Antofagasta Plc

Description

Antofagasta Plc is one of the leading copper producing companies in the world with focus on transport and is based in Chile. The company’s vision is to be a global mining company with its prime focus on copper extraction and its by-products. The company is known for its operating efficiency, creating sustainable solutions, profitability, and an ace in the global mining industry, Antofagasta owns four mines in Chile: Los Pelambres, Centinela, also known as Esperanza and Tesoro mines, respectively, Antucoya and Zaldivar (50% owned, 50% owned by Canadian mining company Barrick Gold. Two of these mines produce significant amount of molybdenum and gold.

The company’s core business is mining and 97% of its revenue and EBITDA comes from mining activities. Besides mining, the company’s transport division offers rail and road cargo services in northern Chile for its customers. Antofagasta's economic development depends mainly on mining of copper and non-metallic minerals such as nitrate and iodine. It is involved in port activity. However, in recent years it has lost the lead port in the region on the back of the installation of the megaport of Mejillones.

The company’s projects like Los Pelambres Expansion, Zaldívar Chloride Leach and Esperanza Sur pit growth projects got delayed due to the onslaught of the pandemic and will resume production next year. Other projects like introduction of latest technology in projects, such as automation, artificial intelligence. The company has reported that these initiatives have started delivering permanent cost benefits and have contributed to the Cost and Competitiveness Programme, which was launched in 2014, and is expected to induce savings and improve productivity.

In 2019, the company had adopted a new framework for long-term success of its business. The framework is focused on basic goals of growth, people, safety and sustainability of the operations, innovation and competitiveness and its resilience.