HALF YEAR RESULTS FOR THE 6 MONTHS ENDED 30/06/25

About this update from Antofagasta Plc

[{"type":"text","content":"\n \n \n NEWS RELEASE, 14 AUGUST 2025 \n   \n   \n HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 \n 60% INCREASE IN EBITDA AND 25% MARGIN GROWTH \n Antofagasta plc CEO Iván Arriagada said : \"The robust financial performance announced today reflects our operating discipline, with higher copper production and materially lower costs, driving a 60% increase in EBITDA and a 25% increase in EBITDA margins. This places Antofagasta's margins at the top end of global pure-play copper producers and the highest level achieved since 2021. Furthermore, underlying earnings per share doubled to 47.4 cents in H1 2025. \n \"Our growth programme continues to advance at Los Pelambres and Centinela, with capital investment expected to increase in the second half, and work on schedule to position Antofagasta as one of the highest copper growth companies amongst our pure-play peers, with an expected +30% growth in output in the medium-term. \n \"We remain committed to our consistent and disciplined approach to capital allocation, and the interim dividend announced today reflects our confidence in the business and our ongoing commitment to delivering a balance of sustainable shareholder returns and investments in growth.\" \n \n \n \n \n UNAUDITED RESULTS SIX MONTHS ENDED 30 JUNE \n \n \n   \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n % \n \n \n \n \n Revenue \n \n \n $m \n \n \n 3,799.4 \n \n \n 2,955.2 \n \n \n +29% \n \n \n \n \n EBITDA [1] \n \n \n $m \n \n \n 2,234.2 \n \n \n 1,394.4 \n \n \n +60% \n \n \n \n \n EBITDA margin 2 \n \n \n % \n \n \n 58.8 \n \n \n 47.2 \n \n \n +12pp \n \n \n \n \n Profit before tax (including exceptional items) \n \n \n $m \n \n \n 1,162.0 \n \n \n 712.6 \n \n \n +63% \n \n \n \n \n Cash flow from operations \n \n \n $m \n \n \n 1,812.0 \n \n \n 1,483.9 \n \n \n +22% \n \n \n \n \n Net debt / EBITDA 1 \n \n \n X \n \n \n 0.54 \n \n \n 0.46 \n \n \n +17% \n \n \n \n \n Earnings per share (including exceptional items) \n \n \n cents \n \n \n 52.9 \n \n \n 26.3 \n \n \n +101% \n \n \n \n \n Underlying earnings per share (excluding exceptional items) 1 \n \n \n cents \n \n \n 47.4 \n \n \n 22.4 \n \n \n +112% \n \n \n \n \n Dividend per share \n \n \n cents \n \n \n 16.6 \n \n \n 7.9 \n \n \n +110% \n \n \n \n \n HIGHLIGHTS \n \n \n \n \n ●         \n \n \n Strong safety performance recorded in H1 2025, with no fatalities and injury frequency rates in line with 2024. \n \n \n \n \n ●         \n \n \n EBITDA was $2,234.2 million, 60% higher than in H1 2024, driven by 29% higher revenues and a 12% reduction in cash costs before by-product credits. \n \n \n \n \n ●         \n \n \n The Group's EBITDA margin [2] increased 25% by 12 percentage points to 58.8% in H1 2025, placing the Group at the top end of global pure-play copper producers. [3] \n \n \n \n \n ●         \n \n \n Cash flow from operations increased by 22% to $1,812.0 million, with the drivers as described above partially offset by an increase in working capital. \n \n \n \n \n ●         \n \n \n The Group's balance sheet remains resilient, with a net debt to EBITDA ratio of 0.54x as at 30 June 2025 (0.48x as at 31 December 2024), with shareholder returns and investments in growth and development projects maintained during the period. \n \n \n \n \n ●         \n \n \n The Competitiveness Programme generated savings and productivity improvements of $60 million in H1 2025, with a full year target of $100 million in 2025. \n \n \n \n \n ●         \n \n \n The Group's copper growth programme remains on track, with full construction of the Centinela Second Concentrator now into its second year of activities. Initial groundworks have commenced at the Los Pelambres desalination plant expansion, and activities continue to advance along the route of the new concentrate pipeline. \n \n \n \n \n ●         \n \n \n Full year guidance is maintained, with total Group production for 2025 expected to be in the range of \n660-700,000 tonnes, with cash cost and capex guidance as previously disclosed. \n \n \n \n \n ●         \n \n \n As previously disclosed, copper production reached 314,900 tonnes in the first half of 2025, representing an 11% year-on-year increase. This was mainly driven by higher output from the Group's two concentrators (Centinela Concentrates and Los Pelambres). \n \n \n \n \n ●         \n \n \n Cash costs before and after by-product credits were $2.32/lb and $1.32/lb respectively, 12% and 32% lower than H1 2024, due to increased production at both Los Pelambres and Centinela Concentrates. [4] \n \n \n \n \n ●         \n \n \n As previously announced in May 2025, Zaldívar's Environmental Impact Assessment (EIA) was formally approved during the period, which enables the mine life of this operation to be extended to 2051. \n \n \n \n \n ●         \n \n \n Interim dividend of 16.6 cents per share announced, equivalent to a pay-out ratio of 35% of underlying net earnings, in line with the Group's capital allocation framework and dividend policy. \n \n \n \n \n ●         \n \n \n The Group has recently announced a site visit to Centinela for investors and analysts later this year to provide direct access to this key project as construction progresses. \n \n \n \n \n   \n A recording and copy of the 2025 Half Year Results presentation is available for download from the Company's website www.antofagasta.co.uk . \n There will be a Q&A video conference call at 2:00pm (UK) today hosted by Iván Arriagada - Chief Executive Officer, Mauricio Ortiz - Chief Financial Officer, and Alejandra Vial - Vice President Sustainability. Participants can join the conference call via the following link: \n https://antofagasta-2025-hy-results.open-exchange.net/   \n   \n   \n \n \n \n \n   \n Investors - London \n \n \n \n \n \n   \n Media - London \n \n \n \n \n Rosario Orchard \n \n \n [email protected] \n \n \n Carole Cable \n \n \n [email protected] \n \n \n \n \n Robert Simmons \n \n \n [email protected] \n \n \n Telephone \n \n \n +44 20 7404 5959 \n \n \n \n \n Telephone \n \n \n +44 20 7808 0988 \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Media - Santiago \n \n \n \n \n \n \n \n \n \n \n Pablo Orozco \n \n \n [email protected]   \n \n \n \n \n \n \n \n \n \n \n Carolina Pica \n \n \n [email protected] \n \n \n \n \n \n \n \n \n \n \n Telephone \n \n \n +56 2 2798 7000 \n \n \n \n \n   \n   \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Register on our website to receive our email alerts http://www.antofagasta.co.uk/investors/email-alerts/ \n   \n \n \n   \n FINANCIAL AND OPERATING REVIEW \n FINANCIAL HIGHLIGHTS  \n Revenue for the first half of 2025 was $3,799.4 million, 29% higher than in the same period last year. This increase was driven by a 17% rise in copper sales volumes and a 53% rise in gold sales volumes, supported by higher realised prices for copper and gold. \n The Group's average realised copper price rose by 3% in H1 2025 to $4.55/lb. In respect of by-products, realised prices for gold rose by 41% during the period to $3,263/oz and molybdenum realised prices declined by 7% to $21.1/lb. \n EBITDA during the first six months of 2025 was $2,234.2 million, 60% higher than in the same period in 2024, mainly reflecting higher revenue, driven by higher production and pricing, and lower operating costs. \n The Group's EBITDA margin widened to 58.8% in H1 2025, compared with 47.2% in H1 2024. \n Profit before tax (including exceptional items) was $1,162.0 million, 63% higher than the same period in 2024, reflecting the movements described above offset by higher depreciation and amortisation, principally related to an increase in sales and increased depreciation of new assets. \n An exceptional deferred tax gain of $54.5 million was recognised in H1 2025, related to the reversal of a deferred tax liability relating to the exceptional fair value gains recognised in both 2023 and 2024, relating to the acquisition of shares in Compañía de Minas Buenaventura S.A.A. (\"Buenaventura\"). \n Earnings per share for the first half of 2025 (including exceptional items) were 52.9 cents, an increase of 101% compared with H1 2024. \n Cash flow from operations was $1,812.0 million, a 22% increase compared with the same period last year, driven by strong earnings, partially offset by movements in debtors and creditors balances. \n The Board of Directors of the Company has declared an interim ordinary dividend of 16.6 cents per share, equal to a 35% pay-out of underlying earnings per share, in line with the Company's dividend policy. \n PRODUCTION AND CASH COSTS \n Copper production in H1 2025 rose to 314,900 tonnes, representing an 11% increase year-on-year. This growth was primarily driven by higher output from the Group's two concentrators (Centinela Concentrates and Los Pelambres), offset by lower output from the Group's cathode operations. \n Gold production in H1 2025 was 91,200 ounces, representing an increase of 36%, with higher output at both Centinela Concentrates and Los Pelambres. \n Molybdenum production of 7,400 tonnes in H1 2025 was 42% higher as a result of higher output at both Los Pelambres and Centinela. \n Following the end of the period, additional maintenance has taken place at Los Pelambres on the tailings pipeline, which connects the processing plant at Chacay to the El Mauro tailings facility. The impact of this work is expected to be a reduction in copper production of between 5,000-10,000 tonnes. \n Cash costs before by-product credits in H1 2025 were $2.32/lb, a year-on-year decrease of 12% due to increased production at both Los Pelambres and Centinela Concentrates, and the continued effectiveness of the Group's Competitiveness Programme. \n COMPETITIVENESS PROGRAMME  \n The Competitiveness Programme continues to deliver combined savings and productivity improvements, totalling $60 million during the first half of 2025. The Group has a full year target of $100 million that, if achieved, would be the equivalent of more than 7c/lb.  \n Based on our Operational Excellence Management System (OEMS), different initiatives are under implementation to reduce the Group's cost base, with results grouped into the following categories: operational efficiencies and throughput (90% of total), contract management (7%), and other savings (3%). \n   \n EXPLORATION AND EVALUATION COSTS \n Exploration and evaluation costs were $25.7 million in H1 2025 (H1 2024: $26.8 million). This expenditure was primarily related to exploration activities at the Cachorro project in Chile, international exploration activities at the Group's portfolio of properties in Peru and also at Twin Metals Minnesota (USA), in addition to pre-feasibility stage work at Twin Metals Minnesota (USA). \n TAXATION \n The effective tax rate for H1 2025, excluding exceptional items, was 36.5%, compared to 43.3% in H1 2024. Including exceptional items (being the fair valuation of the Group's investment in Buenaventura), the effective tax rate for H1 2025 was 31.9%. \n The ad-valorem element of the new royalty was $13.8 million in H1 2025, which is not included in the Group's effective tax rate. \n The income tax expense for H1 2025 was $370.1 million compared to $299.5 million in H1 2024. \n For more information, please see the Financial Review Section of this report. \n CAPITAL EXPENDITURE AND DEPRECIATION & AMORTISATION \n Capital expenditure in H1 2025 was $1,620.4 million (H1 2024: $1,059.5 million), including $476.3 million of sustaining capital expenditure, $379.2 million on mine development, $749.1 million of growth expenditure and $15.8 million of capital expenditure within the Transport Division. \n Group capital expenditure guidance for the full year remains unchanged at $3.9 billion. \n Depreciation and amortisation increased by $210.5 million to $857.7 million, reflecting the increased sale volumes and increased depreciation of new assets. \n CAPITAL ALLOCATION \n The Group's capital allocation framework is key to the effective allocation of capital for sustaining capex, development capex and shareholder returns. The Group remains committed to its focus on profitable growth in copper production and a prudent and consistent approach to capital allocation to generate shareholder returns. \n Cash flow from operations increased to $1,812.0 million in H1 2025, compared with $1,483.9 million in H1 2024. \n Net debt at the end of the period was $2,287.7 million (31 December 2024: $1,629.1 million), with this increase reflecting the operating cash generation being offset by capital expenditure and dividend distributions. \n The Net debt to EBITDA ratio at the end of the period was 0.54x (31 December 2024: 0.48x). \n The Board has declared an interim dividend of 16.6 cents per share, equivalent to $163.7 million and a pay-out of 35% of underlying earnings per share, consistent with the Company's policy and previous interim dividends. Any distribution of excess cash for the year, as defined under the dividend policy and the approach outlined in the capital allocation framework, will be made as part of the final dividend. \n LABOUR \n In the Mining Division, four collective bargaining processes are scheduled to take place in H2 2025, with three supervisors' unions (Zaldívar, Los Pelambres, and Antucoya), and one workers' union (Antucoya). \n There are no collective bargaining processes scheduled to take place in the Transport Division in 2025. \n \n SUSTAINABILITY \n Health and safety \n The Group is pleased to report another fatality-free period in H1 2025 (FY 2024: zero). \n As a key leading indicator of health and safety, the Group was pleased to record a further improvement in high-potential incidents (HPIs) in H1 2025, with 8 incidents recorded during the first half of the year, compared to 13 in H1 2024 (FY 2024: 21), with the corresponding incidence rate for HPIs decreasing to 0.04 during the \nperiod (H1 2024: 0.08). \n The Group has continued to record strong levels of safety performance across its pipeline of growth and development projects, with an overall total injury frequency rate for projects in line with the overall rate for the Group, despite the deployment of more than 15,000 external contractors across multiple sites. \n Environment \n During the first half of 2025, no operational events with serious environmental consequences were recorded \n(FY 2024: zero). In addition, the Group made progress through the standardisation of the control strategy for critical environmental risks. \n In respect of permitting, the Environmental Impact Assessment (EIA) application for the Los Pelambres Development Options Project was submitted in December 2024, and was confirmed in H1 2025 that the technical and administrative requirements have been met for its review. We are currently working on the technical and community-related responses. \n If approved, this EIA would allow for an extension of Los Pelambres' mine life until 2051, through work to expand the capacity of the existing El Mauro tailings dam, the option to increase annual average plant processing capacity to 205ktpd and the option to further increase the capacity of the desalination plant. For further details, see the Group's 2024 Half Year Results announcement and presentation. \n In August 2025, the Group announced full and unqualified compliance with the Global Industry Standard on Tailings Management (\"GISTM\") at one facility at Los Pelambres (Quillayes) and for another tailings facility at Zaldívar. The GISTM is the first global standard on tailings facility management, which integrates social, environmental and technical considerations into its compliance framework. With this, the Group is in full compliance under GISTM, in line with the framework's reporting timeline for compliance. \n Communities \n The Group maintains a strong commitment to local communities as a central part of its strategy, promoting development and well-being through collaboration and a long-term approach. By using a proactive approach based on transparent dialogue and the implementation of high-impact initiatives, we aim to understand each community's priorities and generate sustainable social value in the areas where we operate. \n In central Chile, near Los Pelambres, recent community engagement efforts included the following: \n \n \n \n \n ●     \n \n \n Somos Choapa: The Somos Choapa programme continued with its regular workstreams in the area of influence of Los Pelambres with relevant initiatives such as Aproxima and Confluye (focused on access to drinking and irrigation water) and the Emprende and Cosecha programmes (focused on local economic development). The second cycle of the Somos Choapa programme is scheduled to commence in Q3 2025, with workshops involving local municipalities to launch a new participatory process in Q4 2025, renewing partnerships between the Group, local governments, and local communities. \n \n \n \n \n \n \n \n Community engagement highlights in the north of Chile include: \n \n \n \n \n ●     \n \n \n The Dialogues for Development programme continues to promote community projects through open applications and citizen voting. In June 2025, Antucoya launched a new edition of this initiative in the community of María Elena, with projects set to be selected during August 2025. In addition, Centinela has recently successfully completed four initiatives in Michilla, which are focused on infrastructure, education, culture and health. In H2 2025, the programme will continue with new initiatives in the community of Sierra Gorda. \n \n \n \n \n ●     \n \n \n Peine Indigenous Consultation: In April 2025, the Indigenous Consultation process with the Peine community was successfully concluded. The process was carried out with transparency, good faith, and high level of community participation. This dialogue has led to mutual agreements and understanding, which are key requirements for building a long-term relationship with the community and securing approval for Zaldívar's water transition project, during which the value of engagement with local communities was highlighted. \n \n \n \n \n ●     \n \n \n Tambo de Camar Inauguration: In April 2025, Zaldívar and the Atacameña Community of Camar inaugurated a conservation project for the archaeological site Tambo de Camar, part of the Inca Trail, which was recently declared a UNESCO World Heritage Site. With an investment of CLP 661 million, the initiative - which is a first in Chile for being managed by an Indigenous community - includes trails, viewpoints, a museum and an archaeological repository, which collectively aim to promote cultural tourism and sustainable development through a collaborative model that respects the environment. \n \n \n \n \n ●     \n \n \n Employability and Supply - Centinela Second Concentrator Project: During the period, Centinela hosted job fairs and information sessions, collecting over 2,000 resumes from residents of nearby communities. A business roundtable with 300+ regional suppliers was held in partnership with the Antofagasta Industrial Association. To date, 26.5% of the project's workforce (2,795 people) are local hires. \n \n \n \n \n ●     \n \n \n Local Employment and Education Initiatives: Included (1) the Apprenticeship Programme, with 101 applicants from Indigenous communities in the Salar de Atacama completing interviews; \n(2) Scholarship Programme, where the Group awarded higher education scholarships to 100 students from local communities; and (3) \" Diálogos para el Desarrollo \" (Dialogues for Development), held its fourth edition, resulting in three co-designed projects. This initiative is now entering its implementation phase, led by local committees focused on sustainability, collaboration, and long-term territorial development. \n \n \n \n \n In the first half of 2025, the Suppliers for a Better Future programme achieved 42% local employment among suppliers, with 13% female participation and an 18% increase in purchases from regional suppliers. Additionally, 52 local companies have been supported to date with training and consulting in sustainability, innovation, and management, confirming the Group's commitment to responsible mining and local development. \n Balanced workforce \n The Group has significantly increased gender diversity in its workforce, increasing from 8.8% in 2018, when the Group's Diversity and Inclusion Strategy was announced, to 26.7% as at June 2025. The Group has an ambition to increase gender balance in its employee workforce to 30% by the end of 2025. \n The Group's diversity and inclusion programme includes attracting and retaining people with disabilities (both seen and unseen) throughout our business. Across the Group, 2.0% of those employed by Antofagasta have a registered disability, exceeding a regulatory-mandated minimum in Chile of 1.0%. \n Climate change and emissions \n Aligned with its Climate Action Plan, the Group is undertaking of initiatives to help progress a further reduction of its emissions footprint. \n Examples of initiatives being advanced at the current time include the construction of a trolley assist system along a short haul ramp at Los Pelambres, ahead of a trial of this technology, and a fuel efficiency programme that is being jointly implemented through the Group's innovation, decarbonisation and advanced analytics teams. \n Additionally, the Group's Transport Division has received its first green hydrogen-powered locomotive in Chile, which is now being tested. \n Water \n The effects of climate change are evident in Chile through the changing availability of water. The Group's Chilean operations are located in the Regions of Antofagasta and Coquimbo, where water availability is a key consideration. \n Water consumption at two of the Group's operations - Centinela and Antucoya - is in the form of raw, unprocessed sea water. At Los Pelambres, the recent construction of the Group's inaugural desalination plant has helped to increase water availability and reduce reliance on continental sources of water at this operation. As such, Group-level water withdrawals from sea water were 63% in H1 2025 (H1 2024: 64%), representing a level above the historic level of sea water sourcing before completion of the desalination plant (FY 2022: 45%). \n Zaldívar's Environmental Impact Assessment (EIA) was formally approved during May 2025, which included a collaborative engagement process with communities, government