Open and transparent engagement with our stakeholders is essential for the long-term success of our business.

Engagement is based on mechanisms through which we provide information about our activities and learn about our stakeholders’ interests and concerns.

Over 23,200 people (direct employees and contractors’ employees) work at our operations, projects, exploration programmes and corporate offices. They are almost all based in Chile.

Why we engage

Constructive relationships, anchored in mutual respect and transparency, are crucial for a good work climate and talent retention, as well as for productivity and efficiency. Through our engagement with contractors, who are essential for operational continuity, we seek to transfer knowledge and ensure compliance with our standards, particularly on safety and health.

How we engage

Our mechanisms of engagement with our employees include regular site visits by senior management, on-site reviews, work climate surveys and performance evaluations. Regular meetings take place with unions and contract managers on specific topics such as 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 near our port facilities on the coast.

Why we engage

The wellbeing of local communities is directly related to the sustainable development and success of our business. Through 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.

How we engage

We engage with communities through different social programmes, often implemented in alliance with local foundations. Initiatives are selected and designed with the community through working groups on specific areas of community development or concerns.

We work with over 3,200 suppliers of which 93% are based in Chile. They provide a broad range of products and services, ranging from large mining equipment to catering and transport.

Why we engage

Suppliers play a critical role in our ability to operate sustainably and safely and, through our engagement with them, we seek to ensure that they comply with our standards and guidelines on sustainability matters. We also work with suppliers to ensure that they offer us cost-effective and efficient solutions.

How we engage

The procurement team regularly meets with suppliers. Tenders take place through an online platform, designed to guarantee fairness and transparency. To ensure the broadest possible access to tenders, we use an automated invitation system and utilise different external platforms. By prioritising local suppliers, we seek to foster the development of neighbouring communities.

We sell principally to industrial customers, who refine or further process our copper concentrate and cathodes.

Why we engage

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 through traders on the spot market, with greater uncertainty about pricing and volume.

How we engage

Some of our major customers are also equity holders in our mining operations. The Chairman and several Directors visit Japan each year to meet our partners. We also hold regular meetings with customers around the world and have a marketing office in Shanghai.

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 on certain matters, including the election of the Company’s Directors.

Why we engage

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 in order to ensure that they receive all the relevant information.

How we engage

We regularly meet with institutional investors and brokers’ analysts at industry conferences and roadshows, as well as in one-on-one meetings. The Board attends the Company’s Annual General Meeting, either physically or virtually, and its members are available to answer questions. The Company also provides regular production and financial reports and other ad hoc information.

Governments and regulators at national, regional and local levels draft, implement and uphold legislation, rules and regulations, setting the framework within which we operate.

Why we engage

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 the business.

How we engage

We work alongside mining associations and other industry-related bodies to engage with governments on public policy, laws, regulations and procedures that may affect our business. We deal with governments and regulators strictly within their engagement mechanisms which, in Chile, are clearly defined in Law N° 20.730 (lobbying).