We have constructive long-term relationships with all stakeholders
This is key to delivering our purpose. Our engagement with stakeholders is open, transparent and collaborative, to support the long-term success of our business. We use appropriate mechanisms to interact with them, provide them with information and learn about their interests and concerns.
Approximately 31,000 employees and contractors work at our operations, projects, exploration programmes and corporate offices. They are almost all based in Chile.
Constructive relationships, anchored in mutual respect and transparency, are crucial for a good working environment and talent retention as well as for productivity and efficiency. Contractors are essential for operational continuity and, through our engagement, we seek to transfer knowledge and ensure compliance with our own standards, particularly on safety and health.
We operate in Chile’s Antofagasta and Coquimbo Regions where our neighbours include a range of communities around our mines and transport business as well as on the coast near our port and desalination facilities.
The wellbeing of local communities is directly related to the sustainable development and success of our business. Through a bottom-up approach to engagement, we seek to grow together with these communities and contribute to their long-term social and economic development, while taking care to prevent, mitigate and compensate for any adverse impact our activities may have.
We work with on average over 1,700 suppliers, of which 91% are based in Chile. They provide a broad range of products and services, from large mining equipment to catering and transport.
Suppliers play a critical role in our ability to operate sustainably and safely. Through our engagement with them we seek to improve their sustainability performance and ensure they meet our sustainability standards and guidelines. We also work with suppliers to ensure that their solutions are cost-effective and efficient.
We sell principally to industrial customers, who further process our copper concentrate and cathodes.
Most sales are made under long-term framework agreements or annual contracts, with sales volumes agreed for the following year. Without these long-term customer relationships, we would have to sell a larger proportion of our cathodes and concentrate on the spot market through traders, with greater uncertainty about pricing and volume.
Shareholders are the companies, financial institutions and individuals that hold a stake in the Company. They are entitled to receive dividends and to vote at shareholder meetings, including the election of the Company’s directors.
Shareholders, and particularly institutional investors, are constantly evaluating their holdings in the Company and require regular information about its strategy, projects and performance. We therefore pay special attention to our communications with them, maintaining fluent and transparent dialogue to ensure that they are all treated fairly and receive all relevant information.
Governments and regulators
Governments and regulators, at national, regional and local levels, draft, implement and uphold legislation, rules and regulations, setting the framework within which we operate.
Mining is a long-term business and timescales can run into decades. Political cycles are typically far shorter and material developments and changes to policy, legislation or regulations can have a major impact on our business.