2023 Highlights



0 Fatalities
0.63 LTIFR1

Strong performance across safety metrics, with no fatal accidents and a 25% decrease in LTIFR during the year.

Copper production2

660,600 tonnes

Copper production increased by 2% in 2023, following the commissioning of the Company’s desalination plant and increased water availability at Los Pelambres.

Mineral resources3

20.5bn tonnes

The Company’s total mineral resources increased by 345 million tonnes during the year (2022: 20.1bn tonnes).

Water withdrawals from sea water


Increasing from 45.4% in 2022.

Scope 1 and 2 emissions (per tonne copper)

1.69 tCO2e/tCu

Copper emissions per tonne decreased by 3%, reflecting increased production and greater efficiencies (2022: 1.75tCO2e/tCu).

Gender diversity


of our employees are women (2022: 20.4%).

Total economic contribution


We generate economic value for all our stakeholders, 3% lower than last year (2022: $7.4bn).

Growth projects

Los Pelambres Phase 1 Expansion


completed in 2023.


Centinela Second Concentrator

170kt CuEq

Approval announced December 2023.


Los Pelambres Desalination Plant Expansion EIA


Environmental Impact Assessment approved in Q4 2023. 

Net cash costs4


In line year-on-year (2022: $1.61/lb), reflecting a balance of higher underlying cash costs before by-products, alongside higher production and pricing for by-products, in addition to savings coming from our Cost and Competitiveness Programme.



Increased by 5% with an EBITDA margin of 49%, reflecting a higher copper production and by-products (2022 EBITDA and EBITDA margin: $2,930m and 50%).

Profit before tax


Profit before tax decreased by 23% (2022: $2,559m), with this year-on-year movement principally related to the recognition in 2022 of an exceptional gain relating to the disposal of the Reko Diq project.

Underlying earnings per share excluding exceptional items4


Underlying earnings per share excluding exceptional items for the year, 21% higher than in 2022 (2022: 59.7 cents).

Earnings per share including exceptional items


Earnings per share including exceptional items decreased by 46% year-on-year as the result of an exceptional gain recognised during 2022 (2022: 155.5 cents).

Total dividend per share


Equivalent to a payout ratio of 50% of underlying net earnings (2022: 59.7 cents, equivalent to 100%).


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 239.