Highlights 2024

Organisation

People

Society

Planet

Double Materiality Matrix

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Why we want to achieve our purpose

How we will achieve our purpose

Through our five strategic pillars

Safety and Sustainability

to enhance our current operations, while aiming for future-proof our business model.

People and culture

to cultivate the talent necessary for a better future.

Competitiveness

to achieve excellence and create long-term value.

Innovation

to constantly push back boundaries and explore new ways of advancing.

Growth

to keep contributing to the development of a better future.

Underpinned by our values

Respect for others

We respect 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.

Responsibility for safety and health

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.

Committed to sustainability

We operate responsibly and efficiently, with long-term vision. We maximise the economic value of our assets, contribute to social development and minimise our environmental impacts.

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. We aim to create value for the organisation, stakeholders and the environment.

Forward thinking

Our business strategy aims to generate value with a long-term vision for shareholders and other stakeholders. We learn from our mistakes and have the flexibility and courage to face new challenges.

Sustainability Policy

Our purpose at Antofagasta Minerals is to develop mining for a better future, with sustainability an integral part of our business model and playing a key role within several of our strategic pillars. We aim to achieve a positive long-term impact on society based on our values, corporate policies, and standards, while reviewing risks and opportunities that could affect our business. The Board is responsible for analysing, leading, and monitoring the sustainability policies and best practices.

What we do

Antofagasta Minerals, part of Antofagasta plc, is an international mining company based in Chile and one of the world's ten largest copper producers. We operate four open-pit copper mines in the country: Los Pelambres, Centinela, Antucoya, and Zaldívar. We supply copper concentrate and cathode products to various global markets, with approximately 75% of our production destined for the Asia-Pacific region. China remains the largest consumer, according to projections from the Chilean Copper Commission (COCHILCO).

Our operations are located in the central and northern regions of Chile.

• Los Pelambres is our largest operation, producing 319.6k tonnes of copper in 2024, in addition to by-products of molybdenum, gold and silver, and has a workforce of 7,711 people. Located in the Choapa Province (Coquimbo Region), in 2024 we celebrated 10 years of engagement through Somos Choapa, our flagship community engagement programme.
• Centinela is our second largest operation by volume, located in the Antofagasta Region of northern Chile, producing 223.8k tonnes of copper in 2024, in addition to by-products of molybdenum, gold and silver, with a workforce of 8,992 people.
• Antucoya with a workforce of 2,479 and Zaldívar with a workforce of 2,883, are two solvent extraction and electrowinning operations in the Antofagasta Region of Chile, producing 80.4k and 40.1k tonnes of copper in 2024 respectively. In the Antofagasta Region, community efforts in 2024 focused on developing initiatives chosen by residents as part of the community engagement programme “Diálogos para el Desarrollo”, as well as joint work with the Indigenous peoples of the Salar de Atacama, centred educational programmes and cultural heritage preservation.

Markets served (by value)

Ownership chart

Innovation

We incorporate cutting-edge modern technology into our existing operations and new projects, to improve our efficiency and competitiveness. We distinguish between initiatives addressing daily operational challenges and those driving long-term transformation, exploring new mining methods.

Our open platform, InnovaMinerals, presents our main operational challenges, inviting employees, contractors, and external parties to propose ideas and solutions.

In 2024, Antofagasta Minerals, in collaboration with MIT, held the seminar ‘Disruptive Innovation for the Future of Mining’ addressing key topics like electrification and energy security, which imply increased demand for minerals, especially copper. Over 220 attendees participated, along with a sizeable streaming audience.

During 2024, we have continued to develop a series of initiatives, further increasing and optimising our use of technology throughout our business:

• Cuprochlor-T, a proprietary and patented technology
• Daily Plan Optimiser (SIRO Mezcla) generates optimal extraction scenarios through balancing equipment availability, tonnage and ore quality.
• Technologies for Competitiveness in Los Pelambres
• Shovel maintenance to improve productivity, as well as additional safety benefits
• GPT Aminerals with Generative Artificial Intelligence (GenAI)
• Operational Excellence Management System (OEMS) in Antucoya to reduce downtime in mobile mining equipment relating to tyre failure.
• Hopper Lining Project reduces wear and downtime related to maintenance.
• Tailings Innovation Programme provides alternatives to conventional tailings

Internally developed initiatives awarded by the Group in 2024

Ionoguard – Minimising scintillation shutdowns – Antucoya: Ionoguard is a technology designed to mitigate the effects of ionospheric scintillation on GPS systems, ensuring the continuous operation of the bucket wheeled excavator. Its implementation included firmware updates, installation of Trimble R750 equipment, and the continuous analysis of solar projections to adapt the system to changing conditions.

