Developing mining for a better future

Annual Report and Financial Statements 2020

Download Annual Report 2020 (PDF)

2020 HIGHLIGHTS 

  • Safety
    Another year of record safety performance with no fatal accidents and a LTIFR of 0.86

  • Copper production
    Copper production was 733,900 tonnes, reflecting our resilience and flexibility in the face of the year’s challenges

  • Net cash costs
    Net cash costs were $1.14/lb, 6.6% lower than last year due to the weaker Chilean peso, lower input costs and continued tight cost control, partially offset by lower production

  • EBITDA
    EBITDA increased by 12.3% to $2,739 million with an EBITDA margin of 53%, reflecting solid copper production, a stronger copper price and lower cash costs

  • Earnings per share
    Underlying EPS of 54.7 cents per share, 7.4% higher than the previous year on higher EBITDA, partially offset by higher depreciation and amortisation, and tax. EPS including discontinued operations and exceptional items of 51.3 cents per share, up 0.8%

  • Dividend per share
    Total dividend of 54.7 cents per share, equivalent to a 100% payout ratio

  • Projects
    Los Pelambres Expansion, Zaldívar Chloride Leach and Esperanza Sur pit growth projects delayed by COVID-19, now due to start production in 2022