LOS PELAMBRES
60% OWNED
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.
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Financial Performance
EBITDA for the full year was $1,861.2 million, compared with $1,692.0 million in 2023, reflecting higher sales volumes, and higher realised prices for copper and by-products.
Production
Full year copper production was 319,600 tonnes, representing a 6% increase year-onyear, with this increase related to higher ore processing rates following completion of the Phase 1 Expansion Project, delivering additional water availability and processing capacity, and more than compensating a planned reduction in ore grades processed.
Cash costs
Full year cash costs before by-product credits of $2.09/lb were 9% higher than the prior year, impacted primarily by lower ore grades partially compensated by increased production, lower unit costs for key consumables such as diesel and electricity, grinding media and explosives, and depreciation of the Chilean peso. Full year 2024 net cash costs were 11% higher at $1.27/lb, as a result of higher underlying cash costs offset by stronger by-products credits increasing to 82c/lb
Capital expenditure
Capital expenditure was $833.0 million ($897.1 million in 2023), including $547.9 million of sustaining capital expenditure, $136.2 million of mine development and $148.9 million of development capital expenditure.
The forecast production for 2025 is 310,000–325,000 tonnes of copper, 12,000–13,000 tonnes of molybdenum and 55,000–65,000 ounces of gold.
Cash costs before by-product credits are forecast to be $2.05-2.25/lb and net cash costs $1.05-1.25/lb, reflecting higher production of by-products, offset by lower expected copper grades.
