Delivering ourpotential in asustainable way
Sustainability Report 2023

GRI 2-3

Contents
Chapter 1

Chapter 3

Chapter 6

WE ARE ANTOFAGASTA MINERALSCORPORATE GOVERNANCE

APPENDIX

Our strategic framework and pillars

4

Governance structure

Sustainability policy

6

Sustainability and Stakeholder Management
Committee

Message from the Chief Executive Officer

732

Materiality analysis in detail88

External assurance

91

33

Our Progress on ICMM Mining Principles

109

Compliance and internal controls

34

The Copper Mark Assurance Process110

Our Sustainability Databook

111

Message from the Sustainability andStakeholder Management Committee Chair

9

Risk management

36

Sustainability goals and 2023 performance

11

Boosting cybersecurity

37

What we do15

Our tax approach

38

Delivering value through the mining lifecycle

16

Respecting human rights

39

Economic performance18

Key role of copper

22

Chapter 4

PEOPLE AND COMMUNITIES

Chapter 2

Our people

41

OUR SUSTAINABILITY PERFORMANCE

Occupational health and safety culture48

Prioritisation of Sustainable Development
Goals

Security

53

24

Our suppliers

54

Relationship with our stakeholders

25

Our work with communities

59

Collaborative solutions to common challenges

26

Materiality analysis overview

29

Chapter 5

Antofagasta Minerals Sustainability Report 2023

Annual Report 2023
antofagasta.co.uk/investors/
annual-report-2023/
Delivering
performanceand growth
Annual Report and Financial Statements 2023

ENVIRONMENT AND CLIMATE CHANGE

2OUR REPORTING SUITE

Sustainable production

69

Our approach to climate change73

Our progress towards decarbonisation

75

Energy management

78

Water stewardship

79

Innovation as a driver of sustainability

82

Biodiversity protection

85

Sustainability Databook
antofagasta.co.uk/sdb
Tax Progress Report
antofagasta.co.uk/tax22
Climate Change Report
antofagasta.co.uk/ccr22
Social Value Report
antofagasta.co.uk/svr22
Climate Action Plan
antofagasta.co.uk/CAPThis is Antofagasta Minerals’seventeenth Sustainability Report andcovers our strategy, priorities andperformance regarding the mainmaterial sustainability issues forour business and our stakeholders
between January 1st and December
31st, 2023. It encompasses thefollowing operations: Los Pelambres,
Centinela, Antucoya, Zaldívar andAntofagasta Minerals’ corporate
headquarters. This report was
prepared in accordance with the
Global Reporting Initiative Standards(GRI) 2021.
Our main 2023 sustainability figuresand 2018-2023 data are available in
our Sustainability Databook, where
we publish Antofagasta plc
performance, along with the resultsof each of our four mining companies
and information concerning thetransport division. The GRI index
can be found in this document.
In this Sustainability Report, theterms “Company”, “Group”, “we”,“us”, “our” and “ourselves” are used
to refer to Antofagasta Minerals and,
unless the context requires
otherwise, its subsidiaries. These
terms may be used as collective
expressions where general reference
is made to the companies in theGroup and/or where no useful
purpose is served by identifying any
particular company or companies.
Point of contact for questions about
the report or reported information:
inforeporte@aminerals.cl
The Databook and this report wereverified by EY. Both documents are
first presented to and reviewed by
the Sustainability and Stakeholder
Engagement Committee who gives
its opinion to the Board of Directors.
The report and Databook are thenpresented to and approved by Board.
All $ in this report refer to US dollars
unless otherwise indicated.
March 2024.

Chapter 1

We areAntofagasta
Minerals
Our strategic framework and pillars

4

Sustainability policy

6

Message from the Chief Executive Officer

7

Message from the Sustainability andStakeholder Management Committee Chair

9

Sustainability goals and 2023
performance

11

What we do

15

Delivering value through the mining
lifecycle

16

Economic performance18

Key role of copper

22

MATERIAL TOPICS
Economic performance
Innovation

Operators in Centinela´s maintenance workshops.

3

Antofagasta Minerals

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our strategic framework and pillars
Our strategy is built around our purpose, along with four target groups and five pillars. Each element has defined long-term objectives with shortand medium-term goals. In addition, our five pillars are underpinned by six key values that are shared by our people and permeate our organisation.
Our vision is to be an international mining company, focused on copper and its by-products, known for its operating efficiency, creation of sustainable value, high profitability and as a preferred partnerin the global mining industry.

