Antofagasta plc (ANTO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for joining us today. For those who are here in person and for those who are connected online, we are ready to start our full year results presentation. I will hand over to Ivan, then Mauricio, and after the presentation, we will move into Q&A. Ivan? Okay. ...ability fully integrated in how we run and grow our business. As global demand for copper strengthens, we were able to look forward to 2026 with a fully financed growth pipeline in construction, having passed peak group level capex and a clear pathway to deliver long-term value for all our stakeholders. So, I will start as we normally do, sharing with you our safety results. We continue to lead with a safety-first approach, delivering another fatality-free year and maintaining key metrics ahead of industry benchmarks. A specific focus for us last year was on what we call high potential incidents, as we look to continually develop our understanding of safety-related risks. In 2025, we recorded our lowest number of high potential incidents, reflecting the strength of our culture and our commitment to safe, reliable operations. And across our construction program of major projects, we also achieved safety results in line with the group-level outcomes, despite now having 18,000 temporary contractors present across our major projects. So I would say in balance, a very good safety result, which is our number one priority. And we've been fatality-free now for over four years and expect to continue in that path. Now let's talk about copper. Our investment case remains firmly rooted in our position as a leading pure play copper producer. And we know for some time, and this is likely to continue, copper will remain the metal of preference or choice. We have attractive attributes. We operate in an established jur...