and other local stakeholders in Chile. This approval enables Zaldívar's mine life to be extended to 2051, with a three-year transition to a long-term supply of water from 2028, which is expected to be either sea water or a third-party water source. \n During H1 2025, Centinela, Los Pelambres, and Zaldívar demonstrated a strong commitment to water efficiency through the implementation of pilot projects aimed at generating value. At Los Pelambres, the successful pilot test of water recovery from tailings enabled the transfer of best practices to Zaldívar, where a similar initiative is now underway. \n INNOVATION \n Cuprochlor-T® \n During the first half of 2025, the Group completed all exploratory testing that was initiated last year under agreements with third-parties. Subsequently, the Group has launched new series of tests to design a second phase of work with a number of third-parties. \n In addition, the Group has initiated engineering studies for a future heap leach demonstration plant at Zaldívar, which is expected to be operational in 2026. \n 2025 GUIDANCE (as previously announced) \n As previously disclosed in the Q2 2025 Production Report, guidance for the year remains unchanged. Group copper production for the full year is expected to be in the range of 660,000-700,000 tonnes. \n Group-level cash cost guidance, both before and after by-product credits, is also unchanged at $2.25-2.45/lb and $1.45-1.65/lb respectively. \n Capital expenditure guidance is also unchanged at $3.9 billion. \n FUTURE OUTLOOK \n Copper continues to demonstrate strong fundamental value, supported by structural trends that include energy security and rise of modern technologies such as those needed for decarbonisation, AI and infrastructure. Technical constraints, such as grade decline and rising ore hardness, continue to affect global supply, with disruption rates elevated in recent years. \n The Group has a significant Mineral Resource base of more than 21 billion tonnes of resources, including more than 6 billion tonnes and 5 billion tonnes at Los Pelambres and Centinela respectively. \n The Group has a range of growth projects being implemented throughout our portfolio that will provide incremental growth in the medium-term, including the construction of the Centinela Second Concentrator Project, which is expected to provide a pathway to grow output by more than 30% in the medium-term. As previously announced, an investor site visit in Centinela will take place in November 2025 to provide direct access to this key project as construction progresses. \n The Group will continue to evaluate opportunities to accelerate the execution of selected development projects. \n   \n \n \n   \n REVIEW OF OPERATIONS AND PROJECTS \n MINING DIVISION \n LOS PELAMBRES \n Financial performance \n EBITDA at Los Pelambres was $1,077.8 million in the first half of 2025, a 22% increase compared with \n$885.1 million in the first six months of 2024. This increase was mainly due to higher copper revenue (9% higher sales volumes and 3% higher prices) and a 15% reduction in net cash costs. \n Production \n Copper production in H1 2025 was 8% higher than the prior year at 143,200 tonnes, with this year-on-year increase principally related to the accumulation of concentrate inventories in the prior year period. \n Molybdenum production for the first six months of the year increased by 36% to 5,700 tonnes (from 4,200 in H1 2024). Gold production increased by 37% in H1 2025, reaching 25,900 ounces (up from 18,900 ounces in H1 2024). This increase was also driven by the inventory accumulation described above. \n Costs \n Cash costs before by-product credits in H1 2025 were 4% higher year-on-year at $2.24/lb, with this movement driven by an increase in unit costs and consumption rates for key consumables, offset by lower treatment charges, higher inventory levels in the prior year period and depreciation of the Chilean peso. \n Net cash costs in H1 2025 fell by 15% to $1.03/lb, reflecting higher by-product output and gold pricing, partially offset by a decrease in molybdenum pricing. \n Capital expenditure \n Total capital expenditure at Los Pelambres in the first six months of 2025 was $436.0 million, of which \n$322.8 million was sustaining capital expenditure, $89.4 million was mine development and $23.8 million was on development capital expenditure. \n Compared with H1 2024, total capital expenditure increased by 23%, including a $133.2 million increase in sustaining capital expenditure, $9.3 million increase in mine development and a decrease of $61.6 million in development capital expenditure. \n CENTINELA \n Financial performance \n EBITDA for the first six months of 2025 was $938.1 million, an increase of 184% compared with the first half of 2024. This increase was principally due to a 101% increase in copper concentrates sales volumes, a 60% reduction in net cash costs and 3% higher realised copper prices, partially offset by lower copper cathodes sales volumes (14% decrease). \n Production \n Total copper production in H1 2025 rose by 25% to 116,200 tonnes. Copper in concentrate production in H1 2025 rose to 80,300 tonnes, representing an 84% increase, which was principally related to copper grades (67% increase), higher recoveries and ore throughput rates. \n Total cathode production in H1 2025 declined by 28% to 35,800 tonnes on a year-on-year basis, with lower copper grades in line with the mine plan being the principal factor driving this movement. \n Gold production in H1 2025 was 65,300 ounces, representing a 36% increase compared to the same period last year. This change was primarily the result of higher gold grades in the processed ores, as well as improved recoveries. \n Molybdenum production in H1 2025 rose by 70% to 1,700 tonnes (from 1,000 tonnes in H1 2024) driven by higher grades, partially offset by lower recovery rates. \n Costs \n Cash costs before by-products fell by 33% in H1 2025 to $2.21/lb, with this movement primarily driven by higher copper production and an increased proportion of copper in concentrate production, in addition to lower unit costs for key consumables and lower treatment charges. \n Net cash costs of $1.00/lb in H1 2025 were 60% lower than the prior year period, reflecting higher by-product production and gold pricing, which combined to increase by-product credits by 46% to $1.21/lb. \n Capital expenditure \n Capital expenditure in the first six months of 2025 was $1,122.9 million, of which $111.7 million was sustaining capex, $287.3 million was mine development and $723.8 million was development capex, of which $656.7 million was on the Centinela Second Concentrator project (H1 2024: $345.0 million). \n Compared with H1 2024, total capital expenditure at Centinela increased by 78% in H1 2025, driven by a $318.9 million rise in development capital expenditure and a $179.8 million increase in mine development. \n ANTUCOYA \n Financial performance \n For the first half of the year, EBITDA was $157.7 million, an 18% increase compared to $133.9 million in the same period of 2024, with this movement related to higher realised copper prices and higher sales volumes. \n Production \n Copper production in H1 2025 was 2% lower than the prior year period, reflecting higher inventories, lower grades and ore throughput rates, offset by higher recoveries. \n Costs \n Cash costs in H1 2025 were in line year-on-year, which represents a balance of increased unit costs for key consumables, such as sulphuric acid and electricity, and higher inventories, offset by the positive effect of lower consumption rates for sulphuric acid. \n Capital expenditure \n Capital expenditure in the first six months of the year totalled $43.2 million, of which $40.8 million corresponded to sustaining capex and $2.4 million to mine development. \n Compared to H1 2024, capital expenditure decreased by 17% in H1 2025, driven by an $11.9 million reduction in mine development, partially offset by a $3.7 million increase in sustaining capex. \n ZALDÍVAR \n Financial performance \n Attributable EBITDA at Zaldívar was $48.0 million in H1 2025, compared with $50.9 million in H1 2024, with this result broadly reflecting a balance of lower sales volumes and higher realised copper prices. \n Production \n Total attributable copper production in H1 2025 was 15% lower at 16,000 tonnes, primarily as a result of lower grades during the period, as well as lower throughput and recoveries. \n Costs \n Cash costs of $3.22/lb in H1 2025 were 8% higher than the prior year period, explained by lower production and an increase in the consumption of key consumables, partially offset by the depreciation of the Chilean peso. \n Capital expenditure \n In the first six months of 2025, attributable capital expenditure was $19.7 million, of which $9.0 million was sustaining capital expenditure, $6.5 million was mine development and $4.2 million was development capital expenditure. \n Compared with H1 2024, capital expenditure was 19% higher, mainly due to a $6.5 million increase in mine development, partially offset by a $1.3 million decrease in sustaining capital expenditure and a $2.1 million reduction in development capex. \n Other matters \n As previously announced on 16 May 2025, Zaldívar's Environmental Impact Assessment (EIA) was formally approved during the period, following a two-year process of detailed and proactive engagement with communities, government and other local stakeholders in Chile. \n Following this approval, the Group has the ability to extend Zaldívar's mine life to 2051, with a three-year transition to a long-term supply of water from 2028, which is expected to be either sea water or a third-party water source. \n TRANSPORT DIVISION \n Financial performance \n EBITDA at the Transport Division was $36.6 million in the first half of 2025, a 13% decrease compared to the same period last year, primarily due to lower sales. \n Transport volumes \n The total volume transported in H1 2025 was 3.1 million tonnes, representing a 10% decrease year-on-year. \n Capital expenditure \n Capital expenditure for the first half of the year was $15.8 million, a decrease of 18% compared with the same period in 2024. \n \n \n \n OPERATIONS - KEY GROWTH PROJECTS AND OPPORTUNITIES \n \n \n \n \n Operation \n \n \n Description \n \n \n Capex \n (Total) \n \n \n Capex to date [5] \n \n \n Status (Scheduled completion) \n \n \n Recent activities \n \n \n \n \n Los Pelambres \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Desalination plant expansion \n \n \n Key enabling project for future growth - project to double capacity of existing desalination plant to 800 L/S. \n \n \n Approx. $1Bn \n \n \n $283m \n \n \n Underway (2027) \n \n \n Progressing on schedule and on budget. \n Civil works continue at the desalination plant and pumping stations . \n \n \n \n \n Concentrate pipeline and El Mauro enclosures \n \n \n Key enabling project for future growth - installation of a new concentrate pipeline and development of certain planned enclosures at the El Mauro tailings storage facility. \n \n \n Approx. $1Bn \n \n \n $252m \n \n \n Underway (2027) \n \n \n Progressing on schedule and on budget. \n Trenching excavation and pipeline assembly activities