Our purpose

Developing
miningfor a better
futureFor whom we want to achieve our purpose
PlanetSafety and Sustainability

We recognise that climate change is one of the greatest challenges faced by humanity.
Our vision of a better future reflects the quest for a more sustainable planet, with copper
playing a central role in the energy transition, economic progress and improved livelihoods.

People and culture
CompetitivenessSociety
Our vision of a better future is one that is developed together with our local communities,
and aims for a society that recognises the economic and social value generated by mining.

Organisation

Our vision of a better future therefore encompasses our ethical organisational behaviourand our continuous pursuit of a sustainable culture of trust, inclusivity, collaboration, agility
and willingness, to embrace change and continuous learning.

PeopleOur success relies on having the best people at the heart of everything we do. Our vision ofa better future would be incomplete without the shared values of our workforce, a diverse andinclusive group of individuals open to learning and to enjoying their personal and professional
growth, who strive for excellence in their results.

Antofagasta Minerals Sustainability Report 2023

Innovation
GrowthTo tackle the challenges we face in our daily operations and growth, we need a robust
organisation that consistently meets these challenges and is grounded in clear and unshakeablevalues and principles.

4

How we will achieve our purpose

Underpinned by our values
Respect for others
Responsibility for safety and healthCommitment to sustainability
Excellence in our performance
Innovation as a permanent practice
Forward thinking

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Strategic Framework and Pillars continued

How we will achieve our purpose
Through our five strategic pillars

Safety andSustainability

Peopleand culture

to enhance our current
operations, while keeping
an eye on the future.

to cultivate the talentnecessary for a better
future.

CompetitivenessInnovation

Growthis key to us achieving
excellence and creating
long-term value.

to constantly push backboundaries and exploring
new ways of advancing.

to keep contributing to thedevelopment of a better
future.

Underpinned by our values

Respect for others
We respect people and careabout their opinions, which
is why we engage in an
open, transparent andcollaborative way. We trustthem and have a genuineinterest in their well-being.
We promote a work
environment that fosters
diversity and inclusion.

5

Responsibility forsafety and healthCommitted tosustainability

Excellence in our
performance

Innovation as apermanent practice

We are responsible for ourown safety and health,as well as for that of others.
We identify and control ourrisks, and we are aware of
the impacts of our actions.

We operate responsibly andefficiently, with long-term
vision. We maximise theeconomic value of ourassets, contribute to social
development and minimise
our environmental impacts.

We continually seek toachieve the best possible
results through operational
discipline. We look after our
resources, and we are
efficient, austere and honest.
We build trust by fulfilling ourcommitments.

We recognise and promote
new ideas that improve ourwork practices and the way
we relate to others. We aim
to create value for theorganisation, people and theenvironment.

Antofagasta Minerals Sustainability Report 2023

Forward thinking
Our business strategy aims
to generate value witha long-term vision forshareholders and otherstakeholders. We learn fromour mistakes and have theflexibility and courage to face
new challenges.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainability Policy
GRI 2-23, 2-24

Economic performance

Transparency and corporate governance

We are constantly looking for sustainable ways toimprove our operational efficiency, in order to create
value for our stakeholders. We operate responsibly
and with long-term vision, to maximise the economic
value of our assets and contribute to social
development.

We believe in the importance of developing
effective, responsible and transparent institutions.
Our guidelines and internal regulations establish
our commitment to run a responsible business.
We operate with integrity based on transparency
and respect for human rights and the law.
We openly communicate our performance andimplement systems that allow us to supervise
our procedures internally.

Environmental management
We work to prevent, control and mitigate ourpotential environmental impacts. We seek always
to make efficient use of natural resources. We
implement integrated environmental management
systems into our business, establishing objectives,
goals and indicators.

6

Antofagasta Minerals Sustainability Report 2023

Additionally, we have systems for the control
and management of the minerals used in the
manufacturing of the products we deliver to ourclients, in accordance with the OECD due diligencestandards on the origin of minerals and responsible
sourcing principles.

