CENTINELA
70% OWNED
Centinela mines sulphide and oxide deposits 1,350km north of Santiago in the Antofagasta Region, one of Chile’s most important mining areas.
Centinela produces copper concentrate (containing gold and silver) through a milling and flotation process, and molybdenum concentrate. It also produces copper cathodes, using the solvent extraction and electrowinning (SX-EW) process.
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Financial performance
EBITDA at Centinela was $1,130.3 million in 2024, compared with $1,183.6 million in 2023, on lower copper sales volumes partially offset by lower unit costs and higher realised copper prices.
Production
Total full year copper production was 8% lower in 2024, at 223,800 tonnes, with this decrease related to lower production at Centinela Concentrates due to lower grades, partially offset by higher output at Centinela Cathodes.
Full year copper in concentrate production was 121,800 tonnes, 25% below the prior year, primarily due to lower grades. Total copper cathode production in 2024 was 102,000 tonnes, representing a 29% increase year on year. The key drivers for this increase were higher grades, an improved throughput rate and higher recoveries.
Gold production during the year was 140,300 ounces, 15% lower than in 2023 due to lower gold grades (which are correlated to copper grades). Molybdenum production in 2024 was 2,400 tonnes, a 17% decline year on year following record levels of production in the prior year.
Cash costs
Full year 2024 cash costs before by-product credits of $2.60/lb were 1% higher year on year, which was the result of lower production during the year, offset by lower costs for maintenance and input prices for key consumables, and depreciation of the Chilean peso. Full year net cash costs were 2% lower year on year at $1.60/lb, with this movement representing the balance of an increase in the underlying cash cost and a 6% increase in the by-product credit.
Capital expenditure
Capital expenditure was $1,414.0 million ($1,044.6 million in 2023), including $210.8 million of mine development, $240.1 million of sustaining capital expenditure and $963.1 million of development capital expenditure ($877.6 million related to Centinela Second Concentrator Project).
Production is forecast at 230,000–245,000 tonnes of copper, 155,000–165,000 ounces of gold and 3,000–3,500 tonnes of molybdenum. Production of copper in concentrate is expected to increase in 2025 as a result of higher grades at Centinela Concentrates.
Cash costs before by-product credits are forecast to be $2.30-2.50/lb, with net cash costs of $1.35-1.55/lb.