continued for the new concentrate transport system and water line. In the tunnels along the elevated section of the route, progress made with the installation of the ventilation and lighting systems. \n \n \n \n \n Development Options Project \n \n \n Mine life extension beyond 2035, adding a minimum of \n15 additional years by increasing El Mauro's capacity (1.2bt). The EIA includes the option to increase throughput to 205ktpd annual average (from 190ktpd) and the option to enable a modular increase of any water requirement for the enlarged capacity of this operation by up to 800 L/S, after the current expansion. \n \n \n Under study \n Approx. $2Bn \n \n \n N/A \n   \n \n \n Evaluation phase \n (EIA submitted) \n \n \n Environmental Impact Assessment (EIA) submitted in December 2024. Review process underway with relevant authorities. \n \n \n \n \n Centinela \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Second Concentrator Project \n \n \n Brownfield development to add 170,000 tonnes of copper-equivalent production and lower Centinela District towards the first quartile of global cash cost curve. \n \n \n $4.4Bn [6] \n \n \n $1.9Bn \n \n \n Underway (2027) \n \n \n Progressing on schedule and on budget. \n Recent work focused on the assembly of key mining equipment at the Esperanza Sur mine, installation of structural steel for the concentrator, the assembly of mechanical equipment for the concentrate thickeners and the assembly of ball mill components. \n \n \n \n \n Encuentro mine development \n \n \n Mine development work to access sulphide ores below the existing Encuentro oxide pit. \n \n \n Approx. $1Bn \n \n \n N/A \n   \n \n \n Underway (2028) \n \n \n Approved for development as of July 2025. \n \n \n \n \n \n Zaldívar \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mine life extension and water transition \n \n \n Mine life extension to 2051, to realise the full potential of the Zaldívar deposit, including a 3-year water transition period prior. \n \n \n N/A (Associate) \n \n \n N/A \n \n \n Evaluation phase \n (EIA approved) \n \n \n EIA approved in May 2025. Review of water sourcing options underway, to pivot to seawater or third-party water sources after three years. \n \n \n \n \n \n \n \n   \n DEVELOPMENT PROJECTS \n Twin Metals Minnesota (USA) \n Twin Metals Minnesota (Twin Metals) is a wholly owned copper, nickel, and platinum group metals (PGMs) underground mining project, which holds copper, nickel/cobalt, and PGM deposits in north-eastern Minnesota, United States (US). The planned project is over a portion of the total resource and envisages mining and processing 18,000 tonnes of ore per day for 25 years to produce three separate concentrates - copper, nickel/cobalt and PGMs. However, further development of the current project, as configured, is on hold whilst litigation takes place to challenge several actions taken by the US federal government to deter its development. \n In 2022, Twin Metals filed a lawsuit in the US District Court for the District of Columbia (District Court) challenging the administrative actions resulting in the rejection of Twin Metals' preference right lease applications (PRLAs), the cancellation of its federal mining leases 1352 and 1353, the rejection of its Mine Plan of Operation (MPO), and the dismissal of the administrative appeal of the MPO rejection. Twin Metals claimed that the government's actions were arbitrary and capricious, contrary to the law, and in violation of its rights. In September 2023, the District Court dismissed Twin Metals' suit on motion by the government. In November 2023, Twin Metals appealed the District Court's order to the US Court of Appeals for the District of Columbia Circuit. This action is pending. Oral arguments were held in January 2025 before the appellate court. Twin Metals and the Federal Government filed a motion to stay the decision after the oral argument. No decision on the stay has been issued. \n \n \n   \n FINANCIAL REVIEW FOR THE SIX MONTHS ENDED 30 JUNE 2025 \n   \n Results (unaudited) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Six months ended \n 30.06.2025 \n \n \n \n \n \n \n \n \n Six months ended \n 30.06.2024 \n \n \n \n \n   \n \n \n Before exceptional items \n \n \n   \n Exceptional \n  items \n \n \n   \n Total \n   \n \n \n Before exceptional items \n \n \n   \n Exceptional \n Items \n \n \n Total \n   \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Revenue \n \n \n 3,799.4 \n \n \n - \n \n \n 3,799.4 \n \n \n 2,955.2 \n \n \n - \n \n \n 2,955.2 \n \n \n \n \n EBITDA (including share of EBITDA from associates and joint ventures) [7] \n \n \n 2,234.2 \n \n \n - \n \n \n 2,234.2 \n \n \n 1,394.4 \n \n \n - \n \n \n 1,394.4 \n \n \n \n \n Total operating costs \n \n \n (2,524.6) \n \n \n - \n \n \n (2,524.6) \n \n \n (2,283.9) \n \n \n - \n \n \n (2,283.9) \n \n \n \n \n Operating profit from subsidiaries \n \n \n 1,274.8 \n \n \n - \n \n \n 1,274.8 \n \n \n 671.3 \n \n \n - \n \n \n 671.3 \n \n \n \n \n Net share of results from associates and joint ventures \n \n \n 33.3 \n \n \n - \n \n \n 33.3 \n \n \n 17.2 \n \n \n - \n \n \n 17.2 \n \n \n \n \n Operating profit and share of total results from associates and joint ventures \n \n \n 1,308.1 \n \n \n - \n \n \n 1,308.1 \n \n \n 688.5 \n \n \n - \n \n \n 688.5 \n \n \n \n \n Net finance (expense) / income \n \n \n (146.1) \n \n \n - \n \n \n (146.1) \n \n \n (26.9) \n \n \n 51.0 \n \n \n 24.1 \n \n \n \n \n Profit before tax \n \n \n 1,162.0 \n \n \n - \n \n \n 1,162.0 \n \n \n 661.6 \n \n \n 51.0 \n \n \n 712.6 \n \n \n \n \n Income tax expense \n \n \n (424.6) \n \n \n 54.5 \n \n \n (370.1) \n \n \n (286.8) \n \n \n (12.7) \n \n \n (299.5) \n \n \n \n \n Profit from continuing operations \n \n \n 737.4 \n \n \n 54.5 \n \n \n 791.9 \n \n \n 374.8 \n \n \n 38.3 \n \n \n 413.1 \n \n \n \n \n Profit for the year \n \n \n 737.4 \n \n \n 54.5 \n \n \n 791.9 \n \n \n 374.8 \n \n \n 38.3 \n \n \n 413.1 \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n 270.3 \n \n \n - \n \n \n 270.3 \n \n \n 153.5 \n \n \n - \n \n \n 153.5 \n \n \n \n \n Profit attributable to the owners of the parent \n \n \n 467.1 \n \n \n 54.5 \n \n \n 521.6 \n \n \n 221.3 \n \n \n 38.3 \n \n \n 259.6 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n cents \n \n \n Cents \n \n \n \n \n From continuing operations \n \n \n 47.4 \n \n \n 5.5 \n \n \n 52.9 \n \n \n 22.4 \n \n \n 3.9 \n \n \n 26.3 \n \n \n \n \n   \n The $262.0 million increase in the profit for the financial period attributable to the owners of the parent (including exceptional items) from $259.6 million in the first six months of 2024 to $521.6 million in the current period reflected the following factors: \n \n \n \n \n \n \n \n  $m \n \n \n \n \n Profit for the financial period attributable to the owners of the parent in H1 2024 \n \n \n 259.6 \n \n \n \n \n Less: exceptional items - 2024 \n \n \n (38.3) \n \n \n \n \n Profit attributable to the owners of the parent in H1 2024 (excluding exceptional items) \n \n \n 221.3 \n \n \n \n \n   \n \n \n \n \n \n \n \n Increase in revenue \n \n \n 844.2 \n \n \n \n \n Increase in total operating costs \n \n \n (240.7) \n \n \n \n \n Increase in net share of results from associates and joint ventures \n \n \n 16.1 \n \n \n \n \n Increase in net finance expenses (excluding exceptional items) \n \n \n (119.2) \n \n \n \n \n Increase in income tax expense (excluding exceptional items) \n \n \n (137.8) \n \n \n \n \n Increase in non-controlling interests \n \n \n (116.8) \n \n \n \n \n \n \n \n 245.8 \n \n \n \n \n Profit attributable to the owners of the parent in H1 2025 (excluding exceptional items) \n \n \n 467.1 \n \n \n \n \n Exceptional items - 2025 \n \n \n 54.5 \n \n \n \n \n Profit for the financial period attributable to the owners of the parent in H1 2025 \n \n \n 521.6 \n \n \n \n \n   \n   \n Revenue \n   \n The $844.2 million increase in revenue from $2,955.2 million in the first six months of 2024 to $3,799.4 million in the current period reflected the following factors: \n \n \n \n \n \n \n \n  $m \n \n \n \n \n   \n \n \n   \n \n \n \n \n Revenue in the first six months of 2024 \n \n \n 2,955.2 \n \n \n \n \n   \n \n \n   \n \n \n \n \n Increase in copper sales volumes \n \n \n 461.9 \n \n \n \n \n Increase in realised copper price \n \n \n 104.7 \n \n \n \n \n Increase from lower treatment and refining charges \n \n \n 60.9 \n \n \n \n \n Increase in gold revenue \n \n \n 163.6 \n \n \n \n \n Increase in molybdenum revenue \n \n \n 45.2 \n \n \n \n \n Increase in silver revenue \n \n \n 20.0 \n \n \n \n \n Decrease in transport division revenue \n \n \n (12.1) \n \n \n \n \n \n \n \n 844.2 \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue in the first six months of 2025 \n \n \n 3,799.4 \n \n \n \n \n   \n   \n Revenue from the Mining division \n   \n Revenue in the first half of 2025 from the Mining division increased by $856.3 million, or 30.0%, to $3,713.5 million, compared with $2,857.2 million in the first six months of 2024. The increase comprised a $627.5 million increase in copper sales and a $228.8 million increase in by-product revenues. \n   \n   \n Revenue from copper sales \n   \n Revenue from copper concentrate and copper cathode sales increased by $627.5 million, or 25.9%, to $3,050.5 million, compared with $2,423.0 million in the first six months of 2024. The increase reflected the impact of $461.9 million increase due to higher sales volumes, $104.7 million from higher realised prices and a $60.9 million increase in revenue from lower treatment and refining charges. \n   \n (i)  Copper volumes \n   \n Copper sales volumes included within revenue increased by 18.4% from 259,200 tonnes in 2024 to 306,900 tonnes in 2025, increasing revenue by $461.9 million. This increase was mainly due to higher production at Centinela concentrates (36,800 tonne increase, as a result of increased copper ore grades, as well as higher recoveries and ore throughput rates) and Los Pelambres (10,700 tonne increase, reflecting the accumulation of concentrate inventories in the prior period), and shipments which had been temporarily delayed at  31 December 2024 (due to bad weather conditions at the port). \n   \n (ii) Realised copper price \n   \n The average realised price increased by 3.5% to $4.55/lb in the first six months of 2025 (first half of 2024 - $4.40/lb), resulting in a $104.7 million increase in revenue. The LME average market price increased by 3.7% in H1 2025 to $4.28/lb (first half of 2024 - $4.13/lb). In the first half of 2025 there was a $182.8 million positive impact from provisional pricing adjustments, mainly as a result of a positive impact in the average mark to market price (30 June 2025 $4.50/lb vs 31 December 2024 $3.95/lb) and positive impact in the settlement of sales invoiced in the previous and current periods. \n   \n Realised copper prices are determined by comparing revenue (before treatment and refining charges for concentrate sales) with sales volumes in the period. Realised copper prices differ from market prices mainly because, in line with industry practice, concentrate and cathode sales agreements generally provide for provisional pricing at the time of shipment with final