Centinela Begins Construction of New Pit to Drive Future Growth
Antofagasta, 9 October 2025 – Centinela has taken a major step forward in its copper growth strategy with the first blast as part of initial stripping activities at the Encuentro Sulphides pit. The sulphide ore from Encuentro will ultimately feed the Centinela Second Concentrator, providing a source of higher grade material, in addition to ore feed from the existing Esperanza South pit. This expansion in mining activities will further optimise the delivery of value from Centinela’s 2.6 billion tonnes of Ore Reserves, and a key aspect of the Group’s ambition to expand production by 30% in the medium-term.
As announced in the Group’s Half Year 2025 results announcement, the development of the Encuentro Sulphides pit was approved for development in July 2025, which has an estimated investment of $1 billion, with completion of stripping activities expected in 2028. The Encuentro Sulphides deposit, which was added to the Group’s reserve statement as of 31 December 2024, has an estimate of 738 million tonnes at an estimated copper grade of 0.45%, plus associated by-products of gold (0.17g/t) and molybdenum(0.015 %) in line with other mineralisation in the Centinela District. This compares to an Ore Reserve grade of 0.41% copper for the Centinela Concentrates (sulphides) as of the same date, which includes Encuentro Sulphides.
Once into production, the Encuentro Sulphides pit will help to supply ore to the Centinela Second Concentrator Project, which is currently in construction. This project will add a further 95,000 tonnes per day of processing capacity at Centinela, with the inclusion of modern technologies such as high-pressure grinding rolls. This project will increase Antofagasta’s annual production by an average of 170,000 tonnes of copper-equivalent production over the first 10 years of operation, comprising of 144,000 tonnes of copper, 130,000 ounces of gold and 3,500 tonnes of molybdenum. The Second Concentrator Project also in addition to expansions an expansion of the existing raw seawater pumping and transport system, the construction of a new tailings storage facility; investment in the capacity growth in energy and other input supply infrastructure; and the expansion of outbound logistics networks, such as the concentrate transport system and critical port infrastructure.
Encuentro: Helping Drive Future Growth
The Encuentro sulphides pit will become the main source of ore for the new concentrator plant, enabling the Centinela District to process a total of around 200,000 tonnes of ore per day and achieve an average annual production of over 300,000 tonnes of copper, once the new concentrator plant is fully operational.
The pre-stripping phase will involve moving 186 million tonnes of material over a period of approximately two years. The project also includes the progressive introduction of autonomous equipment, replicating the successful experience at the Esperanza Sur pit, with the goal of autonomous operations commencing in January 2026.
Innovation and Local Contribution
Centinela is recognised as a global leader in innovation, being a pioneer in large-scale thickened tailings technology and the first company in Chile to obtain permits to deposit tailings in inactive pits, a project awarded by the Chilean Association of Consulting Engineers in 2022 and the Antofagasta Industrial Association in 2025. Centinela is also an industry leader in the efficient use of raw seawater, the operation of autonomous haul trucks, and the contracted supply of 100% renewable electricity.
With the Second Concentrator Project, Centinela will not only nearly double its concentrator capacity, but it will generate jobs and create new business opportunities for local suppliers, strengthening its contribution to the economic development of the Antofagasta Region.