Pe
op
le

Our
Sustainability
Policyco r porate gov rnancee

We seek to contribute to the generation of
economic, social and human capital in our areas ofinfluence in which we operate. We lead processesof effective, participatory and transparent dialogue,
with the different actors in the territory,
acknowledging challenges and opportunities toaddress them together.

ce

Conduct more efficient,sustainable andinclusive miningncy&

A safe and healthy environment is a priority for ourwork, as is well-being. We recognise the importanceof diversity and equal opportunities, so we
continually strive to create proper environmentsthat promote integration and both professional andpersonal development.

Social development

rm a nan
spare

Safe and healthy environment

erfo
cp
i
om
on
c
e

t
en
em

We strive for continuous improvement, regularly
evaluating our environmental performance to tackle
the most critical challenges associated with the
management of water resources, air quality,
biodiversity, waste, heritage culture, land use,
climate change and energy.

na g
l ma
Environmenta

At Antofagasta, we seek to achieve and enhance
a positive long-term impact on society based on ourvalues, corporate policies and standards, and byreviewing risks and opportunities that could havean impact on our business. The Board is responsible
for analysing, leading and monitoring sustainability
policies and best practices.

Su
sta
i na
ble

Safety and Sustainability is one of the five strategic pillars that underpin our purpose. We take a holistic approach to our sustainability management,
continually engaging with our stakeholders to analyse, define and manage our priorities across the short, medium and long term, and always alignedwith our strategy.

Tr

Socialdevelopment
Please see page 33-34 of our Annual Report for more information on our other policies and models.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Message from the CEO
We take care of our people

Our approach to climate change

We had zero fatalities in 2023 as in 2022. Our LTIFR has consistently
decreased over the last two years. In 2023, we advanced in the
consolidation of our management system by embedding occupational
health and safety planning into our operational model, with the aimof ensuring the implementation of critical controls to prevent
unplanned events.
1

At Antofagasta Minerals, we believe in the value of diversity and strive
to increase the number of women employed in our mining activities.
We are proud to have surpassed our internal 2023 goal of 22%,with women now accounting for 23.7% of the talent involvedin our activities.

Sustainable growthIVÁN ARRIAGADA
Chief Executive Officer

Dear stakeholders,
At Antofagasta Minerals, copper is the core of our business andsustainability lies at the heart of our strategy. In line with our purposeof developing mining for a better future, in this Sustainability Report
we have shared our main achievements across 2023 as a Mining
Group in the economic, environmental, social and governance spheres.
We foster our long-term value creation through five robust strategicpillars: safety and sustainability, competitiveness, people and culture,
growth, and innovation, all of which are supported by tailor-madepolicies and practices that are embedded throughout our organisation
and are underpinned by our corporate values. We rigorously apply thebest local and international standards regarding our people, including
our suppliers and local communities, wherever we engage them.
7

Antofagasta Minerals Sustainability Report 2023

We are aware of the key role of copper in the energy transition
and increasing associated demand for the metal worldwide. We havetherefore been working to achieve greater levels of efficiency in ouroperations and projects. We are especially proud of the sustainableapproach involved in our recently approved Centinela Second
Concentrator project.
This investment is a key decision for achieving our long-term growthplans. Construction will begin during the first half of 2024 and the plant
will enter operation in 2027. At its peak, it will create around 13,000 jobs,
with local employment being our priority. In line with our innovation andsustainability practices, it will continue to use 100% seawater across the
production process, along with renewable energy. The project involves
a second milling plant, a new thickened tailings deposit, and it will operatewith autonomous trucks and drilling rigs. It will be managed remotely
bringing greater safety and quality of life to our people.
Water is also a key element in our Climate Change Strategy, whichis framed in our Sustainability Policy. In 2023, the Coquimbo Region’s
Environmental Evaluation Commission gave approval to Los Pelambres
Operational Adaptation project, which will double the capacity of thedesalination plant to 800 litres/second. When the plant is ready, ourgoal is that 90% of the water that is used for the operations will beseawater or recirculated water.
1. LTIFR – Number of accidents with lost time on the part of own workers andcontractors per million hours worked.

