2024 Highlights
Safety
0 Fatalities
0.57 LTIFR7
Record safety performance with no fatalities and the LTIFR improving by a further 9% as the Group continues to embed a safety-first culture, with improvements in both leading and lagging indicators of safety. Copper production5
664.0 kt
Copper production increased by 1% to 664,000 tonnes, with higher production at Centinela Cathodes and Los Pelambres, offset by lower grades at Centinela Concentrates
Mineral resources6
20.6bn tonnes
Total mineral resources increased by 148 million tonnes during the year, following work at Centinela.
Water withdrawals (gigalitres)
103 GL
The use of sea water as a proportion of total water withdrawals was similar on a year on year basis at 58% (2023: 60%). Increase in overall water use reflects the Group’s increase in ore processing in 2024.
CO2e emissions intensity8,9
1.75 tCO2e/tCu
CO2 e emissions intensity increased by 3% in 2024.
Gender diversity
26.6%
of our employees are women (2023: 23.6%).
Total economic contribution
$7.580m
We generate economic value for all our stakeholders, distributed as wages to employees, purchases of goods and services from suppliers, community social investment programmes, taxes to governments, dividends to shareholders and interest payments to lenders (2023: $7,249 million).
Net cash costs1
$1.64/lb
Net cash costs for 2024 were $1.64/lb, in line with 2023 and guidance for the year, reflecting lower copper grades at Los Pelambres offset by stronger by-product credits
EBITDA1
$3,427m
EBITDA was $3.4 billion, 11% higher on stronger revenues and robust cost control, which helped to increase the Group’s EBITDA margin to 52% (2023: 49%)
Profit before tax
$2,071m
Profit before tax (including exceptional items) was $2,071 million, 5% higher than 2023 due to higher revenues (higher copper price); the exceptional items gain mainly related to impairment reversal in Antucoya, partly offset by higher depreciation and amortisation
Underlying earnings per share2
$62.8¢
Underlying earnings per share excluding exceptional items decreased by 13% to 62.8 cents, reflecting lower underlying profit after tax.
Earnings per share3
$84.1¢
Earnings per share including exceptional items for the year were 1% lower at 84.1 cents, compared with 2023, despite the higher profit after tax during the year
Dividend payout ratio4
50%
1. The Lost Time Injury Frequency Rate is the number of accidents with lost time per million hours worked.
2. From continuing operations excluding exceptional items.
3. From continuing and discontinued operations including exceptional items.
4. 2024 payout ratio shown includes proposed final dividend.
5. 100% of Los Pelambres, Centinela and Antucoya, and 50% of Zaldívar’s production
6. Mineral resources (including ore reserves) relating to the Group’s subsidiaries on a 100% basis, and Zaldívar on a 50% basis
7. The lost time injury frequency rate is the number of accidents with lost time during the year per million hours worked
8. Scope 1 and 2, Mining Division only.
9. Tonnes of CO2 equivalent per tonne of copper produced.
Annual Report 2024
Letter from the Chairman
Letter from the CEO
KPIs