Developing mining for a better future

Annual Report and Financial Statements 2022

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2022 Highlights



0 Fatalities
0.84 LTIFR1

Record safety performance, with no fatal accidents, and all our safety indicators improved during the year.

Copper production2

646,200 tonnes

Copper production decreased by 10% mainly due to the temporary reduction in throughput at Los Pelambres as a result of the drought and the reduced concentrate pipeline availability in June, and expected lower grades at Centinela Concentrates.

Mineral resources3

20.1bn tonnes

Total mineral resources increased by 1 billion tonnes during the year.

Water withdrawals

73 GL

of which 45.4% was sea water.

Scope 1 and 2 emissions

1.3 million tCO2e

Decreased by 37% since 2021.

Gender diversity


of our employees are women.

Total economic contribution


We generate economic value for all our stakeholders, 4% higher than last year

Growth projects

Zaldívar Chloride Leach project


completed in 2022.


Esperanza Sur Pit project


pre-stripping completed in July 2022.


Los Pelambres Expansion project


complete as at the end of 2022 with the desalination plant and the concentrator plant expansion due to be in production during the second quarter of 2023.


Centinela Second Concentrator project

Engineering and pre-investment studies underway.

Net cash costs4


Increased by 34% since 2021 mainly due to the impact of the drought and higher input prices, partly offset by the weaker Chilean peso and savings coming from our Cost and Competitiveness Programme.



Decreased by 39% with an EBITDA margin of 50%, reflecting a decrease in copper sales, a lower copper price, higher inflation and higher input prices.

Profit before tax


Profit before tax decreased by 26%.

Underlying earnings per share excluding exceptional items4


Underlying earnings per share decreased by 82.8 cents or 58% compared with 2021 on lower EBITDA.

Earnings per share including exceptional items


Earnings per share including exceptional items for the year, reflect the impact of an exceptional gain of 95.8 cents per share, and were 18% higher than in 2021.

Total dividend per share


Equivalent to a payout ratio of 100%.

Total economic contribution


We generate economic value for all our stakeholders, 4% higher than last year


1. The Lost Time Injury Frequency Rate is the number of accidents with lost time per million hours worked.
2. 100% of production at Los Pelambres, Centinela and Antucoya, and 50% of Zaldívar’s production.
3. Mineral resources (including ore reserves) relating to the Group’s subsidiaries on a 100% basis and Zaldívar on a 50% basis.
4. Non-IFRS measure, refer to the alternative performance measures section on page 238.