In order to better respond to climate change challenges, weconsolidated three new management areas in 2023: Water Resources,
Competitiveness and Decarbonisation. With the commitment of these
dedicated teams, at each of our four companies, we expect toaccomplish and exceed our sustainability targets over the coming years.
Electromobility is essential to our decarbonisation strategy. We alreadyoperate the largest fleet of electric light trucks and auxiliary equipment
at any mining site in Chile. This year, a total of 50 electric vehicles
began work at Centinela, reducing Greenhouse Gas (GHG) emissions.
In addition, the company acquired eight electric mining equipment
to operate in the Esperanza Sur autonomous pit, resulting in a further
reduction of 5,200 tonnes of CO2e annually. During the past year, in
Los Pelambres, we evaluated starting a pilot implementation project
involving electric-powered trolleys in the Las Hualtatas dump area,
and will commence testing dynamic charging solutions for haul trucks
during the first quarter of 2025.
In 2023, we introduced a new revised Scope 1 and 2 GHG emission
reduction target to reduce Scope 1 and 2 emissions by 50% by theyear 2035 against a 2020 baseline. Together with this, we introduced
our first emission reduction target for Scope 3 emissions – to reduce
Scope 3 emissions by 10% by the year 2030 using 2022 as a baseline
for projecting emissions. In addition, in August 2023, Antofagasta
Minerals, together with other major mining companies operatingin Chile, formed the mining industry’s first Scope 3 Emissions
Traceability Roundtable.
As required by the Global Industry Standard on Tailings Management(GISTM), we completed compliance with the standard requirements
at the El Mauro dam at Los Pelambres and the Centinela thickened
tailings deposit (in the case of the last one, two years earlier thanrequired) in August 2023. The implementation of the New Standard
required the development of a preventive emergency plan with thecommunity of Sierra Gorda (influence area of Centinela), whichbecame the first municipality in Chile to have a natural hazard
emergency simulation, and in Caimanes, a location 15 kilometresaway from El Mauro tailings facility.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Message from the Chief Executive Officer continued

Innovation

Community engagement

We are committed to responding to the world’s challenges in theway that we do mining. We are adapting and focusing on critical andemerging issues that need to be addressed globally. As part of this,innovation plays a pivotal role in our industrial processes andcompetitiveness. It is embedded in our business and is a key driverof our long-term sustainability, particularly in our continued efforts
to address the global challenge of climate change.

Shared social value is key to our sustainable approach. We seek tocontribute to social and economic development in the local communities
in which we operate through proactive engagement based on trust,transparency, respect and acknowledgement of distinctiveness anddiversity, collaborating with local organisations and authorities.

In a landmark step, we have patented Cuprochlor-T, which will allow
us to extract lower-grade copper and extend the lifecycle of our mining
deposits through innovative solutions for the production process.
Innovation in our company also serves the safety of our people. We
have increased the number of autonomous haul trucks and remotely
operated mining drills across our operations, accompanied by training
for all operators on our sites, which enables them to engage with these
innovative technologies and minimises the possibility of accidents.
Centinela’s Integrated Operations Management (GIO) project has beendeveloped effectively during its second year of operation. The project
consists of a remote centre in the Antofagasta Region from which
the plant, mine and port activities can be controlled remotely using
real-time data, significantly benefiting our people’s safety, efficiency,
and productivity levels. Los Pelambres has also implemented its own
GIO centre, transferring critical milestones towards remote andintegrated operation along the entire value chain. This involves thedigitalisation and remotisation of operations and integrating centralised
information systems, supported by workers’ training for these tasks.

Our work contributes to a number of the United Nations Sustainable
Development Goals (SDGs), mainly those regarding education,
economic development, and deploying infrastructure. In 2023, morethan 1,300 students benefited directly from our education programmes
in the Antofagasta and Coquimbo regions; more than 650 micro andsmall businesses were assisted by the Cosecha and Emprende
programmes in the Choapa Valey; and a newly reconstructed church
and town square were inaugurated, following a year of work supported
by Zaldívar, and in collaboration with the Atacama indigenous
community of Camar.
As a leading mining company, we know that a long-term sustainableapproach is critical to the continued creation of shared value. This is
our focus. I invite you to explore our progress during 2023 in greater
detail, and to discover the progress we are making in our economic,
environmental, social and governance goals, to develop mining fora better future.