pricing based on the average market price in future periods (normally around one month after delivery to the customer in the case of cathode sales and four months after delivery to the customer in the case of concentrate sales). \n   \n Further details of provisional pricing adjustments are given in Note 6 to the condensed consolidated interim financial statements. \n   \n (iii) Treatment and refining charges \n   \n Treatment and refining charges (TC/RCs) for copper concentrate decreased by $60.9 million to $29.8 million in the first half of 2025, compared with $90.7 million in the first six months of 2024, reflecting lower average TC/RC rates, partially offset by increased concentrate sales volumes at Los Pelambres and Centinela. \n   \n With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \"treatment and refining charge\" deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount reflects the invoiced price (which is based on the net of the market value of fully refined metal less the treatment and refining charges). However, under the standard industry definition of unit cash costs, treatment and refining charges are regarded as part of cash costs. \n   \n Accordingly, the decrease in these charges has had a positive impact on revenue in the year. \n   \n   \n Revenue from molybdenum, gold and other by-product sales \n   \n Revenue from by-product sales (net of tolling charges) at Los Pelambres and Centinela relate mainly to molybdenum and gold and, to a lesser extent, silver. Revenue from by-products increased by $228.8 million or 52.7% to $663.0 million in the first half of 2025, compared with $434.2 million in the first six months of 2024. This increase was mainly due to the higher gold realised price and sales volumes, as well as molybdenum sales volumes, slightly offset by a decrease in the molybdenum realised price. \n   \n Revenue from gold sales (net of treatment and refining charges) was $304.4 million (first half of 2024 - $140.8 million), an increase of $163.6 million, due to a higher realised price and increased sales volumes. The realised gold price was $3,263.4/oz in the first half of 2025 compared with $2,313.8/oz in the first six months of 2024, reflecting the average market price for 2025 of $3,071.8/oz (first half of 2024 - $2,205.1/oz) and a positive provisional pricing adjustment of $22.2 million. The gold sales volumes increased by 53.1% from 61,000 ounces in the first half of 2024 to 93,400 ounces in the first six months of 2025, mainly due to higher production at Centinela, primarily the result of higher gold grades within the ores processed, as well as higher recoveries. \n   \n Revenue from molybdenum sales (net of treatment and refining charges) was $311.2 million (first half of 2024 - $266.0 million), an increase of $45.2 million. The increase was due to the higher sales volumes of 7,200 tonnes (first half of 2024 - 5,600 tonnes), partially offset by lower realised price of $21.1/lb (first half of 2024 - $22.8/lb). \n   \n Revenue from silver sales increased by $20.0 million to $47.4 million (first six months of 2024 - $27.4 million). The increase was due to higher sales volumes of 1.4 million ounces (first half of 2024 - 1.0 million ounces) and a higher realised silver price of $33.1/oz (first six months of 2024 - $27.6/oz). \n   \n   \n Revenue from the Transport division \n   \n Revenue from the Transport division (FCAB) decreased by $12.1 million or 12.3% to $85.9 million (first six months of 2024 - $98.0 million), mainly due to lower transport volumes in the rail business. \n   \n   \n Total operating costs \n   \n The $240.7 million increase in total operating costs from $2,283.9 million in the first half of 2024 to $2,524.6 million in the first six months of 2025 was due to the following factors: \n \n \n \n \n \n \n \n  $m \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total operating costs in the first half of 2024 \n \n \n 2,283.9 \n \n \n \n \n   \n \n \n \n \n \n \n \n Increase in depreciation, amortisation and loss on disposals \n \n \n                  212.8 \n \n \n \n \n Increase in mine-site operating costs \n \n \n 63.2 \n \n \n \n \n Decrease in other mining division expenses \n \n \n (32.4) \n \n \n \n \n Mining royalty ad-valorem element \n \n \n 0.8 \n \n \n \n \n Decrease in exploration and evaluation costs \n \n \n (1.1) \n \n \n \n \n Increase in corporate costs \n \n \n 4.5 \n \n \n \n \n Decrease in Transport division operating costs \n \n \n (7.1) \n \n \n \n \n \n \n \n 240.7 \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating costs in the first six months of 2025 \n \n \n 2,524.6 \n \n \n \n \n   \n   \n Depreciation, amortisation and disposals \n   \n The depreciation and amortisation charge increased by $212.8 million in the first half of 2025 to $860.0 million (first half of 2024 - $647.2 million). This increase mainly reflected the increased sale volumes and increased depreciation of new assets \n   \n Operating costs (excluding depreciation, amortisation and loss on disposals) at the Mining division \n   \n Operating costs (excluding depreciation, amortisation, loss on disposals and impairments) at the Mining division increased by $35.0 million to $1,612.5 million in the first half of 2025, an increase of 2.2%. \n   \n Of this increase, $63.2 million was attributable to higher mine-site operating costs. This increase in mine-site costs was due to the higher sales volumes and the stronger Chilean peso, partially offset by higher mine development credits at Centinela, lower unit costs, mainly due to the higher ore grade and recoveries at Centinela concentrates, the cost savings from the Group's Cost and Competitiveness Programme and lower key input prices. \n   \n On a unit cost basis, weighted average cash costs excluding treatment and refining charges and by-product revenues decreased from $2.48/lb in the first six months of 2024 to $2.24/lb in the first six months of 2025. As detailed in the alternative performance measures section on page 57 of the half-year results announcement, by-product credits and treatment and refining charges, for accounting purposes, both impact revenue and do not therefore affect operating expenses. \n   \n The Competitiveness Programme was implemented to reinforce the operational improvement and reduce the Group's cost base, improving its competitiveness within the industry. During the first half of 2025, the programme achieved benefits of $60.3 million in the mining division, of which $33.8 million represented the value of productivity improvements and $26.5 million reflected cost savings. Of the $26.5 million of cost savings, $26.2 million related to Los Pelambres, Centinela and Antucoya, and therefore impacted the Group's operating costs, and $0.3 million related to Zaldívar (on a 100% basis) and impacted the share of results from associates and joint ventures. \n   \n Other mining division expenses decreased by $32.4 million, mainly due to lower inventory provision expenses and reduced medium and long-term drilling costs at the mining operations . \n   \n Operating costs at the Mining division include $13.8 million (first six months of 2024 - $13.0m) in respect of the \"ad valorem\" element of the mining royalty at Los Pelambres. As the ad valorem element is based on revenue rather than profit, it does not meet the IAS 12 Income Taxes definition of a tax expense, and is therefore recorded as an operating expense. From a unit cash cost perspective, the ad valorem expense is included within \"C3\" cash costs, and is not included within the net cash cost and cash cost before by-product credits amounts, which are the Group's principal cash cost metrics. \n   \n Exploration and evaluation costs decreased by $1.1 million to $25.7 million (2024 - $26.8 million), reflecting decreased exploration and evaluation expenditure principally in respect of Chile exploration.  \n   \n Corporate costs increased by $4.5 million, due to higher mining property licence fees as result of recent relevant regulatory changes. \n   \n   \n Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division \n   \n Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division decreased by $7.1 million to $52.1 million (first half of 2024 - $59.2 million), mainly due the stronger Chilean peso and lower transport volumes. \n   \n   \n Operating profit from subsidiaries \n   \n As a result of the above factors, operating profit from subsidiaries increased by $603.5 million or 89.9% in 2025 to $1,274.8 million (first half of 2024 - $671.3 million). \n   \n   \n Share of results from associates and joint ventures \n   \n The Group's share of results from associates and joint ventures increased by $16.1 million to $33.3 million in the first six months of 2025, compared with $17.2 million in the first half of 2024. This was mainly due to a higher contribution from Compañía de Minas Buenaventura S.A.A. \n   \n   \n EBITDA \n   \n EBITDA (earnings before interest, tax, depreciation and amortisation) increased by $839.8 million or 60.2% to $2,234.2 million (first half of 2024 - $1,394.4 million). EBITDA includes the Group's proportional share of EBITDA from associates and joint ventures. \n   \n EBITDA from the Mining division increased by $845.7 million or 62.5% from $1,351.9 million in the first six months of 2024 to $2,197.6 million this half year. This reflected the higher revenue explain above and higher EBITDA from associates and joint ventures, slightly offset by higher mine-site costs. \n   \n EBITDA at the Transport division decreased by $5.9 million to $36.6 million in 2025 ($42.5 million - first half of 2024), mainly due to lower transport volumes. \n   \n   \n Commodity price and exchange rate sensitivities \n   \n The following sensitivities show the estimated approximate impact on EBITDA for the first six months of 2025 of a 10% movement in the average copper, molybdenum and gold prices and a 10% movement in the average US dollar / Chilean peso exchange rate. \n   \n The impact of the movement in the average commodity prices reflects the estimated impact on the relevant revenues during the first six months of 2025, and the impact of the movement in the average exchange rate shows the estimated impact on Chilean peso denominated operating costs during the period. These estimates do not reflect any impact in respect of provisional pricing or hedging instruments, any potential inter-relationship between commodity price and exchange rate movements, or any impact from the retranslation or changes in valuations of assets or liabilities held on the balance sheet at the period-end. \n   \n \n \n \n \n \n \n \n Average market commodity price / average exchange rate during the six months ended 30.06.25 \n \n \n Impact of a 10% movement in the commodity price / exchange rate on EBITDA \nfor the six months ended 30.06.25 \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Copper price \n \n \n $4.28/lb \n \n \n 306 \n \n \n \n \n Molybdenum price \n \n \n $20.6/lb \n \n \n 33 \n \n \n \n \n Gold price \n \n \n $3,071.8/oz \n \n \n 29 \n \n \n \n \n US dollar / Chilean peso exchange rate \n \n \n 933.42 \n \n \n 82 \n \n \n \n \n   \n   \n Net finance expense (excluding exceptional items) \n   \n Net finance expense (excluding