Zaldívar
50% OWNED Joint Venture
Zaldívar is an open-pit, heap-leach copper mine which produces copper cathodes using the solvent extraction and electrowinning (SX-EW) process. The mine is 3,000 metres above sea level, approximately 1,400 km north of Santiago and 175 km south-east of the city of Antofagasta.
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Safety performance
In 2025, Zaldívar recorded another fatality-free year (2024: 0 fatalities). The lost time injury frequency rate (LTIFR) was 0.98 (2024: 0.31), and the total recordable injury frequency rate (TRIFR) was 3.08 (2024: 1.72).
Financial performance
Attributable EBITDA at Zaldívar was $61.8 million in 2025, compared with $99.9 million in the same period last year, with this decrease linked to higher operating costs, partially offset by higher realised copper prices.
Production
Total attributable copper production in the full year was 36,700 tonnes, 8% lower year-on-year, following a decrease in ore throughput rates and lower recoveries.
Cash costs
Full-year 2025 cash costs were $3.44/lb, 14% higher than 2024, following lower copper production, an increase in the unit cost for key consumables such as sulphuric acid, and the settlement of a three-year collective bargaining agreement.
Capital expenditure
Attributable capital expenditure in 2025 was $60.8 million (2024: $42.2 million), of which $32.8 million was sustaining capital expenditure.
Attributable copper production is forecast to be 30-35 kt at a cash cost of $3.70-3.90/lb.
Other matters
In relation to the previously announced claim filed by the Consejo de Defensa del Estado (CDE), an independent governmental agency that represents the interests of the Chilean state, against Zaldívar, Minera Escondida and Albemarle regarding water extraction from the Monturaqui-Negrillar-Tilopozo aquifer, in December 2024 the parties reached a settlement agreement, which was thereafter approved by the Environmental Court in January 2025, thus putting an end to the proceeding.
The operation at Zaldívar has rights to mine ore and extract water until May 2025. The mine life after May 2025 is, therefore, subject to the approval of an Environmental Impact Assessment (EIA). This EIA is under review by the relevant authorities, a process which contemplates up to three rounds of comments and reviews.
Responses to the third round of comments were filed in March 2025, following receipt of comments in January 2025.
Separate to the EIA submitted for Zaldívar under local environmental regulations, if a permit allowing continuity of operations is not favourably resolved by the current permit expiry date in May 2025, Zaldívar will be required to have in place at that time an approved temporary closure plan. In line with this eventual regulatory condition being required, Zaldívar filed in December 2024 a temporary closure plan application with the mining authority. However, the Group’s full year guidance for 2025 is presented based on 12 months of normal operations at Zaldívar.
