Quellaveco

60%-owned (Mitsubishi 40%) open-pit copper mine in Moquegua, Peru - a cornerstone world-class asset with a 30-year reserve life. 2025 production rose 1% to 310,200 tonnes on strong plant performance (+3% throughput) despite slightly lower grades. The approved stage-one expansion (second pebble crusher and additional flotation cells) lifts throughput to c.142,000 tpd with improved recoveries by late 2026; planned concentrator maintenance in 2027 will modestly impact production. Significant expansion potential exists beyond the initial high-grade area, subject to sectoral permits and water availability. 2025 realised price 472 c/lb.