establishment of
testing procedures to ready the Group for
the new UK Corporate Governance Code
Provision 29 modifications and reviewed
the initial results of those tests.
Compliance
Q. What are the Committee’s
main responsibilities relating
to compliance?
The Committee ensures that appropriate
compliance policies and procedures are
observed throughout the Group. The
Risk, Compliance and Internal Control
Department makes regular presentations
to the Committee covering developments
in the Group’s compliance processes and
significant compliance issues. Chilean
law requires the Mining Division’s holding
company, Antofagasta Minerals S.A.,
and each of the operations, to appoint a
Crime Prevention Officer. The Committee
makes recommendations regarding these
appointments as well as monitoring and
overseeing the performance of these
roles. The Crime Prevention Officer for
Antofagasta Minerals S.A. is currently
Patricio Enei, the Vice President of Legal.
As the Compliance function reports to
the Group’s Chief Financial Officer, this
arrangement provides for the appropriate
independence and segregation of duties.
The Committee receives reports from
the Risk, Compliance and Internal Control
Department in respect of the Group’s
Crime Prevention Model, in accordance with
Chilean and UK anti-corruption legislation.
The Crime Prevention Officer presents
a report directly to the Board every
six months.
Q. What were the Committee’s
main activities in 2025 relating
to compliance?
The Committee reviewed and endorsed a
review of the functioning of the Group’s
Crime Prevention Model, considering
changes in the UK Corporate Governance
Code and the new Chilean law on economic
and environmental crimes which came into
force in 2024, and recommended to the
Board that this model be maintained and
reviewed again in 2026.
Compliance activities centred on the three
pillars of prevention, detection and action.
We reviewed training and communications
on the Group’s compliance model, Crime
Prevention Model and Modern Slavery Policy.
We reviewed activities undertaken during
the year to develop compliance maturity.
The Committee reviewed the Group’s
whistleblowing arrangements, which
encourage employees and contractors to
raise concerns, in confidence, about possible
improprieties or non-compliance with the
Group’s Code of Ethics. We received regular
reports on reported whistleblowing incidents,
detailing the number and type of incidents
and outlining the most significant issues and
the actions resulting from their investigation,
along with plans to strengthen this area of
the Compliance function’s work.
We also reviewed steps taken to ensure
that slavery and human trafficking are
not occurring in any part of the Group’s
business, including its supply chains.
TONY JENSEN
Chair of the Audit and Risk Committee
Audit and Risk Committee, Board, and Risk, Compliance and Internal Control Department interaction
Risk Management function
The Risk, Compliance and Internal
Control Department provides regular
presentations covering changes in the
Group’s emerging and Principal Risks,
major materialised risks and updates
on risk management and compliance
processes. There are detailed
presentations at Committee meetings
covering the risk management process,
significant whistleblowing reports and
updates on compliance processes and
activities.
Board
The Chair of the Audit and Risk Committee reports to the Board following each
Committee meeting, allowing a wider discussion of the risk and compliance issues
reviewed in detail by the Committee. The Board also provides feedback on the analysis
of emerging and Principal Risks for Board agenda items, which is incorporated into
the Board’s review of the effectiveness of the Group’s risk management and internal
control systems. Every presentation to the Board includes a risk analysis.
General Managers of the operations
Each General Manager is responsible for the risks relating to their operation and
gives detailed presentations to the Committee at least once a year, including on each
operation’s emerging, principal and materialised risks.
Audit and Risk Committee
The Committee supports the Board in its review of the effectiveness of the Group’s
risk management and internal control systems.
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Sustainability and Stakeholder Management Committee report
SUSTAINABILITY
AND STAKEHOLDER
MANAGEMENT
The Committee supports the Board by providing guidance on our safety,
health, environmental and social responsibility strategies.
Key responsibilities
The Sustainability and Stakeholder Management Committee supports the
Board by: providing guidance on the Group’s safety, health, environmental
and social responsibility strategies and policies; overseeing corresponding
programmes; and making recommendations to the Board to ensure the
views and interests of the Group’s stakeholders are considered in the
Board’s deliberations.
The Committee reviews the Group’s framework of safety, health,
environmental, human rights and social policies, monitors the Group’s
performance in setting and meeting environmental, social, safety and
occupational health commitments, and provides guidance on how the
Group should reflect the views and interests of stakeholders in relation
to operational, project and other business matters. The material topics
and results of the stakeholder engagement undertaken by our operating
companies are reported periodically to the Committee both through
standalone reports and as part of broader Committee discussions.
Our meetings serve as a valuable forum for discussing
key trends and issues affecting our stakeholders.”
EUGENIA PAROT
Chair of the Sustainability and Stakeholder Management Committee
2025 membership and meeting attendance
Number attended/eligible to attend
Eugenia Parot (Chair) 5/5
Ramón Jara 5/5
Juan Claro 5/5
Michael Anglin 5/5
Vivianne Blanlot 2/2
Tracey Kerr 5/5
Vivianne Blanlot stepped down from the Board with effect from
31 March 2025.
Other regular attendees included the Chief Executive Officer,
the Chief Operating Officer, the Vice President of Corporate
Affairs, the Vice President of Sustainability and the Company
Secretary.
Sessions were also regularly attended by Directors who were
not Committee members.
The Committee meets as necessary and at least twice per year.
Read the Directors’
biographies | Page 108
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025134
Key activities in 2025
Health and safety
• Reviewed the Group’s health and
safety strategy and performance
in 2024, and the 2025 strategic
plan and performance.
Tailings management
• Reviewed progress on the
implementation plan to adopt the
new Global Industry Standard on
Tailings Management (GISTM) in
the Group’s mining operations, and
the internal tailings management
organisation led by the Tailings
Manager.
• Reviewed a report and received a
presentation from the Independent
Tailings Review Board (ITRB) on the
Group’s tailings storage facilities.
Regulatory & project updates
• Reviewed progress with the
environmental permitting processes
for Zaldívar and the Los Pelambres
Development Options Project.
• Monitored progress in soil
remediation at the Transport
Division’s railyard conversion project
in Antofagasta, part of its plan to
relocate its operations to the port of
Mejillones and create a sustainable
and inclusive space for communities
in the centre of the city.
• Reviewed the water strategy for
the Group’s mining operations.
Sustainability verifications
• Reviewed progress against the
Group’s Climate Action Plan, which
includes initiatives which aim to
reduce Scope 1, 2 and 3 emissions.
Details are provided on page 56.
• Reviewed and endorsed the 2024
Sustainability Report and the
Sustainability Databook.
Community relations
• Oversight of community
engagement initiatives and social
investment priorities, such as
Somos Choapa and Dialogues
for Development, and Indigenous
consultation processes.
• Received an update on the Group’s
communications strategy, including
the ‘Mining Colours’ advertising
campaign and progress in increasing
brand recognition and perception.
• Reviewed the industrial protection
plan and its integration into the
Group’s social strategy.
• Reviewed the Group’s security
strategy, which seeks to ensure that
the Group’s development results
in progress and well–being for the
communities in which it operates.
Q. What were the Committee’s
key focus areas in 2025?
Annual review of sustainability
progress
The Committee met in Q1 2025 to review
and discuss the progress made within
sustainability during the previous year,
including (but not limited to) the areas
of health and safety, environment,
community engagement programmes
and water availability.
Climate Action Plan
Addressing the challenge of climate change
sits at the centre of Antofagasta’s strategy.
Our target is to achieve carbon neutrality by
2050, or sooner if technology allows. In this
regard, in March 2024 the Group published
its Climate Action Plan, which details
our strategic approach to meeting newly
established greenhouse gas emissions
reduction targets. The Committee has
received updates on progress against the
Climate Action Plan during the year.
Read more about the Group’s Climate
Action Plan | www.antofagasta.co.uk
Los Pelambres: Development
Options Project (mine life extension)
Environmental Impact Assessment
(EIA)
In Q4 2024, the Group submitted its
EIA application for the Los Pelambres
Development Options Project, which
includes the option to add further ore
processing capacity, increase the capacity
of the El Mauro tailings facility and create
additional desalination capacity. During
2025 the Committee regularly reviewed
the status (including stakeholder relations,
workstreams and timelines) of the project.
Read more about the Group’s organic
growth pipeline | Page 36
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Sustainability and Stakeholder Management Committee report continued
Zaldívar: EIA application
and approval
In 2023, Zaldívar submitted an EIA to
extend its mine life to 2051, which includes
a plan to convert Zaldívar’s operations
from continental water sources to either
sea water sources or third-party water
sources. The Committee reviewed
progress with the EIA application, including
responses to queries raised. The EIA
was approved in May 2025, enabling the
extension of Zaldívar’s mine life with a
three-year transition to a long-term supply
of water from 2028 (expected to be either
sea water or a third-party water source).
The approval also facilitates operational
continuity and employment for our own
and our contractor workforce, as well as
for numerous local businesses that support
Zaldívar in its operations.
Q. How does the Committee
ensure that the Board
considers the views and
interests of stakeholders?
The Committee does not participate in
the day-to-day management or
implementation of the Group’s policies
and procedures. However, its meetings
serve as a valuable forum for discussing
key trends and issues affecting our
stakeholders, including local communities,
employees, national and local governments,
regulators, and other interested parties.
Many of these issues are identified through
the risk management and community
engagement processes of each operating
company, with relevant insights submitted
to the Committee for review.
Effective communication with our
stakeholders, particularly during
challenging times, has been pivotal in
building and strengthening mutual trust
and understanding. We are committed to
respecting their interests and ensuring
transparency regarding our ambitious
goals in safety, occupational health,
environmental stewardship and social
responsibility.
As Chair of the Committee, I report to the
Board following each Committee meeting,
summarising the main matters reviewed.
Q. How does the Committee
ensure that the Group’s tailings
storage facilities are safe?
The stability and safety of our tailings
storage facilities (TSFs) are a top priority
for both the Group and our stakeholders.
The Committee and the Board are
responsible for ensuring that the
policies and procedures implemented
by our operating companies uphold the
international standards and strict local
regulations designed to maintain the
ongoing stability and safety of our TSFs.
Chile experiences a significant amount of
seismic activity, therefore there are strict
regulations governing the construction
of TSFs in the country which apply to all
mining and other construction, including
the storage facilities where tailings
are deposited. Chilean standards have
prohibited the construction of TSFs using
the upstream method, which is commonly
used in other countries but can pose
significant safety risks. The Company
does not have any TSFs constructed using
this method. Current Chilean legislation
also requires a stability analysis of TSFs’
walls, a review of safety measures and the
development of detailed emergency plans
for use in the event of a major incident.
The Group’s governance structures are
designed to encourage the independent
management and monitoring of our TSFs
and adherence to international standards.
Consequently, internal teams have reporting
lines not linked to the mine operation. The
Group’s operating companies comply with
the GISTM, and executives’ reports on dam
safety, required by the GISTM, are reviewed
and challenged by the Committee on an
annual basis. Separately, an Independent
Tailings Review Board (ITRB) visits our
TSFs regularly, assessing risks and making
recommendations to ensure their continued
safety. The ITRB presents to the Committee
annually, providing an objective view of the
internal management of the Group’s TSFs
and opportunity for the Committee to ask
questions directly to the ITRB.
Read more about our TSFs, including
the risks and the governance
measures in place | Pages 55 and 89
Q. How are community
relations managed
throughout the Group?
Engaging in open dialogue with local
communities is essential for fostering
alignment, building trust, addressing
concerns, and preventing potential disputes.
To enhance these efforts, our operating
companies employ a range of engagement
mechanisms, including direct conversations
with community members, roundtable
discussions, community meetings,
participatory environmental monitoring
initiatives, and organised site visits to
our operations.
The key topics raised, and outcomes of
these engagement activities, are regularly
reported to the Committee through
dedicated standalone reports, and are
also incorporated into broader Committee
discussions. This approach ensures that
community insights are effectively integrated
into our decision-making processes.
Q. What are the Committee’s
priorities in 2026?
1. Health and safety: Our top priority
remains the health and safety of our
employees, contractors and local
communities. The Committee will
continuously oversee the performance
of operations and projects to maintain
and enhance our safety culture.
2. Environmental permits: The
Committee will oversee the progress of
key environmental permits for the Group’s
major development projects throughout
the year.
3. Social programmes and community
engagement: The Committee will closely
monitor the alignment of the Group’s social
programmes and community engagement
initiatives with our social management
model, ensuring sustainable and positive
relationships with the communities near
our operations.
4. Human rights due diligence: We will
focus on reviewing the results of the
Group’s human rights due diligence efforts
to ensure compliance and improvement in
this critical area.
5. Climate Action Plan: The Committee
will continue to monitor the implementation
of our Climate Action Plan, working
towards achieving our greenhouse gas
reduction targets.
These priorities demonstrate our
commitment to safety, environmental
stewardship, community engagement,
human rights and climate action.
EUGENIA PAROT
Chair of the Sustainability and
Stakeholder Management Committee
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025136
Read the Directors’
biographies | Page 108
Projects Committee report
PROJECTS
COMMITTEE REPORT
The Committee plays a fundamental role in helping the Board to take the perspectives
and interests of the Group’s stakeholders into account in its deliberations.
Key responsibilities
The Projects Committee is responsible for reviewing major capital
projects that require Board approval. The Projects Committee makes
recommendations on the organisation of any such projects, including
associated policies and strategies, the appropriate application of the
Company’s asset delivery system implementation framework, and any
additional measures deemed necessary.
The Committee adds an important level of governance and control to the
evaluation of the Group’s projects and plays a key role in providing the Board
with additional oversight of the Group’s projects portfolio. This includes
overseeing the establishment of project development guidelines, drawing
on best practice, industry experience and lessons learned from other
Group projects.
The Committee adds an important level of governance and
control to the evaluation and monitoring of the Group’s
major projects.”
MICHAEL ANGLIN
Chair of the Projects Committee
2025 membership and meeting attendance
Number attended/eligible to attend
Michael Anglin (Chair) 6/6
Ramón Jara 5/6
Eugenia Parot 6/6
Vivianne Blanlot 2/2
Tony Jensen 6/6
Vivianne Blanlot stepped down from the Board with effect from
31 March 2025.
Other regular attendees included the CEO, the CFO, the Vice
President of Projects, the Vice President of the Centinela
Second Concentrator Project, the Corporate Projects Manager
and the Company Secretary.
Sessions were also regularly attended by Directors who were
not Committee members.
The Committee meets as necessary and at least twice per year.
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137
Key activities in 2025
Projects Committee report continued
Centinela Second Concentrator Project
The Group entered into a new phase of growth in its development at Centinela,
through the decision to construct the Second Concentrator Project, which was
announced in December 2023.
Full construction commenced in April 2024 following the signature of definitive
finance agreements. The Projects Committee has maintained rigorous
oversight of the project, monitoring progress across key areas including
construction milestones, safety performance and the management of capital
expenditures. The project continues to progress on time and on budget. Work
in 2025 focused on the assembly of key mining equipment at the Esperanza
Sur mine, the installation of structural steel for the concentrator, the assembly
of mechanical equipment for the concentrate thickeners, and the assembly of
ball mill components.
In June 2025 the Committee reviewed a bottom-up update of the project’s
programme and capital expenditures carried out by management, which
summarised information on engineering, acquisitions, contracts and
construction progress over the first year of project execution.
Los Pelambres Growth Enabling Projects
(desalination plant expansion, concentrate pipeline,
El Mauro enclosures project)
Work has commenced to expand Los Pelambres’ desalination plant and to
increase water pumping capacity to 800 l/s (from the current capacity of
400 l/s). This represents clear progress towards the Group’s aspiration for
90% of water use to come from either recirculated sources or sea water.
Also at Los Pelambres, work has commenced to construct a new concentrate
pipeline, along a less populated route, which will reduce the risk of unplanned
downtime compared to the existing pipeline, which has now been in operation
for more than 20 years. This phase of work also includes minor works at the
El Mauro tailings dam.
Encuentro Mine Development Project
Construction of the new Encuentro sulphides pit commenced in August 2025.
This represents a fundamental step towards increasing Centinela’s production –
alongside other projects including the construction of the Second Concentrator
in which, ultimately, the ore that will be extracted from Encuentro sulphides will
be processed.
The Projects Committee reviewed and endorsed a proposal for the Board to
approve construction of the project and the associated capex and financing plans.
Projects underway:
During 2025, the Projects Committee received regular updates on all the projects underway, monitoring performance against safety
KPIs, project progress, expenditure incurred versus approved capex budgets, project risk assessments and information specific to the
delivery of each project.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025138
Q. What is the Projects
Committee’s approval authority?
The Committee’s role is to assist the Board by
ensuring that projects adhere to standardised
processes encompassing consistent analysis,
execution and evaluation practices. The
Committee is not responsible for project
approval, which is the responsibility of the
Board. Our responsibilities include overseeing
the entire project lifecycle, from initial
stages to operational launch. We assess and
challenge investment proposals before they are
presented to the Board, monitor development
and construction progress, visit the sites and
meet with the teams. We ensure that lessons
learnt are incorporated into future projects.
The Committee encourages management to
consider diverse perspectives, innovative ideas,
and enhancements to maximise the value of the
Group’s projects, thereby facilitating focused
and informed deliberation when projects are
reviewed by the Board.
Q. What are the Committee’s
priorities in 2026?
The Group has initiated construction on a series
of long-term developments within its organic
growth pipeline, and the Projects Committee
will continue to oversee the successful delivery
of these projects during 2026.
In addition, the Committee will oversee
progress on the Group’s exploration projects,
Cachorro and Encierro, to ensure consistency
with the Group’s standards for all projects.
MICHAEL ANGLIN
Chair of the Projects Committee
Development stage projects:
Zaldívar Mine Life Extension and Water Transition Project
At Zaldívar, following a rigorous technical assessment, the Water Transition
Project received unanimous approval from members of the Antofagasta Region’s
Environmental Assessment Commission (COEVA). The project allows the Group to
continue to use its existing continental water source until 2028 while the necessary
studies are carried out to review a potential extension of its operations to 2051
using sea water or other alternative water sources.
The Projects Committee reviewed updates to the long-term business case for the
project, and endorsed proposals to carry out engineering and critical path works
to support investigation and analysis of water supply alternatives.
Los Pelambres Development Options Project
In addition to the projects that are currently in the construction phase, progress
has been made on preparatory work for the Los Pelambres Development Options
Project (mine life extension), which includes extending the operational life of the
El Mauro tailings dam, and the option to add further desalinated water pumping
capacity. The Environmental Impact Assessment (EIA) for the project was
submitted and accepted for processing by the relevant Chilean authorities
in Q4 2024.
During 2025, the Projects Committee reviewed a technical report in relation
to the acid and water treatment plants in connection with this project.
Additional activities
in 2025
The Projects Committee has also
monitored the development of other
projects in the Group’s portfolio,
including a project at Los Pelambres to
consider a new hydrocyclone station
with higher sand production capacity,
and longer term growth projects related
to the Group’s exploration activities,
such as Cachorro and Encierro.
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Remuneration and Talent Management Committee Chair’s introduction
REWARDING STRONG
PERFORMANCE AND
INVESTING IN TALENT
TO SHAPE A BETTER
FUTURE
Dear shareholders
I am pleased to present the Directors’ and CEO’s Remuneration Report
for the year ended 31 December 2025. This report comprises:
• this letter;
• an ‘at a glance’ section;
• the 2026 Directors’ Remuneration Policy; and
• the Annual Report on Remuneration. This details how the 2023
Remuneration Policy was implemented in 2025 and details how the
2026 Directors’ and CEO’s Remuneration Policy will be implemented
in 2026 if it is approved by shareholders at the AGM.
I would like to thank shareholders once again for their support at the 2025
AGM, where our Directors’ and CEO’s Remuneration Report for the year
ended 31 December 2024 received 96.53% votes in favour. We continue
to actively engage with shareholders to seek their views and feedback on
Antofagasta’s remuneration arrangements.
The Committee aims to ensure that remuneration practices
reinforce our ambition to generate sustainable value, drive
high profitability, and promote growth through innovation
and competitive advantage.”
FRANCISCA CASTRO
Chair of the Remuneration and Talent Management Committee
2025 membership and meeting attendance
Number attended
Francisca Castro (Chair) 5/5
Michael Anglin 5/5
Eugenia Parot 5/5
Heather Lawrence 5/5
Ignacio Bustamante 1/1
On 1 September 2025 Ignacio Bustamante joined the
Committee. Other regular attendees included the CEO, the
Vice President of People and Organisation and the Company
Secretary. During the year the Committee also met with
independent remuneration consultants Ellason to receive
updates on remuneration strategies and implementation
and on investor and proxy adviser remuneration guidelines.
At least one Committee member serves on each of the
other Board Committees, which allows the Committee to
consider strategic priorities and the views of all stakeholders
in its deliberations. The Committee meets as necessary and
at least four times a year. All Committee members were
independent throughout 2025.
Key report sections
Remuneration at a glance Page 143
2026 Directors’ and CEO Remuneration Policy Page 144
CEO’s single figure remuneration table (audited) Page 151
Directors’ single figure of remuneration (audited) Page 155
Read the Directors'
biographies | Page 108
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025140
Our approach
Throughout 2025, the Remuneration and
Talent Management Committee prioritised
ensuring that compensation outcomes
accurately reflected Antofagasta’s
performance and the contributions of our
employees, while remaining aligned with
shareholder expectations. Our remuneration
framework is designed to support the
execution of the Group's strategy in
both the short and long term, foster a
culture consistent with our purpose, and
provide competitive, performance-based
compensation that attracts, retains, and
motivates talent. A strong people-centred
approach is essential to advancing the
mining industry of the future – one that
ensures employee well–being, develops
skills, recognises contributions, and
prepares our teams and emerging talent
for the sector’s evolving demands.
The Committee considers a variety of
factors and key performance indicators
(KPIs) when determining remuneration,
including stakeholder perspectives and
the Company’s overall performance. A
summary of these elements and KPIs can
be found in the remuneration at a glance
section on page 143. However, I would
like to highlight some essential aspects
of this report.
2025 financial and strategic
performance highlights
The financial and operational performance
of the Group was carefully considered
when reviewing the incentive outcomes
in respect of 2025.
Antofagasta had a strong year in 2025
resulting in outstanding returns for
shareholders. Revenue increased by 30%
to $8,620 million, driven by strong growth
in copper sales with 666.3kt being sold
in 2025 (2024: 645.5kt) whilst net cash
costs reduced to $1.19/lb (2024: $1.64/lb)
representing a five-year low and resulting
in profit before tax rising by 53% to $3,160
million. Our commitment to shareholder
returns was demonstrated by a total
dividend in respect of the full year of
64.6 cents per share.
The health and safety of our people
remains our top priority, and the Board
sets the standard in prioritising the safety
and wellbeing of our employees and
contractors. In 2025, we recorded another
strong year of safety performance, with
no fatalities across the Group, alongside
low levels for our lost time injury
frequency rate (2025: 0.58; 2024 0.56).
We are strongly committed to sustainability
and combating climate change, with a
clear goal of achieving carbon neutrality by
2050 or earlier. By the end of 2025, we
have reduced our Scope 1 and 2 emissions
by 37% against our 2020 baseline,
consistently achieving interim targets.
During the year, we also advanced in our
electromobility programme in Centinela
by incorporating a fully electric freight-
transport service within the mine, in Los
Pelambres we progressed a trolley-assist
pilot project to test haul trucks powered
by overhead electric lines, reducing diesel
use and emissions, also FCAB completed
the first freight locomotive journey in
Chile and Latin America to be powered by
green hydrogen; three milestones in our
commitment to replacing diesel and curbing
our carbon footprint. In 2025, 63% of the
water we used in the mining process was
sourced from sea water (2024: 58%).
We continue to focus on making our
Company an attractive and accessible place
to work for all employees. We are proud
to have met a key milestone in 2025 with
female representation within the Group
passing 30% for the first time. Disabled
employees also represent 1.9% of the
workforce (as of 31 December 2025).
During 2025, as Senior Independent Director
and Chair of the Remuneration and Talent
Management Committee, I have remained
committed to fostering growth opportunities
at all levels while enhancing productivity
and competitiveness. We are preparing our
workforce for future challenges through
targeted capability building, including our
Digital and Innovation Academy, which
strengthens skills in analytics, artificial
intelligence, innovation and digitalisation. In
parallel, we continue to support the delivery
of our development projects by attracting
and developing the talent required to meet
the timelines of our growth portfolio. We
are proud of the leadership programmes
that are in place throughout the Group,
which encourage all employees to invest in
their careers and achieve their full potential.
This upward mobility was evidenced with
41% of all open positions being filled by
internal candidates in 2025.
CEO’s performance and
incentive outcomes for the year
The Committee is comfortable that the
range of incentive outcomes adequately
reflects the performance of the Group and
CEO and demonstrates the balanced nature
of the incentive plan measures and targets
in operation. No discretion was applied to
incentive outcomes.
Annual bonus outcome
The CEO’s total bonus was 84.3% of the
maximum, with the Group performance
element paying out at 77.5% of the
maximum, including the safety adjustment
that was applied as there were no fatalities
during the year. The CEO´s individual
objectives were fully achieved.
LTIP outcome
Vesting of the 2023 LTIP awards was
based on total shareholder return vs global
mining peers, Mineral Resources increase,
sustainability commitments and a number
of projects’ portfolio progress targets.
TSR and Mineral Resource increase
metrics paid out in full, whilst projects
portfolio progress and sustainability
achievements paid out at 88.9% and
89.5% respectively. The overall LTIP
vesting was 97.3% of maximum.
Read more | Page 154
2026 Directors’ and CEO
Remuneration Policy
The 2026 Directors’ and CEO's
Remuneration Policy (2026 Policy) is
set out on pages 144-150 and is being
presented to shareholders for approval
at the 2026 AGM. Subject to approval,
the 2026 Policy will supersede the 2023
Directors’ and CEO's Remuneration Policy
approved by shareholders at the 2023
Annual General Meeting (2023 Policy).
In developing the 2026 Policy, the
Committee undertook a detailed review
of the 2023 Policy, carefully considering
the relative merits to changes in both
the award structure and quantum
from a standpoint of overall global
competitiveness, market practice in the
UK and in Chile, the link between pay
and performance, and feedback received
from employees, shareholders and other
stakeholders. In particular, the Committee
considered the incentive practices used by
international mining companies including
those listed on the London Stock Exchange
(LSE), as is Antofagasta, but also on other
major global exchanges. It is clear that
certain incentive practices (such as bonus
deferral, holding periods on vested LTIP
awards, and shareholding requirements
after leaving) which are common on the
LSE for companies with a significant
presence, headquarters and CEO based
in the UK, are not widely used by those
companies in the mining sector which are
listed elsewhere, nor in the Chilean market.
141
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The Committee believes that our
remuneration structure is optimal for a
company with a CEO, Executive Committee
and workforce based in Chile, with a
major benefit being that our variable
remuneration arrangements are simple,
easily understood and effective for our
circumstances. Consequently, no changes
are being proposed to the remuneration
structure in the 2026 Policy.
However, the Committee will continue to
closely monitor market conditions and will
be willing to adjust future policies should
Chilean or international mining sector
market practice change materially.
Under the 2026 Policy, the CEO will
continue to receive a base salary, annual
bonus awards paid out in cash and annual
awards under the LTIP comprising a
combination of performance awards and
restricted awards. The LTIP will continue
to be awarded in phantom shares and paid
in cash on vesting.
Whilst we recognise that some shareholders
expect senior executives to maintain
share ownership as a percentage of base
salary both during and post-employment,
the Committee considers that, given the
Company’s controlling shareholder and
governance structures, there are sufficient
checks and balances in the Group to
ensure that executive pay is aligned with
the long-term interests of the Company.
When considering the competitiveness of
the package, the Committee considered
Antofagasta’s relative size and complexity
against other global mining companies. The
Committee acknowledges that Antofagasta’s
operations are predominantly domestic and
the LTIP award levels used by similarly sized
but more global, mining companies are not
appropriate for a company with Antofagasta’s
single-country focus. Consequently, the only
change to the current Policy is to adjust the
wording around the LTIP award opportunity
to ensure it reflects our recent, and intended
future, implementation of the Policy.
The Committee has determined that the
300% of salary LTIP grant size that has
been used in recent years is appropriate
for Antofagasta and will become the
regular award opportunity for the CEO in
the 2026 Policy; the exceptional award
limit of 325% of salary in the current
Policy will be removed.
As part of the process of reviewing
our 2026 Policy, I engaged with many
of our largest shareholders and proxy
advisers on behalf of the Committee to
explain these proposals and reported the
feedback received to the Committee for its
consideration in finalising the 2026 Policy.
I received feedback that shareholders
understood our unique circumstances
and were supportive of the proposed LTIP
award quantum and long-standing reward
structures that continue to be in place.
I would like to thank all our shareholders
who engaged with us and provided
valuable input and continued support.
Remuneration and Talent Management Committee Chair’s introduction
continued
Base salary
The CEO’s annual base salary will be $1,409,176 from 1 January 2026 (2025: $1,324,391), paid
in Chilean pesos. The Chilean peso/US dollar exchange rate will continue to be monitored during
2026. The Committee continues to monitor the overall remuneration quantum of the CEO in
comparison to peers in the FTSE 100 mining industry and our core global mining peer groups.
Annual bonus
The CEO’s maximum bonus opportunity is 200% of salary. The Committee considers the
annual bonus balanced scorecard works well and focuses on the right KPIs for the business.
The scorecard for 2026 is similar to the one used in 2025. Core business measures will account
for 60% of the Group scorecard, up from 50% in 2025. There is an increased focus on cash costs
and a consolidation of ESG-related measures.
LTIP
Our fundamental LTIP structure and KPIs remain unchanged and continue to be assessed
against a balanced scorecard measuring relative total returns to shareholders, progression of key
long-term projects, replacement of Mineral Resources, and performance against environmental
and sustainability commitments. Under our proposed Remuneration Policy, the Committee has
the ability to grant LTI awards of up to 300% of base salary; this award level will be used in
2026. This will be split between performance and restricted awards: 210% of salary will be
granted as a performance award and 90% of salary will be granted as a restricted award.
Our approach to the CEO’s remuneration in 2026
Directors’ fees
No changes were made to Directors’ fees for 2026.
Read more | Page 163
FRANCISCA CASTRO
Chair of the Remuneration and Talent Management Committee
Read more | Page 162
Read more | Page 162
Read more | Page 162
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025142
REMUNERATION AT A GLANCE
CEO remuneration in 2025 CEO remuneration in 2026
Actual pay delivered in 2025, $'000s
Annual bonus outcome
Threshold
0%
payout
Maximum
100%
payout
Payout
% of
element
Payout
% of
bonus
Group performance
70% weighting
77.5% 54.3%
Personal
30% weighting
100.0% 30.0%
TOTAL 84.3%
Long-term performance award outcome
Threshold
0%
payout
Maximum
100%
payout
Payout
% of
element
Payout
% of
award
Relative TSR
50% weighting
100.0% 50.0%
Mineral Resources
25% weighting
100.0% 25.0%
Projects portfolio
progress
12.5% weighting
88.9% 11.1%
Environmental and
social commitments
12.5% weighting
89.5% 11.2%
TOTAL 97.3%
$1,460 $2,374 $3,647 $1,216
$0 $2,500 $5,000 $7,500 $10,000
CEO
Fixed remuneration
Bonus
Performance Award
Restricted Award
Outturn 77.5%
Outturn 100.0%
Outturn 100.0%
Outturn 100.0%
Outturn 88.9%
Outturn 89.5%
FIXED PAY
Base salary CEO: $1,409,176
Benefits The provision of life, accident and health insurance,
professional advice and other minor benefits.