ShovelSense – Centinela: cutting-edge technological solution designed for real-time monitoring of the quality of ore being loaded by mining shovels. Utilising high-precision sensors and advanced analytical algorithms, ShovelSense determines material composition directly at the mine face, delivering critical data on ore grade and other essential parameters in real time through integration with the mine Fleet Management System (FMS). This innovation has significantly improved the efficiency of ore dispatch to processing plants, enhancing selectivity, improving ore recovery and preventing waste material from entering the ore stream.

Mineral Tracking – Zaldívar: a centralised system where a set of data is stored and managed, allowing efficient access, search, retrieval and applications. Its objective is to trace the mineral throughout the entire value chain, promoting data-driven operational decision-making thus meeting the objectives of maximising copper stacking and/or recovery.

Robotic Arms – Los Pelambres: Los Pelambres: implemented these devices in its operations, an initiative that promises to reduce exposure to safety risks and seeks to reduce the time required to change bolts and lining plates in semi-autogenous (SAG) mills by 30%. The initiative improves task efficiency and increases safety by removing workers from risky tasks and adverse environments. The robotic arm combines sensors, actuators and a processing unit, for safe and precise interaction with the environment.

Working through our value chain to shape tomorrow

Mining is a long-term business that can significantly influence neighbouring communities and territories. We aim to achieve a sustainable value chain, responsibly managing our employees, contractors, suppliers, local communities, the environment, customers and financial investors.

Our stakeholders

Our people

Communities

Suppliers

Customers

Financial Shareholders

Governments and regulators

Exploration / Investments

Open panel

At Antofagasta Minerals, we conduct exploration activities to replace mineral resources mined during the year and to provide a platform for long-term growth by developing a pipeline of organic growth options. Our strategy focuses on a mix of near-mine exploration, greenfield projects, and opportunities with third parties in the Americas, particularly in Chile, Peru, the United States, and Canada.

Evaluation

Open panel

Our design and evaluation process integrates innovative solutions and various economic, social, and environmental criteria. This approach allows us to design more sustainable mine construction and operation plans, maximising value and ensuring meaningful citizen participation.

Construction

Open panel

The construction phase of a mining project begins once all environmental and sectoral permits and relevant authorisations from state entities have been obtained.

Extraction and processing

Open panel

Health and safety, operating efficiency and innovation are key elements of our operations. At Antofagasta Minerals, we mine both sulphide and oxide ores, each of which requires different processing techniques:

Sulphide ores: extracted at Los Pelambres and Centinela, it is milled and transferred to flotation cells, where it is upgraded to a concentrate containing 25–35% copper.

Oxide ores: mined at Centinela, Antucoya and Zaldívar. This material is combined with leachable sulphide ore, crushed and added to a leach pad before sulphuric acid is applied to produce a solution containing copper. The final stages of processing are solvent extraction and electrowinning (SX-EW), which enable these operations to produce copper cathodes.

Sales and marketing

Open panel

We have built long-term relationships with smelters and manufacturers, with approximately 75% of our output (by value) going to Asian markets. Copper concentrate is sold to international smelters for conversion into copper metal. Gold and silver byproducts are marketed for industrial, electronic, and jewellery uses. Molybdenum is used to produce steel alloys, while copper cathodes are sold to manufacturers worldwide.

Mine closure and rehabilitation

Open panel

Mine lifecycle planning includes a site closure and rehabilitation plan, following international standards and national regulations. As required by Chilean law, all our operations have closure plans approved by the National Geology and Mining Service (SERNAGEOMIN), and we have an Integrated Mine closure standard that establishes the procedures to follow.

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Engaging and understanding our stakeholders

Our business strategy aims to generate long-term value for shareholders and stakeholders. We identify and listen to our stakeholders, understand their expectations, and engage in continuous, open, collaborative, and transparent relationships. We develop robust, long-term connections through mechanisms that foster proximity and constant dialogue with the key groups involved in our activities.

