Centinela

Sulphide and oxide deposits 1,350 km north of Santiago. Produces Cu concentrates (with Au and Ag) and Mo concentrate via milling/flotation; Cu cathodes via SX-EW. Second Concentrator Project (2024-2027) on track, >50% complete at Q4 2025 — adds 170 kt CuEq annual production (144 kt Cu + 130 koz Au + 3.5 kt Mo) with ramp-up late-2027 / completion late-2028. 2025 capex US$2,478.1M (Second Concentrator US$1,327.1M). Operates entirely on untreated sea water. EBITDA US$2,234M in 2025 (+98% YoY).