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Annual Report and Financial Statements 2021

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  • Safety
    Very sadly we had a fatality at Los Pelambres.

  • Copper production
    Copper production was 721,500 tonnes, reflecting lower grades and the impact of the drought at Los Pelambres, partially offset by higher grades at Centinela Concentrates.

  • Net cash costs
    Net cash costs were $1.20/lb, 5.3% higher than last year due to the stronger Chilean peso, higher energy and diesel prices, and lower production, partially offset by an increase in by-product credits.

    EBITDA increased by 76.6% to $4.8 billion with an EBITDA margin of 64.7%, reflecting a strong copper price, controlled costs and solid production.

  • Dividend per share
    Total dividend of 142.5 cents per share, equivalent to a payout ratio of 100%.

  • Earnings per share
    Underlying EPS of 142.5 cents per share, an increase of 161% compared to 2020 with higher EBITDA partly offset by higher non-controlling interests and tax.

    EPS including discontinued operations and exceptional items was 130.9 cents per share, up 155%.

  • Growth projects
    Los Pelambres Expansion and Esperanza Sur pit growth projects advanced during the year. Zaldívar Chloride Leach project completed in January 2022.