CENTINELA
70% OWNED
Centinela mines sulphide and oxide deposits 1,350km north of Santiago in the Antofagasta Region, one of Chile’s most important mining areas.
Centinela produces copper concentrate (containing gold and silver) through a milling and flotation process, and molybdenum concentrate. It also produces copper cathodes, using the solvent extraction and electrowinning (SX-EW) process.
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Safety performance
In 2025, Centinela recorded another fatality-free year (2024: 0 fatalities). The lost time injury frequency rate (LTIFR) was 0.66 (2024: 0.90), and the total recordable injury frequency rate (TRIFR) was 1.73 (2024: 2.25).
Financial performance
EBITDA at Centinela was $2,234.2 million in 2025, compared with $1,130.3 million in 2024, reflecting higher copper sales volumes and higher realised copper prices and by-products
Production
Total copper production of 240,400 tonnes in full year 2025 was 7% higher on a year-on-year basis, reflecting a material increase in production of copper in concentrate, partly offset by a decline in cathode output. In respect of by-products, Centinela produced 156,500 ounces of gold in 2025, representing a 12% increase year-on-year, following higher gold grades. Production of molybdenum during the year was 42% higher, corresponding to higher molybdenum grades.
Cash costs
Cash costs before by-product credits during the full year were $2.27/lb, 13% lower on a year-on-year basis, following higher copper-in-concentrate production, partially offset by higher costs associated with maintenance activities. Net cash costs for the full year 2025 were 53% lower year-on-year at $0.75/lb, primarily reflecting lower cash costs before by‑product credits, higher by‑product volumes and stronger gold prices.
Capital expenditure
Capital expenditure was $2,478.1 million ($1,414.0 million in 2024), including $590.1 million of mine development, $252.2 million of sustaining capital expenditure and $1,635.8 million of development capital expenditure ($1,327.1 million related to Centinela Second Concentrator Project).
Production is forecast to be 195-215 kt of copper, 155-165 koz of gold and 3.0-3.5 kt of molybdenum. Production of copper-in-concentrate is expected to moderate in 2026 as grades revert back to historical levels.
Cash costs before by-product credits are forecast to be $2.45-2.65/lb, and net cash costs to be $0.50-0.70/lb.
