Sierra Gorda

Large integrated copper-molybdenum-gold open-pit mining and processing operation 60 km south-west of Calama in the Antofagasta region of northern Chile (South32 45%, non-operated equity-accounted JV with KGHM); operations commenced 2014. Porphyry copper hydrothermal system with breccias, veining and dissemination; ore processed through crushing, grinding and flotation to copper concentrate (with Au/Ag credits) and a separate molybdenum concentrate, exported via Antofagasta. Embedded options for further growth; FY27 production rises ~5% on higher planned copper grades.