Collahuasi

44%-owned copper joint venture (with Glencore 44% and Mitsui consortium 12%) in the Tarapaca region of northern Chile - one of the world's largest copper deposits with a 63-year reserve life. Attributable production fell 28% in 2025 to 177,800 tonnes on lower ore grade (0.90% vs 1.15%) and higher-than-expected stockpile oxidisation affecting recovery, partially offset by higher throughput as the operation began receiving ultra-filtered sea water from the new desalination plant pipeline from Q3 2025. Exploration drilling below and around the current pit shell has yielded promising results. 2026 Copper Chile production is H2-weighted on progressively improving access to fresh, higher-grade ore.