Pension The company does not operate a pension scheme
for the CEO.
ANNUAL BONUS
Opportunity CEO: 200% of salary
Measures Group performance (70%):
• 60%: Core business
• 30%: Business development
• 10%: Sustainable and organisational capabilities
Personal performance (30%).
LONG-TERM PERFORMANCE AWARD
Opportunity CEO: 210% of salary
Measures • 50%: Relative TSR
• 25%: Mineral Resources
• 12.5%: Projects portfolio
• 12.5%: Environmental and social commitments
Cycle Three-year vesting period
LONG-TERM RESTRICTED AWARD
Opportunity CEO: 90% of salary
Cycle Three equal tranches vesting one, two and three years
after the date of grant. Awards are paid in cash.
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143
2026 Directors’ and CEO Remuneration Policy
OUR REMUNERATION PHILOSOPHY
Our remuneration philosophy reflects local regulations and market
norms while seeking to align with UK best practice and governance.
2026 DIRECTORS’ AND
CEO’S REMUNERATION POLICY
The Committee presents the 2026 Directors’ and CEO’s Remuneration Policy,
which will be put to a binding vote of shareholders at the Company’s 2026
Annual General Meeting.
Local regulations, market practice and remuneration structures
available in Chile are central considerations when structuring
the CEO’s remuneration. Real share awards have not been part
of the executive remuneration structure since the LTIP was first
implemented more than a decade ago because, until recently, they
were taxable in full at the date of grant in Chile. Considering the
potential uncertainty on future taxation, the use of real shares
continues to be uncommon in Chile.
All Company awards continue to be cash-based. The long-term
incentive awards are linked to a notional number of shares and
share price performance through the use of phantom shares to
ensure alignment with shareholders.
Although our CEO is not a Director of the Company, we have
voluntarily disclosed his remuneration since 2014 and provided
details throughout the Remuneration Report to allow shareholders
to understand how our remuneration structures support the
strategy and promote the long-term sustainable success of the
Company. Since the implementation of the European Shareholders’
Rights Directive II in 2019, these disclosures have become
mandatory and are included in this report. Final decisions in
respect of the CEO's remuneration are made by the Committee
and the Board and the CEO is not present when this is discussed
ensuring that the Committee and the Board make independent
decisions in the best interests of Antofagasta. The Committee
follows the UK Corporate Governance Code.
The 2026 Directors’ Remuneration Policy is set out below.
Subject to shareholder approval, this 2026 Policy will take effect
from the 2026 AGM and is intended to apply until the 2029 AGM.
The new 2026 Policy will supersede the 2023 Policy approved by
shareholders at the 2023 AGM. Once the 2026 Policy is approved,
the Company will make remuneration payments to Directors and
the CEO, or payments for loss of office, only if the payment is in line
with the 2026 Policy. If the Committee wishes to change the 2026
Policy, it will submit a revised policy for shareholders’ approval.
The 2026 Policy is largely unchanged from the 2023 Policy.
The only changes are the increase in the normal LTIP award
level from 200% of salary to 300% of salary (the level granted
in the two previous award cycles) and the removal of the 325%
exceptional limit.
In order to manage conflicts of interest, neither the CEO, nor
any Directors, participated in any discussions regarding their
own remuneration.
Policy scope
This year there has been no change to the structure of the Board
of Directors, which continues to comprise only Non-Executive
Directors. The Board has considered the pros and cons of
having executives on the Board and continues to believe that the
existing structure is effective in ensuring that the Board maintains
objectivity and independence from management. In addition, the
structure is appropriate since the CEO, Executive Committee and
most senior managers are based in Chile, where Company law
prohibits the CEOs of public companies from serving as directors
of those companies.
The Company’s policy is to ensure that the fees and remuneration
of the Directors and the CEO are: competitive; reflective of the
complexity of the role; reflective of market practice in the UK,
Chile and the international mining industry; and able to foster
value creation for shareholders and wider stakeholders. The 2026
Policy being tabled for shareholder approval is consistent with
the previous 2023 Policy and remuneration practices already
in place. The Committee considers that the Company’s approach
to remuneration for the CEO and Non-Executive Directors is not
only aligned with the Company’s strategy but is also effective and
well understood.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025144
BASE SALARY
Purpose and link to strategy To retain and attract high-calibre executives by offering globally competitive salary levels.
Operation Typically, base salaries are reviewed annually. Base salaries and any increases take into account:
• The individual’s role, performance and experience;
• The Company’s performance, the external environment and cost;
• Salary increases for the wider workforce; and
• Salary levels for comparable roles at relevant comparator companies.
Maximum opportunity There is no prescribed maximum, although salary increases consider those of the wider workforce. Chilean
labour contracts are adjusted periodically to reflect Chilean inflation, and adjustments may also be made due
to union labour negotiations.
In addition to the salary increases already mentioned, there may be additional increases when the Committee
considers it appropriate, including (but not limited to):
• Significant increase in the scale, market comparability or responsibilities of the role;
• Individuals appointed on a salary lower than market levels, where increases above those of the wider
workforce may be made to recognise experience gained and performance in the role.
Such increases will be explained in the relevant Annual Report.
Performance measures Individual and Mining Division performance is considered when determining base salaries and increases.
Change from 2023 Policy None
BENEFITS
Purpose and link to strategy To provide market-competitive benefits.
Operation Benefits typically include life and health insurance and permanent travel insurance. Other benefits may
be offered where appropriate, including, but not limited to, professional fees and relocation allowances.
Maximum opportunity Benefits are reviewed periodically and there is no maximum benefit amount.
Performance measures None
Change from 2023 Policy None
ANNUAL BONUS PLAN
Purpose and link to strategy To focus on delivering annual financial and non-financial targets designed to align remuneration with the
Company’s strategy and to create a platform for future sustainable performance.
Operation The bonus is earned based on achieving one-year performance targets. It is paid in cash without deferral.
Maximum opportunity Maximum of 200% of salary.
Performance measures The bonus is based on financial, operational, strategic and individual measures.
Performance measures and weightings are reviewed annually to ensure they continue to reflect the Company’s
strategic priorities. At least 50% of the bonus will be based on the Mining Division’s financial, operational and
strategic performance. Other metrics include, but are not limited to, business development, organisational
capabilities, sustainability and safety.
In addition, an automatic adjustment applies to the Mining Division’s performance score under the Annual Bonus
Plan, downwards if there is a fatality during the year and upwards if there is no fatality. This further aligns
the Mining Division’s incentives with the core value of safety and our goal of zero fatalities. The Committee
will consider whether this should continue to apply annually, considering the Mining Division’s safety culture
and performance.
The Annual Bonus starts accruing at ‘threshold’ performance (0% payout), with a payout of 50% of the
‘maximum’ when ‘on-target’ performance is achieved.
The Committee retains the discretion to adjust bonus outcomes to ensure they reflect underlying business
performance, the impact of the commodity price and any other relevant factors.
Change from 2023 Policy None
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2026 Directors’ and CEO Remuneration Policy continued
LONG-TERM INCENTIVE PLAN (LTIP)
Purpose and
link to strategy
To align with the shareholders’ experience and incentivise a focus on long-term, sustainable performance.
Operation Awards under the LTIP will typically comprise:
• Performance Awards – performance is measured over a three-year period with cliff vesting, comprising at least
70% of the total LTIP awards; and
• Restricted Awards – vest one-third each year over a three-year period, comprising a maximum of 30% of the
total LTIP awards.
Awards will usually be made in the form of a conditional right to receive a cash payment by reference to the value
of a specified number of the Company’s shares. Malus may be applied in exceptional circumstances, as detailed in
the notes to this table.
Maximum opportunity Maximum of 300% of salary.
Performance measures Performance Awards will be based on a combination of shareholder return and strategic performance measures
aligned with business priorities.
The targets, measures and weightings are determined by the Committee annually. The shareholder return measures
are at least 50% of the Performance Awards.
Performance Awards begin vesting at ‘threshold’ performance, with the amount depending on the performance
metric. This level is intended across all metrics to be 0% at threshold and an aggregate average of approximately
50% of the maximum at ‘on-target’ performance.
No performance conditions usually apply to Restricted Awards.
The Committee retains the discretion to adjust payments to ensure they reflect underlying business performance,
the impact of the commodity price and any other relevant factors.
Change from 2023
Policy
The normal award level has increased from 200% of salary to 300% of salary and the provision to make
exceptional awards of up to 325% has been removed.
Benefits
Employees are encouraged to save for their pension, and the
Company facilitates a savings plan to which employees contribute.
For several employees, excluding the CEO, the Company makes a
matching contribution to a pension plan up to a maximum amount.
The Company makes no contributions to the CEO’s pension.
Operation of incentive plans
The incentive plans are run in line with the Policy and the relevant
plan rules, subject to several areas over which the Committee
retains flexibility as detailed below:
• Who participates in each plan;
• The timing and size of an award and/or payment, subject to
Policy limits;
• The performance measures, weightings and targets that apply
each year and any adjustments thereof;
• The treatment of awards in the event of a change of control,
restructuring or other corporate events;
• Treatment of leavers; and
• Amendments to a plan’s rules in accordance with its terms.
In the case of the CEO, any use of discretion by the Committee
will be disclosed in the following Annual Report and may be
subject to consultation with the Company’s shareholders.
The Company reserves the right to make payments under the
incentive plans to some or all participants in shares rather than
cash if the regulations and practice change in Chile to allow
payment in shares without adverse additional costs, administrative
burden or tax consequences. However, cash is currently seen as
a beneficial practice by the Committee. Any further changes will
be disclosed in the following Annual Report and shareholder
approval will be sought if required for the proposal in question.
Performance measures and targets
Awards under the Annual Bonus Plan and a significant proportion
of the awards under the LTIP are subject to financial and non-
financial performance metrics determined annually by the
Committee. The Committee reviews the appropriate business plans
over the short-, medium- and long-term and sets appropriate
targets with a range of achievement to align with Antofagasta's
corporate goals and strategy.
The financial metrics align participants with the Group’s strategy
and long-term sustainable shareholder value creation.
The non-financial metrics measure the development of key
projects and exploration activities essential for future mining
activities. Other metrics may relate to health and safety, people,
environmental and social targets, which ensure that all employees
act in a way that preserves or creates social value and considers
the interests of all the Group’s stakeholders.
Restricted Awards are not subject to performance conditions; in
line with market practice in Chile, it is appropriate for part of the
variable remuneration to be subject only to a time condition and
continued employment.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025146
Malus and clawback
Malus provisions can be applied in exceptional circumstances
throughout the vesting period. These circumstances include
but are not limited to:
• Actions by a participant during the vesting period that,
in the reasonable opinion of the Committee, amount to
gross misconduct or a participant having acted fraudulently
or dishonestly.
• A participant’s conduct has resulted in significant losses
to the Company or any Group member.
• A materially adverse error in the consolidated financial
statements of the Group during the vesting period.
• The Committee becomes aware of a material error in
determining the grant of an award or determining the
extent of vesting of an award, or becomes aware that it
based its decisions on inaccurate or misleading information.
• Any reasonable circumstance that the Committee determines
in good faith to have resulted in an unfair benefit to the
participant.
Under the Code it is expected that companies explain where
executive directors are not subject to both malus and clawback
provisions. The CEO is not a Director of the Company and is
subject to the malus provisions described above. Nevertheless,
clawback provisions have not been introduced because such
arrangements are not legally enforceable in Chile.
Legacy arrangements
During the term of this 2026 Policy, payments may be made to
satisfy commitments made or undertaken in respect of any LTIP
award (Performance Award or Restricted Award) granted under
a previous policy or payments made to meet legacy arrangements
agreed upon prior to (but not in anticipation of) an employee (and
not in contemplation of) being promoted to the position of CEO or
the Board of Directors. All such outstanding obligations may be
honoured, and payment will be permitted under the 2026 Policy.
Minor amendments
The Committee may make minor amendments to the 2026 Policy
(for example for tax, regulatory, exchange rate or administrative
purposes) without obtaining shareholder approval.
The difference between CEO and employee
remuneration policy
Apart from participation in the LTIP, and the provision of certain
benefits which is limited to the Executive Committee and select
senior employees, there are no main differences between the
2026 Policy and the general remuneration policy for employees.
Illustrations of the application of the Policy
The graph to the right illustrates estimates of the potential
remuneration opportunity for the CEO under three different
performance scenarios: ‘Minimum’, ‘On-target’, and ‘Maximum’.
In line with the reporting regulations, a scenario assuming 50%
share price growth over the three-year performance period
is also shown below (for the Maximum performance scenario).
The assumptions used for these charts are set out in the
table above.
Minimum
performance
• Fixed remuneration (salary and benefits) only.
• No payout under the Annual Bonus Plan or LTI
performance awards.
• The value of benefits is as reported in the single
figure table.
On-target
performance
• Fixed remuneration.
• Fifty per cent (50%) of the maximum payout
under the Annual Bonus Plan.
• Under the LTIP, vesting is 50% of Performance
Awards and 100% of Restricted Awards.
Maximum
performance
• Fixed remuneration.
• 100% of the maximum payout under the Annual
Bonus Plan.
• Maximum vesting under the LTIP: 100% of
Performance Awards and 100% of Restricted
Awards.
Maximum
performance
+ 50% share
price growth
• Fixed remuneration.
• 100% of the maximum payout under the Annual
Bonus Plan.
• Maximum vesting under the LTIP: 100% of
Performance Awards, 100% of Restricted
Awards and a 50% increase in the share
price over the three-year performance period.
Other than for the scenario ‘Maximum performance + 50% share
price growth’, no increase in the share price has been assumed
in the graph below.
$1,545
$5,702
$8,591
$10,705
100% 27.1%
18.0%
14.4%
24.7%
48.2%
32.8%
49.2%
26.3%
59.3%
Minimum On-target Maximum Maximum +
50% share
price growth
Fixed
Annual bonus
LTIP
Remuneration
($000)
Policy on payments for loss of office
If the Company terminates the CEO’s employment contract for
reasons not attributable to the CEO, six months’ written notice must
be given unless the Company pays compensation in lieu of notice.
If the CEO resigns, he must give at least six months’ written notice.
In both cases, if the CEO’s employment contract terminates
for reasons not attributable to the CEO or CEO’s resignation,
if requested, the CEO will work with the Committee to appoint
a suitable successor and ensure a smooth transition of
responsibilities as well as providing mentoring. If the transfer
is completed successfully, the CEO will receive an additional
payment equal to six months’ base salary.
If the Company terminates the CEO’s employment contract within
two years of a specific corporate event, for reasons not attributable
to the CEO, or if the CEO’s role or function has been changed
without prior agreement within two years of a specific corporate
event, the CEO shall be entitled to an additional payment equal
to 12 months’ base salary.
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2026 Directors’ and CEO Remuneration Policy continued
The treatment of any outstanding incentive awards will be determined according to each plan’s rules, as summarised in the table below:
POLICY ON PAYMENTS FOR LOSS OF OFFICE
Annual bonus Employees who complete at least six months of service in a financial year are entitled to be considered for a bonus subject
to the applicable performance targets having been met. Any payment will usually be pro-rated for the period of employment,
although the Committee has the discretion to decide otherwise. If the employee’s period of employment is less than six months,
they will not usually be entitled to be considered for a bonus. However, the Committee has the discretion to decide otherwise.
LTIP The default position is that any outstanding Performance Awards or Restricted Awards will be forfeited on cessation of
employment except if an individual is considered a good leaver, e.g. their employment ends due to their death, redundancy,
ill health, injury or disability, an unexpected event or force majeure, or other reason at the discretion of the Committee.
In respect of dismissal by the Company’s decision, or the employee’s resignation with at least six months’ notice, they
will be entitled to receive payment of any outstanding Restricted Awards and these will be pro-rated to the time served.
Performance Awards will usually vest based on the satisfaction of the relevant performance targets (if applicable) and will
be pro-rated to the time served. However, the Committee has the discretion to decide otherwise.
Corporate event
or change of
control
In the event of a change of control or winding-up of the Company, LTIP awards will vest subject to the extent the performance
targets have been satisfied (if applicable) and will be pro-rated for the period of the award elapsed, unless the Committee
decides otherwise.
In the event of an internal reorganisation, LTIP awards may (with the consent of the acquiring entity) be replaced by
equivalent awards. Alternatively, the Committee may decide that the LTIP awards will vest as in the case of a change
of control, as described above.
In the event of a demerger, special dividend or other corporate event that will materially impact the share price, the
Committee may, at its discretion, allow LTIP awards to vest on the same basis as in the case of a change of control,
as described above.
The Committee reserves the right to make other payments regarding the termination of the CEO’s employment. Any such payments may
include reasonable fees for outplacement assistance and legal or professional advice.
Policy on recruitment
When determining remuneration, the Committee will consider the new CEO’s role, experience, and other factors such as relevant
market data and internal comparisons. The Committee strives to pay competitively, but no more than necessary to attract the right talent.
On appointment, the CEO’s remuneration will generally align with the 2026 Policy, and the maximum aggregate value of incentives
(excluding buyouts) will not exceed the 2026 Policy’s defined maximum limits. The recruitment approach is outlined below:
POLICY ON RECRUITMENT
Base salary Base salary will be determined based on the individual’s role and responsibilities, experience and skills, relevant market data
and internal comparisons. The starting base salary may be set below the prevailing market rate, but with the expectation of
higher than-usual increases as the individual gains experience and performs in the role.
Benefits Benefits in line with the 2026 Policy, including relocation benefits if appropriate.
Annual bonus The structure described in the 2026 Policy table will generally apply for new appointees, with maximum payments typically
pro-rated to reflect service during the year. For the first year of appointment, the Committee may determine that the annual
bonus may be subject to modified terms considered appropriate in the context of the recruitment.
LTIP LTIP awards will be on the same terms as described in the 2026 Policy table, with a maximum award of 300% of salary.
However, the Committee has the discretion to make changes in the first year of employment, including to the performance
measures applied. Any change will be fully disclosed in the next Annual Report.
Buyout awards The Committee recognises that it may be necessary, in certain circumstances, to provide compensation for amounts forfeited
from a previous employer. Generally, any buyout awards will be made on a like-for-like basis in terms of commercial value,
form, application of performance conditions and timing of receipt to ensure they reflect the incentives they are replacing.
The approach towards an internal promotion will be consistent with the 2026 Policy outlined above. The Company will honour any legacy
arrangements if an individual has contractual commitments or outstanding awards before their promotion.
For interim positions, a cash supplement rather than a salary may be paid (for example, if a Non-Executive Director took on an executive
function on a short-term basis).
On the appointment of a new Non-Executive Director or Chairman, their remuneration will be in line with the 2026 Policy.
Chairman and Non-Executive Directors' 2026 Remuneration Policy Summary
In line with the UK Corporate Governance Code, Non-Executive Directors do not participate in incentives or share schemes, or receive
a pension provision.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025148
FEES
Purpose and
link to strategy
To attract and retain high-calibre, experienced Directors by offering globally competitive fee levels.
Operation The Chairman receives an annual base fee.
Non-Executive Directors receive an annual base fee.
Directors may receive further fees for serving as the Senior Independent Director, a Board Committee Chair or a
Committee member.
Separate base fees are paid for serving on the Antofagasta Minerals Board or as a Director or chair of any subsidiary
or joint-venture Company.
Ramón Jara also receives a base fee (adjusted for Chilean inflation) for advisory services provided to Antofagasta
Minerals pursuant to his service agreement.
Fees are subject to review, which will take into account time commitment, responsibilities and market practice.
Maximum opportunity Total fees paid will be within the limit stated in the Company’s Articles of Association.
Changes may be made to Chilean-peso denominated fees to adjust for Chilean inflation.
Performance measures None
BENEFITS
Purpose and
link to strategy
To provide appropriate benefits and reimburse appropriate expenses that Directors incur in the performance of their
duties.
Operation Non-Executive Directors are entitled to reimbursement for reasonable expenses incurred during the performance of
their duties, including any tax due on the reimbursements. Benefits may include the provision of life, accident and
health insurance, professional advice and other minor benefits, including occasional spousal travel in connection with
the business.
Maximum opportunity Benefits are set at a level appropriate to the individual’s role and circumstances. The maximum will depend on the
type of benefit and cost of its provision.
Performance measures None
Chairman and Non-Executive Directors
Each Non-Executive Director has a letter of appointment from
the Company and from Antofagasta Minerals. The Company has
a policy of putting all Directors forward for re-election at each
AGM, in accordance with the UK Corporate Governance Code.
Under the terms of the letters, if a majority of shareholders do not
confirm a Director’s appointment, the appointment will terminate
immediately. In other circumstances, either party may terminate
the position on one month’s written notice. The letters require the
Directors to undertake that they have sufficient time to discharge
their responsibilities.
There is a contract between Antofagasta Minerals and Asesorías
Ramón F. Jara Ltda, dated 2 November 2004, for the provision
of advisory services by Ramón Jara. This contract has no expiry
date but may be terminated by either party on one month’s notice.
No other Director is a party to a service contract with the Group.
The letters of appointment for the Non-Executive Directors do
not provide any compensation for loss of office beyond payments
in lieu of notice; therefore, the maximum amount payable upon
termination of these letters is limited to one month’s fees.
Consideration of employment
conditions elsewhere in the Group
When the Committee reviews the remuneration of the Directors
and CEO, it considers pay conditions across the Mining Division.
This is done in the context of different working environments
and geographies and therefore is not a mechanical process.
The Committee does not currently use any other remuneration
comparison metrics when determining the quantum and structure
of Director remuneration. Senior management gathers ongoing
feedback on workforce performance and actively engages with
employees to understand their perspectives on remuneration
policies and practices. At the beginning of every Committee
meeting, the CEO provides an update to the Committee on
key workforce issues relating to remuneration and talent. The
Directors’ and CEO’s Remuneration Policy is well understood by
employees and employees know that the principles of the CEO’s
remuneration are substantially similar to their own. The Chair of
the Remuneration and Talent Management Committee has not
therefore explained this to employees.
The Committee considers employee pay practices and experiences
at each of its meetings to ensure Antofagasta remains a world-
class employer, attracting and retaining the best mining talent.
CEO contract of employment
Mr Iván Arriagada is employed under a contract of employment
with Antofagasta Minerals SA (AMSA), a subsidiary of the
Company. His work contract is governed by Chilean labour law. It
does not have a fixed term and can be terminated by either party
on six months’ notice in writing. Under his employment contract,
Mr Arriagada is entitled to 25 working days of paid holiday per year.
As Mr Arriagada’s salary is paid in Chilean pesos and is adjusted
quarterly for inflation, at the end of the year, a further adjustment
is made if the US dollar/Chilean peso exchange rate has increased
by more than 5%, to maintain international competitiveness.
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2026 Directors’ and CEO Remuneration Policy continued
Letters of appointment
All Directors’ letters of appointment are available for inspection at the Company’s registered office during regular business hours and at
the Annual General Meeting (for 15 minutes before and during the meeting).
Non-Executive Director service contracts
Non-Executive Directors do not have service contracts but have a letter of appointment setting out their terms and conditions. Non-Executive
Directors are appointed each year for up to 12 months (subject to re-election at the AGM) and are entitled to one month’s prior written
notice of early termination for which no compensation is payable. Details of the letters for the currently appointed Non-Executive Directors
are set out below:
Date of appointment Date of (re-) election
Jean-Paul Luksic 1 September 2014 08 May 2025
Ramón Jara 12 June 2013 08 May 2025
Juan Claro 12 June 2013 08 May 2025
Francisca Castro 25 October 2016 08 May 2025
Michael Anglin 23 April 2019 08 May 2025
Tony Jensen 13 March 2020 08 May 2025
Maria Eugenia Parot 20 April 2021 08 May 2025
Heather Lawrence 18 April 2023 08 May 2025
Tracey Kerr 29 January 2024 08 May 2025
Ignacio Bustamante 01 July 2025
Andrónico Luksic L 01 March 2026
Consideration of shareholder views
The Company maintains a dialogue with institutional shareholders, sell-side analysts, and potential shareholders. The Investor Relations
team manages this communication, which includes announcements and a formal programme of presentations to update institutional
shareholders and analysts on developments in the Group during the year.
In addition, as part of the review of Director and CEO remuneration ahead of the new 2026 Policy being tabled for approval at the 2026
AGM, a series of meetings was held with the Board, the Company’s largest shareholders and proxy advisers in December 2025. These
meetings were led by the Chair of the Remuneration and Talent Management Committee, who afterwards briefed the Committee on the
feedback she received. The latter was taken into account when determining the final 2026 Policy to be approved by shareholders.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025150
2025 Directors’ and CEO Remuneration report
The table below sets out the remuneration received by the CEO in respect of the years ending 31 December 2025 and 31 December 2024.
Salary/Fees
2
$’000
Benefits
3
$’000
Bonus
4
$’000
Restricted
Awards
5
$’000
Performance
Awards
6,7
$’000
Total
remuneration
$’000
Total fixed
remuneration
$’000
Total variable
remuneration
$’000
Iván Arriagada 2025
1
1,324 136 2,374 1,216 3,647 8,697 1,460 7,237
Iván Arriagada 2024
1
1,213 212 1,867 1,043 1,226 5,561 1,425 4,136
1. Mr Iván Arriagada’s remuneration was calculated based on amounts paid in Chilean pesos each month of the relevant year, converted into US dollars at the closing
exchange rate for the month it was paid.
2. In accordance with the CEO’s contract, an inflationary increase of 3.5% has been applied in 2025. Quarterly CPI adjustments were made to the CEO’s salary during the
year: 1.3% in March, 0.9% in June, 0.5% in September and 0.7% in December.
3. Benefits include life and health insurance. Other benefit values are based on what the Company believes would be deemed by HMRC to be taxable benefits in the UK.
The Company also pays the professional fees incurred to complete the CEO’s tax returns and the actual tax incurred by the CEO on these benefits, which are received in
connection with fulfilling his duties. The Company makes no pension contributions on behalf of the CEO. HMRC has deemed certain services to be taxable in the UK and
the Company has agreed to compensate the CEO for any double taxation that is not eventually recoverable from the Chilean revenue under the UK/Chile double tax treaty.
This tax equalisation benefit in respect of 2025 is a benefit of $25k.
4. Mr Iván Arriagada’s 2024 annual bonus was paid following the date of publication of the 2024 Annual Report and the exchange rate used to pay the bonus was Ch$/USD
953.07 vs the Ch$/USD 996.42 rate used in December 2024.
5. Restricted Award amounts are reported in the year of the grant based on the face value of the awards on the date of the grant.
6. Performance Awards are reported in the year the performance period ends and are cash awards linked to a notional number of shares and the Company’s share
price performance. There is no entitlement to dividends or dividend equivalents. The 2025 Performance Awards value is based on the vesting of the 99,321 notional
performance shares granted in 2023 for which the performance period ended on 31 December 2025. The awards vested at 97.3% and are valued at a share price based
on the three-month average share price to 31 December 2025, being $37.74. Of this award $1,827.6k was due to an increase in share price over the period.
7. The 2024 performance award value has increased by $46k from the 2024 Director's Remuneration Report due to the change in share price and exchange rate at
vesting. The three-month average share price to 31 December 2024 was $22.40 (£17.50/share and USD/GBP 1.28). The actual share price at vesting of $23.27
(£18.00/share and USD/GBP 1.29), which was the three-day average to 29 March 2025. There was no entitlement to dividends or dividend equivalents.
During 2025, Mr Arriagada was entitled to receive fees in his capacity as a Director of Compañía de Minas Buenaventura S.A.A.
These fees are not within the scope of remuneration that is required to be reported in the single figure table above.
Annual bonus – audited
Group performance (70%)
The targets and achievement levels for the 2025 annual bonus are set out below. Of the CEO’s 2025 annual bonus, 70% was based on the
Group’s performance against the following criteria:
Measure
Weighting
(as a % of Group
performance)
Threshold
(0% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
Actual
achievement
Achievement
(% of maximum)
% of overall Group
bonus achieved
Core business 50.0% 51.4% 25.7%
EBITDA – Mining Division
($m)
1
15.0% 4,295 4,722 5,250 5,132 87.5% 13.1%
Copper production (kt)
2
20.0% 639.5 659.9 – 680.3 690.5 653.7 35.0% 7.0%
Cash costs before
by-product credit (c/lb)
3
10.0% 242.6 228.9 215.1 237.6 18.5% 1.9%
Innovation – Cuprochlor-T
®
2.5% Target required development to advance in accordance with
detailed timetable, including completion of technical tests and
conceptual engineering studies.
48.0% 1.2%
Innovation – Tailings 2.5% This was assessed against water and tailings recovery, each
weighted at 50%.
The water recovery target required a business case and budget
for the project to be approved. Maximum required the execution
of pilot technologies.
The tailings recovery target required the selection of two
projects that would increase the value of tailings, and the start of
validation tests. Maximum required the execution of pilot studies.
Maximum was achieved in both cases.
100.0% 2.5%
CEO'S SINGLE FIGURE OF REMUNERATION
(AUDITED)
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2025 Directors’ and CEO Remuneration report continued
Measure
Weighting
(as a % of Group
performance)
Threshold
(0% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
Actual
achievement
Achievement
(% of maximum)
% of overall Group
bonus achieved
Business development 30.0% 81.5% 24.5%
Growth projects 10.0% Los Pelambres was assessed against two measures weighted
60% and 40% respectively.
The target for the first measure required construction between
90% and 100% of the approved programme. Performance fell
within this range so the target was achieved.
The target for the second measure required the closure of an
addendum on the EIA licence in 2025, which was achieved.
Maximum vesting also required the completion of the El Mauro
design expert review, and to close the prefeasibility with Facility
Quality Assurance Representative. These were both achieved so
the maximum was awarded.
70.0% 7.0%
10.0% Centinela was assessed against two measures, weighted 80%
and 20% respectively.
The maximum level was awarded for the first measure as
construction progressed in line with schedule.
The target was awarded for the second measure as early works
on the Encuentro Sulphides Project started in Q2 2025, which
was in line with the plan.
90.0% 9.0%
5.0% Zaldívar was assessed against one measure which paid out
between target and maximum. Target required investment
approval applications to be prepared by Q3 2025, this was
achieved. Maximum performance, requiring a supplier contract
to be awarded by the year end, was not achieved as the tender
process is still underway.
75.0% 3.8%
Exploration programmes 5.0% Measured against Cachorro and joint ventures. Cachorro was near
maximum as new satellite bodies were discovered (increasing
the fine copper content by more than 10%), and progress on
environmental licences was ahead of plan. However, geotechnical
studies found that the geotechnical and infrastructure model
required further work so the maximum was not awarded.
The maximum outcome was achieved for joint ventures as
several significant discoveries were made and multiple projects
were drilled throughout the year.