IVÁN ARRIAGADA
Chief Executive Officer, Antofagasta Minerals

Suppliers
Our suppliers play a critical role in achieving our objectives. We support
them collaboratively through our Suppliers for a Better Future
programme with the tools they need to comply with sustainability
standards concerning their performance, emissions reduction targets,and respect for human rights, among other issues that align with our
corporate purpose. This initiative has provided national and regional
suppliers with tools to increase competitiveness and their capacity for
growth, helping them to incorporate themselves into the industry in an
effective and efficient manner. This is particularly true for local small
and medium-sized companies (SMEs) in the Antofagasta andCoquimbo regions.
Iván Arriagada Chief Executive Officer

8

Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Message from the Sustainability and Stakeholder
Management Committee Chair
GRI 2-22

community and environmental aspects based on our sustainability andhuman rights policies. This Committee supports the role of the Boardand gives recommendations to ensure that sustainability matters areincluded in the Board’s ongoing decision-making.
Antofagasta Minerals maintains regular dialogue with our
stakeholders, and the Committee ensures their views are carefully
considered in the Board’s deliberations. We regularly review andupdate the Group’s policy framework on safety, health, environment,
human rights and community relations, and oversee the Group’s
performance in these subjects.
In 2023, the Committee reviewed topics such as our water strategy
concerning our neighbouring communities, our environmental strategy,social programmes and our progress in health and safety. This key
dimension has consistently demonstrated high standards byincorporating best practices, a corporate learning cycle and digital tools.

VIVIANNE BLANLOT
Chair
Sustainability and Stakeholder
Management Committee
Dear stakeholders,
I am pleased to present our 2023 Sustainability Report, underscoring
our steadfast commitment to sustainable practices. Acknowledging
the contributions of our directors, project teams, and stakeholders,
who are integral to our objectives, we recognise the pivotal roleof environmental, social, and governance issues in driving sustainablegrowth, benefiting our organisation and society.
The relevance of these dimensions in our business is reflected inour governance and particularly in our Sustainability and Stakeholder
Management Committee. This body oversees our performance on
9Antofagasta Minerals Sustainability Report 2023

Given our role as a mining company in the energy transition and ourlong-term 2050 goal of carbon neutrality, we promoted our adherence
to sustainability policies and standards to contribute to climate change
adaptation. As members of the International Council on Mining andMetals (ICMM), we adhere to its sustainable development framework.
This consists of ten Mining Principles, each with a set of Performance
Expectations in environmental, social and governance practices. In
addition, our four operations meet all the criteria of The Copper Mark,an independent assurance framework for responsible copper industry
mining practices.
Our Environmental Management Model addresses climate change
aspects comprehensively. We seek to support our companies in the
integrated implementation of the Model to identify and mitigate risks,and comply with the Group’s environmental regulations. We advise on
project design and improvement from the environmental andsustainability perspective, particularly regarding early dialogue withneighbouring communities.

Additionally, biodiversity and the circular economy have continued to
be areas of focus for us. In 2023, we launched our Circular Economy
Strategy, approved at the end of 2022. Our updated Biodiversity
Standard was implemented and is aligned with the ICMM’s position
statement on Mining and Protected Areas.

Our people are at the centre of what we do
Health and safety are important issues for us. In 2023, we madeprogress in consolidating our management system by incorporating
occupational health and safety planning into our operational model,
to ensure the implementation of controls to prevent unwanted
events. This framework applies to 100% of operations, our internal
workforce, and contractors.
We are proud of having zero fatalities in 2023 and a reduction of
19% in High Potential Incidents. This demonstrates our company’scommitment, particularly to the safety of our people on-site.

How we address climate change
Antofagasta strives to reduce its Greenhouse Gas (GHG) emissions inthe short and medium term in line with our emissions reduction targets
and our long-term ambition is to achieve carbon neutrality by 2050, or
sooner if technology allows. In accordance with our Energy Policy
framework, we incorporated the role of Energy Administrator at eachmining site, along with a dedicated decarbonisation team.
In 2023, we released our second Climate Change Report,
underscoring Antofagasta Minerals’ commitment to sustainability andresponsible business practices. In line with our company’s dedication
to transparency and accountability, the report provides a detailed
overview of our efforts and progress in addressing climate change andreducing our environmental footprint. We disclosed our Scope 3
emissions inventory and established a new medium-term Scope 1 and2 emissions reduction goal according to our new decarbonisation plan.
We aim to reach a 50% reduction in emissions by 2035, with 2020 asa baseline. We also set a target to reduce Scope 3 emissions by 10%
by 2030, which we aim to achieve through industry engagement.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIES

Message from the Sustainability and Stakeholder Management Committee Chair continued

As part of the third pillar of our Climate Change Strategy, water
stewardship has become a critical aspect of our operations due tothe nature and geographical location of our mining activities. In 2023,
we assigned a water lead expert at each mining site to improve water
management and increase efficiency. The green light for the Los
Pelambres desalination plant expansion to 800 l/s by the Coquimbo
region’s Environmental Evaluation Commission exemplifies therelevance of the strategic value of water in our operations.

