LOS PELAMBRES
60% OWNED
Los Pelambres is a sulphide deposit in Chile’s Coquimbo Region, 240 km north of Santiago. It produces copper concentrate (containing gold and silver) and molybdenum concentrate through a milling and flotation process.
Visit the Los Pelambres website for more details
Financial Performance
EBITDA was $2,548.0 million, compared with $1,861.2 million in 2024, reflecting higher realised prices for copper and by-products.
Production
Full-year copper production of 295,300 tonnes was 8% below the prior year, reflecting reduced ore throughput due to higher maintenance activity, harder ore types and lower copper grades during the year. By-product output of molybdenum and gold increased by 48% and 18% respectively in 2025, reflecting higher grades.
Cash costs
Full-year cash costs of $2.21/lb were 6% higher year-on-year, reflecting lower copper production, increased maintenance activities, settlement of a three-year labour agreement and increased hauling distances, partially offset by lower treatment charges. Full-year net cash costs of $0.82/lb were 35% lower than in 2024, primarily reflecting stronger gold prices and increased by‑product output of both molybdenum and gold.
Capital expenditure
Capital expenditure was $1,070.5 million ($833.0 million in 2024), including $847.5 million of sustaining capital expenditure (which includes $500.5 of capital expenditure on the Growth Enabling Projects), $178.7 million of mine development and $44.3 million of development capital expenditure
The forecast production for 2026 is 340-360 kt of copper, 9.5-10.5 kt of molybdenum and 60-70 koz of gold.
Cash costs before by-product credits are forecast to be $2.00-2.20/lb and net cash costs to be $0.90-1.10/lb.