94.0% 4.7%
Sustainability and
organisational capabilities
20.0% 86.4% 17.3%
Safety: Accidents and
high-potential incidents rate
2.5% 0.13 0.10 0.09 0.04 100.0% 2.5%
Health: Management of
Occupational Diseases
(decreases in exposure
groups)
2.5% This measure was assessed against a reduction in the number
of employees exposed to hazardous conditions in each mine.
The maximum level was achieved and has been set out below.
100.0% 2.5%
Los Pelambres 50 51-99 100 110
Centinela 50 51-99 100 114
Antucoya 30 31-49 50 226
Zaldívar 30 31-49 50 98
Diversity and inclusion –
Female employees
2.5% 27.0% 30.0% 31.0% 30.8% 92% 2.3%
Diversity and inclusion –
Female executives
2.5% 25.6% 25.7% 27.0% 27.9% 100.0% 2.5%
Environment 5.0% Target was almost achieved as 100% of the environmental permit
guideline was adhered to, but only 99.8% of the Action Plan
Compliance was achieved.
49.5% 2.5%
Social Performance:
Compliance Initiatives
and Impact Measurement
2.0% Social initiatives plan – maximum required greater than 95%
of the plan to be delivered within budget. 99.9% was delivered
within budget.
100.0% 2.0%
2.0% Execution of impact measurement plan – Maximum was obtained
because the impact measurement plan was executed in line with
target, and no social incidents were recorded in the year and all
activities from the 2024 improvement plan were completed and
100% of the 2025 plan was implemented and externally validated.
100.0% 2.0%
1.0% Positive evaluation of social management – Maximum was
obtained because there was a positive externally validated
evaluation of the social management plan.
100.0% 1.0%
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025152
Measure
Weighting
(as a % of Group
performance)
Threshold
(0% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
Actual
achievement
Achievement
(% of maximum)
% of overall Group
bonus achieved
Total outcome pre-adjustments 67.4%
Adjustment for meeting zero
fatality target
A standalone adjustment of 15% of the calculated total outcome
pre-adjustments is applied to the annual bonus: upwards if there
are no fatalities, downwards if there are. 2025: 0 fatalities.
10.1%
Total outcome post adjustments 77.5%
1. EBITDA targets were adjusted for fluctuations in exchange rates, inflation, the copper price and the effect of one-off bonuses paid on the conclusion of labour negotiations.
2. Copper production includes 50% of Zaldívar.
3. Cash costs targets were adjusted for the same factors as the EBITDA targets (except for copper price fluctuations, which do not impact this measure).
Individual performance (30%)
The individual objectives for the CEO were based on critical strategic areas that form part of our vision for the Company – organisation,
leadership, culture, people, growth, competitiveness, safety and sustainability, and innovation. Based on individual feedback from Directors,
the Committee assessed Mr Iván Arriagada’s performance against his personal objectives as 100% of maximum for his contribution to the
individual strategic business goals during the year. All his objectives were exceeded, which count towards 30% of his annual bonus. This
outcome reflects exceptional performance during a challenging year in continuing to deliver a culture of excellence as well as developing
the business across its core strategic growth areas, establishing a stronger foundation to build future value for all our stakeholders.
Mr Iván Arriagada’s performance against each of his objectives is summarised below:
Key goal Performance
Keeping the Board well-informed and
responding to feedback received during
the year.
Maintained transparent, proactive and consistent communication with the Board throughout
the year, combining structured reporting with timely ad hoc updates to ensure early visibility
of emerging matters. Engaged constructively with feedback, demonstrating openness and
responsiveness while integrating the Board’s perspectives into key decisions across the Group.
Leading the Group’s core values and
developing a culture of excellence.
Exercised visible and values-based leadership, reinforcing the Company’s cultural standards
through personal example and steady presence. Recognised by the Board for authenticity,
commitment and disciplined execution, while addressing organisational challenges in alignment
with the Group’s principles.
Implementing strategy including
in relation to long-term growth.
Advanced the Group’s long-term strategic agenda through disciplined execution of the organic
growth roadmap. Drove meaningful progress in key investment projects, strengthening the
resource base and positioning the Company for sustained future production and value creation.
Focusing on the Group’s core business. Sustained a clear focus on operational priorities by overseeing critical projects, navigating
operational complexities, and preserving a strong safety culture. Demonstrated sound judgment
in managing unexpected developments and maintaining financial discipline during a period of
elevated capital deployment.
Developing talent, ensuring appropriate
succession planning and performance
management.
Strengthened the talent pipeline through enhanced succession planning and continued evolution
of talent management practices. Led the restructuring of the Executive Committee and senior
leadership framework, promoting internal capability while selectively attracting external expertise
to address current and future business demands.
Promoting the Group’s reputation,
working with key stakeholders and
local communities.
Contributed significantly to reinforcing and stabilising relationships with communities, authorities
and government stakeholders. Enhanced the Group’s external profile and credibility in Chile and
internationally, strengthening engagement with investors and key actors across the mining sector.
Performance adjustments, discretion and CEO’s total annual bonus for 2025
Based on Mr Iván Arriagada’s performance achieved against his 2025 targets, the Committee determined that he would receive a bonus
payment of $2,374k. This figure was determined as follows:
Overall performance score (70% x 77.5%) + (30% x 100%) = 84.3% of the maximum of $2,818k. The maximum is calculated as 200%
of the CEO’s base salary in December 2025.
Gross annual bonus = $2,374k, calculated in US dollars using the exchange rate as of 31 December 2025 of $1 = Ch$907. Because
the annual bonus is calculated and paid in Chilean pesos, it is subject to exchange rate movements when reported in US dollars.
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2025 Directors’ and CEO Remuneration report continued
Long-term incentive plan
Vesting of the 2023 LTIP Performance Awards
On 29 March 2023 the CEO was granted an LTIP award over a total of 200% of salary, split 70% on Performance Awards and 30%
on Restricted Awards. The Performance Awards are due to vest on 29 March 2026 subject to criteria summarised below, over a
performance period which ended on 31 December 2025:
Measure Weighting Basis for measure Threshold
1
Target
1
Maximum Performance
Achievement
%
Relative total
shareholder
return
50% TSR vs Global X
Copper Miners ETF
(CopX Index)
Below index Equal to index >5% above index 8.7% above index 100.0%
Mineral
Resource
increase
25% Tonnes of contained
copper (m tonnes)
83.7 86.2 88.1 91.7 100.0%
Projects
portfolio
2
12.5% (1) Los Pelambres
Concentrate Pipeline
(17%)
(2) Los Pelambres
Desalination Plant
Expansion (17%)
(3) Centinela Second
Concentrator (44%)
(4) Zaldívar
Operational Continuity
Solution and Primary
Sulphides Project
(22%)
Progress greater than
40% of the approved plan
for (1), (2) and (3).
(4) 50% Definition and
approval of Zaldívar’s
operational continuity
solution: 75% compliance
with the roadmap defined
as of December 2025.
(4) 50% Progress in the
feasibility of the Primary
Sulphides Project >=
40% of the approved
plan.
Progress up to 74% of
the approved plan for
(1), (2) and (3).
(4) 50% Definition and
approval of Zaldívar’s
operational continuity
solution: 85%
compliance with the
roadmap defined as
of December 2025.
(4) 50% Progress in
the feasibility of the
Primary Sulphides
Project >= 84% of
the approved plan.
Greater than 75%
completion of the
approved plan for (1), (2)
and (3).
(4) 50% Definition
and approval of
Zaldívar operational
continuity solution:
100% compliance with
defined roadmap as of
December 2025.
(4) 50% Progress in the
feasibility of the Primary
Sulphides Project >= 85%
of the approved plan.
(1), (2) and (3)
achieved the
maximum outcome.
However, (4) was
only partly achieved
as the definition
of the operational
continuity solution
achieved maximum
but progress in the
feasibility of the
Primary Sulphides
Project vested 0
due to it being in
prefeasibility.
88.9%
Environmental
and social
commitments
12.5% (1) Social management
plan (40%)
Greater than 50%
compliance.
75% compliance. Greater than or equal
to 85% compliance
delivered within budget.
100% compliance
and was achieved
within budget.
100.0%
(2) Climate change
and environment
(60%)
(1) Compliance with
55% of the 2023-2025
decarbonisation roadmap
(2) 75% compliance
with water management
standards and maintain
2022 water efficiency
baseline
(3) Implementation of
one initiative of the
circular economy strategy
in two companies and
more than two cross
cutting initiatives.
(4) Less than 90%
compliance with all
action plans of extreme,
high and moderate risk
regulatory requirements.
(1) Compliance with
65% of the 2023-
2025 decarbonisation
roadmap.
(2) 85% compliance
with water management
standards and maintain
2022 water efficiency
baseline.
(3) Implementation
of one initiative of
the circular economy
strategy in three
companies and more
than two cross cutting
initiatives.
(4) Full compliance
with all action
plans of extreme,
high and moderate
risk regulatory
requirements.
(1) Compliance with
75% of the 2023-
2025 decarbonisation
roadmap
(2) 95% compliance
with water management
standards and increase
water efficiency by
1% against the 2022
baseline.
(3) Implementation
of one initiative of
the circular economy
strategy per company
and more than three
cross cutting initiatives.
(4) Full compliance
with all action plans
for extreme, high, and
moderate risk regulatory
requirements, and 95%
compliance with overall
regulatory requirements.
(1) 100% compliance
(2) 55.2%
achievement:
Compliance with
water management
standards was
90.7% but water
efficiency increase
vested at 0% as the
increase was 0.13%.
(3) Fully achieved
(4) 74.7%
achievement as
99.6% of action
plans fulfilled
82.5%
Total outcome 97.3%
1. Threshold vesting is 0% of maximum for all measures. Target vesting is 33% for relative total shareholder return, 50% for mineral resources, and 75% for projects
portfolio and sustainability commitments. Maximum is vesting is 100% for all measures.
2. At the time of grant there was an additional measure for the Los Pelambres – Mine Life Extension project, which accounted for 10% of the Projects Portfolio weighting
(equivalent to 1.25% of the overall performance award weighting). Performance conditions were based on achieving milestones for the Mine Life Extension project's
environmental impact assessment by submitting Addendum 2 (a document that provides consolidated answers to the authority's questions) and the commencement of
tailings filter tests. However, during 2024 the Board made the decision to postpone the submission of Addendum 2 and Los Pelambres' board of directors decided to
suspend tailings filter tests pending additional technical information. The Committee determined that no assessment could be made against the performance conditions
for the Los Pelambres – Mine Life Extension project and decided to apply the weighting that would have applied to the Los Pelambres – Mine Life Extension project
towards the performance measures for the other four Projects Portfolio measures on a pro-rata basis.
The Committee sets stretch targets that incentivise the CEO and Executive Committee members to deliver exceptional performance and
to drive sustainable results. The Committee ensures that targets are appropriately stretching in the context of the business plan and prior
year achievements, and that there is an appropriate balance between incentivising the CEO to meet financial targets and to deliver specific
non-financial goals.
Performance adjustments and discretion
No discretion has been applied to any of the performance calculations for the 2023 LTIP outcome.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025154
The Directors' remuneration for 2024 and 2025 is shown below in US dollars for those Directors who served during the year ending
31 December 2025.
Unless otherwise noted, amounts paid in Chilean pesos have been converted at the exchange rate on the first working day of the month
following the payment date. Any additional fees payable for serving on subsidiary and joint venture company boards are also included in
the amounts below.
Fees Benefits
3
Total
2024
$000
2025
$000
2024
$000
2025
$000
2024
$000
2025
$000
Chairman
Jean-Paul Luksic
1
1,015 1,015 24 34 1,039 1,049
Non-Executive Directors
Ramón Jara
1,2
1,070 1,096 104 97 1,174 1,193
Juan Claro 280 280 23 25 303 305
Andrónico Luksic C 260 260 3 3 263 263
Francisca Castro 358 351 34 41 392 392
Michael Anglin 335 335 14 13 349 348
Tony Jensen 332 332 17 15 349 347
Maria Eugenia Parot 320 335 13 17 333 352
Heather Lawrence 298 300 12 6 310 306
Tracey Kerr (joined 29 January 2024) 265 300 7 4 272 304
Ignacio Bustamante (joined 1 July 2025) – 143 – 0 – 143
Vivianne Blanlot (departed 31 March 2025) 315 75 12 2 327 77
Total 4,848 4,822 263 257 5,111 5,079
1. Amounts for Jean-Paul Luksic include the provision of life and health insurance. Amounts for Ramón Jara include the provision of life insurance. These adjusted
insurances are not in place for the other Directors.
2. During 2025, $795,574 (2024 $770,192) was paid to Asesorías Ramón F. Jara Ltda. for providing services. The increase year-on-year was due to movements in the
Ch$/USD exchange rate and adjustment for Chilean inflation applied. These payments are included in the fees attributable to Ramón Jara shown above.
3. Except as described in footnote 1, all benefits amounts included in this table arose in connection with the fulfilment of Directors’ duties and, in particular, the cost of attending
Board meetings and the Company’s Annual General Meeting in London. These calculations have been based on what the Company believes would be deemed by HMRC to be
taxable benefits in the UK by the Non-Executive Directors or would be if the Director was resident in the United Kingdom for tax purposes, alongside any personal incidental
expenses. Given these expenses are incurred by Directors in connection with the fulfilment of their Directors' duties, the Company also pays the professional fees incurred
to complete individual tax returns and the actual tax incurred by Directors on these expenses, and these are included in the table. Figures are reported in the year that they
are paid, or would be payable, by the Company.
Totals reflect the total fixed remuneration for each Director. Directors did not receive any variable remuneration. Notes relevant to
single-figure disclosures for 2024 can be found on page 152 of the 2024 Annual Report. These remain unchanged.
Payments to former Directors (audited)
In 2025, Jorge Bande received advisory support from EY for his deregistration from the UK Self Assessment, which was required to
properly finalise his tax situation once his duties on the board had ended. The assistance amounted to $1.5k. No other payments were
made to former directors.
Payments for loss of office (audited)
There were no payments made for loss of office during the year.
DIRECTORS’ SINGLE FIGURE
OF REMUNERATION (AUDITED)
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Malus application for the year ending 31 December 2025
Variable remuneration is subject to malus provisions, as explained in the Remuneration Policy. The malus terms are summarised below:
Malus provisions apply in exceptional circumstances, including:
• Actions by a participant during the vesting period that, in the reasonable opinion of the Committee, amount to gross misconduct or
a participant having acted fraudulently or dishonestly;
• A participant’s conduct has resulted in significant losses to the Company or any Group member;
• A materially adverse error in the consolidated financial statements of the Group during the vesting period;
• The Committee becomes aware of a material error in determining the grant of an award or determining the extent of vesting of an
award, or becomes aware that it based its decisions on inaccurate or misleading information; and
• Any reasonable circumstance that the Committee determines in good faith to have resulted in an unfair benefit to the participant.
No malus provisions were applied during 2025.
Directors and CEO’s shareholdings and share interests (audited)
The Directors who held office on 31 December 2025 had the following interests in the ordinary shares of the Company:
Ordinary shares of 5p each
31 December 2024 31 December 2025
Jean-Paul Luksic
1
41,963,110 41,963,110
Ramón Jara – –
Juan Claro – –
Andrónico Luksic C – –
Francisca Castro – –
Michael Anglin – –
Tony Jensen – –
Eugenia Parot – –
Heather Lawrence – –
Tracey Kerr (joined 29 January 2024) – –
Ignacio Bustamante (joined 1 July 2025) – –
1. Jean-Paul Luksic's interest relates to shares held by Aureberg Establishment, an entity he ultimately controls.
There have been no changes to the Directors’ interests in the shares of the Company between 31 December 2025 and the date of this report.
Other than Jean-Paul Luksic, the Directors and CEO, who is not a Director, had no interests in the shares of the Company during the year
other than those set out on this page. The CEO’s LTIP is awarded through phantom shares resulting in no shareholding arising from the
award. The CEO has no shareholdings in the Company. No Director had any material interest in any contract (other than a service contract
in the case of Ramón Jara) with the Company or its subsidiary undertakings during the year other than in the ordinary course of business.
The Group does not have shareholding guidelines or requirements for Directors, all of whom are Non-Executives.
The Chairman, Mr Jean-Paul Luksic, former Non-Executive Director Mr Andrónico Luksic C. (who departed on 31 December 2025) and
current Non-Executive Director Mr Andrónico Luksic L. (who joined on 1 March 2026), are members of the Luksic family. Members of the
Luksic family are interested in the E. Abaroa Foundation, which controls Metalinvest Establishment and Kupferberg Establishment, which,
taken together, hold approximately 60.66% of the Company’s ordinary shares and approximately 94.12% of the Company’s preference
shares. In addition, Mr Jean-Paul Luksic controls the Severe Studere Foundation, which, in turn, controls Aureberg Establishment (which
holds approximately 4.26% of the Company’s ordinary shares as mentioned above). This creates significant alignment between these
members of the Board and shareholders.
During the period, no Non-Executive Director was eligible for any short-term or long-term incentive awards, and no Non-Executive
Director owns any shares as a result of the achievement of performance conditions.
2025 Directors’ and CEO Remuneration report continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025156
LTIP awards made to the CEO during the financial year (audited)
On 29 March 2025, the CEO was granted an LTIP award over a total of 300% of salary, split 30% on Restricted Awards and 70% on
Performance Awards, both of which are cash awards linked to a notional number of shares and the Company’s share price performance.
As disclosed in last year’s report, the grant level of 300% of salary was agreed by the Committee to maintain the competitiveness of the
package and ensure continued leadership stability of the organisation at this time of growth.
Type of award Date of grant
Number of phantom
shares/options
Award as a
% of salary
1
Face value (market
value at date of grant) Performance period Vesting dates
2
Restricted
Award
29 March 2025 51,147 90% $1,216k N/A 29 March 2026
29 March 2027
29 March 2028
Performance
Award
29 March 2025 119,344 210% $2,837k 29 March 2025 –
31 December 2027
29 March 2028
1. The number of awards was calculated according to the base salary at the grant date on 29 March 2025, with the total face value shown in the table. The share price
used to value these awards is £18.39/share and the FX rate was 1.29 leading to a USD value per share of $23.77, as an average of the five last working days before grant.
2. Restricted Awards vest in one-third annual tranches.
Performance conditions attaching to long-term incentive plan awards granted to the CEO in 2025
(audited)
Measure Weighting Basis for measure Threshold Maximum
Vesting at
threshold
Vesting
at target
Vesting at
maximum
Relative total
shareholder
return
50% TSR vs Global X Copper
Miners ETF (CopX Index)
Performance
below index
≥ 5% above index 0% 33% 100%
Projects
performance
25% Los Pelambres new Concentrate
Pipeline (17.5%) and Desalination
Plan Expansion (17.5%)
<40% completion >=85% completion 0% 75% 100%
Centinela Second
Concentrator (55%)
<50% completion >=85% completion
Zaldivar Mine Life Extension and
Water Transition project (10%)
<50% completion >=85% completion
Mineral
resources
12.5% Tonnes of contained
copper million tonnes
87.6 91.9 0% 50% 100%
Environment
and social
commitments
12.5% Social management plan
for Choapa Valley and
Northern District (40%)
<50% compliance >= 85% compliance 0% 75% 100%
Compliance with nature
strategy roadmap (15%)
<50% completion >=85% completion
Compliance with 2027
energy savings capture and
materialisation using ISO
550.001 methodology (15%)
Threshold requires
achievement of energy
savings capture and
realisation in 2025
using the ISO 50001
methodology in a range
between 48.0 and 52.8.
Maximum requires
compliance in a range
between 50.6 and 55.7
GWhe, or cumulative
savings from 2025 to
2027 of 163.1 to 179.5
GWhe.
Environmental frequency
index measured in 2027 (15%)
>1 <=0.8
Operating tailings deposits
comply with the Global
Industry Standard on
Tailings Management (15%)
1 tailings deposits
non-compliant with
standards
All tailings deposits
comply with standards.
The Committee sets targets which incentivise the CEO and Executive Committee members to deliver exceptional performance and to drive
sustainable results. The Committee ensures that targets are appropriately stretching in the context of the business plan and prior year
achievements and that there is an appropriate balance between incentivising the CEO to meet financial targets and to deliver specific
non-financial goals.
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OTHER
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OTHER RELEVANT INFORMATION
The table below summarises the movement in LTIP awards held by Mr Arriagada.
Year
of grant Type of award Date of grant
Number of
awards as at the
start of the year
Granted during
the year
Vested during
the year
Lapsed during
the year
Under award as
at 31 December
2025 Vesting date
2022 Performance Award 29 March 2022 52,686 – 52,686 – – 29 March 2025
2022 Restricted Award 29 March 2022 7,526 – 7,526 – – 29 March 2025
2023 Performance Award 29 March 2023 99,321 – – – 99,321 29 March 2026
2023 Restricted Award 29 March 2023 14,189 – 14,189 – – 29 March 2025
14,189 – – – 14,189 29 March 2026
2024 Performance Award 29 March 2024 96,527 – – – 96,527 29 March 2027
2024 Restricted Award 29 March 2024 13,789 – 13,789 – – 29 March 2025
13,789 – – – 13,789 29 March 2026
13,789 – – – 13,789 29 March 2027
2025 Performance Award 29 March 2025 – 119,344 – – 119,344 29 March 2028
2025 Restricted Award 29 March 2025 – 17,049 – – 17,049 29 March 2026
– 17,049 – – 17,049 29 March 2027
– 17,049 – – 17,049 29 March 2028
CEO pay history and Company performance
The total remuneration of the lead executive in the Group for the past ten years is as follows:
Single figure of remuneration
for the Group’s lead
executive $000 2016
1
2017 2018 2019 2020 2021 2022 2023 2024
3
2025
Diego Hernández 1,525 – – – – – – – – –
Iván Arriagada 681 1,790 2,513 2,458 4,675 4,134 5,292 5,046 5,561 8,698
Annual bonus payout
(% of maximum) 61% 79% 66% 83% 93% 72% 81% 79% 72% 84.3%
LTIP payout
(% of maximum)
2
– 85% 60% 65% 99% 99% 100% 100% 100% 97.3%
1. The single figure remuneration for the Group’s lead executive in 2016 comprises Diego Hernández’s remuneration until 8 April 2016 (when he stepped down as CEO) and
Iván Arriagada’s remuneration from 8 April 2016 (when he became CEO). No Performance Awards vested to the CEO in 2016.
2. Based on vesting of the Performance Awards. Restricted Awards do not have a performance element, so they are not included in these calculations.
3. 2024 figures have been restated to reflect actual 2024 outcomes, as explained in the CEO single figure remuneration table on page 151.
Relative TSR performance
The chart below sets out the TSR performance of the Company over the past ten years vs the FTSE All-Share Index and the Global X Copper
Miners ETF (CopX Index). The FTSE All-Share Index has been selected as an appropriate broad equity market index for the Company
given its listing on the London Stock Exchange. The Global X Copper Miners ETF is also shown as this index is considered to be the
most appropriate sector comparator group for the Company, and is the LTIP TSR benchmark.
The graph shows the value of £100 invested in Antofagasta on 31 December 2015 compared with £100 invested in the comparative indices.
FTSE All-Share index
Global X Copper Miners ETF
Antofagasta
0
200
400
600
800
1,000
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25
2025 Directors’ and CEO Remuneration report continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025158
Change in remuneration of Directors and employees
The table below sets out the percentage change in key elements of the remuneration of the Directors who served during 2025, the CEO
and employees.
2025 2024 2023 2022 2021
Percentage change in Percentage change in Percentage change in Percentage change in Percentage change in
Non- Executive
Directors
1
Fees/
base
salary Benefits
Annual
bonus
Fees/
base
salary Benefits
Annual
bonus
Fees/
base
salary Benefits
Annual
bonus
Fees/
base
salary Benefits
Annual
bonus
Fees/
base
salary Benefits
Annual
bonus
Jean-Paul
Luksic 0% 42% N/A 0% 26% N/A 0% 21% N/A 0% -5% N/A 1% 15% N/A
Ramón Jara 2% -7% N/A -6% 5% N/A 22% 17% N/A -4% 1,054% N/A 7% 2% N/A
Juan Claro 0% 9% N/A 0% 35% N/A 0% 548% N/A 1% 9% N/A 2% -32% N/A
Andrónico
Luksic C 0% 0% N/A 0% -50% N/A 0% 129% N/A 0% 9% N/A 0% -32% N/A
Francisca
Castro -2% 21% N/A 6% -3% N/A 7% 67% N/A 2% 771% N/A 6% -73% N/A
Michael Anglin 0% -7% N/A 0% 100% N/A 0% 7% N/A 8% – N/A 9% – N/A
Tony Jensen 0% -12% N/A -6% -19% N/A -3% 74% N/A 10% – N/A 34% – N/A
Maria
Eugenia Parot 5% 31% N/A 1% -24% N/A 5% 182% N/A 5% – N/A N/A N/A N/A
Heather
Lawrence 1% -50% N/A 15% 51% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Tracey Kerr 5% -47% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Vivian Blanlot
2
-3% -32% N/A -1% -33% N/A -2% 586% N/A 2% 9% N/A 4% -32% N/A
CEO 9% -36% 27% -7.2% 56% -1.1% 57% 18% 9% 10.4% 218% 38.5% 28.3% 51.5% -5.7%
Company
employees
3
4% 11% -2% -5.5% 2.8% -31.9% 1.7% -26.6% 17.1% -10.3% 2.2% -20.3% 1.6% -0.3% 19.7%
Mining Division
employees
4
1% 9% 7% -9.1% -9.7% -18.0% 15.7% 22.2% 22.1% -5.8% -11.4% -7.1% 7.2% 16.3% -10.6%
1. The fee percentage change for Directors who served for only part of a year has been annualised. Ignacio Bustamante has not been included in the table as he was
appointed to the Board on 1 July 2025.
2. Vivianne Blanlot resigned from the Board with effect from 31 March 2025.
3. The Parent Company, Antofagasta plc, has fewer than ten employees. Reporting these figures is mandatory, but the Parent Company is not considered to be an appropriate
comparator group, company employees has been deemed to be the best measure.
4. Mining Division employees are considered to be a relevant comparator group, partly because the Mining Division accounts for 98% of the Group’s revenue and partly
because the Annual Bonus Plan that applies to the Executive Committee is the same plan that applies to Mining Division employees at management and professional
levels. This annual bonus figure relates to the percentage change in the average annual bonus for the Mining Division employees and does not include any one-off bonuses
paid to employees due to the conclusion of collective bargaining agreements with labour unions. The principal reasons for the increases compared with 2024 were the
adjustments for Chilean inflation applied to salary levels and the increased Group performance outcome for bonus calculations.
Antofagasta has fewer than ten employees in the UK, and therefore there is no requirement to disclose a CEO pay ratio.
The relative importance of remuneration expenditure
The table below shows the total expenditure on employee remuneration, the distributions to shareholders, and tax expenses in 2024 and 2025.
2025
$m
2024
$m
Percentage
change
Employee remuneration
1
654.2 569.3 14.9%
Distributions to shareholders
2
636.9 309.3 105.7%
Taxation
3
1,114.1 662.9 68.1%
1. Employee remuneration includes salaries and social security costs which were expensed in the income statement in the year, as set out in Note 7 to the financial
statements. The percentage change in employee remuneration reflects several factors including exchange rate, inflation and headcount changes.
2. Distributions to shareholders represent the dividends proposed and approved for payment in relation to the year as set out in Note 12 to the financial statements.
3. Tax has been included because it shows the Group’s tax contribution, almost all of which is paid to the Chilean state by the Group’s operations in Chile. The tax
expense represents the current tax charge regarding corporate tax, mining tax (royalty) and withholding tax, as set out in Note 10 to the financial statements.
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REMUNERATION AND TALENT
MANAGEMENT COMMITTEE REPORT
Key responsibilities
The Committee ensures that the Group’s remuneration
arrangements support both the Group’s purpose and
the effective implementation of its strategy to enable the
recruitment, motivation, reward and retention of talent.
The Committee is responsible for setting remuneration for
the Chairman and CEO and for monitoring the compensation
strategy, level, structure and reward outcomes for Executive
Committee members.
The Committee actively participates in the Group’s talent
management strategy, including reviewing, assessing and
implementing succession plans for the Executive Committee.
The Committee also reviews workforce remuneration and
related policies, including the Diversity and Inclusion Policy,
the alignment of incentives and rewards with the Group’s
culture, the terms and limits of collective negotiations with
the Company’s unions, and the implementation of policy
changes that affect the workforce as a whole.
The responsibilities of the Committee are defined by its terms
of reference, which can be found on the Company’s website.
2025 Remuneration and Talent Management
Committee activities
The critical matters considered by the Committee are set out
in the table below:
Jan 25 Mar 25 Jun 25 Aug 25 Nov 25
Directors' and Executive Remuneration and Governance
2024 annual bonus and LTI
2025 annual bonus and LTI
Review of 2024 performance appraisal CEO and Executive Committee
individual performance
Directors' Remuneration Report
CEO and Executive Committee compensation benchmarks
2026 Directors’ and CEO Remuneration Policy Review
Remuneration governance
2026 Mining Division scorecard
Workforce, HR policies and talent management
Gender Pay Gap reporting
CEO to worker pay ratio
Talent management and succession planning
HR plan
Staff engagement plan status
Work System (40 hrs Project)
Activities during the year
Engagement with colleagues
The Committee considers pay conditions across the Group
when reviewing Directors’ and the CEO’s remuneration. Given
different working environments and geographies, this is not a
mechanical process. The Company has no Executive Directors,
and the CEO (who is not a Director) follows the Group’s broader
pay policy, including the same benefits and Annual Bonus Plan.
Executive Committee members and key executives, including the
CEO, participate in the LTIP under the same terms. The CEO’s
remuneration principles also apply to workforce compensation,
promoting a unified culture, values, and behaviours across the Group.
Approximately 79% of the Group’s employees are unionised,
and the number is close to 93% at the operator level. The
Committee reviews the gender pay gap, CEO pay ratio figures and
a range of other internal and external remuneration comparison
metrics and benchmarks when determining the quantum and
structure of the CEO’s remuneration. This review includes
feedback from shareholders and regular engagement with union
representatives and oversight of the parameters for collective
bargaining negotiations.
Remuneration and Talent Management Committee report
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025160
During 2025, in her capacity as Senior Independent Director and
Chair of the Remuneration and Talent Management Committee,
Francisca led efforts to uphold a fair, transparent and competitive
remuneration framework aligned with the Group’s strategy and
shareholder interests. Additionally, she has conducted site visits
to gain first-hand insight into employees’ daily experiences and
to listen to their perspectives and ideas.
Our focus remains on strengthening the link between pay and
performance, fostering a culture of recognition and development,
and ensuring the Group attracts and retains top talent for
long-term success.
Francisca appreciates the valuable insights shared by everyone
she met with and has conveyed them to the Board. The
Remuneration and Talent Management Committee will take these
insights into account throughout 2026 when making decisions.
Directors’ visits to Group operations are often used to hear
employees’ perspectives on labour matters.
The Committee receives regular updates on workforce pay and
benefits from senior management, who engage with employees
on matters such as the Remuneration Policy. Throughout the year,
the workforce is kept informed about the Group’s performance
targets and incentive programmes.
