Our approach to considered growth means that we focus on value, controlling capital costs and
optimising production at our existing operations and developing new mining operations to deliver
production in the future. We achieve this through careful project management and constant
monitoring of the efficiency of our mines, plants and transport infrastructure.
The Los Pelambres desalination plant and concentrator expansion were completed in 2023 and moved forward to operational ramp up, contributing to water supply and ore treatment. After an extensive review, the construction of the Centinela Second Concentrator Project was approved by the end of 2023. Critical path works began immediately after announcement, with full construction commencing after the execution of definitive project finance documentation during Q1 2024.
Project overview:
The Los Pelambres Growth Enabling Projects comprise two projects: (1) a new concentrate pipeline and El Mauro enclosures, and (2) an expansion of the existing desalination plant from 400 to 800 litres per second. These projects are designed to add resilience to the future operation of Los Pelambres, and will form a platform for potential further expansions.
Project progress:
As of the end of 2025, construction activities on both the concentrate pipeline and desalination plant expansion were progressing in line with the established schedule, and on budget.
On the concentrate pipeline, during the course of 2025 activities continued along both the lower and upper sections of the pipeline route, including tunnel works in the upper section.
At the desalination plant, civil works continued during 2025 at both the desalination plant and its associated pumping stations.
Looking ahead:
For the concentrate pipeline, work in the coming period will include the completion of tunnel sections and the commencement of tie-in work for electrical systems. For the desalination plant expansion, work in the coming period will include the installation of additional pumps and the completion of ancillary electrical infrastructure
Project overview:
The Centinela Second Concentrator Project represents a significant expansion of the Group’s copper production capacity, adding 95 kilotonnes per day (ktpd) of processing capacity. The new concentrator will operate at a separate site, situated a few kilometres to the south-west of the Group’s existing concentrator (nameplate capacity of 107 ktpd). The plant will principally be fed from the Esperanza Sur and Encuentro sulphide deposits; pre-stripping of the latter commenced in 2025. Once operational, the new concentrator will double production of copper in concentrates, as well as by-products of gold, molybdenum and silver, serving to enhance competitiveness through lower net cash costs.
The project leverages advanced technologies, including High-Pressure Grinding Rolls (HPGRs), autonomous mining fleets, and a fully Integrated Remote Operating Centre (IROC) in Antofagasta city. Through the addition of modern technologies, the Group expects to realise greater efficiencies, reduce energy consumption and support the Group’s sustainability commitments, including the use of 100% renewable energy and sea water in processing.
Project progress:
During the course of 2025, the Centinela Second Concentrator Project remained on track and on budget. As of the end of the year, early work was underway by pre-commissioning teams to consider the project’s integration following the completion of construction in 2027. Construction activities in 2025 included the completion of civil works in the primary crusher area. As of the end of 2025, the project workforce numbered over 13,000 people.
Looking ahead:
Work in the coming period will focus on completing construction across several areas of the project and on the energisation of the main substation.
Project overview:
The Los Pelambres Development Options Project is a life of mine extension to 2051, which is focused on evaluating and enabling future growth opportunities at Los Pelambres, including the following components:
- Pit extension;
- Expansion of the El Mauro tailings dam;
- Option to increase throughput up to 205 ktpd; and
- Option to increase desalination plant capacity up to an additional 800 l/s (nominal capacity), to account for additional evaporation and processing requirements following expansion.
The project encompasses a range of studies and stakeholder engagement activities, with the objective of securing the necessary permits and approvals for long-term development.
Project progress:
EIA submitted December 2024. Discussions continued throughout 2025 with local stakeholders, in line with expectations, and the project remains in its preparatory phase.
Looking ahead:
Discussions will continue with local stakeholders and authorities in 2026, as part of a multi-year programme of engagement and technical evaluation