2022 Highlights
Safety
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
20.4%
of our employees are women.
Total economic contribution
$7.4bn
We generate economic value for all our stakeholders, 4% higher than last year
Growth projects
Zaldívar Chloride Leach project
100%
completed in 2022.
Esperanza Sur Pit project
100%
pre-stripping completed in July 2022.
Los Pelambres Expansion project
93%
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
$1.61/lb
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.EBITDA4
$2,930m
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
$2,559m
Profit before tax decreased by 26%.
Underlying earnings per share excluding exceptional items4
$59.7¢
Underlying earnings per share decreased by 82.8 cents or 58% compared with 2021 on lower EBITDA.
Earnings per share including exceptional items
$155.5¢
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
$59.7¢
Equivalent to a payout ratio of 100%.
Total economic contribution
$7.4bn
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.
Annual Report 2022
Letter from the Chairman
Letter from the CEO
KPIs