At the same time, senior management gathers ongoing feedback
on workforce performance and actively engages with employees
to understand their perspectives on remuneration policies and
practices. At the beginning of every Committee meeting, the CEO
provides an update to the Committee on key workforce issues
relating to remuneration and talent. The Committee meetings are
focused on these subjects. Following each Committee meeting,
the Committee Chair reports a summary of matters considered
to the full Board.
The Committee receives regular feedback on safety performance,
community relations, the working environment, operations and
critical projects and ensures that the workforce Remuneration
Policy (including senior management and CEO) is fair and
transparent, and its outcomes reflect the desired culture and
ensures alignment with the values and behaviours of the
organisation. The Committee also ensures that the process for
setting pay and establishing KPIs and performance outcomes
across the workforce reflects the governance and outcomes for
senior management and the CEO. The Committee ensures these
principles are applied to the whole workforce, including senior
management and the CEO.
Support provided to the Committee
Ellason provided advice to the Committee during 2025, having
been selected by the Committee through an independent and
competitive process in 2024. Fees to Ellason for this work in 2025
were charged in accordance with time and materials and amounted
to £143k. The Committee is satisfied that the advice provided by
Ellason was objective and independent and that no conflict of
interest arose concerning these services. Ellason also provided
advice and support to management during the year, primarily
on general remuneration issues, benchmarking and best HR
practices; together with ad hoc advice on topics such as equality
and gender-related pay disclosures. Ellason is an independent
professional services firm that adheres to the Code of Conduct for
Remuneration Consultants and is a signatory of the Code, which
can be found at www.remunerationconsultantsgroup.com.
During 2025, the Committee also received assistance of input from
the Chairman, Jean-Paul Luksic, the CEO, Iván Arriagada, the Vice
President of People and Organisation, Georgeanne Barceló, and the
Company Secretary, Julian Anderson, none of whom participated
in discussions relating to their own remuneration. Additionally, part
of each Committee meeting is held without management present
to ensure that individual views or areas of concern can be debated
between Committee members.
Talent management and succession planning
The Committee plays a critical role in overseeing talent management
and succession planning, both essential to the Group’s long-
term sustainable performance. The annual talent review refines
succession strategies for key roles, identifies talent pipelines, defines
individual development plans, and aligns recruitment priorities.
In recent years, the Group has enhanced its approach, prioritising
the overall employee experience to strengthen its position as a top
employer, capable of attracting and retaining leading professionals.
Effective talent management ensures the Group can meet both
current and future business needs by focusing on acquiring,
developing, and retaining high-potential individuals. This
strategy supports the Group’s ongoing growth and success.
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OTHER
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IMPLEMENTATION OF THE CEO’S
REMUNERATION POLICY IN 2026
Base salary and benefits
The CEO’s annual base salary is paid in Chilean pesos, and presented in this report in US dollars. The CEO’s annual base salary will be
$1,409,176 from 1 January 2026, calculated using an exchange rate of $1 = Ch$907. The CEO’s base salary is periodically adjusted for
inflation, in line with our Remuneration Policy and the CEO’s employment contract. The CEO’s base salary is also annually reviewed and
may be adjusted to reflect exchange rate adjustments, although no exchange rate adjustment was made in 2025. The Chilean peso/
US dollar exchange rate will continue to be monitored during 2026. The Committee also continues to monitor the overall remuneration
package value of the CEO in comparison to peers in the FTSE 100 mining industry and our core global copper mining peer groups.
Benefits will be provided in line with the Remuneration Policy and prior years, no pension will be paid to the CEO.
Annual bonus
The CEO’s maximum award opportunity will be 200% of salary, consistent with the Remuneration Policy. In line with previous years,
70% of the award will be based on Group performance. A summary of the 2026 annual bonus Group performance weightings has
been disclosed below. Owing to commercial sensitivity, the targets will only be disclosed in next year’s Annual Report.
Weighting Objective Measure Sub weighting
60% Core business Health and Safety 5%
Production 20%
Cash cost 20%
EBITDA 10%
Innovation 5%
LTIP
The Committee has approved an award to the CEO of 300% of base salary in 2026. The award will be split:
• Restricted Awards (30% of the overall award) – vest in one-third annual tranches over a three-year period.
• Performance Awards (70% of the overall award) – vest subject to a three-year performance period 1 January 2026 to 31 December
2028, based on the measures, weightings and objectives set out in the table below.
The final 2026 LTIP awards will be granted after this report is published.
Weighting Objective Basis for measure
50% Relative total
shareholder return
Comparison against Global X Copper Miners ETF (CopX Index) with 0% vesting if the Company’s performance is below
the index, 33% vesting at equal performance to the index and 100% vesting at performance 5% greater than the index.
25% Mineral Resources Maximum is 92.8 million tonnes of contained copper, threshold of 88.1 million tonnes, respectively, as of 31 December 2028.
12.5% Projects
performance
The maximum is achievable if:
Construction progress on the Los Pelambres concentrate pipeline is above 85% of the approved plan (17.5% weighting) and
the development on the desalination plant is above 85% of the approved plan including the construction and completion of
the ramp-up to design. (17.5%).
Centinela is above 85% of the approved plan for project construction (35.8%) and the extension of the sulphide development
project (19.2%).
Zaldívar Mine Life Extension and Water Transition is above 85% of the approved plan (10%).
12.5% Environmental
and social
commitments
This KPI is made of two parts:
Social management plan (40%): The threshold requires greater than 50% completion against the plan, and the maximum
is payable if greater than 85% compliance is achieved with the plans of Los Pelambres and the North District. Completion
of deadlines, budget and impact measurement according to the defined methodologies is required.
Sustainability commitments (60%):
(25%) – Nature Positive: The threshold requires the implementation of one initiative per company in two companies.
The maximum requires the implementation of one initiative in every company and two initiatives across the Mining Group.
(25%) – Decarbonisation: The threshold requires above 50% compliance with the decarbonisation plan, with technological
validation and progress in engineering stages at one site. The maximum requires 100% compliance with the decarbonisation
plan, with technological validation and progress in engineering stages at two sites.
(25%) – Water Management: The threshold requires that by 2028, over 82.5% of the operational water used at Los
Pelambres comes from desalinated and/or recirculated water, maintaining water recirculation above 77%. The maximum is
obtained if by 2028, over 90% of the operational water used at Los Pelambres comes from desalinated and/or recirculated
water through the second desalination plant.
(25%) The threshold requires no more than 1 N-1 (Critical Priority) observations in the independent review of the
Independent Tailings Review Board (IRTB). The maximum requires zero N-1 (High Priority or Critical Priority) observations
in the independent review of the IRTB and 100% compliance in the implementation or maintenance of the GISTM.
Implementation of the Director's and CEO's Remuneration Policy in 2026
Weighting Objective Measure Sub weighting
30% Business
development
Growth projects 25%
Exploration 5%
10% Sustainability and
organisational
development
People and Social 5%
Environmental performance 5%
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025
162
Chairman
Jean-Paul Luksic’s total fee for 2026 is $1,015,000 (2025: $1,015,000), comprising:
• $730,000 per annum for his services as Chairman of the Board;
• $25,000 per annum for his services as Chairman of the Nomination and Governance Committee; and
• $260,000 per annum for his services as Chairman of the Antofagasta Minerals board.
This fee level reflects his responsibility, experience and time commitment to the role.
Non-Executive Director
There has been no change to Non-Executive Director base fees of $130,000 since 2012. Given the core role which Antofagasta Minerals
plays in the management of the mining operations and projects, all Directors also serve as Directors of Antofagasta Minerals. The annual
fee payable to Directors of Antofagasta Minerals remains $130,000 (as it has since 2012). Therefore, the combined base fees payable to
Non-Executive Directors amount to $260,000 per annum. The Board periodically reviews both the structure and levels of fees paid to
Non-Executive Directors and will continue reviewing these fees from time to time, in accordance with the Policy.
Additional Director fees payable from 1 January 2026
Role Additional fees (US$)
Senior Independent Director 33,000
Audit and Risk Committee Chair 42,000
Audit and Risk Committee member 20,000
Nomination and Governance Committee Chair 25,000
Nomination and Governance Committee member 10,000
Projects Committee Chair 35,000
Projects Committee member 20,000
Remuneration and Talent Management Committee Chair 35,000
Remuneration and Talent Management Committee member 20,000
Sustainability and Stakeholder Management Committee Chair 35,000
Sustainability and Stakeholder Management Committee member 20,000
AGM voting history
2024 Directors’ and CEO Annual Report on
Remuneration (2025 AGM)
2023 Directors’ and CEO Remuneration Policy
(2023 AGM)
Votes for 96.53% 94.33%
1,069,695,217 1,036,351,144
Votes against 3.47% 5.67%
38,425,108 62,339,995
Votes cast as a percentage of issued share capital 93.44% 92.65%
Votes withheld 394,761 31,873
I hope this report demonstrates the importance that we place on the transparency of our decisions and how they are reached.
I look forward to meeting shareholders and answering questions at our AGM.
Approved by the Board and signed on its behalf:
FRANCISCA CASTRO
Chair of the Remuneration and Talent Management Committee
IMPLEMENTATION OF THE DIRECTOR'S
REMUNERATION POLICY IN 2026
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OTHER
INFORMATION
Directors
The Directors who served during the year are listed below.
Summaries of current Directors’ key skills and experience are
set out in the Corporate Governance Report on pages 108-110.
Jean-Paul Luksic (Chairman)
Francisca Castro
Ramón Jara
Juan Claro
Andrónico Luksic C Stepped down 27 January 2026
Michael Anglin
Tony Jensen
Eugenia Parot
Heather Lawrence
Tracey Kerr
Ignacio Bustamante Appointed 1 July 2025
Vivianne Blanlot Stepped down 31 March 2025
Financial risk management
Details of the Company’s policies on financial risk management
are set out in Note 23 to the financial statements.
Results and dividends
The consolidated profit before tax increased from $2,071.1 million
in 2024 to $3,159.5 million in 2025.
The Board has recommended a final dividend for 2025 of 48.0
cents per ordinary share, which amounts to $473.2 million and
will be paid on 11 May 2026 to shareholders on the share register
at the close of business on 17 April 2026. The Board declared
an interim dividend for the first half of 2025 of 16.6 cents per
ordinary share, which amounted to $163.7 million. This gives
total dividends proposed in relation to 2025 (including the
interim dividend) of 64.6 cents per share or $639.9 million
(2024: 31.4 cents per ordinary share or $309.8 million in total),
equivalent to a payout ratio of 50% of underlying earnings.
Preference shares carry the right to a fixed cumulative dividend
of 5% per annum of their nominal value of £1 per share. The
preference shares are classified within borrowings and preference
dividends are included within finance costs. The total cost of
dividends paid on preference shares and recognised as an expense
in the income statement was $0.1 million (2024: $0.1 million).
Further information relating to dividends is set out in the Financial
Review on page 68 and in Note 12 to the financial statements.
Political contributions
The Group did not make any political donations during the year
ended 31 December 2025 (2024: nil).
Auditor
The Company’s auditor, Deloitte LLP, has indicated its willingness
to continue in office and a resolution seeking its reappointment
will be proposed at the Annual General Meeting.
Disclosure of information to auditor
The Directors in office at the date of this report have each
confirmed that:
• So far as they are aware, there is no relevant audit information
of which the Group’s auditor is unaware.
• They have taken all the steps they ought to have taken as
Directors in order to make themselves aware of any relevant
audit information and to establish that the Group’s auditor
is aware of that information.
Capital structure
Details of the authorised and issued ordinary share capital of the
Company are shown in Note 28 to the financial statements. 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 of the Company.
Details of the preference share capital are shown in Note 21 to the
financial statements. The preference shares are non-redeemable
and are entitled to a fixed cumulative dividend of 5% of their
nominal value of £1 per share per annum.
Each preference share carries 100 votes on a poll at any general
meeting of the Company. When the preference shares were issued,
they each carried one vote at any general meeting of the Company
in parity with the ordinary shares in issue at that time. The number
of ordinary shares in issue has increased since then through stock
splits and bonus issues, but the preference shares were not split
at the same time as the ordinary shares. Therefore, to maintain
proportionate voting rights attaching to the preference shares,
the voting rights attaching to preference shares have increased
to 100 votes on a poll at any general meeting of the Company.
There are no specific restrictions on the transfer of shares or
on their voting rights beyond those standard provisions set out
in the Company’s Articles of Association and other provisions of
applicable laws and regulations (including following a failure to
provide the Company with information about interests in shares
as required by the Companies Act 2006). The Company is not
aware of any agreements between holders of the Company’s
shares that may result in restrictions on the transfer of securities
or on voting rights.
Regarding the appointment and replacement of Directors, the
Company is governed by, and has regard to, its Articles of Association,
the UK Corporate Governance Code 2024, the Companies Act 2006
and related legislation. The Articles of Association may be amended
by special resolution of the shareholders.
Directors’ report
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025164
There are no significant agreements in place that take effect, alter
or terminate upon a change of control of the Company. Except
as permitted by the Company’s Remuneration Policy, there are
no agreements in place between the Company and its Directors
or employees that provide for compensation for loss of office or
employment resulting from a change of control of the Company.
The percentages of the total nominal share capital of the Company
represented by each class of share are:
Class
Number
in issue
Nominal
value per
share
Percentage
of capital
Ordinary shares of 5p each 985,856,695 5p 96.10%
Preference shares
of £1.00 each 2,000,000 £1 3.90%
Authority to issue shares and authority
topurchase own shares
At the AGM held on 8 May 2025, authority was given to the
Directors to allot unissued relevant securities in the Company up
to a maximum amount of £16,430,945. This authority expires on
the date of this year’s AGM, scheduled to be held on 7 May 2026.
No shares have been issued pursuant to that authority as at the
date of this report or during the year. The Directors propose to
seek renewal of this authority at this year’s AGM.
Further special resolutions passed at the 2025 AGM granted
authority to the Directors to allot equity securities in the Company
for cash up to an aggregate nominal amount of £4,929,283
(representing slightly less than 10% of its issued ordinary share
capital) without regard to the pre-emption provisions of the
Companies Act 2006 and for an additional aggregate nominal
amount of £4,929,283 (representing an additional 10% of its
issued ordinary share capital) in connection with the financing or
refinancing of an acquisition or specified capital investment (plus,
in each case, an additional 2% for the purposes of a follow-on offer
as described in the Pre-Emption Group’s Statement of Principles).
These authorities also expire on the date of this year’s AGM.
Accordingly, the Directors will seek to renew these authorities
in line with the Pre-Emption Group’s Statement of Principles
and the Investment Association’s guidance.
The Company was also authorised by a shareholders’ resolution
passed at the 2025 AGM to purchase up to 10% of its issued
ordinary share capital. Any shares bought back may be held as
treasury shares or, if not so held, must be cancelled immediately
upon completion of the purchase, thereby reducing the amount
of the Company’s issued and authorised share capital. This
authority will expire at this year’s AGM and a resolution to renew
the authority for a further year will be proposed. No shares were
purchased by the Company during the year.
Directors’ interests and indemnities
Details of Directors’ contracts and letters of appointment,
remuneration and emoluments, and their interests in the shares of
the Company as at 31 December 2025, are given in the Directors’
Remuneration Report. No Director had any material interest in a
contract of significance (other than a service contract in respect of
Ramón Jara – see page 158) with the Company or any subsidiary
of the Company during the year.
In accordance with the Company’s Articles of Association and to
the extent permitted by the laws of England and Wales, Directors
are granted an indemnity from the Company in respect of liabilities
personally incurred as a result of their office. These indemnities
were in force during the course of the financial year ended
31 December 2025 and continued to be in force as at the date
of this report. The Company also maintained a Directors’ and
Officers’ liability insurance policy throughout the financial year.
A new policy has been entered into for the current financial year.
Conflicts of interest
Each year, the Directors complete a form identifying interests
that may constitute a conflict of interest including, for example,
directorships in other companies. Directors are also required to
notify the Company during the year of any relevant changes in
those positions or situations.
The Board, with assistance from the Nomination and Governance
Committee, considers potential and actual conflict situations
and decides the steps, if any, which need to be taken to manage
eachsituation.
The authorisation process is not regarded as a substitute for
managing an actual conflict of interest if one arises; and the
monitoring and, if appropriate, authorisation of actual and
potentialconflicts of interest is an ongoing process.
Substantial shareholdings
As at 31 December 2025, the following significant holdings
of voting rights in the share capital of the Company had been
disclosed to the Company under Disclosure Guidance and
Transparency Rule 5:
Shareholder
Ordinary
share capital
%
Preference
share capital
%
Total share
capital
%
Metalinvest Establishment 50.72 94.12 58.04
Kupferberg Establishment 9.94 – 8.27
Aureberg Establishment 4.26 – 3.54
Royal Bank of Canada 3.76 – 3.13
Metalinvest Establishment and Kupferberg Establishment are both
controlled by the E. Abaroa Foundation, in which members of
the Luksic family are interested. As explained in Note 34 to the
financial statements, Metalinvest Establishment is the immediate
Parent Company of the Group and the E. Abaroa Foundation is the
Ultimate Parent Company. Aureberg Establishment is controlled
by the Severe Studere Foundation which, in turn, is controlled by
Jean-Paul Luksic, the Chairman of the Company.
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INFORMATION
Exploration and research and development
The Group’s subsidiaries carry out exploration and research and
development activities that are necessary to support and expand
the Group’s operations.
Going concern
The Directors, having made appropriate enquiries, have satisfied
themselves that it is appropriate to adopt the going concern basis
of accounting in preparing the financial statements, as detailed in
Note 1 to the financial statements. Additionally, the Directors have
considered the Company’s longer-term viability, as described in
their statement on page 96.
Business relationships with suppliers,
customers and others
A statement of how the Directors have had regard to the need
to foster the Company’s business relationships with suppliers,
customers and others and the effect of that regard, including on
the principal decisions made by the Company during the year, is
set out on pages 40-65 of the Strategic Report and pages 98-166
of the Corporate Governance Report.
Other statutory disclosures
The Corporate Governance Report on pages 98-166, the Statement
of Directors’ Responsibilities on page 167 and Note 23 to the
financial statements are incorporated into this Directors’ Report
byreference.
Other information can be found in the following sections of the
Strategic Report, in addition to the Sustainability Databook, which
is available on the Company’s website (www.antofagasta.co.uk):
Location in Annual Report
Future developments in
the business of the Group
Pages 36-39
Viability statement Page 96
Subsidiaries, associates
and joint ventures
Pages 20-31
Employee engagement Pages 46-47 and 122
Greenhouse gas emissions
1
Pages 56-65
Streamlined energy
and carbon reporting
Pages 56-65
1. Emissions and energy consumed in the United Kingdom and offshore area relate
solely to a corporate office and are negligible.
Disclosures required pursuant to UK Listing Rule 6.6.4R can be
found on the following pages of the Annual Report:
Location in Annual Report
Statement of interest capitalised
by the Group (UKLR 6.6.1R(1))
See Notes 9 and 14 to the
financial statements
Long-Term Incentive Plan
(UKLR 6.6.1R(3))
See pages 140-163 and Note 24
to the financial statements
Independence from controlling
shareholder (UKLR 6.6.1R(13))
Page 107
Approved by the Board and signed on its behalf by
JULIAN ANDERSON
Company Secretary
19 March 2026
Directors’ report continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025166
Statement of Directors’ responsibilities
in respect of the financial statements
The Directors are responsible for preparing the 2025 Annual
Report and Financial Statements in accordance with applicable
law and regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the Group financial statements in accordance
with UK-adopted international accounting standards and the
Parent Company financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 101 ‘Reduced Disclosure
Framework’, and applicable law).
Under company law, Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and Parent Company and
of the profit or loss of the Group for that period. In preparing the
financial statements, the Directors are required to:
• Select suitable accounting policies and then apply them
consistently;
• State whether applicable UK-adopted international accounting
standards have been followed for the Group financial
statements and United Kingdom Accounting Standards,
comprising FRS 101, have been followed for the Parent
Company financial statements, subject to any material
departures disclosed and explained in the financial statements;
• Make judgements and accounting estimates that are
reasonable and prudent; and
• Prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group and
Parent Company will continue in business.
The Directors are responsible for safeguarding the assets of the
Group and Parent Company and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate accounting
records that are sufficient to show and explain the Group’s and
Parent Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Group and
Parent Company and enable them to ensure that the financial
statements and the Directors’ Remuneration Report comply with
the Companies Act 2006. The Directors are responsible for the
maintenance and integrity of the Parent Company’s website.
Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
Directors’ confirmations
The Directors consider that the 2025 Annual Report and Financial
Statements and accounts, taken as a whole, is fair, balanced
and understandable and provides the information necessary for
shareholders to assess the Group’s and Parent Company’s position
and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in
the Corporate Governance Report confirm that, to the best of
their knowledge:
• The Group financial statements, which have been prepared
in accordance with UK-adopted international accounting
standards, give a true and fair view of the assets, liabilities,
financial position and profit of the Group;
• The Parent Company financial statements, which have been
prepared in accordance with United Kingdom Accounting
Standards, comprising FRS 101, give a true and fair view
of the assets, liabilities and financial position of the Parent
Company; and
• The Strategic Report includes a fair review of the development
and performance of the business and the position of the Group
and Parent Company, together with a description of the
Principal Risks and uncertainties that they face.
In the case of each Director in office at the date the Directors’
Report is approved:
• So far as the Director is aware, there is no relevant audit
information of which the Group and Parent Company’s auditors
are unaware; and
• They have taken all the steps that they ought to have taken as
a Director in order to make themselves aware of any relevant
audit information and to establish that the Group and Parent
Company’s auditors are aware of that information.
Approved by the Board and signed on its behalf by:
JEAN-PAUL LUKSIC FRANCISCA CASTRO
Chairman Senior Independent Director
19 March 2026
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FINANCIAL
STATEMENTS
Financial performance
Independent auditors’ report 170
Consolidated income statement 178
Consolidated statement of comprehensive income 179
Consolidated statement of changes in equity 180
Consolidated balance sheet 181
Consolidated cash flow statement 182
Notes to the financial statements 183
Parent company financial statements 236
Other information
Alternative Performance Measures 243
Five-year summary 246
Production statistics 248
Ore Reserves and Mineral Resources estimates 249
Glossary and definitions 261
Shareholder information 265
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025168
Independent auditor’s report
to the members of Antofagasta plc
REPORT ON THE AUDIT OF
THE FINANCIAL STATEMENTS
1. Opinion
In our opinion:
• the financial statements of Antofagasta plc (the ‘Parent Company’) and its subsidiaries (the ‘Group’) give a true and fair view
of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2025 and of the Group’s profit for the year
then ended;
• the Group financial statements have been properly prepared in accordance with United Kingdom adopted international
accounting standards;
• the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice, including Financial Reporting Standard 101 'Reduced Disclosure Framework'; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
• the consolidated income statement;
• the consolidated statement of comprehensive income;
• the consolidated statement of changes in equity;
• the consolidated balance sheet;
• the consolidated cash flow statement;
• the related notes 1 to 34 to the financial statements;
• the Parent Company balance sheet;
• the Parent Company statement of changes in equity; and,
• the related notes 1 to 8 to the Parent Company financial statements.
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and United
Kingdom adopted international accounting standards. The financial reporting framework that has been applied in the preparation of the
Parent Company financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 'Reduced Disclosure
Framework' (United Kingdom Generally Accepted Accounting Practice).
2. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed public interest
entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services provided
to the Group and for the year are disclosed in Note 7 to the financial statements. We confirm that we have not provided any non-audit
services prohibited by the FRC’s Ethical Standard to the Group or the Parent Company.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025170
3. Summary of our audit approach
Key audit matters The key audit matter that we identified in the current year was:
• Assessment of indicators of impairment for the Zaldívar cash generating unit
Materiality The materiality that we used for the Group financial statements was $110m which was determined on the basis of 5%
of forecast three-year-average profit before tax adjusted for one-off items.
Scoping Our audit scope for the 2025 audit comprises audits of the entire financial information for four components and audits
of specified account balances for four components. The components subjected to these audit procedures represented
98% of the Group’s revenue and 97% of the Group’s profit before tax.
Significant changes
in our approach
There have been no significant changes in our approach from the prior year with the exception of the following changes
to key audit matters identified:
• Amendment of the key audit matter relating to impairment indicators – we have revisited our risk assessment and
determined that the impairment reversal on the Antucoya cash generating unit in the current year is no longer a key
audit matter; and
• Removal of the key audit matter in relation to the impairment valuation of the Buenaventura investment in associate in
the current year. This reflects a reduced level of estimation uncertainty and judgment required in assessing impairment
indicators, primarily due to the significant increase in Buenaventura’s share price observed during the period.
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation
of the financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Group’s and Parent Company’s ability to continue to adopt the going concern basis of
accounting included:
• Challenging the key assumptions used in the base case scenarios by assessing whether a 10% decline in forecast copper prices was
appropriate based on broker forecasts and historical volatility patterns;
• Considering market and industry specific factors, including operational risks which could impact production volumes, as well as
by-product pricing volatility, and the effect of changes in foreign exchange rates;
• Challenging the downside sensitivity scenarios performed by management, by modelling our own more severe scenarios;
• Analysing the covenants included within the Group’s borrowing facilities, and assessing the forecast compliance with the specified
Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth ratios; and
• Assessing the appropriateness of the disclosures relating to going concern in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually
or collectively, may cast significant doubt on the Group's and Parent Company’s ability to continue as a going concern for a period of at
least twelve months from when the financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add or draw
attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to
adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of
this report.
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Independent auditor’s report continued
to the members of Antofagasta plc
5. Key audit matters
The key audit matter communicated below is the matter that, in our professional judgement, was of most significance in our audit of the
financial statements of the current period and include the most significant assessed risk of material misstatement (whether or not due
to fraud) that we identified. This matter had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and
directing the efforts of the engagement team.
This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on this matter.
5.1. Assessment of indicators of impairment for the Zaldívar cash generating unit
Key audit matter
description
In accordance with IAS 36 ‘Impairment of assets’, management performed an assessment of indicators of
impairment over the Zaldívar cash generating unit.
Management concluded that overall there were no indicators of impairment for Zaldívar at 31 December 2025
based on its assessment which included consideration of the headroom indicated from its latest life-of-mine ('LOM')
valuation (with adjustments made to achieve IAS 36 compliance).
Judgement is required in determining the key valuation assumptions, the most significant of which is the copper price
forecast used, with other assumptions including the discount rate, the Chilean Peso – US dollar exchange rate, and
key operational assumptions, including the reserves and resources determined by management’s internal experts,
production volumes, water sourcing strategy, operating costs and capital costs. Inherently, for areas of significant
judgement, there is a greater potential for management bias, fraud or error.
Refer to Note 3 of the Group financial statements which sets out the impairment indicator assessment at Zaldívar.
This is considered a critical accounting judgement by management. Further information is included in the Audit and
Risk Committee report on page 130.
How the scope of our
audit responded to the
key audit matter
In response to the key audit matter described above, we performed the following procedures:
• We gained an understanding of management’s process for assessing indicators of impairment. We obtained an
understanding of relevant internal controls over that process;
• We performed an independent assessment of impairment indicators considering the current economic
environment, including the volatility in commodity pricing;
• We assessed management’s determination of the Cash Generating Unit (CGU) by reference to the requirements of
accounting standards and our understanding of the nature of the Group’s mining operations;
• With the support of our Deloitte valuation and mining specialists, we challenged management’s copper price
forecast and exchange rates against third party data, and benchmarked the discount rate used to an independently
developed reasonable range;
• We assessed the capital costs assumed for management’s water sourcing strategy through inspection of latest
available tender documentation;
• We benchmarked production volumes and operating cost assumptions against historical performance.
The minable production tonnage assumptions were assessed against reserves and resources estimates;
• We assessed the competence, capability and objectivity of the Group’s internal experts responsible for preparing
the reserves and resources statements;
• Working with our Deloitte valuation and mining specialists, we assessed specific technical assumptions, including
the forecast processing recoveries at Zaldívar, the value attributable to the Zaldívar primary sulphides project,
and the value attributed to additional resources by benchmarking the valuation multiples applied to those of recent
market transactions;
• In relation to climate change, we evaluated the modelling for the Zaldívar mine to assess whether costs reflecting
probable climate-related risks and management’s climate change commitments were appropriately included in the
cash flows to the extent these are material;
• We evaluated the appropriateness of the amounts included or excluded from the carrying value of the Zaldívar
CGU for the indicators assessment;
• Working with our Deloitte analytics and modelling specialists, we utilised analytics tools to assess the mechanical
accuracy and integrity of the model prepared by management;
• We performed a stand-back assessment and evaluated management’s valuation for Zaldívar for any evidence of
management bias in assumptions and judgements applied; and
• We evaluated the adequacy of the related disclosures in the financial statements, including the associated critical
accounting judgement set out in Note 3.
Key observations We concluded that management’s assessment of impairment indicators is appropriate, with management’s adjusted
LOM valuation providing a reasonable basis for conclusion under IAS 36.
We considered management’s disclosures to be appropriate.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025172
6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a
reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements Parent Company financial statements
Materiality $110m (2024: $77m) $31m (2024: $21m)
Basis for determining
materiality
5% of the 3-year-average profit before tax, adjusted to remove
the impact of one-off items such as impairment charges
and reversals, which remains consistent with the prior year.
1% of total assets (2024: 1% of total assets).
Rationale for the
benchmark applied
Using a three-year average continues to be an effective
approach for audits of companies in the mining industry
given a single year’s profits are highly exposed to cyclical
commodity price fluctuations.
We have considered total assets as the
appropriate measure given the Parent Company
is primarily a holding Company for the Group.
PBT excluding
one-off items
Group materiality
$2,202m
Group materiality
$110m
Component performance materiality range
$23m to $43m
Audit and Risk Committee reporting threshold
$5.5m
6.2. Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected
misstatements exceed the materiality for the financial statements as a whole.
Group financial statements Parent Company financial statements
Performance materiality 70% (2024: 70%) of Group materiality 70% (2024: 70%) of Parent Company
materiality
Basis and rationale for
determining performance
materiality
In determining performance materiality, we considered our risk assessment, including our assessment of the
Group’s overall control environment and the level of corrected and uncorrected misstatements identified in
previous audits.
6.3. Error reporting threshold
We agreed with the Audit and Risk Committee that we would report to the Committee all audit differences in excess of $5.5m (2024: $3.9m),
as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit and
Risk Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements.
7. Audit scope and execution
7.1. Identification and scoping of components
Our Group audit was scoped by obtaining an understanding of the Group and its environment and assessing the risks of material
misstatement at the Group level.
The core mining business comprises four mining operations: Los Pelambres, Centinela, Antucoya, and Zaldívar, a joint venture with Barrick
Gold Corporation operated by the Group. These mines produce copper cathodes, copper concentrates and significant volumes of by-products.
In addition to mining, the Group has a transport division that provides rail and road cargo services in northern Chile, predominately to mining
customers, including to the Group’s own mining operations. All of the above operations are located in Chile. In addition, the Group has
corporate head offices located in Santiago, Chile and London, United Kingdom. The Group also has exploration projects in various countries.
The identification of significant account balances, transactions and disclosures, including the identification and classification of risks of
material misstatement was performed by the Group audit team with input from our component auditors (from Deloitte Chile), including the
scoping of relevant IT systems and controls relevant to the audit.