exceptional items) of $146.1 million reflected a variance of $119.2 million compared with the $26.9 million of expenses in H1 2024. \n                                 \n \n \n \n \n \n \n \n Six months ended 30.06.25 \n $m \n \n \n Six months ended 30.06.24 \n $m \n \n \n \n \n Investment income \n \n \n 84.6 \n \n \n 73.5 \n \n \n \n \n Interest expense \n \n \n (177.8) \n \n \n (132.1) \n \n \n \n \n Other finance items \n \n \n (52.9) \n \n \n 31.7 \n \n \n \n \n Net finance expense \n \n \n (146.1) \n \n \n (26.9) \n \n \n \n \n   \n   \n Investment income increased from $73.5 million in the first six months of 2024 to $84.6 million in H1 2025, mainly due to higher average cash and liquid investment balances. \n   \n Interest expense increased from $132.1 million in the first six months of 2024 to $177.8 million in H1 2025, primarily due to the additional interest expense relating to Centinela's water transportation agreement during the current period, and in the comparative period the partial capitalisation of the financing costs relating to Los Pelambres' Phase 1 Expansion Project in the final months of construction. \n   \n Other finance items were a net loss of $52.9 million, compared with a net gain of $31.7 million in 2024, a variance of $84.6 million. This was mainly due to the foreign exchange impact of the retranslation of Chilean peso denominated assets and liabilities, which resulted in a $39.4 million loss in 2025 compared with a $41.5 million gains in 2024. In addition, there was an expense of $13.4 million in respect of the unwinding of the discounting of provisions (first half of 2024 - expense of $9.7 million). \n   \n   \n Profit before tax (excluding exceptional items) \n   \n As a result of the factors set out above, profit before tax increased by 75.6% to $1,162.0 million in the first half of 2025 (first half of 2024 - $661.6 million). \n   \n   \n Income tax expense \n   \n The tax charge in the first half of 2025 excluding exceptional items increased by $137.8 million to $424.6 million (first half of 2024 - $286.8 million) and the effective tax rate for the period was 36.5% (first half of 2024 - 43.3%). Including exceptional items, the tax charge in the first half of 2025 was $370.1 million and the effective tax rate was 31.9%. \n   \n \n \n \n \n \n \n \n \n \n \n Six months ended \n 30.06.2025 Excluding exceptional items \n \n \n   \n \n \n Six months ended \n 30.06.2025 Including exceptional items \n \n \n \n \n \n Six months ended \n 30.06.2024 Excluding exceptional items \n \n \n Six months ended \n 30.06.2024 Including exceptional items \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n % \n \n \n   \n \n \n $m \n \n \n % \n \n \n \n \n \n $m \n \n \n % \n \n \n $m \n \n \n % \n \n \n \n \n Profit before tax \n \n \n \n \n \n 1,162.0 \n \n \n   \n \n \n \n \n \n 1,162.0 \n \n \n \n \n \n \n \n \n 661.6 \n \n \n \n \n \n 712.6 \n \n \n \n \n \n \n \n Profit before tax multiplied by Chilean corporate tax rate of 27% \n \n \n \n \n \n (313.7) \n \n \n 27.0 \n \n \n \n \n \n (313.7) \n \n \n 27.0 \n \n \n \n \n \n (178.7) \n \n \n 27.0 \n \n \n (192.4) \n \n \n 27.0 \n \n \n \n \n Mining Tax (royalty) \n \n \n \n \n \n (97.3) \n \n \n 8.4 \n \n \n \n \n \n (97.3) \n \n \n 8.4 \n \n \n \n \n \n (117.0) \n \n \n 17.7 \n \n \n (117.0) \n \n \n 16.4 \n \n \n \n \n Deduction of mining royalty as an allowable expense in determination of first category tax \n \n \n \n \n \n 25.8 \n \n \n (2.2) \n \n \n \n \n \n 25.8 \n \n \n (2.2) \n \n \n \n \n \n 30.6 \n \n \n (4.6) \n \n \n 30.6 \n \n \n (4.3) \n \n \n \n \n Withholding tax \n \n \n \n \n \n (23.3) \n \n \n 2.0 \n \n \n \n \n \n (23.3) \n \n \n 2.0 \n \n \n \n \n \n (13.5) \n \n \n 2.0 \n \n \n (13.5) \n \n \n 1.9 \n \n \n \n \n Items non-taxable & non-deductible from first category tax \n \n \n \n \n \n (23.0) \n \n \n 2.0 \n \n \n \n \n \n (23.0) \n \n \n 2.0 \n \n \n \n \n \n (5.6) \n \n \n 0.8 \n \n \n (5.6) \n \n \n 0.8 \n \n \n \n \n Impact of unrecognised tax losses on current tax \n \n \n \n \n \n (7.0) \n \n \n 0.6 \n \n \n \n \n \n (7.0) \n \n \n 0.6 \n \n \n \n \n \n (0.8) \n \n \n 0.1 \n \n \n (0.8) \n \n \n 0.1 \n \n \n \n \n Reversal of the provision against carrying value of assets (exceptional items) \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n 54.5 \n \n \n (4.7) \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Tax effect of share of profit of associates and joint ventures \n \n \n \n \n \n 9.8 \n \n \n (0.8) \n \n \n \n \n \n 9.8 \n \n \n (0.8) \n \n \n \n \n \n 2.0 \n \n \n (0.3) \n \n \n 2.0 \n \n \n (0.3) \n \n \n \n \n Adjustment in respect of prior years \n \n \n \n \n \n 4.1 \n \n \n (0.5) \n \n \n \n \n \n 4.1 \n \n \n (0.4) \n \n \n \n \n \n (3.8) \n \n \n 0.6 \n \n \n (3.8) \n \n \n 0.5 \n \n \n \n \n Difference in overseas tax rates \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 1.0 \n \n \n (0.1) \n \n \n \n \n Tax expense and effective tax rate for the Year ended \n \n \n \n \n \n (424.6) \n \n \n 36.5 \n \n \n \n \n \n (370.1) \n \n \n 31.9 \n \n \n \n \n \n (286.8) \n \n \n 43.3 \n \n \n (299.5) \n \n \n 42.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n The reconciliation between the effective tax rate and the statutory tax rate reflects the following points: \n   \n   \n ·    The mining tax (royalty) (net impact of $71.5 million / 6.2% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax); \n ·    The withholding tax relating to the remittance of profits from Chile (impact of $23.3 million / 2.0%); \n ·    Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $23.0 million / 2.0%); \n ·    The impact of unrecognised tax losses (impact of $7.0 million / 0.6%); \n ·    An offsetting impact of the recognition of the Group's share of results from associates and joint ventures, which are included in the Group's profit before tax net of their respective tax charges (impact of $9.8 million / 0.8%); \n ·    Adjustments in respect of prior years (impact of $4.1 million / 0.5%). \n   \n The Group's mining operations are subject to a mining tax (royalty). The new Chilean mining royalty took effect from 1 January 2024. The new royalty terms include a royalty ranging from 8% to 26% applied to the ''Mining Operating Margin'', depending on each mining operation's level of profitability, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue rather than profit it does not meet the IAS 12 Income Taxes definition of a tax expense and is therefore recorded as an operating expense. From a unit cash cost perspective, the ad valorem expense is included within \"C3\" cash costs, and is not included within the net cash cost and cash cost before by-product credits amounts, which are the Group's principal cash cost metrics. The new royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense. Los Pelambres has been subject to the new royalty from 1 January 2024. Centinela and Antucoya have tax stability agreements in place, and so the new royalty rates will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a progressive rate ranging from 5% to 14% of taxable operating profits, depending on the operating margin. \n   \n   \n Exceptional items \n   \n Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group. \n Compañía de Minas Buenaventura S.A.A. \n During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Compañía de Minas Buenaventura S.A.A. An exceptional fair value gain of $51.0 million was recognised during the first six months of 2024 in respect of this agreement; a deferred tax expense of $12.7 million was recognised in respect of this gain, resulting in a post-tax impact of $38.3 million. \n During the first six months of 2025, an exceptional deferred tax credit of $54.5 million was recognised, due to the derecognition of the deferred tax liability which had been recognised through the income statement in relation to the agreement, as the requirements of the UK Substantial shareholdings exemption were met during the period . \n   \n   \n Non-controlling interests \n   \n Profit for the first half of the year attributable to non-controlling interests was $270.3 million, compared with $153.5 million in the first half of 2024, an increase of $116.8 million. This reflected the increase in earnings analysed above. \n   \n   \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n Six months ended 30.06.25 \n \n \n Six months ended \n 30.06.24 \n \n \n \n \n \n \n \n \n \n \n $ cents \n \n \n $ cents \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Underlying earnings per share (excluding exceptional items) \n \n \n \n \n \n 47.4 \n \n \n 22.4 \n \n \n \n \n Earnings per share (exceptional items) \n \n \n \n \n \n 5.5 \n \n \n 3.9 \n \n \n \n \n Earnings per share (including exceptional items) \n \n \n \n \n \n 52.9 \n \n \n 26.3 \n \n \n \n \n   \n   \n Earnings per share calculations are based on 985,856,695 ordinary shares.  \n   \n As a result of the factors set out above, profit attributable to equity shareholders of the Company (excluding exceptional items) was $467.1 million, compared with $221.3 million in the first half of 2024, and underlying earnings per share (excluding exceptional items) were 47.4 cents for the first half of 2025 (first half of 2024 - 22.4 cents per share). The profit attributable to equity shareholders (including exceptional items) was $521.6 million, resulting in earnings per share (including exceptional items) of 52.9 cents per share for the first half of 2025.  \n   \n   \n Dividends \n Dividends per share declared in relation to the period are as follows: \n   \n \n \n \n \n \n \n \n \n \n \n Six months ended 30.06.25 \n \n \n Six months ended \n 30.06.24 \n \n \n \n \n \n \n \n \n \n \n $ cents \n \n \n $ cents \n \n \n \n \n Ordinary dividends: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Interim \n \n \n \n \n \n 16.6 \n \n \n 7.9 \n \n \n \n \n Total dividends to ordinary shareholders \n \n \n \n \n \n 16.6 \n \n \n 7.9 \n \n \n \n \n   \n   \n The Board determines the appropriate dividend each year based on consideration of the Group's cash balance, the level of free cash flow and underlying earnings generated during the year and significant known or expected funding commitments. It is expected that the total annual dividend for each year would represent a payout ratio based on underlying net earnings for that year of at least 35%. \n   \n The Board has declared an interim dividend for the first half of 2025 of 16.6 cents per ordinary share, which amounts to $163.7 million. The interim dividend will be paid on 30 September 2025 to ordinary shareholders that are on the register at the close of business on 5 September 2025. \n   \n   \n Capital expenditure \n   \n Capital expenditure increased by $560.9 million from $1,059.5 million in the first half of 2024 to $1,620.4 million in the current period, mainly due to the Second Concentrator Project at Centinela as well as the Desalination Plant Expansion, Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, and also increased IFRIC 20 mine development at Centinela, partly offset by the completion of the Los Pelambres Phase 1 Expansion project in the first half of 2024. \n   \n Capital expenditure figures quoted in this report are on a cash flow basis, unless stated