We support the development of the neighbouring communities

As Chair of the Sustainability and Stakeholder Management Committee,
I am confident in our collective commitment to a sustainable future.
Antofagasta Minerals will continue to evaluate priorities, foster
initiatives in collaboration with our stakeholders, and work towards
increasing the benefits of the mining industry across society.

VIVIANNE BLANLOT
Chair
Sustainability and Stakeholder Management Committee

The social dimension of our sustainable future is based on our
engagement with a Social Management Model composed of four
elements: initiative management, impact measurement, engagement,
and socio-territorial alert management. This framework is accompanied
by an updated Human Rights Policy to strengthen our explicit
commitment to respecting Indigenous peoples’ rights, culture andtraditions, along with our Indigenous Peoples Engagement Standard.
We have been working closely with our neighbouring communities,
particularly in the Choapa Valley, through Los Pelambres’ social
strategy and its historical relationship with its 42 neighbouringcommunities in four counties in the Coquimbo Region. A pivotal elementof this strategy hinges on the Somos Choapa methodology programmethat encompasses dialogue, transparency, collaboration, traceability,
and technical participation, to boost the relationship with thecommunities and trust, and social and reputational capital. The
programme has been a successful generator of ideas, programmes
and project, most of them in partnership and building on synergies
with local, regional and national government.
As Antofagasta Minerals, we represent 25% of the Gross Domestic
Product (GDP) in the Coquimbo region and 15% in the Antofagasta
region, prioritising local employment and boosting the supply chainof our operations. We create value through what we do. Developing
the local economy and local talents is also a focus of our social value
creation. In 2023, we implemented our Suppliers for a Better Future
programme to incentivise suppliers to move towards sustainability,
promoting local employability; enhance diversity and inclusion (D&I);
reduce carbon footprint in the supply chain and promote circular
economy solutions. This milestone seeks to align our suppliers withthe high standards of the company and ensures the best qualityof goods and services.

10

Antofagasta Minerals Sustainability Report 2023

Inauguration of the restored Churchof Camar, Antofagasta region

ENVIRONMENT AND CLIMATE CHANGE

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainability goals and 2023 performance
We assess our sustainability performance regularly against a group of short, medium and long-term targets and goals. Most of them are includedin the performance agreements of each mining operation and our corporate offices.

PeopleSafetyDiversity and inclusion

Safety0 Fatalities

0.61 LTIFR

1

1

0.76

0.73

0

0

2019

2020

0.61

2021

0

0

2022

2023

Record safety performance, with no fatalities
and the LTIFR improving by 20% due tostrengthened control strategies for high-risktasks and leadership culture approach centredon people.
For further information, please visit thePeople and Communities chapter.

1. Number of accidents with lost time of own
workers and contractors per million hours
worked.

11

Participation of women

Employment of people with disabilities

0

23.7%

1.4%

2023 goal: 0

1.12

0.75

Fatalities

In 2023, we made progress in the consolidationof our management system by incorporating
occupational health and safety planning into
our operational model. Aimed at ensuring theimplementation of controls to prevent unwanted
events, this framework is applicable to all of ouroperations and to both internal workforce andcontractors. In addition, we worked on assembling a
digital library of 500 Planned Task Risk Assessment(PTRA) or standardised high-risk task working
practices for the whole Mining Group. Moreover,
we developed a leadership programme forsupervisors, as they are the most important linkin the operational process.
High Potential accidents reduction
in relation to 2022

19%
During 2023, we registered 29 cases.

Antofagasta Minerals Sustainability Report 2023

23.7%
20.6%

We strive to exceed the minimum figure of 1%
required by Chile’s Workplace Inclusion Law. We
have also remained leaders of the Chilean Mining
Council’s technical working group on universal
access to mining sites for people with disabilities.