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Independent auditor’s report continued
to the members of Antofagasta plc
Audit work executed at the component level and individual legal entities
We determined the nature and extent of the audit work that needed to be performed at
each of the four mine sites and corporate offices in Chile, by us, as the Group engagement
team and by our component auditors from Deloitte Chile. Our audit scope for the 2025
audit comprises audits of the entire financial information of four components and audits
of specified account balances for four components. Component performance materialities
were capped at $43m, giving a range of $23m to $43m. For the purposes of the Group
audit, we used a lower $22m performance materiality for certain balances in the Parent
Company to align with the determined materiality for its Company-only financial statements.
The components subjected to these audits represented 98% of the Group’s revenue
(2024: 97%) and 97% of the Group’s profit before tax (2024: 96%).
Audit procedures undertaken at the Group level and on the Parent Company
In addition to the above, we also performed audit work at the Group level and on the Parent
Company financial statements, including but not limited to the consolidation of the Group’s
results, the preparation of the financial statements, certain disclosures within the Directors’
remuneration report and exposures in addition to management’s entity level and oversight
controls relevant to financial reporting. Audit procedures undertaken at a Group level were
performed to Group performance materiality, or, where tested at a component level, to
component performance materiality.
At the group level we also carried out analytical procedures to obtain further assurance
that there were no significant risks of material misstatement of the aggregated financial
information of the remaining account balances, transactions and disclosures not subject
to audit or specified audit procedures.
7.2. Our consideration of the control environment
Antofagasta relies on the effectiveness of a number of IT systems and applications to
ensure that financial transactions are recorded completely and accurately. The Group uses
SAP in all of its legal entities. With the involvement of our IT specialists, we assessed and
relied on key controls over the SAP system. From our walkthroughs and understanding of
the entity and the controls at the business cycle and account balance levels, we relied on
certain controls in the following business cycles: revenue, inventory, property, plant and
equipment, accounts receivable and accounts payable.
The Group continues to invest in its internal controls as part of its ongoing control improvement activities and its preparations for the
introduction of the Directors' declaration over the effectiveness of material internal controls set out in the 2024 UK Corporate Governance
Code and first applicable for the year ending 31 December 2026, with areas of focus including enhancing the precision and documentation
of management review controls over spreadsheet models. The Audit and Risk Committee has discussed the transition to the 2024 UK
Corporate Governance Code and management’s action plans on pages 128 to 133.
7.3. Our consideration of climate-related risks
The Group has considered climate change risk as part of their risk assessment process when considering principal risks and uncertainties
facing the Group. This is set out in the strategic report on page 85, and in Note 1 to the financial statements.
In planning our audit, the financial impacts on the Group of climate change and the transition to a low carbon economy were considered
where these factors have the potential to directly or indirectly impact key judgements and estimates within the financial statements. We
worked with our internal environmental specialists in considering potential climate change risk factors. Our risk assessment was based on:
• Enquiries of senior management to understand the potential impact of climate change risk including physical risks to producing assets,
the potential changes to the macro-economic environment and the potential for the transition to a low carbon environment to occur
quicker than anticipated;
• Reading and considering Antofagasta’s Climate Action Plan and TCFD disclosures;
• Considering, together with our component team, immediate and possible longer-term impacts of climate change in the Group’s main
jurisdictions; and
• Reading and considering external publications by recognised authorities on climate change.
Climate-related risks have also been considered as part of our key audit matter. Please refer to section 5.1 for further details.
7.4. Working with other auditors
Our oversight of the component auditor included directing the planning of their audit work and understanding their risk assessment
process to identify key areas of estimates and judgement, as well as supervising the execution of their audit work.
Revenue
Subject to audit 98%
Not subject to audit 2%
Profit before tax
Subject to audit 97%
Not subject to audit 3%
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025174
We held a partner-led Group audit planning meeting with our component auditor. We issued detailed instructions to Deloitte Chile,
reviewed and challenged their related component inter-office reporting and findings, reviewed underlying audit files, attended component
audit closing meetings with local management and had regular communications to interact on any related audit and accounting matters
which arose. Members of the Group team, including the senior statutory auditor, also visited Chile on multiple occasions during the audit.
8. Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report
thereon. The Directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to
a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
9. Responsibilities of Directors
As explained more fully in the statement of Directors’ responsibilities, the Directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue
as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
10. Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditor’s report.
11. Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below.
11.1. Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and
regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance including the design of the Group’s remuneration
policies, key drivers for Directors’ remuneration, bonus levels and performance targets;
• the Group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;
• results of our enquiries of senior management, internal audit, Group legal counsel, the Directors and the Audit and Risk Committee
about their own identification and assessment of the risks of irregularities, including those that are specific to the Group’s sector;
• any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
– identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
– detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
– the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team including component audit team and relevant internal specialists, including
valuations, tax, IT, analytics and modelling, valuation and mining, and environmental specialists regarding how and where fraud might
occur in the financial statements and any potential indicators of fraud.
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Independent auditor’s report continued
to the members of Antofagasta plc
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and
identified the greatest potential for fraud to be in the assessment of indicators of impairment for the Zaldívar cash generating unit.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management
override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those
laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.
The key laws and regulations we considered in this context included the UK Companies Act, UK Listing Rules, pensions legislation, tax
legislation, UK Corporate Governance Code. In addition, we considered provisions of other laws and regulations that do not have a direct
effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material
penalty. These included the Group’s operating licences and environmental regulations.
11.2. Audit response to risks identified
As a result of performing the above, we identified assessment of indicators of impairment for the Zaldívar cash generating unit as a key
audit matter related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also
describes the specific procedures we performed in response to that key audit matter.
In addition to the above, our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of
relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management, the Audit and Risk Committee and in-house legal counsel concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement
due to fraud;
• reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with
relevant regulatory authorities; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other
adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating
the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including
internal specialists and the component audit team, and remained alert to any indications of fraud or non-compliance with laws and
regulations throughout the audit.
Report on other legal and regulatory requirements
12. Opinions on other matters prescribed by the Companies Act 2006
In our opinion the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies
Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the Directors’ report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and
• the strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the
course of the audit, we have not identified any material misstatements in the strategic report or the Directors’ report.
13. Corporate Governance Statement
The Listing Rules require us to review the Directors' statement in relation to going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the Group’s compliance with the provisions of the UK Corporate Governance Code specified
for our review.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025176
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit:
• the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 183;
• the Directors’ explanation as to its assessment of the Group’s prospects, the period this assessment covers and why the
period is appropriate set out on page 96;
• the Directors' statement on fair, balanced and understandable set out on page 167;
• the board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 80;
• the section of the annual report that describes the review of effectiveness of risk management and internal control systems
set out on page 132; and
• the section describing the work of the Audit and Risk Committee set out on pages 128 to 133.
14. Matters on which we are required to report by exception
14.1. Adequacy of explanations received and accounting records
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not received all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received
from branches not visited by us; or
• the Parent Company financial statements are not in agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
14.2. Directors’ remuneration
Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors’ remuneration have not
been made or the part of the Directors’ remuneration report to be audited is not in agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
15. Other matters which we are required to address
15.1. Auditor tenure
Following the recommendation of the Audit and Risk Committee, we were appointed by the shareholders at its Annual General Meeting on
8 May 2024 to audit the financial statements for the year ending 31 December 2024 and subsequent financial periods. The period of total
uninterrupted engagement is accordingly two years covering the years ending 31 December 2024 to 31 December 2025.
15.2. Consistency of the audit report with the additional report to the Audit and Risk Committee
Our audit opinion is consistent with the additional report to the Audit and Risk Committee we are required to provide in accordance with
ISAs (UK).
16. Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in
an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As required by the Financial Conduct Authority (FCA) Disclosure Guidance and Transparency Rule (DTR) 4.1.15R – DTR 4.1.18R, these
financial statements will form part of the Electronic Format Annual Financial Report filed on the National Storage Mechanism of the FCA
in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides no assurance over whether the Electronic Format Annual
Financial Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R.
CHRISTOPHER THOMAS FCA (SENIOR STATUTORY AUDITOR)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
19 March 2026
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Consolidated income statement
For the year ended 31 December 2025
| Excluding | Exceptional | Excluding | |||||
| exceptional | items 2025 | exceptional | Exceptional | ||||
| items 2025 | (Note 4) | 2025 | items 2024 | items 2024 | 2024 | ||
| Note(s) | $m | $m | $m | $m | $m | $m | |
Revenue | 5, 6 | ||||||
Total operating costs | ( | ( | ( | ( | |||
Operating profit | 5, 4, 7 | ||||||
Net share of results from associates and joint ventures | 17 | ||||||
Operating profit and share of total results from associates | |||||||
and joint ventures | 7 | ||||||
Investment income | 9 | ||||||
Interest expense | 9 | ( | ( | ( | ( | ||
Other finance items | 4, 9 | ( | ( | ||||
Net finance (expense)/income | 9 | ( | ( | ( | ( | ||
Profit before tax | |||||||
Income tax expense | 10 | ( | ( | ( | ( | ( | |
Profit for the year | |||||||
| Attributable to: | |||||||
Non-controlling interests | 29 | ||||||
Owners of the parent | 11 | ||||||
Note | US cents | US cents | US cents | US cents | US cents | US cents | |
| Basic and diluted | |||||||
earnings per share | 11 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025178
Consolidated statement of comprehensive income
For the year ended 31 December 2025
| 2025 | 2024 | ||
| Note | $m | $m | |
Profit for the year | |||
| Items that may be or were subsequently reclassified to profit or loss: | |||
Gains /(losses) on cash flow hedging (including cost of hedging) | ( | ||
Tax effects arising on cash flow hedges deferred in reserves | ( | ||
Currency translation adjustment | ( | ||
Total items that may be or were subsequently reclassified to profit or loss | ( | ||
| Items that will not be subsequently reclassified to profit or loss: | |||
Actuarial (losses) on defined benefit plans | 27 | ( | ( |
Gains on fair value of equity investments | 17 | ||
Tax on items recognised directly in other comprehensive income | 26 | ( | |
Deferred tax credit on equity investment 1 | 4 | ||
Share of other comprehensive losses of associates and joint ventures, net of tax | 16 | ( | ( |
Total items that will not be subsequently reclassified to profit or loss | |||
Total other comprehensive income/(expense) | ( | ||
Total comprehensive income for the year | |||
| Attributable to: | |||
Non-controlling interests | 29 | ||
Owners of the parent |
1. During 2025, a deferred tax credit of $44.7 million was recognised in reserves, due to the derecognition of the deferred tax liability in respect of the Group’s investment in
Buenaventura. Please refer to Note 3 for further information.
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Consolidated statement of changes in equity
For the year ended 31 December 2025
| Equity attributable | Non-controlling | ||||||
| Other reserves | Retained earnings | to owners of | interests | Total | |||
| Share capital | Share premium | (Note 28) | (Note 28) | the parent | (Note 29) | equity | |
| $m | $m | $m | $m | $m | $m | $m | |
At 1 January 2024 | |||||||
Profit for the year | |||||||
Other comprehensive income for the year | ( | ( | ( | ( | |||
Total comprehensive income for the year | |||||||
Reclassification 1 | ( | ||||||
Capital increase 2 | |||||||
Dividends | ( | ( | ( | ( | |||
At 31 December 2024 | ( | ||||||
Profit for the year | |||||||
Other comprehensive income for the year | |||||||
Total comprehensive income for the year | |||||||
Acquisition of non-controlling 3 | ( | ( | ( | ||||
Capital increase 4 | |||||||
Dividends | ( | ( | ( | ( | |||
At 31 December 2025 | ( |
1. Relates to the reclassification of the fair value gain relating to the equity investment in Buenaventura from the Equity investment revaluation reserve to Retained earnings,
following the completion of the transaction detailed in Notes 3 and 17 in March 2024, which resulted in the derecognition of the equity investment and the Group’s interest
in Buenaventura being accounted for as an investment in associate from that point.
2. Related to Marubeni's capital contribution of $156.7 million in Centinela and Barrick’s capital contribution of $0.1 million in Encierro.
3. Related to the acquisition of the remaining stake in Antomin Investors Limited, as detailed in Note 32.
4. Related to Marubeni's capital contribution of $186.9 million in Centinela.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025180
Consolidated balance sheet
As at 31 December 2025
| 2025 | 2024 | ||
| Note | $m | $m | |
| Non-current assets | |||
Property, plant and equipment | 14 | ||
Inventories | 18 | ||
Investment in associates and joint ventures | 16 | ||
Trade and other receivables | 19 | ||
Equity investments | 17 | ||
Deferred tax assets | 26 | ||
| Current assets | |||
Inventories | 18 | ||
Trade and other receivables | 19 | ||
Derivative financial instruments | 16 | ||
Current tax assets | |||
Liquid investments | 20 | ||
Cash and cash equivalents | 20 | ||
Total assets | |||
| Current liabilities | |||
Short-term borrowings and other financial liabilities | 21 | ( | ( |
Trade and other payables | 22 | ( | ( |
Short-term decommissioning and restoration provisions | 27 | ( | ( |
Derivative financial instruments | 23D | ( | |
Current tax liabilities | ( | ( | |
( | ( | ||
| Non-current liabilities | |||
Medium and long-term borrowings and other financial liabilities | 21 | ( | ( |
Trade and other payables | 22 | ( | ( |
Derivative financial instruments | 23D | ( | |
Post-employment benefit obligations | 25 | ( | ( |
Decommissioning and restoration provisions | 27 | ( | ( |
Deferred tax liabilities | 26 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
| Equity | |||
Share capital | 28 | ||
Share premium | 28 | ||
Other reserves | 28 | ( | ( |
Retained earnings | 28 | ||
Equity attributable to owners of the parent | |||
Non-controlling interests | 29 | ||
Total equity |
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Consolidated cash flow statement
For the year ended 31 December 2025
| 2025 | 2024 | ||
| Note(s) | $m | $m | |
Cash flow from operations | 30 | ||
Interest paid | ( | ( | |
Income tax paid | ( | ( | |
Net cash from operating activities | |||
| Investing activities | |||
Dividends from associates and joint ventures | 16 | ||
Proceeds from sale of property, plant and equipment | |||
Purchases of property, plant and equipment | 5 | ( | ( |
Net (increase)/decrease in liquid investments | 20 | ( | |
Interest received | |||
Net cash used in investing activities | ( | ( | |
| Financing activities | |||
Dividends paid to owners of the Parent | 12 | ( | ( |
Dividends paid to preference shareholders of the Company | 12 | ( | ( |
Dividends paid to non-controlling interests | 29 | ( | ( |
Capital increase from non-controlling interest 1 | 29 | ||
Acquisition of non-controlling interest | 32 | ( | |
Proceeds from issue of other financial liabilities | 30 | ||
Proceeds from issue of new borrowings | 30 | ||
Repayments of borrowings | 30 | ( | ( |
Principal elements of lease payments | 30 | ( | ( |
Repayment of other financial liabilities | 30 | ( | ( |
Net cash from financing activities | |||
Net increase in cash and cash equivalents | |||
Cash and cash equivalents at beginning of the year | |||
Net increase in cash and cash equivalents | 30 | ||
Effect of foreign exchange rate changes | 30 | ( | ( |
Cash and cash equivalents at end of the year | 20, 30 |
1. Related to Marubeni's capital contribution of $186.9 million to Centinela (year ended 31 December 2024: $156.7 million).
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025182
Notes to the financial statements
For the year ended 31 December 2025
1 Basis of preparation
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Notes to the financial statements continued
For the year ended 31 December 2025
1 Basis of preparation continued
Company structure
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.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025184
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).
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Notes to the financial statements continued
For the year ended 31 December 2025
2 Material accounting policies continued
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Notes to the financial statements continued
For the year ended 31 December 2025
2 Material accounting policies continued
(J) Property, plant and equipment continued
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Notes to the financial statements continued
For the year ended 31 December 2025
2 Material accounting policies continued
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Notes to the financial statements continued
For the year ended 31 December 2025
2 Material accounting policies continued
(V) Other financial instruments continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025192
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 – | ||||||||
Buenaventura | – | – | – | 51.0 | – | (12.7) | – | 3.9 |
Reversal of impairment – Antucoya | – | 371.4 | – | 371.4 | – | (114.0) | – | 17.4 |
Reversal of deferred tax on fair value gains | – | – | – | – | 54.5 | – | 5.5 | – |
After exceptional items | 3,373.6 | 2,008.7 | 3,159.5 | 2,071.1 | (1,088.2) | (755.1) | 134.8 | 84.1 |
Compañía 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 – Investments in Associates and Joint Ventures definition). Accordingly, the Group’s 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’s existing 7% investment shareholding in Buenaventura.
2024 – 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.
5 Segment information
The Group’s reportable segments, which are the same as its operating segments, are set out below:
• Los Pelambres;
• Centinela;
• Antucoya;
• Zaldívar;
• Exploration and evaluation;
• Corporate and other items; and
• Transport Division.
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Notes to the financial statements continued
For the year ended 31 December 2025
5 Segment information continued
For management purposes, the Group is organised into two business divisions based on their products – 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
Zaldívar 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’s mining corporate
centre and other entities that are not allocated to any individual business segment. Consistent with its internal management reporting,
the Group’s corporate and other items are included within the Mining Division.
The chief operating decision-maker (the Group’s 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.
| Exploration | Corporate | ||||||||
| Los | and | and other | Transport | ||||||
| Pelambres | Centinela | Antucoya | Zaldívar | Evaluation 1 | items | Mining | Division | Total | |
| $m | $m | $m | $m | $m | $m | $m | $m | $m | |
Revenue | 4,131.0 | 3,478.5 | 837.3 | – | – | – | 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) | – | (55.5) | (99.1) | (3,492.2) | (108.8) | (3,601.0) |
Depreciation | (609.5) | (880.7) | (158.2) | – | – | (10.1) | (1,658.5) | (36.9) | (1,695.4) |
Profit on disposals | 52.6 | (2.8) | – | – | – | (0.1) | 49.7 | – | 49.7 |
Operating profit/(loss) | 1,991.1 | 1,350.7 | 168.8 | – | (55.5) | (109.3) | 3,345.8 | 27.8 | 3,373.6 |
Net share of results from associates and joint ventures | – | – | – | (30.4) | – | 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 | – | – | 62.1 | 154.2 | 2.0 | 156.2 |
Interest expense | (159.2) | (86.1) | (25.9) | – | – | (70.5) | (341.7) | (0.4) | (342.1) |
| Other finance items | |||||||||
(excluding exceptional items) | (36.6) | (32.1) | (7.0) | – | – | (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 – excluding exceptional items | (685.7) | (381.7) | (37.2) | – | – | (25.2) | (1,129.8) | (12.9) | (1,142.7) |
Tax – exceptional items | – | – | – | – | – | 54.5 | 54.5 | – | 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 | – | – | (0.3) | 742.4 | – | 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 | – | – | 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 | – | – | 2,223.0 | 24,178.1 | 434.0 | 24,612.1 |
| Investment in associates | |||||||||
and joint ventures | – | – | – | 864.1 | – | 933.6 | 1,797.7 | 8.6 | 1,806.3 |
Segment liabilities | (4,931.8) | (3,877.6) | (592.3) | – | – | (2,521.9) | (11,923.6) | (64.4) | (11,988.0) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025194
| Exploration | Corporate | ||||||||
| Los | and | and other | Transport | ||||||
| Pelambres | Centinela | Antucoya | Zaldívar | evaluation 2 | items | Mining | Division | Total | |
| $m | $m | $m | $m | $m | $m | $m | $m | $m | |
Revenue | 3,326.7 | 2,359.2 | 732.6 | – | – | – | 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) | – | (52.7) | (72.8) | (3,276.7) | (125.6) | (3,402.3) |
Depreciation | (544.1) | (854.9) | (117.7) | – | – | (10.2) | (1,526.9) | (41.3) | (1,568.2) |
Loss on disposals | (3.6) | (1.9) | – | – | (0.1) | (5.6) | – | (5.6) | |
| Reversal of the provision against carrying | |||||||||
value of assets (exceptional items) | – | – | 371.4 | – | – | – | 371.4 | – | 371.4 |
Operating profit/(loss) | 1,313.5 | 273.5 | 529.5 | – | (52.7) | (83.1) | 1,980.7 | 28.0 | 2,008.7 |
| Net share of results from associates | |||||||||
and joint ventures | – | – | – | 15.1 | – | 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 | – | – | 85.3 | 183.1 | 1.1 | 184.2 |
Interest expense | (138.0) | (75.0) | (30.3) | – | – | (68.4) | (311.7) | (0.5) | (312.2) |
| Other finance items | |||||||||
(excluding exceptional items) | 23.5 | 30.2 | 7.9 | – | – | 4.2 | 65.8 | (2.6) | 63.2 |
| Fair value gain on other financial assets | |||||||||
– exceptional items 2 | – | – | – | – | – | 51.0 | 51.0 | – | 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 – excluding exceptional items | (432.0) | (67.1) | (30.9) | – | – | (91.8) | (621.8) | (6.6) | (628.4) |
Tax – exceptional items | – | – | (114.0) | – | – | (12.7) | (126.7) | – | (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 | – | – | (1.3) | 486.6 | – | 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 | – | – | 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 | – | – | 2,110.5 | 20,423.7 | 435.1 | 20,858.8 |
| Investment in associates | |||||||||
and joint ventures | – | – | – | 895.1 | – | 872.0 | 1,767.1 | 9.0 | 1,776.1 |
Segment liabilities | (4,076.8) | (2,877.1) | (591.9) | – | – | (2,064.3) | (9,610.1) | (70.6) | (9,680.7) |
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Notes to the financial statements continued
For the year ended 31 December 2025
5 Segment information continued
| 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 |
| 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 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025196
| 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 |
| 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 |
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Notes to the financial statements continued
For the year ended 31 December 2025
6 Revenue continued
| 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 | – | – | – | – | – | – | 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 | – | 0.4 | 4.0 | 0.5 | – | – | 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 | – | 4.2 | (10.8) | (3.3) | – | – | 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) | – | – | (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 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025198
| 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 | – | – | – | – | – | – | 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) | – | (2.6) | 1.0 | 0.4 | – | – | (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) | – | 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) | – | 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) | – | (0.4) | (4.0) | (0.5) | – | – | (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) | – | – | (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 |
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Notes to the financial statements continued
For the year ended 31 December 2025
6 Revenue continued
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 |
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 |
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 |
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 |
| Effect on receivables of year-end | ||
| mark-to-market adjustments | ||
| 2025 | 2024 | |
| $m | $m | |
Los Pelambres – copper concentrate | 114.5 | (40.1) |
Los Pelambres – molybdenum concentrate | (10.8) | (4.0) |
Centinela – copper concentrate | 72.8 | (22.0) |
Centinela – molybdenum concentrate | (3.3) | (0.5) |
Centinela – gold in concentrate | 4.2 | (0.4) |
Centinela – copper cathodes | 1.3 | (1.4) |
Antucoya – copper cathodes | 3.0 | (1.4) |
181.7 | (69.8) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025200
| 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 – Reversal of impairment | – | 371.4 |
Total operating profit and share of total results from associates and joint ventures after exceptional items | 3,426.2 | 2,084.9 |
| 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´ remuneration | (3.9) | (2.3) |
| Group | ||
2025 3 | 2024 | |
| $000 | $000 | |
Fees payable to the Company´s 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´s auditors and their associates for other services: | ||
the audit of the Company’s subsidiaries | 1,289.0 | 1,214.0 |
audit-related assurance services 1 | 417.0 | 252.0 |
other assurance services 2 | 651.0 | – |
3,912.0 | 2,320.0 |
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Notes to the financial statements continued
For the year ended 31 December 2025
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) |
| 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) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025202
| 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) | – | 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) |
| 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) |
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Notes to the financial statements continued
For the year ended 31 December 2025
10 Income tax expense continued
| 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) | – | – | 54.5 | (1.7) | – | – | – | – |
Reversal of the provision against carrying value of assets (exceptional items) | – | – | – | – | – | – | (13.7) | 0.7 |
Difference in overseas tax rates | – | – | – | – | – | – | 1.1 | (0.1) |
Net other items | 0.9 | – | 0.9 | – | – | – | – | – |
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 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025204
205
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Notes to the financial statements continued
For the year ended 31 December 2025
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 |
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 | 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).
| Accumulated depreciation | |||
| Cost | and impairment | Net book value | |
| $m | $m | $m | |
At 31 December 2024 | 150.1 | (150.1) | – |
At 31 December 2025 | 150.1 | (150.1) | – |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025206
| 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 | – | 0.2 | 388.6 | – | – | – | – | 2,226.5 | 119.6 | 2,734.9 |
| Additions – capitalised | ||||||||||
depreciation | – | – | 87.9 | – | – | – | – | – | – | 87.9 |
| Adjustment to capitalised | ||||||||||
decommissioning provisions | – | – | – | – | – | – | (13.1) | – | – | (13.1) |
Capitalisation of interest | – | – | – | – | – | – | – | 67.1 | – | 67.1 |
Reclassifications | (7.1) | – | – | 2,437.8 | 26.9 | 24.9 | 269.4 | (2,719.3) | (32.6) | – |
Asset disposals | (0.9) | – | (2,197.4) | – | – | – | (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 | – | 0.9 | 784.6 | 1.2 | – | – | – | 3,192.5 | 114.7 | 4,093.9 |
| Additions – capitalised | ||||||||||
depreciation | – | – | 209.4 | – | – | – | – | – | – | 209.4 |
| Adjustment to capitalised | ||||||||||
decommissioning provisions | – | – | – | – | – | – | 107.3 | – | – | 107.3 |
Capitalisation of pre-stripping | – | – | – | – | – | – | – | 2.0 | – | 2.0 |
Capitalisation of interest | – | – | – | – | – | – | – | 141.0 | – | 141.0 |
Reclassifications | 2.0 | 116.2 | – | 560.5 | 1.2 | 6.2 | 399.2 | (1,086.9) | – | (1.6) |
Asset disposals | – | – | (243.4) | (1.4) | – | – | (57.2) | (1.5) | (142.7) | (446.2) |
| Adjustment on currency | ||||||||||
translation 1 | 0.7 | – | – | – | – | – | 0.2 | – | (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) | – | (391.3) | (12,381.1) |
Charge for the year | – | 1.8 | (692.3) | (371.0) | (11.6) | (19.9) | (311.6) | – | (163.6) | (1,568.2) |
Depreciation capitalised in inventories | – | 0.9 | – | (184.4) | – | – | (154.9) | – | – | (338.4) |
Depreciation capitalised in property, plant and equipment | – | – | (87.9) | – | – | – | – | – | – | (87.9) |
Reclassifications | – | – | – | – | – | – | (32.2) | – | 32.2 | – |
Reverse of impairments | – | – | – | – | – | – | 371.4 | – | – | 371.4 |
Asset disposals | – | – | 2,197.4 | – | – | – | 5.7 | – | 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) | – | (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) | – | (412.9) | (11,691.4) |
Charge for the year | (0.6) | 16.8 | (337.2) | (603.9) | (11.8) | (15.9) | (632.2) | – | (110.5) | (1,695.4) |
Depreciation capitalised in inventories | 0.1 | 0.6 | 58.9 | – | – | – | 68.5 | – | – | 128.1 |
Depreciation capitalised in property, plant and equipment | – | – | (209.4) | – | – | – | – | – | – | (209.4) |
Reclassifications | – | – | – | – | – | – | 1.6 | – | – | 1.6 |
Asset disposals | – | – | 243.4 | 0.4 | – | – | 42.3 | – | 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) | – | (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 |
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Notes to the financial statements continued
For the year ended 31 December 2025
14 Property, plant and equipment continued
| 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% |
Energía Andina Geothermal SpA | Chile | Chile | 2 | Energy | 100% | 100% |
MLP Transmisión 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% | – |
Korimina S.A.C. | Perú | Perú | 9 | Mining | 70% | – |
Antomin Volcanes Limited | BVI | BVI | 8 | Mining | 51% | – |
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% |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025208
| 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% |
Fundación 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 Compañía | 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 Estación S.A. | Chile | Chile | 11 | Real Estate | 100% | 100% |
Emisa Antofagasta SA | Chile | Chile | 11 | Transport | 100% | 100% |
209
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Notes to the financial statements continued
For the year ended 31 December 2025
| Buenaventura (i) | ATI (ii) | Zaldívar (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) | – | (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 | – | – | (0.6) | (0.6) |
Balance at the end of the year | 933.6 | 8.6 | 864.1 | 1,806.3 |
| Buenaventura (i) | ATI (ii) | Zaldívar (iii) | Total | |
| 2024 | 2024 | 2024 | 2024 | |
| $m | $m | $m | $m | |
Balance at the beginning of the year | – | 9.8 | 881.3 | 891.1 |
Recognition of new investment | 814.1 | – | – | 814.1 |
Dividends received | (3.5) | (0.4) | – | (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 | – | (0.1) | (1.3) | (1.4) |
Balance at the end of the year | 872.0 | 9.0 | 895.1 | 1,776.1 |
| 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 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025210
| Minera | Minera | |
| Zaldívar | Zaldívar | |
| 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 | – | – |
| Buenaventura | ATI | Zaldívar | Total | |
| 2025 | 2025 | 2025 | 2025 | |
| Group interest | ||||
Net assets (100%) | 4,929.2 | 28.9 | 1,728.1 | 6,686.2 |
Group’s ownership interest | 18.94% | 30.00% | 50.00% | – |
Carrying value of Group’s interest | 933.6 | 8.7 | 864.0 | 1,806.3 |
| Buenaventura | ATI | Zaldívar | Total | |
| 2024 | 2024 | 2024 | 2024 | |
| Group interest | ||||
Net assets (100%) | 4,604.0 | 30.1 | 1,790.2 | 5,380.0 |
Group’s ownership interest | 18.94% | 30.00% | 50.00% | – |
Carrying value of Group’s interest | 872.0 | 9.0 | 895.1 | 1,578.3 |
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Notes to the financial statements continued
For the year ended 31 December 2025
| 2025 | 2024 | |
| $m | $m | |
Balance at the beginning of the year | 11.6 | 288.6 |
Non-cash movement | 1.8 | – |
Movements in fair value | 1.6 | 29.7 |
Reallocation to associates | – | (305.9) |
Foreign currency exchange differences | 0.8 | (0.8) |
Balance at the end of the year | 15.8 | 11.6 |
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.