otherwise. \n   \n   \n Derivative financial instruments \n   \n The Group periodically uses derivative financial instruments to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. At 30 June 2025, there were foreign exchange derivative financial instruments in place in respect of the Centinela Second Concentrator project capex, with a negative fair value of $1.4 million (30 June 2024 - negative fair value 15.7 million). \n   \n   \n \n   Cash flows \n   \n The key features of the cash flow statement are summarised in the following table. \n \n \n \n \n \n \n \n \n \n \n   \n Six months ended 30.06.25 \n \n \n   \n Six months ended 30.06.24 \n \n \n \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Cash flows from continuing operations \n \n \n \n \n \n 1,812.0 \n \n \n 1,483.9 \n \n \n \n \n Income tax paid \n \n \n \n \n \n (421.4) \n \n \n (316.8) \n \n \n \n \n Net interest paid \n \n \n \n \n \n (134.9) \n \n \n (77.3) \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n (1,620.4) \n \n \n (1,059.5) \n \n \n \n \n Dividends paid to equity holders of the Company \n \n \n \n \n \n (231.7) \n \n \n (239,6) \n \n \n \n \n Agreement to acquire non-controlling interest \n \n \n \n \n \n (80.0) \n \n \n - \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n (40.0) \n \n \n - \n \n \n \n \n Capital increase from non-controlling interest \n \n \n \n \n \n 115.8 \n \n \n 39.7 \n \n \n \n \n Dividends from associates and joint ventures \n \n \n \n \n \n 14.5 \n \n \n 3.5 \n \n \n \n \n Other items \n \n \n \n \n \n (0.1) \n \n \n 0.1 \n \n \n \n \n Changes in net (debt)/cash relating to cash flows \n \n \n \n \n \n (586.2) \n \n \n (166.0) \n \n \n \n \n Other non-cash movements \n \n \n \n \n \n (68.4) \n \n \n (124.1) \n \n \n \n \n Effects of changes in foreign exchange rates \n \n \n \n \n \n (4.0) \n \n \n 11.3 \n \n \n \n \n Movement in net (debt)/cash in the period \n \n \n \n \n \n (658.6) \n \n \n (278.8) \n \n \n \n \n Net (debt)/cash at the beginning of the year \n \n \n \n \n \n (1,629.1) \n \n \n (1,159.8) \n \n \n \n \n Net (debt) at the end of the period \n \n \n \n \n \n (2,287.7) \n \n \n (1,438.6) \n \n \n \n \n   \n   \n Cash flows from continuing operations were $1,812.0 million in the first half of 2025 compared with $1,483.9 million in the first half of 2024.  This comprised EBITDA from subsidiaries for the period of $2,134.8 million (first half of 2024 - $1,318.5 million) adjusted for the negative impact of a net working capital increase of $319.4 million (first half of 2024 - positive impact of $171.9 million from a net working capital decrease), and the negative impact of a decrease in provisions of $3.4 million (first half of 2024 - negative impact of an decrease in provisions of $6.5 million). \n   \n The $319.4 million working capital decrease in the first six months of 2025 was due to a decrease in accounts payable and an increase in receivables (reflecting the higher copper price and higher volumes included in receivables at 30 June 2025 compared with 31 December 2024), partly offset by a decrease of work in progress and finished goods inventories at Los Pelambres and Centinela. \n   \n The net cash outflow in respect of tax in the first half of 2025 was $421.4 million (first half of 2024 - $316.8 million). This amount differs from the current tax charge in the consolidated income statement (including exceptional items) of $358.2 million (first half of 2024 - $394.0 million) mainly because cash tax payments for corporate tax and the mining tax include payments on account for the current year (based on prior periods' profit levels) of $350.8 million (first half of 2024 - $218.8 million), withholding tax payments of $30.5 million (first half of 2024 - $66.5million), the settlement of outstanding balances in respect of the previous year's tax charge of $40.1 million (first half of 2024 - $49.3 million) and in the first half of 2024 the recovery of $17.8 million in respect of prior years. \n   \n Capital expenditure in the first half of 2025 was $1,620.4 million compared with $1,059.5 million in the first half of 2024, for the reasons explained above. \n   \n Dividends paid to equity holders of the Company in the first half of 2025 were $231.7 million (first half of 2024 - $239.6 million), related to the payment of the final dividend declared in respect of 2024. \n   \n Agreement to acquire non-controlling interest were $80.0 million. In January 2025 the Group entered into an agreement with Mineralinvest to acquire its 49% interest in Antomin Investors' copper exploration properties in the Centinela District for $80 million. Properties currently held by Antomin Investors that are outside the Centinela District have been demerged into a new entity, Antomin Volcanes, held 51% by the Group and 49% by Mineralinvest. The acquisition of the remaining 49% stake in Antomin Investors is expected to complete later in 2025. As Antomin Investors is a subsidiary of the Antofagasta plc Group, this agreement to acquire the remaining 49% stake in Antomin Investors constitutes an agreement to acquire own equity instruments in accordance with IAS 32 Financial Instruments: Presentation \n   \n Dividends paid by subsidiaries to non-controlling shareholders were $40.0 million ( first half of 2024 - nil). \n   \n A capital contribution of $115.8 million was received from Marubeni, the minority partner at Centinela, in respect of financing for the Centinela Second Concentrator project. \n   \n Dividends received from associates and joint ventures of $14.5 million (six months ended 30 June 2024 - $3.5 million) related to a dividend received from Compañía de Minas Buenaventura S.A.A. \n   \n   \n Financial position \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 30.06.25 \n \n \n At 31.12.24 \n \n \n \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Cash, cash equivalents and liquid investments \n \n \n \n \n \n \n \n \n 4,577.7 \n \n \n 4,316.3 \n \n \n \n \n Total borrowings \n \n \n \n \n \n \n \n \n (6,865.4) \n \n \n (5,945.4) \n \n \n \n \n Net cash/(debt) at the end of the period \n \n \n \n \n \n \n \n \n (2,287.7) \n \n \n (1,629.1) \n \n \n \n \n   \n   \n At 30 June 2025, the Group had combined cash, cash equivalents and liquid investments of $4,577.7 million (31 December 2024 - $ 4,316.3 ). Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of cash, cash equivalents and liquid investments was $3,442.2 million (31 December 2024 - $ 3,513.5 million). \n   \n Total Group borrowings and other financial liabilities at 30 June 2025 were $6,865.4 million, an increase of $920.0 million during the period (at 31 December 2024 - $ 5,945.4 million). The increase was mainly due to $1,527.3 million in respect of the bond issued by Los Pelambres, $436.4 million from the senior loan at Los Pelambres and $293.6 million in respect of the project financing at Centinela, partly offset by repayments of the senior loans at Los Pelambres ($761.0 million), Centinela ($33.3 million) and Antucoya ($25.0 million), and repayment of the short-term loan at Los Pelambres ($475.0 million). \n   \n Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of the borrowings was $5,016.9 million (31 December 2024 - $ 4,446.8 million). \n   \n This resulted in net debt at 30 June 2025 of $2,287.7 million (31 December 2024 - net debt $ 1,629.1 million). Excluding the non-controlling interest share in each partly-owned operation, the Group had an attributable net debt position of $ 1,574.7 million (31 December 2024 - net debt $ 933.3 million). \n \n   \n Going concern \n   \n The financial information contained in this half-year financial report has been prepared on the going concern basis. Details of the factors which have been taken into account in assessing the Group's going concern status are set out in Note 1 to the half-year results announcement. \n   \n   \n Principal risks and uncertainties \n   \n There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The principal risks and uncertainties which were disclosed in the 2024 Annual Report are as follows: \n   \n ·    Talent management \n ·    Labour relations \n ·    Health and safety \n ·    Environmental management \n ·    Climate change \n ·    Community relations \n ·    Political, legal and regulatory \n ·    Corruption \n ·    Operations \n ·    Tailing storage \n ·    Strategic resources \n ·    Cyber security \n ·    Liquidity \n ·    Commodity prices and exchange rates \n ·    Growth of mineral resource base and opportunities \n ·    Project development and execution \n ·    Innovation and digitisation \n ·    External risks \n   \n There have been no changes to the above categories of key risks in the first six months of 2025. \n   \n A detailed explanation of the risks summarised above can be found in the Risk Management section of the 2024 Annual Report, which is available at www.antofagasta.co.uk. \n   \n   \n Cautionary Statement \n   \n This announcement contains certain forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Examples of forward-looking statements include those regarding the Group's strategy, plans, objectives or future operating or financial performance, reserve and resource estimates, commodity demand and trends in commodity prices, growth opportunities, and any assumptions underlying or relating to any of the foregoing. Words such as 'may', 'will', 'should', 'aim', 'expect', 'continue', 'progress', 'estimate', 'anticipate', 'intend', 'look', 'believe', 'vision', 'ambition', 'target', 'seek', 'goal', 'plan', 'potential', 'try', 'work towards', 'future', 'become', 'introduce', 'transform', 'outcome', 'project', 'projections', 'deliver', 'evolve', 'develop', 'forward', 'medium-term', 'long-term', 'objective', 'achievement' or the negative of these terms and other similar expressions of future actions or results, and their negatives identify forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the climate and sustainability ambitions, targets and strategy of the Company or Group. \n   \n These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. \n   \n Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that are beyond the Group's control. Given these risks, uncertainties and assumptions, actual results could differ materially from any future results expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ from those in the forward-looking statements include: global economic conditions, demand, supply and prices for copper and other long-term commodity price assumptions (as they materially affect the timing and feasibility of future projects and developments), trends in the copper mining industry and conditions of the international copper markets, the effect of currency exchange rates on commodity prices and operating costs, the availability and costs associated with mining inputs and labour, operating or technical difficulties in connection with mining or development activities, employee relations, litigation, and actions and activities of governmental authorities (including changes in laws, regulations or taxation), the availability and cost of technologies and infrastructure required for the Group to achieve its emissions reductions targets and ambitions and changes in the emissions of the Group's suppliers that affect