Partnerships and Awards

Largest industry association contributions and expenditures

In 2024 we made three significant contributions:

• ICA: $1,994,921
• ICMM: $272,271
• Chilean Mining Council: $166,545

Collaborative solutions to shared challenges

Our adherence to ICMM principles

Antofagasta Minerals is a member of the ICMM, an international organisation founded in 2001 that promotes sustainable mining and develops standards through its ten Mining Principles.

The Copper Mark

The Copper Mark is an independent assurance framework of responsible mining practices in the copper mining industry, developed by the International Copper Alliance (ICA).

Alta Ley Corporation

Alta Ley is an organisation that aims to articulate the existing capacities of public and private entities and organisations in the national mining industry. It promotes and fosters the sector's development and improves mining's competitiveness and sustainability. To date, we have actively participated in two of the organisation’s initiatives:

• Mining Cyber Security Corporation (CCMIN)
• Scope 3 Emissions Traceability Working Group

Distinctions 2024

100 Inspiring Women in Mining Chile & 100 Leading Women 2024

Most Innovative Company

Carlos Vial Espantoso Award 2024

Sustainability and Stakeholder Management Committee

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 the corresponding programmes, and making recommendations to the Board to ensure that the views and interests of the Group’s stakeholders are considered in the Board’s deliberations.

^{1. Eugenia Parot was appointed Chair of the Committee with effect from 1 January 2025.}

^{2. Vivianne Blanlot resigned from the Board with effect from 31 March 2025.}

Creation of the Vice Presidency of Sustainability

There have been significant advances in our organisational approach to sustainability. In 2024, the Vice Presidency of Corporate Affairs and Sustainability was split, creating the new Vice Presidency of Sustainability.

This division now oversees the Environment, Occupational Health and Safety, and Sustainability Performance departments. Additionally, Sustainability Management areas were created within the Vice Presidencies of Projects and Development, Explorations, and New Businesses to improve the integration of sustainability into all mining lifecycles.

Responsible Leadership

Supported by our guidelines, our Ethics Code and internal policies, we run our business in an accountable manner. We strive to make progress with integrity, respecting human rights and regulations, openly communicating our performance with a focus on our stakeholders, and constantly supervising our procedures.

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Complaints Channel Tu Voz

Tu Voz channel complaints received in 2024

Community Grievances received in 2024

Human Rights

Antofagasta plc recognises the dignity of human beings as a fundamental value, whether in the context of our business or outside of it. Acknowledging and respecting human rights implies acting within a framework of equality, equity and non-discrimination.

Our commitment to respecting human rights is declared in our Human Rights Policy, which was formalised in 2020. This policy aligns with the UN Guiding Principles on Business and Human Rights, the Global Compact’s Fundamental Principles, and the ICMM Mining Principles on Human Rights.

In 2022, we updated this policy to recognise Indigenous peoples’ rights and align our security practices with the Voluntary Principles on Security and Human Rights (VPSHR). The policy, applicable to all Group companies, respects and protects Indigenous peoples’ rights, culture, and traditions, especially those near our operations.

We do not tolerate violations of our policy by employees, contractors, or supply chain companies. We prevent and reject exploitation, slavery, and human trafficking in our operations and supply chain. We do not tolerate child, forced, or slave labour. In compliance with the UK Modern Slavery Act 2015, we publish an annual statement on measures taken to prevent slavery and human trafficking.

Human Rights Due Diligence Process

In 2024, we conducted our second human rights due diligence process across our four mining companies and projects to evaluate the potential risks identified in our first process and establish new action plans. This exercise is crucial for understanding and anticipating the industry’s potential impacts on communities, employees, and contractors. It allows us to design preventive action plans to mitigate any negative consequences related to community and indigenous relations, labour rights, work-life balance, water management, and dust release.

Risk Management

Effective corporate risk management is fundamental to accomplishing our purpose and executing our strategy. By understanding, prioritising and managing risk, we protect our people, assets, values, reputation and the environment, and identify opportunities to better serve the long-term interests of all our stakeholders.