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 | – | – | 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 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025212
| 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) |
| 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 |
| 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 |
| 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 |
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Notes to the financial statements continued
For the year ended 31 December 2025
20 Cash and cash equivalents, and liquid investments continued
| 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 |
| 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 | – | (670.0) | |
Los Pelambres | – | (475.0) | |
Centinela | – | (195.0) | |
Bonds | (3,854.6) | (1,729.0) | |
Los Pelambres | (v) | (1,527.8) | – |
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) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025214
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Notes to the financial statements continued
For the year ended 31 December 2025
21 Borrowings and other financial liabilities continued
| Chilean | 2025 | |||
| pesos | Sterling | US dollars | Total | |
| At 31 December 2025 | $m | $m | $m | $m |
Senior loans | – | – | (2,880.0) | (2,880.0) |
Bonds | – | – | (3,854.6) | (3,854.6) |
Other loans (including short-term loans and subordinated debt) | – | – | (176.7) | (176.7) |
Other financial liabilities | – | – | (583.3) | (583.3) |
Leases | (103.3) | (2.5) | (56.2) | (162.0) |
Preference shares | – | (2.8) | – | (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 | – | – | (2,584.8) | (2,584.8) |
Bonds | – | – | (1,729.0) | (1,729.0) |
Other loans (including short-term loans and subordinated debt) | – | – | (875.5) | (875.5) |
Other financial liabilities | – | – | (594.0) | (594.0) |
Leases | (141.0) | (3.0) | (15.7) | (159.7) |
Preference shares | – | (2.4) | – | (2.4) |
(141.0) | (5.4) | (5,799.0) | (5,945.4) |
| 2025 | |||
| Fixed | Floating | Total | |
| At 31 December 2025 | $m | $m | $m |
Senior loans | – | (2,880.0) | (2,880.0) |
Bonds | (3,854.6) | – | (3,854.6) |
Other loans (including short-term loans and subordinated debt) | – | (176.7) | (176.7) |
Other financial liabilities | (583.3) | – | (583.3) |
Leases | (162.0) | – | (162.0) |
Preference shares | (2.8) | – | (2.8) |
(4,602.7) | (3,056.7) | (7,659.4) |
| 2024 | |||
| Fixed | Floating | Total | |
| At 31 December 2024 | $m | $m | $m |
Senior loans | – | (2,584.8) | (2,584.8) |
Bonds | (1,729.0) | – | (1,729.0) |
Other loans (including short-term loans and subordinated debt) | (670.0) | (205.5) | (875.5) |
Other financial liabilities | (594.0) | – | (594.0) |
Leases | (159.7) | – | (159.7) |
Preference shares | (2.4) | – | (2.4) |
(3,155.1) | (2,790.3) | (5,945.4) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025216
| 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 | – | – | (497.7) | (3,356.9) | (3,854.6) |
Other loans | – | (176.7) | – | – | (176.7) |
Other financial liabilities | (13.2) | (13.9) | (53.6) | (502.6) | (583.3) |
Leases | (89.5) | (35.7) | (36.8) | – | (162.0) |
Preference shares | – | – | – | (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 | – | – | – | (1,729.0) | (1,729.0) |
Other loans | (670.0) | – | (205.5) | – | (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 | – | – | – | (2.4) | (2.4) |
(1,322.5) | (637.6) | (1,195.4) | (2,789.9) | (5,945.4) |
| 2025 | 2024 | |
| $m | $m | |
Within 1 year | (96.4) | (105.2) |
Between 1 – 2 years | (38.6) | (30.8) |
Between 2 – 5 years | (38.3) | (37.1) |
After 5 years | – | – |
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) |
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Notes to the financial statements continued
For the year ended 31 December 2025
21 Borrowings and other financial liabilities continued
Facility available | Drawn | Undrawn | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| $m | $m | $m | $m | $m | $m | |
Revolving credit facility | (500.0) | (500.0) | – | – | (500.0) | (500.0) |
(500.0) | (500.0) | – | – | (500.0) | (500.0) |
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) | – | – | (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) |
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 | – | 15.8 | – | – | 15.8 |
Trade and other receivables | 1,166.1 | – | – | 156.9 | 1,323.0 |
Derivative financial instruments | – | – | 0.7 | – | 0.7 |
Cash and cash equivalents | 1,303.5 | – | – | 1,413.1 | 2,716.6 |
Liquid investments | 2,193.3 | – | – | – | 2,193.3 |
4,662.9 | 15.8 | 0.7 | 1,570.0 | 6,249.4 | |
| Financial liabilities | |||||
Trade and other payables | – | – | – | (1,216.7) | (1,216.7) |
Borrowings and other financial liabilities | – | – | – | (7,659.4) | (7,659.4) |
– | – | – | (8,876.1) | (8,876.1) | |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025218
| 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 | – | 11.6 | – | – | 11.6 |
Trade and other receivables | 669.1 | – | – | 129.3 | 798.4 |
Cash and cash equivalents | 124.3 | – | – | 2,064.9 | 2,189.2 |
Liquid investments | 2,127.1 | – | – | – | 2,127.1 |
2,920.5 | 11.6 | – | 2,194.2 | 5,126.3 | |
| Financial liabilities | |||||
Borrowings and other financial liabilities | – | – | – | (5,945.4) | (5,945.4) |
Derivative financial instruments | – | – | (25.5) | – | (25.5) |
Trade and other payables | – | – | – | (1,177.4) | (1,177.4) |
– | – | (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) |
| Total | ||||
| Level 1 | Level 2 | Level 3 | 2025 | |
| $m | $m | $m | $m | |
| Financial assets | ||||
Equity investments (i) | 15.8 | – | – | 15.8 |
Trade and other receivables (ii) | – | 1,166.1 | – | 1,166.1 |
Derivative financial instruments (v) | – | 0.7 | – | 0.7 |
Cash and cash equivalents (iii) | 1,303.5 | – | – | 1,303.5 |
Liquid investments (iv) | – | 2,193.3 | – | 2,193.3 |
1,319.3 | 3,360.1 | – | 4,679.4 |
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For the year ended 31 December 2025
23 Financial instruments and financial risk management continued
(B) Fair value of financial instruments continued
| Total | ||||
| Level 1 | Level 2 | Level 3 | 2024 | |
| $m | $m | $m | $m | |
| Financial assets | ||||
Equity investments (i) | 11.6 | – | – | 11.6 |
Trade and other receivables (ii) | – | 669.1 | – | 669.1 |
Cash and cash equivalents (iii) | 124.3 | – | – | 124.3 |
Liquid investments (iv) | – | 2,127.1 | – | 2,127.1 |
135.9 | 2,796.2 | – | 2,932.1 |
| Total | ||||
| Level 1 | Level 2 | Level 3 | 2024 | |
| $m | $m | $m | $m | |
| Financial liabilities | ||||
Derivative financial instruments (v) | – | (25.5) | – | (25.5) |
– | (25.5) | – | (25.5) |
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 | – | – | 670.0 | 700.5 |
Other financial liabilities | 583.3 | 780.7 | 594.0 | 756.9 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025220
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Notes to the financial statements continued
For the year ended 31 December 2025
23 Financial instruments and financial risk management continued
(C) Financial risk management continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025222
| 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) | – | (173.3) |
Preference shares 1 | (0.1) | (0.1) | (0.3) | (2.8) | (3.3) |
Trade and other payables | (1,200.9) | (15.9) | – | – | (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) | – | (173.1) |
Preference shares 1 | (0.1) | (0.1) | (0.3) | (2.5) | (3.0) |
Trade and other payables | (1,167.2) | (10.2) | – | – | (1,177.4) |
Derivative financial instruments | (20.4) | (5.1) | – | – | (25.5) |
(2,764.9) | (860.1) | (1,635.4) | (4,200.7) | (9,461.1) |
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Notes to the financial statements continued
For the year ended 31 December 2025
23 Financial instruments and financial risk management continued
(C) Financial risk management continued
| 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 | – | instruments (liabilities) | 26.2 | – | – |
| 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 | – | (25.5) | instruments (liabilities) | 25.5 | – | and equipment |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025224
| Hedging reserve | Hedging reserve | |
| 2025 | 2024 | |
| $m | $m | |
Balance at 1 January | 18.6 | – |
| Cash flow hedges | ||
Foreign currency risk – 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 |
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.
• Restricted Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company’s
ordinary shares, subject to the relevant employee remaining employed by the Group when the Restricted Award vests; and
• Performance Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the
Company’s 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’s 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’s 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’s share price over the previous one year. The
expected life of awards used in the model has been adjusted based on management’s best estimate for the effects of non-transferability
and compliance with the objectives determined according to the characteristics of each plan.
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Notes to the financial statements continued
For the year ended 31 December 2025
24 Long-term incentive plan continued
Valuation process and accounting for awards continued
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 | – | 188,479 | – |
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).
25 Post-employment benefit obligations
(B) Severance provisions
Employment terms at some of the Group’s 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) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025226
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–/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.
• 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).
• 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).
• 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).
227
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Notes to the financial statements continued
For the year ended 31 December 2025
| 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 | – | – | – | (24.6) | 91.7 | – | 67.1 |
Tax on exceptional items 1 | (114.0) | – | – | (12.7) | – | – | (126.7) |
Charge deferred in equity | – | 2.9 | – | (9.4) | 0.6 | – | (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 | – | – | – | – | – | 54.5 |
Charge deferred in equity 2 | – | 2.5 | 44.7 | 0.5 | – | 47.7 | |
At 31 December 2025 | (1,506.0) | 3.2 | – | (50.9) | (108.0) | 52.4 | 1,609.3 |
| 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) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025228
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’s 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’s 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’s closure plans.
28 Share capital and other reserves
| 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 |
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Notes to the financial statements continued
For the year ended 31 December 2025
28 Share capital and other reserves continued
| 2025 | 2024 | |
| $m | $m | |
| Share premium | ||
At 1 January and 31 December | 199.2 | 199.2 |
Hedging reserves 1 | ||
At 1 January | (13.1) | – |
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 | – | 108.4 |
Gains on equity investment | – | 22.0 |
Reclassification 7 | – | (130.4) |
At 31 December | – | – |
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’ profit for the period | 1,276.3 | 753.2 |
Equity-accounted units’ (loss)/profit after tax for the period | 52.6 | 76.2 |
Agreement to acquire own equity instruments | (80.0) | – |
Actuarial (losses) 5 | (6.7) | (9.4) |
Deferred tax on equity investment 6 | 46.3 | – |
Reclassification 7 | – | 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 |
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 | – | (364.8) | (0.1) | 1,609.0 |
Minera Centinela SCM | 30.0 | Chile | 1,650.1 | 265.5 | 186.9 | – | 4.0 | 2,106.5 |
Minera Antucoya SCM | 30.0 | Chile | 332.9 | 21.1 | – | – | (0.1) | 353.9 |
| Sociedad Contractual | ||||||||
Minera El Encierro | 42.8 | Chile | (8.8) | (0.3) | – | – | – | (9.1) |
Total | 3,492.0 | 742.4 | 186.9 | (364.8) | 3.8 | 4,060.3 |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025230
| 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 | – | (240.0) | (0.9) | 1,517.8 |
Minera Centinela SCM | 30.0 | Chile | 1,448.3 | 52.1 | 156.7 | – | (7.0) | 1,650.1 |
Minera Antucoya SCM | 30.0 | Chile | 224.9 | 108.0 | – | – | – | 332.9 |
| Sociedad Contractual | ||||||||
Minera El Encierro | 42.8 | Chile | (6.3) | (2.6) | 0.1 | – | – | (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.
231
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Notes to the financial statements continued
For the year ended 31 December 2025
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 – 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) | – | (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 | – | – | – | – | – | – | (7.1) | 2,716.6 |
Liquid investments | 2,127.1 | 70.0 | – | – | – | – | – | (3.8) | – | 2,193.3 |
| Total cash and cash | ||||||||||
| equivalents and liquid | ||||||||||
investments | 4,316.3 | 604.5 | – | – | – | – | – | (3.8) | (7.1) | 4,909.9 |
| Borrowings due within | ||||||||||
one year | (1,219.9) | 1,635.5 | – | – | – | – | (814.2) | – | – | (398.6) |
Borrowings due after one year | (3,969.4) | (3,318.6) | – | – | (22.7) | (16.2) | 814.2 | – | – | (6,512.7) |
| Other financial liabilities | ||||||||||
due within one year | (6.1) | 10.7 | – | – | – | – | (17.8) | – | – | (13.2) |
| Other financial liabilities | ||||||||||
due after one year | (587.9) | – | – | – | – | – | 17.8 | – | – | (570.1) |
Leases due within one year | (96.5) | 106.3 | (38.9) | – | – | – | (60.4) | – | – | (89.5) |
Leases due after one year | (63.2) | – | (75.5) | 22.8 | – | – | 60.4 | – | (17.0) | (72.5) |
Preference shares | (2.4) | – | – | – | – | – | – | – | (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) | – | – | (17.4) | (7,659.4) |
Net (debt) | (1,629.1) | (961.6) | (114.4) | 22.8 | (22.7) | (16.2) | – | (3.8) | (24.5) | (2,749.5) |
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025232
| 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 | – | – | – | – | – | (5.6) | 2,189.2 |
Liquid investments | 2,274.7 | (148.5) | – | – | – | – | 0.9 | – | 2,127.1 |
| Total cash and cash equivalents | |||||||||
and liquid investments | 2,919.4 | 1,401.6 | – | – | – | – | 0.9 | (5.6) | 4,316.3 |
Borrowings due within one year | (794.1) | 154.0 | – | – | – | (579.8) | – | – | (1,219.9) |
Borrowings due after one year | (3,057.9) | (1,459.9) | – | (13.5) | (17.9) | 579.8 | – | – | (3,969.4) |
| Other financial liabilities due | |||||||||
within one year | – | 4.6 | – | – | – | (10.7) | – | – | (6.1) |
| Other financial liabilities due | |||||||||
after one year | – | (598.6) | – | – | – | 10.7 | – | – | (587.9) |
Leases due within one year | (107.8) | 152.7 | – | – | – | (141.4) | – | – | (96.5) |
Leases due after one year | (116.9) | – | (111.1) | – | – | 141.4 | – | 23.4 | (63.2) |
Preference shares | (2.5) | – | – | – | – | – | – | 0.1 | (2.4) |
Total borrowings and other liabilities from financing activities | (4,079.2) | (1,747.2) | (111.1) | (13.5) | (17.9) | – | – | 23.5 | (5,945.4) |
Net (debt) | (1,159.8) | (345.6) | (111.1) | (13.5) | (17.9) | – | 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) |
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 = £1; | $1.254 = £1; |
| $1 = Ch$907.1 | $1 = Ch$996.5 | |
Average rates | $1.318 = £1; | $1.277 = £1; |
| $1 = Ch$951.3 | $1 = Ch$944.1 |
233
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Notes to the financial statements continued
For the year ended 31 December 2025
32 Related party transactions continued
(A) Quiñenco SA continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025234
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’ Report.
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Parent Company balance sheet
As at 31 December 2025
Note
2025
$m
2024
$m
Non-current assets
Investment in subsidiaries 5 1,776.4 1,304.0
Other receivables 5 8.7 55.3
Property, plant and equipment 2.7 3.2
1,787.8 1,362.5
Current assets
Other receivables 5 3.8 195.4
Liquid investments 6 1,267.6 964.9
Cash and cash equivalents 6 343.5 423.0
1,614.9 1,583.3
Total assets 3,402.7 2,945.8
Current liabilities
Amounts payable to subsidiaries 7 (5.5) (345.0)
Other payables (27.8) (19.6)
(33.3) (364.6)
Non-current liabilities
Medium and long-term borrowings 8 (2,331.6) (1,735.6)
(2,331.6) (1,735.6)
Total liabilities (2,364.9) (2,100.2)
Net assets 1,037.8 845.6
Equity
Share capital 89.8 89.8
Share premium 199.2 199.2
Retained earnings
At 1 January 556.6 504.6
Profit for the year attributable to the owners 587.5 369.4
Dividends (395.3) (317.4)
At 31 December 748.8 556.6
Total equity 1,037.8 845.6
The financial statements on pages 236 to 242 were approved by the Board of Directors on 19 March 2026 and signed on its behalf by:
JEAN-PAUL LUKSIC FRANCISCA CASTRO
Chairman Senior Independent Director
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025236
Parent Company statement of changes in equity
As at 31 December 2025
Share capital
$m
Share premium
$m
Retained earnings
$m
Total equity
$m
At 1 January 2024 89.8 199.2 504.6 793.6
Comprehensive income for the year – – 369.4 369.4
Dividends – – (317.4) (317.4)
At 31 December 2024 89.8 199.2 556.6 845.6
Comprehensive income for the year – – 587.5 587.5
Dividends – – (395.3) (395.3)
At 31 December 2025 89.8 199.2 748.8 1,037.8
The ordinary shares rank after the preference shares in entitlement to dividends and on a winding-up. Each ordinary share carries one
vote at any general meeting.
Antofagasta plc is a company limited by shares, incorporated and domiciled in the United Kingdom at 103 Mount Street, London W1K 2TJ.
The Board has recommended a final dividend of 48.0 cents per ordinary share or $473.2 million in total (2024: 23.5 cents per ordinary
share or $231.7 million in total). The interim dividend of 16.6 cents per ordinary share or $163.7 million in total was paid on 30 September
2025 (2024 interim dividend of 7.9 cents per ordinary share or $77.9 million in total). This gives total dividends proposed in relation to
2025 (including the interim dividend) of 64.6 cents per share or $636.9 million in total (2024: 31.4 cents per share or $309.6 million
in total).
Dividends per share actually paid in the year and recognised as a deduction from net equity under IFRS were 40.1 cents per ordinary
share or $395.3 million in total (2024: 32.2 cents per ordinary share or $317.4 million in total) being the interim dividend for the year
and the final dividend proposed in respect of the previous year.
Further details of the currency election timing and process (including the default currency of payment) are available on the Antofagasta
plc website (www.antofagasta.co.uk) or from the Company's registrar, Computershare Investor Services PLC on +44 370 702 0159.
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Notes to the financial statements of the Parent Company
For the year ended 31 December 2025
1 Basis of preparation of the Parent Company financial statements
The Antofagasta plc Parent Company financial statements have been prepared in accordance with the Companies Act 2006 as applicable
to companies using FRS 101, which applies the recognition and measurement bases of IFRS with reduced disclosure requirements. The
financial information has been prepared on a historical cost basis. The financial statements have been prepared on a going concern basis.
The functional currency of the Company and the presentation currency adopted is US dollars.
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance
with FRS 101:
• Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ (details of the number and weighted-average exercise prices of
share options and how the fair value of goods or services received was determined).
• IFRS 7, ‘Financial Instruments: Disclosures’.
• Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value
measurement of assets and liabilities).
• Paragraph 38 of IAS 1 – ‘Presentation of financial statements’ comparative information requirements in respect of:
(i) paragraph 79(a)(iv) of IAS 1 – ‘Presentation of financial statements’;
(ii) paragraph 73(e) of IAS 16 – ‘Property, plant, and equipment’; and
(iii) paragraph 118(e) of IAS 38 – Intangible assets (reconciliations between the carrying amount at the beginning and end of
the period).
• The following paragraphs of IAS 1 – ‘Presentation of financial statements’:
– 10(d) (statement of cash flows);
– 10(f) (a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy
retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its
financial statements);
– 16 (statement of compliance with all IFRS);
– 38A (requirement for minimum of two primary statements, including cash flow statements);
– 38B-D (additional comparative information);
– 40A-D (requirements for a third statement of financial position);
– 111 (cash flow statement information); and
– 134-136 (capital management disclosures).
• IAS 7 – ‘Statement of cash flows’.
• Paragraphs 30 and 31 of IAS 8 – ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure
of information when an entity has not applied a new IFRS that has been issued but is not yet effective).
• Paragraph 17 of IAS 24 – ‘Related party disclosures’ (key management compensation).
• The requirements in IAS 24 – ‘Related party disclosures’ to disclose related party transactions entered into between two or more
members of a group. All of the Parent Company’s intercompany transactions and balances are with wholly-owned subsidiaries of
the Group.
As permitted by section 408 of the Companies Act 2006, the profit and loss account of the Parent Company is not presented as part of
these financial statements. The profit after tax for the year of the Parent Company amounted to $587.5 million (2024: $369.4 million).
(A) Adoption of new accounting standards
The following accounting standard, amendment became effective in the current reporting period:
• Lack of Exchangeability (Amendments to IAS 21) (annual periods beginning on or after 1 January 2025).
The application of this 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 are expected to have a significant impact on the Company, 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 Basis of Preparation of Financial Statements (renamed from
Accounting Policies, Changes in Accounting Estimates and Errors).
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025238
Even though IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, it is expected to
have an impact effect on the presentation and disclosure of certain items such as:
• presenting specified categories and defined subtotals in the statement of profit or loss;
• providing disclosures on management-defined performance measures (MPMs) in the notes to the financial statements; and
• enhancing aggregation and disaggregation.
The Company 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 Company 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 (and subject to UK endorsement):
• Amendments and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after
1 January 2026);
• Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (annual periods beginning on or after
1 January 2026); and
• 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):
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (annual periods beginning on or after 1 January 2027).
2 Material accounting policies of the Parent Company
A summary of the principal accounting policies is set out below. These accounting policies have been applied consistently.
(A) Currency translation
The Company’s functional currency is the US dollar. Transactions in currencies other than the functional currency are translated at the
exchange rate ruling at the date of the transaction. Monetary assets and liabilities, including amounts due from or to subsidiaries, denominated
in currencies other than the functional currency (being US dollars) are retranslated at year-end exchange rates. Gains and losses on
retranslation are included in net profit or loss for the year.
(B) Income recognition
Dividends proposed by subsidiaries are recognised as income by the Company when they represent a present obligation of the subsidiaries
in the period in which they are formally approved for payment.
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’s net carrying amount.
(C) Dividends payable
Dividends proposed are recognised when they represent a present obligation in the period in which they are formally approved for
payment. Accordingly, an interim dividend is recognised when paid and a final dividend is recognised when approved by shareholders.
(D) Investments in subsidiaries
Investments in subsidiaries represent equity holdings in subsidiaries and long-term amounts owed by subsidiaries. Such investments are
valued at cost less any impairment provisions. Investments relating to equity holdings in subsidiaries are reviewed for impairment if events
or changes in circumstances indicate that the carrying amount may not be recoverable; the recoverable amount of the investment is the
higher of fair value less costs of disposal and value in use. Investments relating to long-term amounts owed by subsidiaries are reviewed
to assess if a material expected credit loss provision is required in respect of these balances.
(E) Liquid investments and cash and cash equivalents
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. 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, and which
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. The cash balance is presented net of bank overdrafts which are repayable on demand. Cash and cash
equivalents have a maturity period of 90 days or less.
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Notes to the financial statements of the Parent Company continued
For the year ended 31 December 2025
2 Material accounting policies of the Parent Company continued
(F) Borrowings
Interest-bearing loans and bank overdrafts are initially recorded at 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. The effective
interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial
liability, or, where appropriate, a shorter period. 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.
(G) Borrowings – preference shares
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 as borrowings and translated into US dollars at year-end rates of exchange. Preference share
dividends are included within finance costs.
(H) Equity instruments – ordinary share capital and share premium
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.
The presentational 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.
(I) Financing facilities
On 30 December 2022, Antofagasta plc agreed a revolving credit facility (RCF) of US$500 million which had a term of three years,
expiring on 30 December 2025.
Subsequent to 31 December 2025, the RCF was extended for a further three years, and now expires on 30 December 2028 (see Note 21(F)).
(J) Guarantees
Antofagasta plc has provided a guarantee in respect of 70% of Centinela’s $2.5 billion project financing in respect of the Second
Concentrator Project, in line with the Group’s 70% ownership interest in Centinela. The guarantee applies during the project construction
period, and will be lifted following successful completion of the relevant completion tests following the completion of construction. The
expected credit loss risk for the Company in respect of this guarantee is considered to be immaterial.
3 Significant accounting estimates and judgements
We do not consider there to be critical accounting judgements or key sources of estimation uncertainty which could have a significant risk
of causing a material adjustment to the carrying amounts of the Company’s assets and liabilities within the next financial year.
4 Employee benefit expense
(i) Average number of employees
The average monthly number of employees was 5 (2024: 5), engaged in management and administrative activities.
(ii) Aggregate remuneration
The aggregate remuneration of the employees mentioned above was as follows:
2025
$m
2024
$m
Wages and salaries 1.9 1.8
Social security costs 0.3 0.2
Other pension costs 0.1 0.1
2.3 2.1
The above employee figures exclude Directors who receive Directors’ fees from Antofagasta plc. Details of fees payable to Directors are
set out in the Remuneration Report.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025240
5 Subsidiaries
(i) Investment in subsidiaries
2025
$m
2024
$m
Shares in subsidiaries at cost 1,775.8 835.5
Amounts owed by subsidiaries due after more than one year 0.6 468.5
1,776.4 1,304.0
Shares
$m
Loans
$m
Total
$m
1 January 2025 835.5 468.5 1,304.0
Additional investment in subsidiaries 436.1 – 436.1
Capitalisation of intercompany loan balances 504.2 (467.9) 36.3
31 December 2025 1,775.8 0.6 1,776.4
The above amount of $0.6 million (31 December 2024: $468.5 million) in respect of amounts owed by subsidiaries due after more than
one year relates to long-term funding balances for which the Company does not expect to demand repayment in the foreseeable future
and which form an integral part of the Company’s long-term investment in those subsidiary companies.
The Company has reviewed whether there are any indicators of impairment in respect of the equity investment balance and concluded
that there are no such indicators. The expected credit loss risk for the element of the investment balance relating to amounts owed by
subsidiaries due after more than one year is considered to be immaterial to the Company.
(ii) Trade and other receivables – non-current amounts owed by subsidiaries
At 31 December 2025, an amount of $8.7 million (31 December 2024: $55.3 million) was owed to the Company by subsidiaries. This
amount is not expected to be realised within 12 months after the reporting period. The expected credit loss risk for the amounts owed by
subsidiaries is considered to be immaterial to the Company.
(iii) Trade and other receivables – current amounts owed by subsidiaries
At 31 December 2025, amounts owed by subsidiaries due within one year is nil (31 December 2024: $192.3 million). The expected credit
loss risk for the amounts owed by subsidiaries is considered to be immaterial to the Company.
6 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
$m
2024
$m
Cash and cash equivalents 343.5 423.0
Term deposits 30.0 292.0
Bank (on-demand deposits) 313.5 131.0
Liquid investments 1,267.6 964.9
1,611.1 1,387.9
At 31 December 2025 and 2024 there is no cash which is subject to restriction.
The credit quality of cash, cash equivalents and liquid investments are as follows:
2025
$m
2024
$m
AAA 529.0 801.6
AA 166.5 20.0
AA- 51.2 53.8
A+ 343.7 209.2
A 520.7 303.3
Total cash, cash equivalents and liquid investments 1,611.1 1,387.9
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).
241
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GOVERNANCE
OTHER
INFORMATION
Notes to the financial statements of the Parent Company continued
For the year ended 31 December 2025
7 Amounts payable to subsidiaries
At 31 December 2025, amounts payable to subsidiaries due within one year were $5.5 million (31 December 2024: $345.0 million).
8 Medium and long-term borrowings
The medium and long-term borrowings comprise $2,326.8 million (31 December 2024: $1,729.0 million) in respect of corporate bonds,
$2.0 million (31 December 2024: $3.0 million) in respect of lease liabilities and $2.8 million (31 December 2024: $2.4 million) in respect
of preference shares, as detailed in Note 21.
The authorised, issued and fully paid preference share capital of the Company comprised 2,000,000 5% cumulative preference shares of
£1 each at both 31 December 2025 and 31 December 2024. As explained in Note 21(C), the preference shares are recorded in the balance
sheet in US dollars at period-end rates of exchange.
The preference shares are non-redeemable and are entitled to a fixed 5% cumulative dividend, payable in equal instalments in June and
December of each year. On a winding-up, the preference shares 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 (see Note 21(A) (x)) at any
general meeting.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025242
This Annual Report includes a number of alternative performance measures, in addition to amounts in accordance with UK-adopted
International Accounting Standards. These measures are included because they are considered to provide relevant and useful additional
information to users of the financial statements. Set out below are definitions of these alternative performance measures, explanations as
to why they are considered to be relevant and useful, and reconciliations to the IFRS figures.
(A) Underlying earnings per share
Underlying earnings per share is earnings per share from continuing operations, excluding exceptional items. This measure is reconciled
to earnings per share from continuing operations (including exceptional items) on the face of the income statement. This measure is
considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group, excluding the
impact of exceptional items which are one-off transactions outside the ordinary course of business of the Group.
(B) EBITDA
EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges or reversals to
operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA
of its associates and joint ventures.
EBITDA is considered to provide a useful and comparable indication of the current operating earnings performance of the business,
excluding the impact of the historical cost of property, plant and equipment or the particular financing structure adopted by the business.
For the year ended
31 December 2025
Los
Pelambres
$m
Centinela
$m
Antucoya
$m
Zaldívar
$m
Exploration and
evaluation
$m
Corporate and
other items
$m
Mining
$m
Transport
Division
$m
Total
$m
Operating profit/(loss) 1,991.1 1,350.7 168.8 – (55.5) (109.3) 3,345.8 27.8 3,373.6
Depreciation 609.5 880.7 158.2 – – 10.1 1,658.5 36.9 1,695.4
Profit on disposals (52.6) 2.8 – – – 0.1 (49.7) – (49.7)
EBITDA from subsidiaries 2,548.0 2,234.2 327.0 – (55.5) (99.1) 4,954.6 64.7 5,019.3
Proportional share of the EBITDA
from associates and joint venture – – – 61.8 – 115.8 177.6 5.0 182.9
EBITDA 2,548.0 2,234.2 327.0 61.8 (55.5) 16.7 5,132.2 69.7 5,201.9
For the year ended
31 December 2024
Los
Pelambres
$m
Centinela
$m
Antucoya
$m
Zaldívar
$m
Exploration and
evaluation
$m
Corporate and
other items
$m
Mining
$m
Transport
Division
$m
Total
$m
Operating profit/(loss) 1,313.5 273.5 529.5 – (52.7) (83.1) 1,980.7 28.0 2,008.7
Depreciation 544.1 854.9 117.7 – – 10.2 1,526.9 41.3 1,568.2
Loss on disposals 3.6 1.9 – – – 0.1 5.6 – 5.6
Reversal of impairments – – (371.4) – – – (371.4) – (371.4)
EBITDA from subsidiaries 1,861.2 1,130.3 275.8 – (52.7) (72.8) 3,141.8 69.3 3,211.1
Proportional share of the EBITDA
from associates and joint venture – – – 99.9 – 109.2 209.1 6.6 215.7
EBITDA 1,861.2 1,130.3 275.8 99.9 (52.7) 36.4 3,350.9 75.9 3,426.8
(C) Cash costs
Cash costs are a measure of the cost of operating production expressed in terms of cents per pound of payable copper produced.
This is considered to be a useful and relevant measure as it is a standard industry measure applied by most major copper mining
companies which reflects the direct costs involved in producing each pound of copper. It therefore allows a straightforward comparison of
the unit production cost of different mines, and allows an assessment of the position of a mine on the industry cost curve. It also provides
a simple indication of the profitability of a mine when compared against the price of copper (per lb).
