Quality, Focus and Experience

Antofagasta is a focused copper mining group with high quality assets and a major portfolio of growth opportunities, predominantly located in Chile. The Group has a proven track record in successfully discovering, developing and operating major copper mines.

Our investment case is based on quality, focus and experience:

  • Quality of existing assets and growth pipeline, strong capital returns and a stable and favourable geography, all underpinned by our sustainable approach to development
  • Focus on copper and up-stream mining activities
  • Experience of our management team in the mining industry building on a track record of organic growth

Read more about our business model

Net Debt*

Why it is important

This is a measure that reflects liquidity of the Group.

Performance in 2018

Net debt increased by $140 in 2018 to $596 million.

*Non-IFRS measures refers to the alternative performance measures in Note 37 to the financial statements.


Why it is important

This is a measure of the Group’s underlying profitability.

Performance in 2018

EBITDA was $2,228 million, 13.9% lower than the previous year as unit costs increased due to grade declines and higher input costs.

* 100% of Los Pelambres, Centinela and Antucoya, and 50% of Zaldívar’s production.

Earnings per share*
51.5 cents

Why it is important

This is a measure of the profit attributable to shareholders.

Performance in 2018

Earnings per share from continuing operations of 51.5 cents per share, a 32.2% decrease on 2017, because of lower EBITDA and higher depreciation and amortisation.

Copper production*
725.3k tonnes

Why it is important

Copper is the Group’s main product and its
production is a key operating parameter.

Performance in 2018

The Group achieved record production for the year of 725,300 tonnes, a 3.0% increase on 2017, on higher production at Los Pelambres and Centinela.

* 100% of Los Pelambres, Centinela and Antucoya, and 50% of Zaldívar’s production

Net cash costs*

Why it is important

This is a key indicator of operating efficiency and profitability.

Performance in 2018

Net cash costs of $1.29/lb, 3.2% higher than in 2017 as average grades declined and cost pressure from rising input prices.

*Non-IFRS measures refers to the alternative performance measures in Note 37 to the financial statements.

Mineral resources*
18.8 billion tonnes

Why it is important

Expansion of the Group’s mineral resources base has supported its strong organic growth pipeline.

Performance in 2018

Mineral resources at Zaldívar increased during the year increasing Group mineral resources to 18.8 billion tonnes.

* Mineral resources (including ore reserves) relating to the Group’s subsidiaries on a 100% basis and Zaldívar on a 50% basis.


Why it is important

Safety is the top priority for the Group with fatalities and the LTIFR being two of the principal measures of performance.

Performance in 2018

There was a fatal accident at Los Pelambres involving a contractor during the year. The Group LTIFR increased to 1.6 accidents with lost time per million hours worked.

* Figures restated to include contractors in the transport division.

Water Consumption

Why it is important

Water is a precious resource and the Group is focused on using the most sustainable sources and maximising its efficient use.

Performance in 2018

The Group’s consumption of continental water increased by 0.71% (36.5 to 36.9 million of m3) mainly due to an increase in material processed. The Group’s consumption of sea water increased by 4.2 % (29.2 to 30.4 million of m3) due to full commissioning of Oxides Encuentros Plant.

3.33 tonnes

Why it is important

The Group recognises the risks and opportunities of climate change and the need to measure and mitigate its greenhouse gas (GHG) emissions.

Performance in 2018

Carbon emission intensity decreased by 14% compared to 2017 as the two electricity grids in Chile were combined into one resulting in an overall cleaner energy mix.

*Relates to the mining division only.

Existing assets

The majority of our production comes from large, long-life, low-cost mines. 80% of our copper output is from our Los Pelambres and Centinela mines, which have significant gold and molybdenum by-products, resulting in low net cash costs. This helps to ensure the strength of our operations throughout the commodity price cycle. The average remaining mining life of our existing operations is approximately 15 years, with scope to significantly extend this period with our existing mineral resource base.

Growth pipeline

The Group has a substantial organic growth pipeline, predominantly in Chile. The Group’s mineral resources in the areas around its existing operations in the Centinela Mining District and at Los Pelambres provide the opportunity to firstly improve the useful life and utilisation of the existing assets, as well as providing the potential for major incremental volume growth. Antofagasta is also developing a longer-term pipeline of international growth opportunities.

Capital returns

Antofagasta has a consistent record of significant capital returns to shareholders, distributing at least 35% of its net earnings as dividends each year. Over the period 2013-2017 the average payout ratio has been 75%.

View dividends


All of our current mining operations and our largest growth projects are located in Chile – one of the world’s most developed and stable mining countries.


We are a copper-focused mining company. All of our mining operations, projects and growth opportunities are predominantly copper assets, many of which contain by-products as well. Copper sales represent almost 90% of our revenues.

Up-stream mining activities

Our operations are focused on the core “up-stream” mining activities, as this is where we consider most of the value in the production chain is realised, and so we have no smelting or fabricating capacity within the Group.


Sustainable development forms an integral part of Antofagasta’s decision-making processes and supports the achievement of our business strategy. Operating sustainably allows us to maintain our social licence to operate and to attract and retain talent.

The mining division has a social and environmental strategy that prioritises the health and safety of employees and the development of local communities, as well as protection of the environment through operational efficiency.

Our approach to sustainability


The Group is led by Iván Arriagada, appointed as CEO during 2016. Iván is Commercial engineer and economist with over 20 years’ experience in the mining, metals and oil and gas sectors.

 See our leadership team 

Organic growth

Over the past five years, the Group has significantly increased the mineral resource base of its subsidiaries as a result of its own in-house exploration activities.

We have a proven track record of successful project delivery – designing and constructing operations which maximise the value of our mineral deposits.