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LONDON - Antofagasta (LON:ANTO) plc, a leading copper producer, held its Annual General Meeting today, where Chairman Jean-Paul Luksic highlighted a record safety performance for 2024, with no fatalities and metrics surpassing industry benchmarks. The company, known for its focus on copper—a metal crucial for electrification—maintained its position as a top 10 global producer.
In 2024, Antofagasta achieved solid financial results, generating over $7.5 billion in value for stakeholders and maintaining a 52% EBITDA margin, one of the highest in the industry. This financial strength allowed for a final dividend recommendation consistent with the previous year, equating to 50% of underlying net earnings.
Operational resilience was credited for the company’s success, with increased copper production and net cash costs kept in line despite industry-wide inflation. Investments in major growth projects at Los Pelambres and Centinela were cited as key milestones, with the latter’s $4 billion Second Concentrator Project expected to significantly boost copper-equivalent production.
The company’s strategic growth was marked by the start of construction on two major projects at Los Pelambres, aimed at enhancing the mine’s resilience and extending its life by at least 15 years beyond 2035. In Peru and the United States, Antofagasta is exploring opportunities for long-term production growth, including the Twin Metals Minnesota project, which could yield copper, nickel, and PGMs.
Sustainability efforts were also emphasized, with the 10th anniversary of the Somos Choapa Programme at Los Pelambres, which has delivered over 150 community projects. The company continues to focus on responsible operations and community engagement across all locations.
Antofagasta’s workforce of over 29,000 received increased training and development opportunities, with efforts made to improve gender balance. The Board’s active oversight and commitment to high governance standards were noted, along with the contribution of Vivianne Blanlot, who recently stepped down after 11 years of service.
Looking ahead, the company acknowledged the uncertain global economic environment but remained focused on operational excellence and project execution to grow copper production profitably. With strong fundamentals for copper, driven by demand for clean energy and digital infrastructure, Antofagasta positioned itself to meet this demand responsibly and sustainably.
This report is based on a press release statement from Antofagasta plc.
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