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 reflects the invoiced price (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 part of the
total cash cost figure
Alternative performance measures
(not subject to audit or review)
243
STRATEGIC
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
Alternative performance measures continued
(not subject to audit or review)
(C) Cash costs continued
2025
$m
2024
$m
Reconciliation of cash costs excluding treatment and refining charges and by-product revenue:
Total Group operating cost (Note 5) 5,246.7 4,976.1
Zaldívar operating costs (attributable basis – 50%) 279.0 267.6
Less:
Depreciation (Note 5) (1,695.4) (1,568.2)
Loss on disposal (Note 5) 49.7 (5.6)
Elimination of non-mining operations:
Corporate and other items – Total operating cost (excluding depreciation) (Note 5) (99.1) (72.8)
Exploration and evaluation – Total operating cost (excluding depreciation) (Note 5) (55.5) (52.7)
Transport Division – Total operating cost (excluding depreciation) (Note 5) (108.8) (125.6)
Closure provision and other expenses not included within cash costs (155.5) (117.5)
Inventories variation (14.2) 39.9
Medium and long-term drilling costs & evaluation (97.2) (98.9)
Total cost relevant to the mining operations’ cash costs 3,349.7 3,242.3
Copper production volumes (tonnes)
1
653,665 663,950
Cash costs excluding treatment and refining charges and by-product revenue ($/tonne) 5,125 4,883
Cash costs excluding treatment and refining charges and by-product revenue ($/lb) 2.32 2.21
Reconciliation of cash costs before deducting by-product revenue:
Treatment and refining charges – copper and by-product – Los Pelambres 43.2 154.7
Treatment and refining charges – copper and by-product – Centinela 32.8 65.9
Treatment and refining charges – copper – total 76.0 220.6
Copper production volumes (tonnes)
1
653,665 663,950
Treatment and refining charges ($/tonne) 116.2 332.2
Treatment and refining charges ($/lb) 0.06 0.16
Cash costs excluding treatment and refining charges and by-product revenue ($/lb) 2.32 2.21
Treatment and refining charges ($/lb) 0.06 0.16
Cash costs before deducting by-product revenue ($/lb) 2.38 2.37
1. The 653,665 tonnes includes 36,745 tonnes of production at Zaldívar on a 50% attributable basis.
2025
$m
2024
$m
Reconciliation of cash costs (net of by-product revenue):
Gold revenue – Los Pelambres 192.6 110.5
Gold revenue – Centinela 596.7 337.1
Molybdenum revenue – Los Pelambres 578.7 412.0
Molybdenum revenue – Centinela 172.6 109.7
Silver revenue – Los Pelambres 92.5 55.2
Silver revenue – Centinela 50.6 23.9
Total by-product revenue 1,683.7 1,048.4
Copper production volumes (tonnes)
1
653,665 663,950
By-product revenues ($/tonne) 2,575.9 1,579.2
By-product revenues ($/lb) 1.19 0.73
Cash costs before deducting by-product revenue ($/lb) 2.38 2.37
By-product revenue ($/lb) (1.19) (0.73)
Cash costs (net of by-product revenue) ($/lb) 1.19 1.64
1. The 653,665 tonnes includes 36,745 tonnes of production at Zaldívar on a 50% attributable basis.
The totals in the tables above may include some small apparent differences as the specific individual figures have not been rounded.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025244
(D) Attributable cash, cash equivalents and liquid investments, borrowings and net debt
Attributable cash, cash equivalents and liquid investments, borrowings and net debt reflects the proportion of those balances which are
attributable to the owners of the parent, after deducting the proportion attributable to the non-controlling interests in the Group’s subsidiaries.
This is considered to be a useful and relevant measure as the majority of the Group’s cash tends to be held at the corporate level and
therefore 100% attributable to the owners of the parent, whereas the majority of the Group’s borrowings tends to be at the level of the
individual operations, and hence only a proportion is attributable to the owners of the parent.
2025 2024
Note(s)
Total
amount
$m
Attributable
share
$m
Attributable
amount
$m
Total
amount
$m
Attributable
share
$m
Attributable
amount
$m
Cash, cash equivalents
and liquid investments:
Los Pelambres 1,224.4 60% 734.6 887.2 60% 532.3
Centinela 1,489.8 70% 1,042.9 1,148.1 70% 803.7
Antucoya 121.3 70% 84.9 345.0 70% 241.5
Corporate 2,030.6 100% 2,030.6 1,895.0 100% 1,895.0
Transport Division 43.8 100% 43.8 41.0 100% 41.0
Total 20 4,909.9 3,936.8 4,316.3 3,513.5
Borrowings:
Los Pelambres 21 (3,042.0) 60% (1,825.2) (2,381.8) 60% (1,429.1)
Centinela 21 (1,993.3) 70% (1,395.3) (1,475.7) 70% (1,033.0)
Antucoya 21 (284.5) 70% (199.2) (343.5) 70% (240.5)
Corporate 21 (2,339.1) 100% (2,339.1) (1,743.5) 100% (1,743.3)
Transport Division 21 (0.5) 100% (0.5) (0.9) 100% (0.9)
Total 21, 30 (7,659.4) (5,759.3) (5,945.4) (4,447.0)
Net debt (2,749.5) (1,822.5) (1,629.1) (933.5)
245
STRATEGIC
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
Five-year summary
2025
$m
2024
$m
2023
$m
2022
$m
2021
$m
Consolidated balance sheet
Property, plant and equipment 16,653.3 13,917.0 12,678.7 11,543.5 10,538.5
Other non-current assets – – – 1.1 1.3
Inventories 702.3 707.8 457.0 347.0 270.4
Investment in associates and joint ventures 1,806.3 1,776.1 891.1 904.6 905.8
Trade and other receivables 91.7 54.4 68.5 51.0 51.2
Equity investments 15.8 11.6 288.6 90.5 8.7
Deferred tax assets 2.2 9.7 72.0 78.5 96.8
Non-current assets 19,271.6 16,476.6 14,455.9 13,016.2 11,872.7
Current assets 7,146.8 6,158.3 5,191.3 5,222.1 5,405.7
Current liabilities (2,463.2) (2,775.5) (2,189.3) (1,605.8) (1,574.2)
Non-current liabilities (9,524.8) (6,905.2) (5,409.5) (4,988.1) (4,675.2)
14,430.4 12,954.2 12,048.4 11,644.4 11,029.0
Share capital 89.8 89.8 89.8 89.8 89.8
Share premium 199.2 199.2 199.2 199.2 199.2
Reserves (retained earnings and hedging,
translation and fair value reserves) 10,081.1 9,173.2 8,662.9 8,338.5 8,061.2
Equity attributable to owners of the parent 10,370.1 9,462.2 8,951.9 8,627.5 8,350.2
Non-controlling interests 4,060.3 3,492.0 3,096.5 3,016.9 2,678.8
14,430.4 12,954.2 12,048.4 11,644.4 11,029.0
2025
$m
2024
$m
2023
$m
2022
$m
2021
$m
Consolidated income statement
Revenue 8,620.3 6,613.4 6,324.5 5,862.0 7,470.1
Total profit from operations and associates 3,426.2 2,084.9 1,769.3 2,627.1 3,461.1
Profit before tax 3,159.5 2,071.1 1,965.5 2,558.9 3,477.1
Income tax expense (1,088.2) (755.1) (666.1) (603.6) (1,242.3)
Profit from continuing operations 2,071.3 1,316.0 1,299.4 1,955.3 2,234.8
Profit for the year 2,071.3 1,316.0 1,299.4 1,955.3 2,234.8
Non-controlling interests (742.4) (486.6) (464.3) (422.3) (944.6)
Net earnings (profit attributable to owners of the parent) 1,328.9 829.4 835.1 1,533.0 1,290.2
EBITDA 5,201.9 3,426.8 3,087.2 2,929.7 4,836.2
2025
cents
2024
cents
2023
cents
2022
cents
2021
cents
Earnings per share
Basic and diluted earnings per share 134.8 84.1 84.7 155.5 130.9
2025
cents
2024
cents
2023
cents
2022
cents
2021
cents
Dividends per share proposed in relation to the year
Ordinary dividends (interim and final) 64.6 31.4 36.0 59.7 142.5
64.6 31.4 36.0 59.7 142.5
Dividends per share paid in the year and deducted
from equity 40.1 32.2 62.2 128.1 72.1
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025246
2025
$m
2024
$m
2023
$m
2022
$m
2021
$m
Consolidated cash flow statement
Cash flow from continuing operations 4,252.9 3,276.2 3,027.1 2,738.3 4,507.7
Interest paid (473.1) (324.1) (166.0) (74.3) (60.7)
Income tax paid (708.2) (666.8) (528.1) (787.1) (776.9)
Net cash from operating activities 3,071.6 2,285.3 2,333.0 1,876.9 3,670.1
Investing activities
Capital contributions to associates and joint ventures 22.2 3.5 (0.7) 50.0 142.5
Equity investments, investing activities and recovery of VAT (70.0) 148.5 (80.3) 1,322.4 (577.2)
Purchases and disposals of intangible assets, property,
plant and equipment (3,616.5) (2,414.6) (2,129.2) (1,879.0) (1,776.0)
Interest received 214.4 181.0 117.2 29.1 7.4
Net cash used in investing activities (3,449.9) (2,081.6) (2,093.0) (477.5) (2,203.3)
Financing activities
Dividends paid to owners of the parent (395.3) (317.4) (613.2) (1,262.9) (710.8)
Dividends paid to preference holders and non-controlling
interests (364.9) (240.1) (388.1) (80.1) (604.6)
Capital increase from non-controlling interest 186.9 156.7 – – –
Acquisition of non-controlling interest (80.0) – – – –
New borrowings less repayment of borrowings and leases 1,566.1 1,747.2 599.3 9.2 (634.5)
Net cash (used in)/generated from financing activities 912.8 1,346.4 (402.0) (1,333.8) (1,949.9)
Net (decrease)/increase in cash and cash equivalents 534.5 1,550.1 (162.0) 65.6 (483.1)
2025
$m
2024
$m
2023
$m
2022
$m
2021
$m
Consolidated net cash
Cash, cash equivalents and liquid investments 4,909.9 4,316.3 2,919.4 2,391.2 3,713.1
Short-term borrowings (501.2) (1,322.5) (901.9) (432.5) (337.1)
Medium and long-term borrowings (7,158.2) (4,622.9) (3,177.3) (2,844.5) (2,835.5)
(7,659.4) (5,945.4) (4,079.2) (3, 277.0) (3,172.6)
Net (debt)/cash at the year-end (2,749.5) (1,629.1) (1,159.8) (885.8) 540.5
247
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
Production Sales Net cash costs Realised prices
Production and sales volumes,
realised prices and cash costs by mine
2025
‘000
tonnes
2024
‘000
tonnes
2025
‘000
tonnes
2024
‘000
tonnes
2025
$/lb
2024
$/lb
2025
$/lb
2024
$/lb
Copper
Los Pelambres 295.3 319.6 298.0 315.4 0.82 1.26 5.04 4.18
Centinela 240.4 223.8 250.4 212.5 0.75 1.60 4.88 4.17
Antucoya 81.3 80.5 80.5 79.1 2.82 2.53 4.71 4.19
Zaldívar (attributable basis – 50%) 36.7 40.1 37.4 38.5 3.44 3.02 – –
Group total 653.7 664.0 666.3 645.5 1.19 1.64 4.93 4.18
Group weighted average (net cash costs)
Group weighted average
(excluding treatment and refining
charges and before by-products) 2.32 2.22
Group weighted average
(before by-product credits) 2.38 2.37
Cash costs at Los Pelambres comprises
Cash costs before by-product credits 2.21 2.09
By-product credits
(principally molybdenum and gold) (1.39) (0.83)
Net cash costs 0.82 1.26
Cash cost at Centinela comprises
Cash costs before by-product credits 2.27 2.60
By-product credits (principally gold) (1.52) (1.00)
Net cash costs 0.75 1.60
LME average 4.51 4.15
Production Sales Realised prices
2025
‘000
ounces
2024
‘000
ounces
2025
‘000
ounces
2024
‘000
ounces
2025
$/oz
2024
$/oz
Gold
Los Pelambres 54.8 46.6 52.4 43.8 3,678 2,523
Centinela 156.5 140.3 159.0 133.2 3,754 2,530
Group total 211.3 186.9 211.4 177.0 3,735 2,528
Market average price 3,436 2,387
2025
‘000
tonnes
2024
‘000
tonnes
2025
‘000
tonnes
2024
‘000
tonnes
2025
$/lb
2024
$/lb
Molybdenum
Los Pelambres 12.4 8.3 11.8 8.6 22.3 21.8
Centinela 3.4 2.4 3.5 2.3 22.2 21.7
Group total/average realised price 15.8 10.7 15.3 10.9 22.2 21.8
Market average price 22.2 21.3
2025
‘000
tonnes
2024
‘000
tonnes
2025
‘000
tonnes
2024
‘000
tonnes
2025
$/lb
2024
$/lb
Silver
Los Pelambres 2,171.6 1,970.3 2,123.1 1,847.8 43.6 29.8
Centinela 1,216.2 853.5 1,153.9 791.1 43.8 30.3
Group total/average realised price 3,387.8 2,823.8 3,277.0 2,638.9 43.7 30.0
Market average price 40.2 28.2
Production statistics
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025248
Ore reserves and mineral resources estimates
At 31 December 2025
Introduction
The ore reserves and mineral resources estimates, presented in this report, comply with the requirements of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 edition (the JORC Code) which has been used by the
Group as minimum standard for the preparation and disclosure of the information contained herein. The definitions and categories of
ore reserves and mineral resources are set out below.
The information on ore reserves and mineral resources was prepared by or under the supervision of Competent Persons as defined
in the JORC Code. The Competent Persons have sufficient experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking. The Competent Persons consent to the inclusion in this report of the matters
based on their information in the form and context in which it appears. The Competent Person for Exploration Results and Mineral
Resources is Osvaldo Galvez (CP, Chile), Mineral Resource Evaluation Deputy Manager for Antofagasta Minerals SA. The Competent
Person for Ore Reserves is Sofia Orellana (CP, Chile), Long-Term Mine Planning Deputy Manager for Antofagasta Minerals SA.
The Group’s operations and projects are subject to a comprehensive programme of audits aimed at providing assurance in respect of ore
reserves and mineral resource estimates. The audits are conducted by suitably qualified Competent Persons from within an operation,
another operation of the Company or from independent consultants. The ore reserves and mineral resource estimates are the total
reserves and resources, with the Group’s attributable share for each mine shown in the ‘Attributable Tonnage’ column. The Group’s
economic interest in each mine is disclosed in the notes following the estimates on pages 258-260. The totals in the table may include
some small apparent differences due to rounding.
Definitions and categories of ore reserves and mineral resources
A ‘Mineral Resource’ is a concentration or occurrence of material of intrinsic economic interest in or on the Earth’s crust in such form,
quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological
characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.
Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a
low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based
on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which
may be limited or of uncertain quality and reliability.
An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too
widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.
A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
The locations are spaced closely enough to confirm geological and grade continuity.
An ‘Ore Reserve’ is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out
and include realistic consideration on modifying factors such as mining method, metallurgical process and economic, marketing, legal,
environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably
be justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves.
A ‘Probable Ore Reserve’ is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource.
It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and
studies have been carried out and include realistic consideration on modifying factors such as mining method, metallurgical process and
economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that
extraction could reasonably be justified.
A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances
for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out and include realistic
consideration on modifying factors such as mining method, metallurgical process and economic, marketing, legal, environmental, social
and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.
249
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GOVERNANCE
OTHER
INFORMATION
Ore reserves and mineral resources estimates continued
At 31 December 2025
Ore reserves estimates
Group subsidiaries
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Gold
(g/tonne)
Attributable tonnage
(millions of tonnes)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Ore Reserves
Los Pelambres (see note (a))
Proved 537.6 559.9 0.59 0.59 0.021 0.022 0.05 0.05 322.5 336.0
Probable 178.2 221.6 0.55 0.54 0.020 0.020 0.05 0.05 106.9 132.9
Total 715.7 781.5 0.58 0.58 0.021 0.021 0.05 0.05 429.4 468.9
Centinela (see note (b))
Centinela Cathodes (oxides)
Proved 15.5 19.9 0.48 0.46 10.8 13.9
Probable 96.5 132.9 0.32 0.34 67.5 93.0
Subtotal 112.0 152.7 0.35 0.35 78.4 106.9
Centinela Concentrates (sulphides)
Proved 952.8 963.6 0.47 0.47 0.014 0.014 0.18 0.18 667.0 674.5
Probable 1,440.5 1,436.9 0.37 0.37 0.013 0.013 0.12 0.12 1,008.3 1,005.8
Subtotal 2,393.2 2,400.6 0.41 0.41 0.013 0.013 0.14 0.14 1,675.3 1,680.4
Proved 968.3 983.5 0.47 0.47 677.8 688.5
Probable 1,536.9 1,569.8 0.37 0.37 1,075.9 1,098.8
Total 2,505.2 2,553.3 0.41 0.41 1,753.6 1,787.3
Antucoya (see note (c))
Proved 414.7 397.4 0.32 0.32 290.3 278.2
Probable 296.8 294.0 0.27 0.28 207.8 205.8
Total 711.5 691.4 0.30 0.30 498.1 484.0
Total Group Subsidiaries 3,932.5 4,026.2 0.42 0.42 2,681.2 2,740.2
Group joint ventures
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Gold
(g/tonne)
Attributable tonnage
(millions of tonnes)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Ore Reserves
Zaldívar (see note (n))
Proved 230.5 218.2 0.41 0.44 115.3 109.1
Probable 123.1 132.8 0.38 0.41 61.5 66.4
Total 353.6 351.0 0.40 0.43 176.8 175.5
Total Group 4,286.1 4,377.2 0.42 0.42 2,858.0 2,915.7
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025250
Mineral resources estimates (including ore reserves)
Group subsidiaries
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Gold
(g/tonne)
Attributable tonnage
(millions of tonnes)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Los Pelambres (see note (a))
Sulphides
Measured 1,169 1,171 0.56 0.56 0.020 0.020 0.05 0.05 701.7 702.3
Indicated 2,092 2,166 0.49 0.49 0.015 0.016 0.05 0.05 1,255.3 1,299.7
Measured + Indicated 3,262 3,337 0.51 0.51 0.017 0.017 0.05 0.05 1,957.0 2,002.0
Inferred 2,786 2,729 0.43 0.43 0.017 0.016 0.04 0.05 1,671.4 1,637.5
Total 6,047 6,066 0.47 0.48 0.017 0.017 0.04 0.05 3,628.4 3,639.5
Los Pelambres Total
Measured 1,169 1,171 0.56 0.56 0.020 0.020 0.05 0.05 701.7 702.3
Indicated 2,092 2,166 0.49 0.49 0.015 0.016 0.05 0.05 1,255.3 1,299.7
Measured + Indicated 3,262 3,337 0.51 0.51 0.017 0.017 0.05 0.05 1,957.0 2,002.0
Inferred 2,786 2,729 0.43 0.43 0.017 0.016 0.04 0.05 1,671.4 1,637.5
Total 6,047 6,066 0.47 0.48 0.017 0.017 0.04 0.05 3,628.4 3,639.5
Centinela (see note (b))
Oxides
Measured 25 33 0.45 0.45 – – – – 17.8 23.3
Indicated 161 209 0.30 0.31 – – – – 112.4 146.4
Measured + Indicated 186 242 0.32 0.33 – – – – 130.2 169.7
Inferred 14 14 0.26 0.30 – – – – 9.5 9.6
Sub-Total 200 256 0.32 0.33 – – – – 139.7 179.3
Sulphides
Measured 963 971 0.47 0.47 0.014 0.014 0.18 0.18 674.2 679.7
Indicated 1,857 1,854 0.36 0.36 0.012 0.013 0.12 0.12 1,300.2 1,297.8
Measured + Indicated 2,821 2,825 0.40 0.40 0.013 0.013 0.14 0.14 1,974.4 1,977.5
Inferred 2,131 2,104 0.28 0.28 0.011 0.011 0.07 0.07 1,491.4 1,473.0
Sub-Total 4,951 4,929 0.35 0.35 0.012 0.012 0.11 0.11 3,465.8 3,450.4
Centinela Total
Measured 989 1,004 0.47 0.47 – – – – 692.0 703.0
Indicated 2,018 2,063 0.35 0.36 – – – – 1,412.7 1,444.2
Measured + Indicated 3,007 3,067 0.39 0.39 – – – – 2,104.7 2,147.2
Inferred 2,144 2,118 0.28 0.28 – – – – 1,500.9 1,482.6
Total 5,151 5,185 0.35 0.35 – – – – 3,605.6 3,629.8
Antucoya (see note (c))
Oxides
Measured 432.5 412.6 0.32 0.32 – – – – 302.7 288.8
Indicated 351.9 354.4 0.27 0.28 – – – – 246.4 248.1
Measured + Indicated 784.4 767.0 0.30 0.30 – – – – 549.1 536.9
Inferred 277.9 280.9 0.24 0.25 – – – – 194.5 196.7
Total 1,062.3 1,047.9 0.28 0.29 – – – – 743.6 733.5
Antucoya Total
Measured 432.5 412.6 0.32 0.32 – – – – 302.7 288.8
Indicated 351.9 354.4 0.27 0.28 – – – – 246.4 248.1
Measured + Indicated 784.4 7
67.0 0.30 0.30 – – – – 549.1 536.9
Inferred 277.9 280.9 0.24 0.25 – – – – 194.5 196.7
Total 1,062.3 1,047.9 0.28 0.29 – – – – 743.6 733.5
251
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OTHER
INFORMATION
Ore reserves and mineral resources estimates continued
At 31 December 2025
Mineral resources estimates (including ore reserves) continued
Group subsidiaries
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Gold
(g/tonne)
Attributable tonnage
(millions of tonnes)
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Polo Sur (see note (d))
Oxides
Measured 61.0 61.0 0.47 0.47 – – – – 61.0 61.0
Indicated 45.4 45.4 0.37 0.37 – – – – 45.4 45.4
Measured + Indicated 106.4 106.4 0.43 0.43 – – – – 106.4 106.4
Inferred 6.6 6.5 0.34 0.34 – – – – 6.6 6.5
Sub-Total 112.9 112.9 0.42 0.42 – – – – 112.9 112.9
Sulphides
Measured 258.9 258.9 0.40 0.40 0.007 0.007 0.07 0.07 258.9 258.9
Indicated 676.9 676.6 0.33 0.33 0.007 0.007 0.05 0.05 676.9 676.6
Measured + Indicated 935.8 935.5 0.35 0.35 0.007 0.007 0.06 0.06 935.8 935.5
Inferred 736.3 673.4 0.27 0.27 0.006 0.006 0.04 0.04 736.3 673.4
Sub-Total 1,672.1 1,608.9 0.32 0.32 0.006 0.006 0.05 0.05 1,672.1 1,608.9
Polo Sur Total
Measured 319.9 319.9 0.41 0.41 – – – – 319.9 319.9
Indicated 722.3 722.0 0.34 0.34 – – – – 722.3 722.0
Measured + Indicated 1,042.1 1,041.9 0.36 0.36 – – – – 1,042.1 1,041.9
Inferred 742.9 679.9 0.27 0.27 – – – – 742.9 679.9
Total 1,785.0 1,721.8 0.32 0.33 – – – – 1,785.0 1,721.8
Penacho Blanco (see note (e))
Oxides
Measured – – – – – –
Indicated – – – – – –
Measured + Indicated – – – – – –
Inferred 18.3 18.3 0.29 0.29 – – 18.3 9.3
Sub-Total 18.3 18.3 0.29 0.29 – – 18.3 9.3
Sulphides
–
Measured – – – – – –
Indicated – – – – – –
Measured + Indicated – – – – – –
Inferred 623.3 541.2 0.33 0.34 – 0.05 0.05 623.3 276.0
Sub-Total 623.3 541.2 0.33 0.34 – 0.05 0.05 623.3 276.0
Penacho Blanco Total
Measured – – – – – – – – – –
Indicated – – – – – – – – – –
Measured + Indicated – – – – – – – – – –
Inferred 641.6 559.5 0.33 0.34 – – – – 641.6 285.4
Total 641.6 559.5 0.33 0.34 – – – – 641.6 285.4
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025252
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Gold
(g/tonne)
Attributable tonnage
(millions of tonnes)
Group subsidiaries 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Mirador (see note (f))
Oxides
Measured 1.6 1.9 0.26 0.28 – – 1.2 1.4
Indicated 24.8 25.5 0.27 0.27 – – 19.0 19.5
Measured + Indicated 26.5 27.4 0.26 0.27 – – 20.3 20.9
Inferred 20.8 17.5 0.24 0.25 – – 16.7 14.1
Sub-Total 47.3 44.9 0.25 0.26 – – 36.9 35.0
Sulphides
Measured 43.7 42.0 0.32 0.32 0.007 0.007 0.11 0.11 43.7 42.0
Indicated 34.4 28.9 0.27 0.27 0.009 0.008 0.07 0.07 34.4 28.9
Measured + Indicated 78.1 70.8 0.30 0.30 0.008 0.007 0.09 0.10 78.1 70.8
Inferred 21.0 12.7 0.24 0.24 0.009 0.009 0.04 0.04 21.0 12.7
Sub-Total 99.1 83.5 0.29 0.29 0.008 0.008 0.08 0.09 99.1 83.5
Mirador Total
Measured 45.4 43.8 0.32 0.32 – – – – 44.9 43.3
Indicated 59.2 54.4 0.27 0.27 – – – – 53.4 48.4
Measured + Indicated 104.6 98.3 0.29 0.29 – – – – 98.4 91.7
Inferred 41.9 30.2 0.24 0.24 – – – – 37.7 26.7
Total 146.4 128.4 0.28 0.28 – – – – 136.1 118.5
Los Volcanes (see note (g))
Oxides
Measured – – – – – –
Indicated – – – – – –
Measured + Indicated – – – – – –
Inferred 30.8 30.8 0.31 0.31 – – 15.7 15.7
Sub-Total 30.8 30.8 0.31 0.31 – – 15.7 15.7
Sulphides
Measured – – – – – –
Indicated – – – – – –
Measured + Indicated – – – – – –
Inferred 1,903.3 1,902.8 0.50 0.50 0.011 0.011 – 970.7 970.4
Sub-Total 1,903.3 1,902.8 0.50 0.50 0.011 0.011 – 970.7 970.4
Los Volcanes Total
Measured – – – – – – – – – –
Indicated – – – – – – – – – –
Measured + Indicated – – – – – – – – – –
Inferred 1,934.1 1,933.6 0.49 0.49 – – – – 986.4 986.1
Total 1,934.1 1,933.6 0.49 0.49 – – – – 986.4 986.1
253
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GOVERNANCE
OTHER
INFORMATION
Ore reserves and mineral resources estimates continued
At 31 December 2025
Mineral resources estimates (including ore reserves) continued
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Gold
(g/tonne)
Attributable tonnage
(millions of tonnes)
Group subsidiaries 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Brujulina (see note (h))
Oxides
Measured – – – – – –
Indicated – – – – – –
Measured + Indicated – – – – – –
Inferred 89.9 88.7 0.49 0.49 – – 45.8 45.2
Total 89.9 88.7 0.49 0.49 – – 45.8 45.2
Brujulina Total
Measured – – – – – – – – – –
Indicated – – – – – – – – – –
Measured + Indicated – – – – – – – – – –
Inferred 89.9 88.7 0.49 0.49 – – – – 45.8 45.2
Total 89.9 88.7 0.49 0.49 – – – – 45.8 45.2
Sierra (see note (i))
Oxides
Measured – – – – – – – –
Indicated – – – – – – – –
Measured + Indicated – – – – – – – –
Inferred 55.4 54.9 0.67 0.67 – – – – 55.4 54.9
Total 55.4 54.9 0.67 0.67 – – – – 55.4 54.9
Sierra Total
Measured – – – – – – – – – –
Indicated – – – – – – – – – –
Measured + Indicated – – – – – – – – – –
Inferred 55.4 54.9 0.67 0.67 – – – – 55.4 54.9
Total 55.4 54.9 0.67 0.67 – – – – 55.4 54.9
Encierro (see note (j))
Sulphides
Measured – – – – – – – – – –
Indicated – – – – – – – – – –
Measured + Indicated – – – – – – – – – –
Inferred 522.3 522.3 0.65 0.65 0.007 0.007 0.22 0.22 345.5 298.6
Sub-Total 522.3 522.3 0.65 0.65 0.007 0.007 0.22 0.22 345.5 298.6
Encierro Total
–
Measured – – – – – – – – – –
Indicated – – – – – – – – – –
Measured + Indicated – – – – – – – – – –
Inferred 522.3 522.3 0.65 0.65 0.007 0.007 0.22 0.22 345.5 298.6
Total 522.3 522.3 0.65 0.65 0.007 0.007 0.22 0.22 345.5 298.6
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025254
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Silver
(g/tonne)
Attributable tonnage
(millions of tonnes)
Group subsidiaries 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Cachorro (see note (k))
Oxides
Measured – – – – – –
Indicated 8.0 11.1 1.26 1.15 – – 8.0 11.1
Measured + Indicated 8.0 11.1 1.26 1.15 – – 8.0 11.1
Inferred 13.3 18.3 0.98 0.87 – – 13.3 18.3
Sub-Total 21.3 29.4 1.08 0.97 – – 21.3 29.4
Sulphides
Measured – – – – – – – –
Indicated 42.2 42.3 1.58 1.58 – 6.10 6.11 42.2 42.3
Measured + Indicated 42.2 42.3 1.58 1.58 – 6.10 6.11 42.2 42.3
Inferred 192.2 183.7 1.25 1.23 – 4.17 3.92 192.2 183.7
Sub-Total 234.3 225.9 1.31 1.30 – 4.51 4.33 234.3 225.9
Cachorro Total
Measured – – – – – – – – – –
Indicated 50.2 53.3 1.53 1.49 – – – – 50.2 53.3
Measured + Indicated 50.2 53.3 1.53 1.49 – – – – 50.2 53.3
Inferred 205.5 202.0 1.23 1.20 – – – – 205.5 202.0
Total 255.6 255.3 1.29 1.26 – – – – 255.6 255.3
255
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OTHER
INFORMATION
Mineral resources estimates (including ore reserves) continued
Tonnage
(Millions of tonnes)
Copper
(%)
Nickel
(%)
TPM
(g/tonne au+pt+pd)
Attributable tonnage
(millions of tonnes)
Group subsidiaries 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Twin Metals (see note (m))
Maturi
Measured 291.4 291.4 0.63 0.63 0.20 0.20 0.57 0.57 291.4 224.6
Indicated 818.3 818.3 0.57 0.57 0.18 0.18 0.57 0.57 818.3 771.6
Measured + Indicated 1,109.7 1,109.7 0.59 0.59 0.19 0.19 0.57 0.57 1,109.7 996.1
Inferred 534.1 534.1 0.50 0.50 0.16 0.16 0.57 0.57 534.1 483.2
Sub-Total 1,643.8 1,643.8 0.56 0.56 0.18 0.18 0.57 0.57 1,643.8 1,479.3
Maturi South West
Measured – – – – – – – – – –
Indicated 93.1 93.1 0.48 0.48 0.17 0.17 0.31 0.31 93.1 65.2
Measured + Indicated 93.1 93.1 0.48 0.48 0.17 0.17 0.31 0.31 93.1 65.2
Inferred 29.3 29.3 0.43 0.43 0.15 0.15 0.26 0.26 29.3 20.5
Sub-Total 122.4 122.4 0.47 0.47 0.17 0.17 0.30 0.30 122.4 85.7
Birch Lake
Measured – – – – – – – – – –
Indicated 90.4 90.4 0.52 0.52 0.16 0.16 0.87 0.87 90.4 63.3
Measured + Indicated 90.4 90.4 0.52 0.52 0.16 0.16 0.87 0.87 90.4 63.3
Inferred 217.0 217.0 0.46 0.46 0.15 0.15 0.64 0.64 217.0 151.9
Sub-Total 307.4 307.4 0.48 0.48 0.15 0.15 0.70 0.70 307.4 215.2
Spruce Road
Measured – – – – – – – – – –
Indicated – – – – – – – – – –
Measured + Indicated – – – – – – – – – –
Inferred 435.5 435.5 0.43 0.43 0.16 0.16 – – 435.5 304.8
Sub-Total 435.5 435.5 0.43 0.43 0.16 0.16 – – 435.5 304.8
Twin Metals Total
Measured 291.4 291.4 0.63 0.63 0.20 0.20 0.57 0.57 291.4 224.6
Indicated 1,001.8 1,001.8 0.56 0.56 0.18 0.18 0.57 0.57 1,001.8 900.0
Measured + Indicated 1,293.2 1,293.2 0.57 0.57 0.18 0.18 0.57 0.57 1,293.2 1,124.6
Inferred 1,215.9 1,215.9 0.47 0.47 0.16 0.16 0.37 0.37 1,215.9 960.4
Total 2,509.1 2,509.1 0.52 0.52 0.17 0.17 0.47 0.47 2,509.1 2,085.0
Group subsidiaries 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Measured + Indicated 9,542.8 9,657.7 0.45 0.45 – – – – 7,094.6 6,997.6
Inferred 10,657.0 10,414.8 0.42 0.42 – – – – 7,643.4 6,880.7
Group Subsidiaries Total 20,199.8 20,072.7 0.44 0.44 – – – – 14,738.0 13,878.3
Ore reserves and mineral resources estimates continued
At 31 December 2025
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025256
Tonnage
(Millions of tonnes)
Copper
(%)
Molybdenum
(%)
Gold
(g/tonne)
Attributable tonnage
(millions of tonnes)
Group join ventures 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Zaldivar (see note (n))
Oxides & Secondary
Sulphides
Measured 325.1 334.5 0.37 0.39 – – – – 162.5 167.2
Indicated 263.1 307.9 0.32 0.33 – – – – 131.5 154.0
Measured + Indicated 588.1 642.4 0.35 0.36 – – – – 294.1 321.2
Inferred 6.1 8.5 0.26 0.24 – – – – 3.1 4.3
Total 594.3 650.9 0.35 0.36 – – – – 297.1 325.5
Primary Sulphides
Measured 134.1 145.2 0.39 0.40 – – – – 67.1 72.6
Indicated 294.5 272.1 0.38 0.38 – – – – 147.2 136.0
Measured + Indicated 428.6 417.3 0.38 0.39 – – – – 214.3 208.6
Inferred 21.3 21.6 0.35 0.35 – – – – 10.6 10.8
Sub-Total 449.9 438.8 0.38 0.39 – – – – 224.9 219.4
Zaldívar Total
Measured 459.2 479.7 0.38 0.39 – – – – 229.6 239.9
Indicated 557.6 580.0 0.35 0.36 – – – – 278.8 290.0
Measured + Indicated 1,016.7 1,059.7 0.36 0.37 – – – – 508.4 529.8
Inferred 27.4 30.1 0.33 0.32 – – – – 13.7 15.0
Group Joint Ventures total 1,044.1 1,089.8 0.36 0.37 – – – – 522.1 544.9
Total group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Measured + Indicated 10,559.6 10,717.4 0.44 0.45 – – – – 7,603.0 7,527.4
Inferred 10,684.4 10,445.1 0.42 0.42 – – – – 7,657.1 6,895.7
Total 21,244.0 21,162.4 0.43 0.43 – – – – 15,260.1 14,423.1
257
STRATEGIC
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CORPORATE
GOVERNANCE
OTHER
INFORMATION
The ore reserves mentioned in this report were determined considering specific copper cut-off grades for each mine and using a long-
term copper price of $4.15/lb ($3.80/lb in 2024), $15.00/lb molybdenum ($14.00/lb in 2024) and $2,000/oz gold ($1,700/oz in 2024),
unless otherwise noted. These same values have been used for copper equivalent (CuEq) estimates, where appropriate.
