ROBUST PRODUCTION OF COPPER AND BY-PRODUCTS; NET CASH COSTS 27% LOWER

Antofagasta plc CEO, Iván Arriagada said: “We delivered increased production at our two largest copper mining districts, Los Pelambres and Centinela. On a quarter-on-quarter basis, Group-level copper production increased by 3% (11% compared to the prior year period) and net cash costs fell by 27% (32% compared to the prior year period), with costs benefitting from gold and molybdenum by-products, with production up 13% and 42% respectively.

“Guidance for the year remains unchanged with copper production for the full year expected to be in the range of 660-700,000 tonnes and net cash costs towards the lower end of the guidance range of $1.45-1.65/lb. Production is expected to increase quarter-on-quarter for the remainder of the year, following maintenance activities completed in H1 2025.

“Our pipeline of copper growth and development projects at both Centinela and Los Pelambres continues to advance on time and on budget, with recent market movements in by-product pricing strengthening the investment case for these projects. At Zaldívar, we were pleased to secure approval of our Environmental Impact Assessment during the quarter, which allows us to extend this operation’s mine life to 2051.

“Our conviction in copper as the metal of the future remains, with a positive outlook for copper over the medium-term. We see continuing demand support in the form of rising uses from key strategic sectors, driven by accelerating structural trends, such as energy security and modern technologies needed for decarbonisation, AI and infrastructure, with a supply-side that is becoming increasingly constrained.”

 (1) Cash cost is a non-GAAP measure used by the mining industry to express the cost of production in US dollars per pound of copper produced.

HIGHLIGHTS

PRODUCTION

• Copper production in Q2 2025 was 160,100 tonnes, representing a 3% increase quarter-on-quarter, reflecting higher output from the Group’s two concentrators (Centinela Concentrates and Los Pelambres), offset by lower output from the Group’s cathode operations.
• Copper production in H1 2025 was 314,900 tonnes, representing an 11% increase year-on-year.
• Gold production in Q2 2025 was 48,300 ounces, 13% higher than the prior quarter, with an increase in production at both Los Pelambres and Centinela Concentrates. Gold production in H1 2025 was 91,200 ounces, representing an increase of 36%, with higher output at both Centinela Concentrates and Los Pelambres.
• Molybdenum production in Q2 2025 was 4,400 tonnes, 42% higher quarter-on-quarter, principally reflecting higher output at Los Pelambres. Molybdenum production of 7,400 tonnes in H1 2025 was also 42% higher as a result of higher output at both Los Pelambres and Centinela.

CASH COSTS

• Cash costs before by-product credits in Q2 2025 were $2.27/lb, representing a 4% decrease quarter-on-quarter, driven by higher production at both Los Pelambres and Centinela Concentrates. Cash costs in H1 2025 were $2.32/lb, a year-on-year decrease of 13% due to increased production at both Los Pelambres and Centinela Concentrates.
• By-product credits in Q2 2025 were $1.15/lb, representing a 39% increase quarter-on-quarter, with this increase associated with strong by-product volumes and pricing. By-product credits in H1 2025 were 41% higher at $1.00/lb, following higher by-product production and realised gold prices.
• Net cash costs in Q2 2025 were $1.12/lb, representing a 27% reduction quarter-on-quarter, reflecting lower underlying costs and an increase in by-product credits seen during the period. Net cash costs in H1 2025 were $1.32/lb, representing a 32% decrease year-on-year, with lower underlying cash costs and higher by-product credits.

PROJECT DEVELOPMENT UPDATE

• All majors projects remain on track and on budget.
• Centinela Second Concentrator: Work during the period focused on the assembly of key mining equipment at the Esperanza Sur mine, and installation of structural steel for the concentrator, the assembly of mechanical equipment for the concentrate thickeners and the assembly of ball mill components. In the coming quarter, work is expected to start on civil works for the high-pressure grinding rolls (HPGR) and the assembly of the primary crusher structure.
• Los Pelambres’ Growth Enabling Projects:
  • Concentrate pipeline: During the quarter, trenching excavation and pipeline assembly activities continued for the new concentrate transport system and water line. In the tunnels in the elevated section of the route, progress was made with the installation of the ventilation and lighting systems. In Q3 2025, work is expected to begin on the 33 kV power line and the assembly of the electrical room at the substation situated at the El Mauro tailings facility.
  • Desalination plant expansion: Civil works continue at the desalination plant and pumping stations.

2025 GUIDANCE (AS PREVIOUSLY ANNOUNCED)

• Guidance for the year remains unchanged. Group copper production for the full year is expected to be in the range of 660-700,000 tonnes.
• Group-level cash cost guidance, both before and after by-product credits, is also unchanged at $2.25-2.45/lb and $1.45-1.65/lb respectively.
• Capital expenditure guidance is also unchanged at $3.9 billion.

SAFETY AND SUSTAINABILITY

• The Group continues to maintain its strong health and safety track record in 2025, with no fatalities and a year-to-date total injury frequency rate of 1.67 (FY 2024: 1.62).

ZALDÍVAR UPDATE

• As previously announced on 16 May 2025, Zaldívar’s Environmental Impact Assessment (EIA) was formally approved during the period, which included a collaborative engagement process with communities, government and other local stakeholders in Chile.
• This approval enables Zaldívar’s mine life to be extended to 2051, with a three-year transition to a long-term supply of water from 2028, which is expected to be either sea water or a third-party water source.

CORPORATE

• As announced on 26 June 2025, the Company’s Board of Directors appointed Ignacio Bustamante as an Independent Non-Executive Director with effect from 1 July 2025.
• The Company held its Annual General Meeting on 8 May 2025, with all resolutions passed during the meeting.
• The Group published its Report on Payments to Governments on 27 June 2025, showing that over 99.9% of taxes and other payments to governments in 2024 were paid in Chile, in line with previous years.
• The Group will be hosting an investor site visit to the Centinela Second Concentrator Project in November 2025.

Investors – London

Rosario Orchard [email protected] 

Robert Simmons [email protected]

Telephone +44 20 7808 0988  

Media – London

Carole Cable [email protected]

Telephone +44 20 7404 5959

Media – Santiago

Pablo Orozco [email protected] 

Carolina Pica [email protected]

Telephone +56 2 2798 7000

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