Los Bronces

50.1%-owned world-class open-pit copper mine near Santiago, Chile, accounting for more than 2% of the world's known copper resources. 2025 production of 164,600 tonnes was 5% lower as the smaller processing plant was on care and maintenance from end-July 2024, partially offset by higher grade (0.52% vs 0.47%) and improved recoveries. Donoso 2 development is ahead of schedule, opening wider access to higher-grade, softer ore with full opening expected by early 2027; improved flexibility, cost control and strong copper prices enabled a temporary restart of the second plant (c.+25kt in 2026) until its infrastructure is needed for the Perez Caldera tailings facility removal from 2027. The first phase of the integrated water security project is ongoing.