the Scope 3 emissions reported by the Group. \n   \n These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. No assurance can be given that the forward-looking statements in this document will be realised. Past performance cannot be relied on as a guide to future performance. \n   \n Any opinions or views of third parties contained in this document are those of the third parties identified, and not Antofagasta, its affiliates, directors, officers, employees, or agents. Neither Antofagasta nor any of its affiliates, directors, officers, employees, or agents make any representation or warranty as to its quality, accuracy, or completeness, and they accept no responsibility or liability for the contents of this material, including any errors of fact, omission or opinion expressed. \n   \n Some of the information and data in this document may have been obtained from public or other third-party sources and has not been independently verified. Antofagasta makes no representation or warranty regarding its completeness, accuracy, fitness for a particular purpose or non-infringement of such information. \n   \n This document does not contain or comprise profit forecasts, investment, accounting, legal, regulatory or tax advice nor is it an invitation for you to enter into any transaction. You are advised to exercise your own independent judgement (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein. \n \n \n   \n      Condensed Consolidated Income Statement \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n Six months ended 30.06.2025 (Unaudited) \n \n \n \n \n \n \n \n \n Six months ended 30.06.2024 (Unaudited) \n \n \n \n \n \n \n \n \n \n \n Excluding exceptional items \n \n \n Exceptional items \nnote 3 \n \n \n Total \n \n \n Excluding exceptional items \n \n \n Exceptional items \nnote 3 \n \n \n Total \n \n \n \n \n \n \n \n Notes \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Revenue \n \n \n 5,6 \n \n \n 3,799.4 \n \n \n - \n \n \n 3,799.4 \n \n \n 2,955.2 \n \n \n - \n \n \n 2,955.2 \n \n \n \n \n Total operating costs \n \n \n \n \n \n (2,524.6) \n \n \n - \n \n \n (2,524.6) \n \n \n (2,283.9) \n \n \n - \n \n \n (2,283.9) \n \n \n \n \n Operating profit \n \n \n 2,5 \n \n \n 1,274.8 \n \n \n - \n \n \n 1,274.8 \n \n \n 671.3 \n \n \n - \n \n \n  671.3 \n \n \n \n \n Net share of results from associates and joint ventures \n \n \n 2,5 \n \n \n 33.3 \n \n \n - \n \n \n 33.3 \n \n \n 17.2 \n \n \n - \n \n \n 17.2 \n \n \n \n \n Operating profit and share of total results from associates and joint ventures \n \n \n 2 \n \n \n 1,308.1 \n \n \n - \n \n \n 1,308.1 \n \n \n 688.5 \n \n \n - \n \n \n 688.5 \n \n \n \n \n Investment income \n \n \n 8 \n \n \n 84.6 \n \n \n - \n \n \n 84.6 \n \n \n 73.5 \n \n \n - \n \n \n    73.5 \n \n \n \n \n Interest expense \n \n \n 8 \n \n \n (177.8) \n \n \n - \n \n \n (177.8) \n \n \n (132.1) \n \n \n - \n \n \n (132.1) \n \n \n \n \n Other finance items \n \n \n 8 \n \n \n (52.9) \n \n \n - \n \n \n (52.9) \n \n \n 31.7 \n \n \n 51.0 \n \n \n      82.7 \n \n \n \n \n Net finance (expense)/income \n \n \n 8 \n \n \n (146.1) \n \n \n - \n \n \n (146.1) \n \n \n (26.9) \n \n \n 51.0 \n \n \n     24.1 \n \n \n \n \n Profit before tax \n \n \n \n \n \n 1,162.0 \n \n \n - \n \n \n 1,162.0 \n \n \n 661.6 \n \n \n 51.0 \n \n \n  712.6 \n \n \n \n \n Income tax expense \n \n \n 3,9 \n \n \n (424.6) \n \n \n 54.5 \n \n \n (370.1) \n \n \n (286.8) \n \n \n (12.7) \n \n \n (299.5) \n \n \n \n \n Profit for the period \n \n \n \n \n \n 737.4 \n \n \n 54.5 \n \n \n 791.9 \n \n \n 374.8 \n \n \n 38.3 \n \n \n   413.1 \n \n \n \n \n Attributable to: \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 270.3 \n \n \n - \n \n \n 270.3 \n \n \n 153.5 \n \n \n - \n \n \n    153.5 \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 467.1 \n \n \n 54.5 \n \n \n 521.6 \n \n \n 221.3 \n \n \n 38.3 \n \n \n 259.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic and diluted earnings per-share 1 \n \n \n 10 \n \n \n 47.4 \n \n \n 5.5 \n \n \n 52.9 \n \n \n 22.4 \n \n \n 3.9 \n \n \n 26.3 \n \n \n \n \n   \n 1.        All earnings in all the periods presented are from continuing operations. \n   \n \n \n   \n Condensed Consolidated Statement of Comprehensive Income \n \n \n \n \n \n \n \n Notes \n \n \n Six months ended 30.06.2025 (Unaudited) \n \n \n Six months ended 30.06.2024 (Unaudited) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Profit for the period \n \n \n 5 \n \n \n 791.9 \n \n \n 413.1 \n \n \n \n \n Items that may be or were subsequently reclassified to profit or loss: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Gains/(loss) on cash flow hedging \n \n \n   \n \n \n 24.1 \n \n \n (15.9) \n \n \n \n \n Tax effects arising on cash flow hedges deferred in reserves \n \n \n   \n \n \n (6.5) \n \n \n 4.3 \n \n \n \n \n Currency translation adjustment \n \n \n   \n \n \n 1.3 \n \n \n (0.8) \n \n \n \n \n Total items that may be or were subsequently reclassified to profit or loss  \n \n \n   \n \n \n 18.9 \n \n \n (12.4) \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Items that will not be subsequently reclassified to profit or loss: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Actuarial (loss) on defined benefit plans \n \n \n   \n \n \n (0.9) \n \n \n (0.3) \n \n \n \n \n (Loss)/gains on fair value of equity investments \n \n \n 13 \n \n \n (3.1) \n \n \n 33.1 \n \n \n \n \n Tax on items recognised directly in equity that will not be reclassified \n \n \n   \n \n \n 0.4 \n \n \n 0.1 \n \n \n \n \n Deferred tax credit/(charge) on equity investment 1 (see note 3) \n \n \n   \n \n \n 44.7 \n \n \n (7.7) \n \n \n \n \n Share of other comprehensive losses of associates and joint ventures, net of tax \n \n \n   \n \n \n (1.9) \n \n \n (1.9) \n \n \n \n \n Total items that will not be subsequently reclassified to profit or loss \n \n \n   \n \n \n 39.2 \n \n \n 23.3 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Total other comprehensive income \n \n \n   \n \n \n 58.1 \n \n \n 10.9 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income for the period \n \n \n   \n \n \n 850.0 \n \n \n 424.0 \n \n \n \n \n Attributable to: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n   \n \n \n 275.2 \n \n \n 149.9 \n \n \n \n \n Owners of the parent \n \n \n   \n \n \n 574.8 \n \n \n 274.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income for the period - continuing operations \n \n \n \n \n \n 850.0 \n \n \n 424.0 \n \n \n \n \n \n \n \n \n \n \n 850.0 \n \n \n 424.0 \n \n \n \n \n   \n 1 During the first six months of 2025 a deferred tax credit of $44.7 million was recognised in reserves, due to the derecognition of the deferred tax liability in respect of the Group's investment in Buenaventura. Please refer to Note 3 for further information. \n \n \n   \n Condensed Consolidated Statement of Changes in Equity \n   \n For the six months ended 30.06.2025 \n   \n \n \n \n \n \n \n \n Share       capital \n \n \n Share premium \n \n \n Other reserves \n \n \n Retained earnings   \n \n \n Equity attributable to owners of the parent \n \n \n Non- controlling interests \n \n \n Total equity \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Balance at 1 January 2025 \n \n \n      89.8 \n \n \n       199.2 \n \n \n 112.2 \n \n \n         9,061.0 \n \n \n           9,462.2 \n \n \n           3,492.0 \n \n \n      12,954.2 \n \n \n \n \n Capital increase 1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 115.8 \n \n \n 115.8 \n \n \n \n \n Agreement to acquire non-controlling interest 2 \n \n \n - \n \n \n - \n \n \n - \n \n \n (80.0) \n \n \n (80.0) \n \n \n - \n \n \n (80.0) \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 521.6 \n \n \n 521.6 \n \n \n 270.3 \n \n \n 791.9 \n \n \n \n \n Other comprehensive income for the period \n \n \n - \n \n \n - \n \n \n 55.3 \n \n \n (2.1) \n \n \n 53.2 \n \n \n 4.9 \n \n \n 58.1 \n \n \n \n \n Total comprehensive income for the period \n \n \n - \n \n \n - \n \n \n 55.3 \n \n \n 519.5 \n \n \n 574.8 \n \n \n 275.2 \n \n \n 850.0 \n \n \n \n \n Dividends \n \n \n - \n \n \n - \n \n \n - \n \n \n (231.7) \n \n \n (231.7) \n \n \n (40.0) \n \n \n (271.7) \n \n \n \n \n Balance at 30 June 2025 (unaudited) \n \n \n 89.8 \n \n \n 199.2 \n \n \n 167.5 \n \n \n 9,268.8 \n \n \n 9,725.3 \n \n \n 3,843.0 \n \n \n 13,568.3 \n \n \n \n \n 1 Related to Marubeni's capital contribution of $115.8 million in Centinela. \n 2 Related to the agreement to acquire the remaining stake in Antomin Investors Limited, as detailed in Note 17. \n   \n   \n   \n For the six months ended 30.06.2024 \n   \n \n \n \n \n \n \n \n Share       capital \n \n \n Share premium \n \n \n Other reserves \n \n \n Retained earnings   \n \n \n Equity attributable to owners of the parent \n \n \n Non- controlling interests \n \n \n Total equity \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Balance at 1 January 2024 \n \n \n      89.8 \n \n \n       199.2 \n \n \n       104.5 \n \n \n         8,558.4 \n \n \n           8,951.9 \n \n \n           3,096.5 \n \n \n      12,048.4 \n \n \n \n \n Capital increase 1 \n \n \n             - \n \n \n               - \n \n \n               - \n \n \n                     - \n \n \n                      - \n \n \n                39.7 \n \n \n              39.7 \n \n \n \n \n Profit for the period \n \n \n             - \n \n \n               - \n \n \n               - \n \n \n             259.6 \n \n \n              259.6 \n \n \n              153.5 \n \n \n            413.1 \n \n \n \n \n Other comprehensive income for the period \n \n \n             - \n \n \n               - \n \n \n         16.5 \n \n \n              (2.0) \n \n \n                14.5 \n \n \n                (3.6) \n \n \n              10.9 \n \n \n \n \n Total comprehensive income for the period \n \n \n             - \n \n \n               - \n \n \n         16.5 \n \n \n            257.6 \n \n \n              274.1 \n \n \n              149.9 \n \n \n            424.0 \n \n \n \n \n Dividends \n \n \n             - \n \n \n               - \n \n \n               - \n \n \n          (239.6) \n \n \n            (239.6) \n \n \n                      - \n \n \n         (239.6) \n \n \n \n \n Balance at 30 June 2024 (unaudited) \n \n \n      89.8 \n \n \n       199.2 \n \n \n       121.0 \n \n \n         8,576.4 \n \n \n           8,986.4 \n \n \n           3,286.1 \n \n \n      12,272.5 \n \n \n \n \n 1 Related to Marubeni's capital contribution of $39.7 million in Centinela. \n   \n \n \n \n   Condensed Consolidated Balance Sheet \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 30.06.2025 (Unaudited) \n \n \n At 31.12.2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Non-current assets \n \n \n Notes \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Property, plant and equipment \n \n \n 12 \n \n \n \n \n \n 14,938.4 \n \n \n 13,917.0 \n \n \n \n \n Inventories \n \n \n \n \n \n \n \n \n 742.1 \n \n \n 707.8 \n \n \n \n \n Investments in associates and joint ventures \n \n \n 13 \n \n \n \n \n \n 1,793.4 \n \n \n 1,776.1 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n 55.3 \n \n \n 54.4 \n \n \n \n \n Equity investments \n ...

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