How we deliver our purpose
'Developing mining for a better future'
In order to deliver a better future we need a robust strategy. Our five strategic pillars are the key areas we focus on as a business, and these will drive us onwards to achieve our purpose.
Our vision is to be an international mining Company, focused on copper and its by-products, known for its operating efficiency, creation of sustainable value, high profitability and as a preferred partner in the global mining industry.
For whom we want to achieve our purpose:
- Planet
We recognise that climate change is one of the greatest challenges faced by humanity. Our vision of a better future reflects the quest for a more sustainable planet, with copper playing a central role in the energy transition, economic progress and improved livelihoods. - Society
Our vision of a better future, is one that is developed together with our local communities, and aims for a society that recognises the economic and social value generated by mining. - Organisation
To tackle the challenges we face in our daily operations and growth, we need a robust organisation that consistently meets these challenges and is grounded in clear and unshakeable values and principles. Our vision of a better future therefore encompasses our ethical organisational behaviour and our continuous pursuit of a sustainable culture of trust, inclusivity, collaboration, agility and willingness to embrace change and continuous learning. - 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.
How we will achieve our purpose through our five strategic pillars:
Our strategy is built around five pillars, each of which has defined long-term objectives with short- and medium-term goals.
Safety and sustainability
Emphasising safety and sustainability to enhance our current operations, and looking to the future.
Key initiatives:
- Climate Change Strategy
- Social contribution
- Health and Safety Control Strategy
2023 Performance:
- Zero fatal accidents in 2023 (2022: zero)
- 25% reduction of Company's lost time injury frequency rate
- 3% reduction in emission per tonne of production (Scope 1 and 2)
- 100% renewable energy (Mining division)
People and culture
Investing in people and fostering a positive culture to cultivate the talent necessary for a better future.
Key initiatives:
- Diversity and Inclusion Strategy
- Leadership brand competencies framework
- Digital Academy
2023 Performance:
- Wellbeing Strategy rolled out
- 23.6% of our employees are women
- Inclusive practices are an integral part of how we work
Competitiveness
Our competitiveness is key to us achieving excellence and creating long-term value.
Key initiatives:
- Cost and Competitiveness Programme
- Operational excellence
2023 Performance:
- Copper production of 660,600 tonnes at a net cash cost of $1.61/lb
- EBITDA margin remains strong at 49%
- Our Cost and Competitiveness Programme achieved more than double its target, yielding benefits of $135 million
Innovation
Through innovation we are constantly committed to pushing back boundaries and exploring new ways of advancing.
Key initiatives:
- Integrated Remote Operations Centres
- Autonomous trucks and drilling
- Cuprochlor®-T
2023 Performance:
- Inauguration of the Los Pelambres IROC in January 2023
- Further advancing work on our proprietary primary sulphides leaching technology (Cuprochlor®-T), conducting a successful heap heating pilot at Zaldívar
Growth
Growth to continue contributing to the development of a better future.
Key initiatives:
- Los Pelambres Expansion Phase 1
- Centinela Second Concentrator
- Projects to enable further growth at Los Pelambres (including desalination plant expansion to 800 l/s and a new concentrate pipeline).
2023 Performance:
- Completion of construction of the Los Pelambres Phase 1 Expansion Project
- Agreements to acquire 19% ownership of Buenaventura.
Our strategic pillars are underpinned by our values.
Read more about our strategic pillars on pages 24-25 of the 2023 Annual Report.