Cybersecurity

Today, technology is essential to our business, enabling sustainable operations and increased productivity. We focus on risks linked to Information and Communication Technologies (ICT), such as cyber security, service continuity, and digitalisation levels.

Cyber security is crucial for protecting our digital infrastructure and ensuring sustainable progress. Our “Technology Guideline 2022-2024” updates systems and improves action plans to identify, minimise, and control potential risks. This guideline has four pillars: Connected 360, Living Cyber Security, Carbon Footprint Reduction, and Digitally Managed.

IT Breaches in 2024

0

During 2024, we had no cases of information security breaches affecting our clients, customers and employees.

Our People

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 their personal and professional growth, who strive for excellence in their results.

2024 highlights

28,063

total workforce, including employees, permanent contractors and temporary contractors associated with projects

6,822

own employees

76%

contractors

48%

of our employees are from the regions in which our significant operations are located

27%

of our employees are women (ambition: 30% by the end of 2025)

49%

of new starts were women in 2024, as we move towards a more balanced workforce

Distribution of own, full-time employees (2024)

Attraction, Retention, and Development of Talent

We focus on attracting, retaining and developing talent to provide the capabilities needed to achieve our business objectives. Our initiatives and programmes are based on three pillars.

Our pillars

Wellbeing

One of our ongoing challenges is to create and promote opportunities for all our employees to balance their personal, family and work interests. This balance – known as the work-life balance – seeks to ensure that women and men can develop professionally and personally. This requires the reorganisation of work times and areas, as well as the modification of traditional roles.

We guide the wellbeing of our employees with our Work-Life balance guidelines. The guidelines are designed to improve the distribution of their time between work, family and recreational activities, and the benefits provided go beyond what is stipulated by Chilean legislation. In this way, we have a hybrid system of remote and in-person work in accordance with the operational needs of the mining companies.

Benefits of the wellbeing guideline

Balanced Workforce

At Antofagasta Minerals, maintaining a balanced workforce is a strategic priority and an ethical commitment, promoted from the highest organisational level. We believe balanced teams strengthen the culture and work environment, enhancing productivity and sustainability.

We have a plan with approaches and goals for cultural transformation, to allow everyone to reach their full potential. Additionally, we have a directive to ensure gender equality and to balance work, family, and personal life with equitable processes and respectful, discrimination-free work environments.

Composition of the female workforce – As of 31 December 2024

The three focuses of our plan are:

Balanced teams

Promote balanced, bias-free teams where talents are visible, and the work-life balance and co-responsibility are encouraged.

People with disabilities

Create work environments that provide equal opportunities for people with disabilities, allowing them to develop their full potential.

Global and intercultural profiles

Manage safe environments for all people, regardless of their origin, ethnicity or nationality, incorporating talent from our local communities.

Our Suppliers

A responsible supply chain is crucial for addressing the diverse economic, social, environmental, and governance challenges faced by companies.

In 2024, we continued to implement the “Suppliers for a Better Future” Programme, aligning supplier best practices with the Group’s vision and strategic framework. This programme fosters collaboration with suppliers, focusing on five key areas for mining development.

• People: Promote local jobs, hiring of women, enhance diversity and inclusion, and the respect for human and labour rights.
• Sustainability: Reduce the carbon footprint in the supply chain and promote circular economy solutions.
• Competitiveness: Promote local purchases, and a culture of competitiveness, productivity, and integrity in our suppliers’ processes.
• Innovation: Promote innovation among our suppliers as a lever to contribute to the programme’s challenges.
• Supplier development: Develop the capacities of our regional suppliers and SMEs to face these challenges.

This programme applies to certain suppliers. To fulfil this programme, we have set goals to be met by 2025, including support and training for suppliers who need this. We assess these goals annually, using 2022 as our baseline.

Working with Communities

We maintain continuous, respectful, and collaborative relationships with host communities, actively creating social value and contributing to their wellbeing.

Highlighting the Cultural Legacy

In 2024, Zaldívar and the Camar Community initiated the conservation and revitalisation project for the Tambo de Camar, a pre-Hispanic Inca Trail building declared a World Heritage site in 2014. Historically, the Tambo served as a rest and provisioning stop for travellers and caravans. It suffered significant damage in 2019 due to a flash flood. This project will implement a new path and lookout point and protect all archaeological findings discovered during its development. Another cultural initiative in 2024 preserved the heritage of the Peine community in a recipe book, "Ancestral Recipe Book with Preservation of the Kunza Language", featuring ancestral recipes for traditional foods from grandparents and ancestors.

