2025 Highlights
Safety7
0 Fatalities
0.58 LTIFR8
Strong safety performance with no fatalities and the Group’s LTIFR remaining below 1.0.Copper production5
653.7 kt
Copper production decreased by 2% to 653,700 tonnes, representing a balance between increased output at Centinela Concentrates and a lower contribution from Centinela Cathodes and Los Pelambres.
Mineral resources6
20.7bn tonnes
Total Mineral Resources increased by 104 million tonnes during the year, following work in the wider Centinela District.
Water withdrawals (gigalitres)
93.2 GL
Net cash costs for 2025 were $1.19/lb, a 27% decrease year-on-year, following an increase in the production of gold and molybdenum by-products and stronger gold prices.
CO2e emissions intensity9,10
1.91 tCO2e/tCu
The Mining Division’s CO2e emissions intensity increased by 9% in 2025 (includes contractor emissions).
Gender diversity
30.0%
of our employees are women (2024: 26.6%).
Mineral resources6
20.7 Bt
Total Mineral Resources increased by 104 million tonnes during the year, following work in the wider Centinela District.
Net cash costs1
$1.19/lb
Net cash costs for 2025 were $1.19/lb, a 27% decrease year-on-year, following an increase in the production of gold and molybdenum by-products and stronger gold prices.
EBITDA1
$5,202m
EBITDA was $5,202 million, 52% higher than 2024 on stronger revenues and robust cost control, which helped to increase the Group’s EBITDA margin to 60% (2024: 52%)
Profit before tax
$3,160m
Profit before tax (including exceptional items) was $3,160 million, 53% higher than 2024 due to higher revenues (higher copper and by-products prices), partly offset by higher depreciation and amortisation.
Underlying earnings per share2
$129.3¢
Underlying earnings per share excluding exceptional items increased by 106% to 129.3 cents, reflecting higher underlying profit after tax.
Earnings per share3
$134.8¢
Earnings per share including exceptional items for the year were 60% higher at 134.8 cents, compared with 2024, reflecting higher underlying profit after tax.
Dividend payout ratio4
50%
1. Non-IFRS measure; refer to the Alternative Performance Measures section on page 243.
2. Excluding exceptional items.
3. Including exceptional items
4. 2025 payout ratio shown includes proposed final dividend.
5. 100% of Los Pelambres, Centinela and Antucoya, and 50% of Zaldívar’s production
6. Mineral resources (including ore reserves) relating to the Group’s subsidiaries on a 100% basis, and Zaldívar on a 50% basis
7. LTIFR for 2024 of 0.56 is restated (previously 0.57).
8. The lost time injury frequency rate (LTIFR) is the number of accidents with lost time during the year, per million hours worked.
9. Scope 1 and 2, Mining Division only
10. Tonnes of CO2 equivalent per tonne of copper produced.
Annual Report 2025
Letter from the Chairman
Letter from the CEO
KPIs