In order to ensure that the stated resources represent mineralisation that has 'reasonable prospects for eventual economic extraction'
(JORC Code), the resources are enclosed within pit shells that were optimised based on measured, indicated and inferred resources
and considering a copper price of $4.75/lb ($4.40/lb in 2024). Mineralisation estimated outside these pit shells is not included in the
resource figures.
Group policy on auditing of resource and reserve estimates is that prior to first publication, an independent external audit is done. External
audits are also done on resources and reserves for any material changes (incorporation of a significant amount of drillhole information,
for instance) or every three to five years, whichever comes first. All the resource models that support the resource and reserve estimates
have been audited as per Group policy. All resource and reserve estimates have been found to comply with the JORC Code (2012).
(A) Los Pelambres
Los Pelambres is 60% owned by the Group. The cut-off grade applied to the determination of mineral resources is 0.30% copper, while
the cut-off grade applied for ore reserves is variable over 0.35% copper. Ore Reserves decreased by 66 million tonnes due principally
to depletion in the period and reflects the remaining capacity of the existing tailing dams, limiting the amount of mineral resource that
can be converted into ore reserves. Mineral resources have decreased overall by a net 18 million tonnes, depletion being the main factor.
(B) Centinela (Concentrates and Cathodes)
Centinela is 70% owned by the Group and comprises two operations: Centinela Concentrates (Esperanza, Esperanza Sur and Encuentro
Sulphides) and Centinela Cathodes (Esperanza, Esperanza Sur, Encuentro and Llano deposits, including the oxide portion of the Mirador
deposit and minerals from stockpiles). The cut-off grade applied to the determination of ore reserves for Centinela Concentrates is 0.15%
equivalent copper, with 0.15% copper used as a cut-off grade for mineral resources. The cut-off grades used at Centinela Cathodes are
0.20% copper for ore reserves and 0.15% copper for mineral resources.
The Centinela Concentrates ore reserves have decreased by a net 7 million tonnes, due mainly to depletion in the period, partially
compensated by an increase associated to higher metal prices and a resource model update. Centinela sulphide mineral resources
increased by a net 22 million tonnes, due mainly to higher metal prices. The Centinela cathodes ore reserves have decreased by a net
41 million tonnes, mainly due to depletion during the period. Centinela cathodes ore reserves are made up of 94 million tonnes at 0.38%
copper of heap leach ore and 18 million tonnes at 0.16% copper of ROM ore. Centinela oxide mineral resources decreased by a net 57
million tonnes, due mainly to depletion during the period.
(C) Antucoya
Antucoya is 70% owned by the Group. The ore reserve cut-off grade is 0.14%, coinciding with the cut-off grade used for mineral resources.
Ore reserves have increased by a net 20 million tonnes, due to the resource model update including new drilling data and the increase in
copper price, which compensated depletion in the period. Mineral resources have increased by a net 14 million tonnes, due mostly to the
increase in copper price.
(D) Polo Sur
Polo Sur is 100% owned by the Group. The cut-off grade applied to the determination of mineral resources for both oxides and sulphides
is 0.20% copper. For 2025, the resource model has not been updated. Mineral resources have increased by a net 63 million tonnes, due
to the increase in metal prices.
(E) Penacho Blanco
Penacho Blanco is 100% owned by the Group. In January 2025, the Group entered into an agreement with Mineralinvest to acquire
Mineralinvest’s 49% interest in Antomin Investors’ copper exploration properties in the Centinela District. The cut-off grade applied to the
determination of mineral resources for both oxides and sulphides is 0.20% copper. For 2025, the resource model has not been updated.
The mineral resources have increased by a net 82 million tonnes, due to the increase in metal prices.
Notes to ore reserves and mineral resources estimates
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025258
(F) Mirador
Mirador is 100% owned by the Group. A portion of Mirador Oxides is subject to an agreement between the Group and Centinela, whereby
Centinela purchased the rights to mine the oxide ore reserves within an identified area. The mineral resources for Mirador Oxides subject
to the agreement with Centinela are included in the Centinela Cathodes section. The resources not subject to the agreement are reported
in this section. The cut-off grade applied to the determination of the mineral resources for oxides is 0.15% copper and for sulphides is
0.20% copper. The mineral resources have increased by a net 18 million tonnes, due to the increase in metal prices.
(G) Los Volcanes
Los Volcanes is 51% owned by the Group. The cut-off grade applied to the determination of mineral resources is 0.20% copper. For 2025,
the mineral resource model has not been updated. The mineral resources have increased by a net 0.48 million tonnes, due to the increase
in metal prices.
(H) Brujulina
Brujulina is 51% owned by the Group. The cut-off grade applied to the determination of mineral resources is 0.30% copper. For 2025, the
mineral resource model has not been updated. The mineral resources have increased by a net 1.21 million tonnes, due to the increase in
metal prices.
(I) Sierra
Sierra is 100% owned by the Group. The cut-off grade applied to the determination of mineral resources is 0.30% copper. For 2025, the
mineral resource model has not been updated. The mineral resources have increased by a net 0.47 million tonnes, due to the increase in
metal prices.
(J) Encierro
Encierro is 66.2% owned by the Group. The cut-off grade applied to the determination of mineral resources sulphides is 0.50% copper.
For 2025, the mineral resource model has not been updated. Accordingly, the mineral resources have not changed since the 2023 report.
(K) Cachorro
Cachorro is 100% owned by the Group. The cut-off grade applied to the determination of mineral resources for both oxides and sulphides
is 0.50% copper. Mineral resources have increased by a net 0.30 million tonnes, due to the resource model update. Resources have
been defined as indicated and inferred material. Mineralisation estimated below a 0.50% copper cut-off is not included in the mineral
resource figures.
(M) Twin Metals Minnesota LLC
Twin Metals Minnesota LLC ('Twin Metals') is 100% owned by the Group. As of October 2025, Twin Metals owns a 100% interest in the
Birch Lake, Spruce Road and Maturi Southwest deposits, as well as in the Maturi deposit, following the consolidation of all interests
previously held through the Birch Lake Join Venture. For 2025, the mineral resource model has not been updated. The cut-off grade
applied to the determination of mineral resources is 0.3% copper, which when combined with credits from nickel, platinum, palladium and
gold, is deemed appropriate for an underground operation. In the mineral resource table, ‘TPM’ (Total Precious Metals) refers to the sum
of platinum, palladium and gold values in grammes per tonne. The TPM value of 0.57 g/tonne for the Maturi mineral resource estimate
is made up of 0.15 g/tonne platinum, 0.34 g/tonne palladium and 0.08 g/tonne gold. The TPM value of 0.30 g/tonne for the Maturi
Southwest mineral resource estimate is made up of 0.08 g/tonne platinum, 0.17 g/tonne palladium and 0.05 g/tonne gold. The TPM value
of 0.70 g/tonne for the Birch Lake mineral resource estimate is made up of 0.19 g/tonne platinum, 0.41 g/tonne palladium and 0.10 g/tonne
gold. The Spruce Road mineral resource estimate does not include TPM values as they were not assayed for TPMs.
In August 2022, Twin Metals filed a claim in federal court challenging the administrative actions resulting in the rejection of the preference
right lease applications ('PRLAs'), the cancellation of its federal leases 1352 and 1353, the rejection of its Mine Plan of Operations ('MPO')
and the dismissal of the administrative appeal of the MPO rejection. That action is currently pending. Prior to those administrative actions,
the PRLAs and federal mineral leases represented a significant proportion of the mineral resources underlying Twin Metals’ plans. If
TMM is unsuccessful having the decisions on the federal leases 1352 and 1353 and the PRLAs reversed, it will not have entitlement to the
mineral resources associated with those mineral leases and PRLAs.
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(N) Zaldívar
Zaldívar is 50% owned by the Group. Heap leaching (HL) and dump leaching (DL) materials are defined based on total copper cut-off
grades. The cut-off grade applied to the determination of ore reserves for Heap Leach ore is 0.31% copper, while the cut-off grade for
Dump Leach material is 0.20% copper. Ore reserves have increased by a net 3 million tonnes due to the extension of the Dump Leach
area, and an update of the resource model which compensated depletion in the period. Mineral ore reserves include 26 million tonnes
at 0.30% copper of mineralised material in the current leaching process. For mineral resources, the cut-off grade applied to Oxide &
Secondary Sulphide minerals is 0.10% copper and Primary Sulphide minerals is 0.30% copper. The mineral resources decreased in
46 million tonnes because of the combined effects of depletion and a global increase in operational costs, which are partly compensated
by the increase in copper prices and a resource model update.
In the southern part of the deposit (Phase 13), the final pit impacts a portion of the Minera Escondida mining property, for which there is an
agreement for development. In parallel, agreements with third parties to relocate some infrastructure existing in the area are in progress.
Zaldívar’s Environmental Impact Assessment (EIA) application, extending the operation’s 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 Zaldívar’s 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.
(O) Antomin 2 and Antomin Volcanes
The Group has a 51% interest in two indirect subsidiaries, Antomin 2 Limited ('Antomin 2') and Antomin Volcanes Limited ('Antomin
Volcanes'), which own several copper exploration properties in Chile’s Antofagasta Region. These include, among others Los Volcanes and
Brujulina. The remaining 49% of Antomin 2 and Antomin Volcanes is owned by Mineralinvest Establishment ('Mineralinvest'), a company
controlled by E. Abaroa Foundation, in which members of the Luksic family are interested. Further details are set out in Note 32(c) to the
financial statements.
Notes to ore reserves and mineral resources estimates continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025260
Glossary and definitions
ADS Asset delivery system.
AMSA Antofagasta Minerals SA, a wholly-owned subsidiary of the Group incorporated in Chile, which acts as the
corporate centre for the Mining Division.
Annual Report The Annual Report and Financial Statements of Antofagasta plc.
Antucoya Minera Antucoya, a 70%-owned subsidiary incorporated in Chile.
Banco de Chile A commercial bank that is a subsidiary of Quiñenco.
Barrick Barrick Mining Corporation, incorporated in Canada and our joint venture partner in Zaldívar, formerly known
as Barrick Gold Corporation.
Brownfield project A development or exploration project in the vicinity of an existing operation.
Buenaventura Compañía de Minas Buenaventura S.A.A., Peru’s largest, publicly traded precious and base metals company
and a major holder of mining rights in Peru.
By-products (credits in copper
concentrates)
Products obtained as a result of copper processing. Los Pelambres and Centinela Concentrates receive credit
for the gold and silver content in the copper concentrate sold. Los Pelambres and Centinela also produce
molybdenum concentrate.
Capex Capital expenditure.
Cash costs A measure of the cost of operating production expressed in terms of US dollars per pound of payable copper
produced. Cash costs are stated net of by-product credits and include treatment and refining charges
for concentrates for Los Pelambres and Centinela. Cash costs exclude depreciation, financial income and
expenses, hedging gains and losses, exchange gains and losses, and corporation tax.
CDP Carbon Disclosure Project.
Centinela Minera Centinela SA, a 70%-owned subsidiary incorporated in Chile that holds the Centinela Concentrates and
Centinela Cathodes operations.
Centinela Mining District Copper district located in the Antofagasta Region of Chile, where Centinela is located.
Chilean peso Chilean currency.
Comex Commodity Exchange, Inc. (COMEX), referring to common benchmark for copper pricing in the USA
CO
2
e Carbon dioxide equivalent.
Companies Act 2006 Principal legislation for United Kingdom Company law.
Company Antofagasta plc.
Concentrate The product of a physical concentration process, such as flotation or gravity concentration, which involves
separating ore minerals from unwanted waste rock. Concentrates require subsequent processing (such as
smelting or leaching) to break down or dissolve the ore minerals and obtain the desired elements, usually metals.
Contained copper The proportion or quantity of copper contained in a given quantity of ore or concentrate.
Continental water Water that comes from the interior of land masses, including rain, snow, streams, rivers, lakes and groundwater.
Copper cathode Refined copper produced by electrolytic refining of impure copper by electrowinning.
Corporate Governance Code The UK Corporate Governance Code is a set of principles of good corporate governance, most of which have
their own more detailed provisions published by the Financial Reporting Council, most recently updated in 2024.
CuEq Copper-equivalent
Cut-off grade The lowest grade of mineralised material considered economic to process and used in the calculation of ore
reserves and mineral resources.
Directors The Directors of the Company.
EBITDA EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment
charges or reversals to operating profit.
EIA Environmental Impact Assessment.
Encuentro Copper oxide and sulphide deposit in the Centinela Mining District.
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EPS Earnings per share.
Esperanza Sur Copper deposit in the Centinela Mining District.
FCAB Ferrocarril de Antofagasta a Bolivia, the corporate name of our Transport Division.
Flotation A process of separation by which chemicals in solution are added to finely crushed materials, some of
which are attracted to bubbles and float, while others sink, which results in the production of concentrate.
FTSE All-Share Index A market-capitalisation weighted index representing the performance of all eligible companies listed on the
London Stock Exchange’s main market.
FTSE100 and FTSE350 Index A share index of the 100 or 350 companies listed on the London Stock Exchange with the highest market
capitalisation.
GAAP Generally Accepted Accounting Practice or Generally Accepted Accounting Principles, a collection of
commonly-followed accounting rules and standards for financial reporting.
GHG Greenhouse gas.
Government The Government of the Republic of Chile.
Grade A copper cathode Highest-quality copper cathode, 99.99% pure.
Greenfield project The development or exploration of a new project at a previously undeveloped site.
Group Antofagasta plc and its subsidiary companies and share of joint ventures.
Heap-leaching or leaching A process for the recovery of copper from ore, generally oxides. The crushed material is laid on a slightly
sloping, impermeable pad and leached by uniformly trickling a (gravity-fed) chemical solution through the
heaps to collection ponds. The metal is then recovered from the solution through the SX-EW process.
HPI High-potential incident. An event that, under different circumstances, might easily have resulted in a serious
injury or fatality.
ICMM International Council on Mining and Metals.
IFRIC International Financial Reporting Standards Interpretations Committee.
IFRS International Financial Reporting Standards.
JORC The Australasian Joint Ore Reserves Committee.
KPI Key performance indicator.
Life-of-Mine (LOM) The remaining life of a mine expressed in years, calculated by reference to scheduled production rates
(ie comparing the rate at which ore is expected to be extracted from the mine to current ore reserves).
LME London Metal Exchange.
Los Pelambres Minera Los Pelambres, a 60%-owned subsidiary incorporated in Chile.
LTIFR Lost time injury frequency rate. The number of accidents resulting in lost working time during the year per
million hours worked.
LTIP Long Term Incentive Plan, in which the Group’s CEO, Executive Committee members and other senior
managers participate.
Mineral resources Material of intrinsic economic interest occurring in such form and quantity that there are reasonable prospects
for eventual economic extraction. Mineral resources are stated inclusive of Ore Reserves, as defined by JORC.
Net cash cost Gross cash costs less by-product credits.
Open pit Mine working or excavation that is open to the surface.
Ore Rock from which metal(s) or mineral(s) can be economically and legally extracted.
Ore grade The relative quantity, or percentage, of metal content in an ore body or quantity of processed ore.
Ore Reserves Part of Mineral Resources for which appropriate assessments have been carried out to demonstrate that at a
given date extraction could be reasonably justified. These include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors.
Glossary and definitions continued
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025262
Oxide and sulphide ores Different kinds of ore containing copper. Oxide ore occurs on the weathered surface of ore-rich lodes and
normally results in the production of cathode copper through a heap-leaching process. Sulphide ore is an
unweathered parent ore normally treated using a flotation process to produce concentrate which then requires
smelting and refining to produce copper cathodes.
Payable copper The proportion or quantity of contained copper for which payment is received after metallurgical deduction.
Platts A provider of energy and metals information and a source of benchmark price assessments.
Porphyry A large body of rock which contains disseminated chalcopyrite and other sulphide minerals.
Such a deposit is mined in bulk on a large scale, generally in open pits, for copper and its by-products.
Provisional pricing A sales term in several copper and molybdenum concentrate sale agreements and cathodes sale agreements
that provides for provisional pricing of sales at the time of shipment, with final pricing being based on the
monthly average LME copper price or monthly average molybdenum price for specific future periods, normally
ranging from 30 to 180 days after delivery to the customer.
Quiñenco Quiñenco SA, a Chilean financial and industrial group listed on the Santiago Stock Exchange and controlled by
a foundation in which members of the Luksic family are interested.
RCA Resolución de Calificación Ambiental, translated into English as Environmental Approval Resolution.
Realised prices Effective sale price achieved comparing revenues (grossed up to take account of treatment and refining
charges for concentrate) with sales volumes.
Reko Diq A copper-gold deposit in Pakistan, previously a subsidiary of Tethyan.
Run-of-Mine (ROM) A process for the recovery of copper from ore, typically used for low-grade ores. The mined, uncrushed ore is
leached with a chemical solution. The metal is then recovered from the solution through the SX-EW process.
SDGs The United Nations’ Sustainable Development Goals, which were adopted by all member states in 2015.
Sernageomin Servicio Nacional de Geología y Minería, a government agency that provides geological and technical advice
and regulates the mining industry in Chile.
SONAMI Sociedad Nacional de Minería. Institution that represents the mining industry in Chile, for large, medium and
small-scale, metallic and non-metallic mining companies.
Sterling Pounds sterling, UK currency.
Stockpile Material extracted and piled for future use.
SX-EW Solvent extraction and electrowinning. A process for extracting metal from an ore and producing pure metal.
First the metal is leached into solution, and the resulting solution is then purified in the solvent-extraction
process before being treated in an electrochemical process (electrowinning) to recover cathode copper.
Tailings dam or tailings
storage facility (TSF)
Construction used to deposit the rock waste which remains as a result of the concentrating process after the
recoverable minerals have been extracted in concentrate form.
TCFD Task Force on Climate-related Financial Disclosures.
TC/RCs Treatment and refining charges: terms used to set the smelting and refining charge or margin for processing
copper concentrate; normally set on either an annual or spot basis.
Tonne Metric tonne.
TSR Total shareholder return, being the movement in the Company’s share price plus any dividends paid by
the Company.
Twin Metals Minnesota Project A copper, nickel and platinum group metals underground-mining project located in Minnesota, US.
UK United Kingdom.
Underground mine Natural or man-made excavation under the surface of the ground.
US United States.
US dollar United States currency.
Zaldívar Compañía Minera Zaldívar SpA is a 50-50 joint venture with Barrick Gold and is operated by the Company.
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Shareholder information
Currency abbreviations
$ US dollar
$000 Thousand US dollars
$m Million US dollars
£ Pound sterling
£000 Thousand pounds sterling
£m Million pounds sterling
P Pence sterling
C$ Canadian dollar
C$m Million Canadian dollars
Ch$ Chilean peso
Ch$000 Thousand Chilean pesos
Ch$m Million Chilean pesos
Definitions and conversion of weights
and measures
Lb Pound
Oz A troy ounce
1 troy ounce 31.1 grammes
’000 m3 Thousand cubic metres
1 kilogramme 2.2046 pounds
1 tonne 2,204.6 pounds or 1,000 kilogrammes
’000 tonnes Thousand metric tonnes
1 kilometre 0.6214 miles
GL Gigalitre
1 megalitre Thousand cubic metres
1 GL Thousand megalitres
Chemical symbols
Cu Copper
Mo Molybdenum
Au Gold
Ag Silver
Dividends
Details of dividends proposed in relation to the year are given
in the Directors’ Report on pages 164-166, and in Note 12 to the
Financial Statements.
If approved at the Annual General Meeting, the final dividend of
23.5 cents per share will be paid on 11 May 2026 to ordinary
shareholders that are on the register at the close of business
on 17 April 2026. Shareholders can elect (on or before 20 April
2026) to receive this final dividend in US dollars, Sterling or Euro,
and the exchange rate, which will be applied to final dividends
to be paid in Sterling or Euro, will be set as soon as reasonably
practicable after that date, which is currently anticipated to be
on 23 April 2026.
Further details of the currency election timing and process (including
the default currency of payment) are available on the Antofagasta
plc website (antofagasta.co.uk) or from the Company’s registrar,
Computershare Investor Services PLC on +44 37 0702 0159.
Dividends are paid gross without deduction of United Kingdom
income tax. Antofagasta plc is resident in the United Kingdom
for tax purposes.
Annual General Meeting
The Annual General Meeting will be held as an in-person meeting
at Church House Westminster, Dean’s Yard, London SW1P 3NZ
at 10.00am on Thursday 7 May 2026. The formal notice of the
Annual General Meeting and resolutions to be proposed are set
out in the Notice of Annual General Meeting.
London Stock Exchange listing and share price
The Company’s shares are listed on the London Stock Exchange.
Share capital
Details of the Company’s ordinary share capital are given in Note
31 to the financial statements.
ANTOFAGASTA PLC / Annual Report and Financial Statements 2025264
Shareholder calendar 2026
29 January 2026 Q4 2025 Production Report.
17 February 2026 Full-Year 2025 Results Announcement.
15 April 2026 Q1 2026 Production Report.
16 April 2026 2025 Final Dividend – Ex-Dividend date.
17 April 2026 2025 Final Dividend – Record date.
20 April 2026 2025 Final Dividend – Final date for receipt of currency Elections.
23 April 2026 2025 Final Dividend – Pound sterling/Euro Rate set.
07 May 2026 Annual General Meeting.
11 May 2026 2025 Final Dividend – Payment date.
15 July 2026 Q2 2026 Production Report.
13 August 2026 Half-Year 2026 Results Announcement.
03 September 2026 2026 Interim Dividend – Ex-Dividend date.
04 September 2026 2026 Interim Dividend – Record date.
07 September 2026 2026 Interim Dividend – Final date for receipt of Currency Elections.
10 September 2026 2026 Interim Dividend – Pound sterling/Euro Rate set.
30 September 2026 2026 Interim Dividend – Payment date.
15 October 2026 Q3 2026 Production Report.
27 January 2027 Q4 2026 Production Report.
Registrars
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZY
United Kingdom
Tel: +44 (0) 370 702 0159
www.computershare.com
Website
www.antofagasta.co.uk
Registered office
Antofagasta plc
103 Mount Street
London
W1K 2TJ
United Kingdom
Tel: +44 (0) 20 7808 0988
Santiago office
Antofagasta Minerals SA
Av. Apoquindo 4001 – Piso 18
Las Condes
Santiago
Chile
Tel: +56 2 2798 7000
Registered number: 1627889
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This Annual Report contains certain forward-looking statements.
All statements other than statements of historical fact are, or
may be deemed to be, forward-looking statements. Examples of
forward-looking statements include those regarding the Group’s
strategy, plans, objectives or future operating or financial performance,
reserve and resource estimates, commodity demand and trends
in commodity prices, growth opportunities, and any assumptions
underlying or relating to any of the foregoing.
Words such as ‘may’, ‘will’, ‘should’, ‘aim’, ‘expect’, ‘continue’,
‘progress’, ‘estimate’, ‘anticipate’, ‘intend’, ‘look’, ‘believe’, ‘vision’,
‘ambition’, ‘target’, ‘seek’, ‘goal’, ‘plan’, ‘potential’, ‘try’, ‘work towards’,
‘future’, ‘become’, ‘introduce’, ‘transform’, ‘outcome’, ‘project’,
‘projections’, ‘deliver’, ‘evolve’, ‘develop’, ‘forward’, ‘medium-term’,
‘long-term’, ‘objective’, ‘achievement or the negative of these terms
and other similar expressions of future actions or results, and their
negatives identify forward-looking statements.
Forward-looking statements also include, but are not limited to,
statements and information regarding the climate and sustainability
ambitions, targets and strategy of the Company or Group (including
the emission reduction targets, ambitions and strategy set out in
Antofagasta’s Climate Action Plan, elements of which are summarised
in this Annual Report).
These forward-looking statements are based upon current expectations
and assumptions regarding anticipated developments and other factors
affecting the Group. They are not historical facts, nor are they guarantees
of future performance or outcomes. All forward-looking statements
contained in this document are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section. Readers
should not place undue reliance on forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that are beyond the
Group’s control. Given these risks, uncertainties and assumptions,
actual results could differ materially from any future results expressed
or implied by these forward-looking statements.
Important factors that could cause actual results to differ from those
in the forward-looking statements include: global economic conditions,
demand, supply and prices for copper and other long-term commodity
price assumptions (as they materially affect the timing and feasibility
of future projects and developments), trends in the copper mining
industry and conditions of the international copper markets, the
effect of currency exchange rates on commodity prices and operating
costs, the availability and costs associated with mining inputs and
labour, operating or technical difficulties in connection with mining
or development activities, employee relations, litigation, and actions
and activities of governmental authorities (including changes in laws,
regulations or taxation), the availability and cost of technologies and
infrastructure required for the Group to achieve its emissions reductions
targets and ambitions and changes in the emissions of the Group’s
suppliers that affect the Scope 3 emissions reported by the Group.
These forward-looking statements speak only as of the date of this
document. Except as required by any applicable law or regulation, the
Group expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Group’s expectations with
regard thereto or any change in events, conditions, or circumstances
on which any such statement is based. No assurance can be given
that the forward-looking statements in this document will be realised.
Cautionary statements
Past performance cannot be relied on as a guide to future
performance. Any opinions or views of third parties contained in this
document are those of the third parties identified, and not Antofagasta,
its affiliates, directors, officers, employees, or agents. Neither
Antofagasta nor any of its affiliates, directors, officers, employees, or
agents make any representation or warranty as to its quality, accuracy,
or completeness, and they accept no responsibility or liability for the
contents of this material, including any errors of fact, omission or
opinion expressed.
This document also contains data on Antofagasta’s Scope 1, 2 and 3
emissions. Some of this data is based on estimates, assumptions and
uncertainties. Scope 1 and 2 emissions data relates to emissions from
Antofagasta’s own activities (including supplied power) and is generally
easier for Antofagasta to gather than Scope 3 emissions data. Scope
3 emissions relate to other organisations’ emissions and is therefore
subject to a range of additional uncertainties, including that: data
used to model carbon emissions is typically industry-standard data or
estimates rather than relating to individual suppliers; and may not cover
all products and markets.
In addition, international standards and protocols relating to Scope
1, 2, and 3 emissions calculations and categorisations also continue
to evolve, as do accepted norms regarding terminology such as
carbon neutrality and net zero which may affect the emissions data
Antofagasta reports. As Scope 3 emissions data improves, shifting
over time from generic modelled data to more specific data, the data
reported in this document is likely to evolve.
Information contained in this document regarding Antofagasta’s
strategy, targets and ambitions for reducing Scope 1, 2 and 3 emissions
and its climate scenario analysis has been developed based on current
information, estimates and beliefs, using models, methodologies and
standards which are subject to certain assumptions and limitations,
including (but not limited to) the availability and accuracy of data, lack
of standardisation of data and lack of historical data, as well as other
future contingencies, dependencies, risks and uncertainties.
Any opinions and estimates given in this document in relation thereto
should therefore be regarded as indicative, preliminary and/or
illustrative. Actual outcomes may differ from those set out herein.
This Annual Report contains a number of images, graphics,
infographics, text boxes and illustrative case studies and credentials
which aim to give a high-level overview of certain elements of our
disclosures and to improve accessibility for readers. These images,
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ANTOFAGASTA PLC / Annual Report and Financial Statements 2025266
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