Somos Choapa: 10 years creating value in the Coquimbo Region

The Company presented the achievements and lessons learned from Somos Choapa at the Regional Commitment Seminar in Coquimbo. The event was organised by the local newspaper El Día, the Regional Development Corporation (CIDERE), the Catholic University of the North, and Los Pelambres.

APRoxima and APRoxima En Red

The APRoxima programme has provided support to 80 Rural Sanitation Services (SSR), providing access to drinking water for over 64,200 beneficiaries in rural areas of the Choapa Province. This initiative is complemented by APRoxima En Red, which aims to enhance SSR water management through training, a telemetry system for monitoring and transmission, and big data tools for data storage, visualisation, and analysis. This ensures the continuity and security of the water supply for human consumption while optimising the management of the province’s water resources.

The commune of Canela inaugurated one of the most modern schools in the country

In December 2024, the Ministry of Education inaugurated the new Canela Alta Primary School infrastructure. Severely damaged by the 2015 Illapel earthquake, the school reopened in 2025. Los Pelambres financed the design through the Somos Choapa Programme, and the Regional Council (CORE) approved a budget of over $15 million for its construction.

Start of works on the Caimanes Sewage and Urbanisation Project

Beginning of the Caimanes sewerage and urbanisation project Los Pelambres, in collaboration with the Municipality of Los Vilos and the regional government, commenced the Caimanes sewerage and urbanisation project after an extensive evaluation period. This project provides the town with a sewerage system, a new treatment plant and household connections that align with population growth. It also involves paving main roads and constructing or improving sanitary facilities, including public toilets and other infrastructure. The project aims to enhance water quality for human consumption and the irrigation of productive systems. 1,300 people have benefitted and received approximately $4,400,000 from Los Pelambres.

Inauguration of the renovation works as San Roque de Peine School

This initiative was developed collaboratively by the Municipality of San Pedro de Atacama, the parents and students of San Roque School, and Zaldívar. The project aims to create a healthy, inspiring, and safe environment for students, enhancing their learning experience. As part of this effort, a new teacher has been added to the school staff, and classrooms and educational facilities have been renovated and upgraded. Additionally, a children’s play area has been constructed.

Climate Resilience

Contributing to the global goal of decarbonising the economy involves reducing our greenhouse gas (GHG) emissions in the medium and long term through various initiatives aimed at decarbonising our operations and using resources efficiently.

Energy Management

In line with the third Pillar of our Climate Change Strategy (Efficient use of strategic resources), our Energy Policy establishes that energy is a strategic resource, and its management must ensure a safe, economic, efficient, and sustainable supply for our companies.

Water Stewardship

Water is a vital resource for both communities and mining companies. In Chile, evolving environmental conditions have resulted in continental water becoming an increasingly scarce resource.

Sustainable water management is crucial due to the nature and location of our operations. Three of our four mining operations are in the Atacama Desert, and the fourth, Los Pelambres, is in the drought-affected Choapa Valley.

Our water management framework

Biodiversity Protection

Biodiversity protection is part of our long-term sustainability approach and policy. We aim to deliver a net zero loss of biodiversity by minimising the impact of our operations and working to mitigate and compensate for potential negative effects in line with the ICMM’s Nature position statement.

Biodiversity Risk Assessment

Biodiversity risks in our four mining companies are assessed using the Antofagasta Minerals risk management framework. This methodology, based on ISO 31000 and COSO ERM, is applied across all operations, projects, exploration activities, and support areas, providing a comprehensive view of the uncertainties that affect our strategic goals. Accurate and timely identification, assessment, and management of principal risks clarify the actions needed to achieve our objectives.

Sustainability risks, including biodiversity, are regularly monitored to identify uncertainties and enable timely measures. Increasing risks, particularly from climate change, present new challenges that require an integrated approach.

Each mining company holds an annual risk workshop to review and update business unit risks and mitigation activities. These workshops assess principal risks that may affect stakeholder relationships, resource availability, operations, and potential future growth.