17.4%
14.7%
10.2%

2019

2020

2021

2022

2023 goal: 1%+

2023

The participation of women in the workforce
rose from 20.6% in 2022 to 23.7% in 2023,
continuing a steady increase since 2019.
2025 goal: 30%
In 2023, we prioritised initiatives to boost
female talent retention, including the womenmaintenance apprentices programme, andspecific programmes to strengthen the skillsof female supervisors.
For further information, please visit thePeople and Communities chapter.

Heavy equipment operator
at Minera Los Pelambres

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainability Goals and 2023 Performance continued

People continued
Suppliers

Communities

Local suppliers purchases$657 million
647

657

514

305

2019

2021

13%

female employment by suppliers participatingin the programme
2025 goal: 25%

368

2020

Suppliers for a Better Future programme
goals and achievements

2022

2023

In 2023, we increased by 1.6% from$647 million in 2022, the value ofpurchases to suppliers headquarteredin the Antofagasta and Coquimbo Regions.

50%

local employment by suppliers participatingin the programme
2025 goal: 45%

50
12%local small and medium enterprises (SME) in the
Antofagasta and Coquimbo regions with actionplans to bridge existing gaps in sustainability andcompetitiveness.

of total expenditure spent on local suppliers
In 2023, we started implementing our Suppliers for a Better Future programme. The initiative seeks
to align suppliers’ practices with our main purpose and standards.
We are supporting our suppliers in achieving 25% female employment by 2025. In addition, in 2023
we surpassed our 2025 target of achieving 45% local labour.
For further information, please visit the People and Communities chapter.

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Teatro Metro María Elena, María Elena

Antofagasta Minerals Sustainability Report 2023

1,352

students benefited in 2023 from our education programmes.
We foster education opportunities through scholarships and grants to cover students’ costs.
As a contribution to the Choapa province, in 2023, we provided support to 1,271 students
to conduct their secondary school and higher education studies, a 43% increase compared
to 2022. In Antofagasta, we offered 61 higher education and 20 secondary education
scholarships.
For further information, please visit the People and Communities chapter.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainability Goals and 2023 Performance continued

Environment
Regulatory
requirementscompliance

100%

Greenhouse gas (GHG) emission reduction

Water stewardshipCO2e emissions intensity1,2

We set new goals

Water withdrawals

1.69 tC02e/tCu

Scope 1 & Scope 22035 goal

81.9 GL

3.10

compliance with plan.
2023 goal: 100%
compliance with internal
plan for high- andmedium-risk regulatory
requirements.

2.79

2.56
1.75

1.69

50%
reduction in emissions
with 2020 as baseline.
Scope 32030 goal

2019

2020

2021

2022

2023

CO2e emissions intensity decreased as Scope
1 and 2 emissions fell by 3.4%.

10%

reduction in emissions using
2022 as a baseline for projecting
emissions2023 goal: Setting of new goals
for Scopes 1, 2 and 3.

Copper cathodes readyfor shipment

In line with the science and Chilean Climate Change Legislation N° 21,4553, at
Antofagasta we aim to reduce our GHG emissions in the short and medium term
and to achieve carbon neutrality by 2050, or sooner if technology allows. In 2023,
we disclosed our Scope 3 emissions inventory and established a new medium-term
Scope 1 and 2 emissions reduction goal of 50% by 2035 relative to a 2020 baseline
and a Scope 3 reduction goal of 10% by 2030.

Continental water
Seawater
33.1

32.2

37.7

38.9

39.7
48.8

28.2

29.0

31.3

33.1

2019

2020

2021

2022

2023

Total water withdrawals increased by 12.6%
explained by Los Pelambres´ increased
ore processed by 11% compared to 2022
(5,600 kt).

80%
progress as a Mining Group
2023 goal: 70% of the water management
standard goals should be achieved by all
Group companies.

In accordance with our Energy Policy, implemented in 2022, we have incorporated
the role of Energy Administrator at each mining site, along with a dedicateddecarbonisation team.

1. Scope 1 and 2, Mining division.
2. Tons of CO2 per ton of copper produced using market-based methodology for Scope 2 emissions.
3. The law is available here.

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Antofagasta Minerals Sustainability Report 2023

Local resident in the Laguna
Conchalí lookout, at Los Vilos,
in the Coquimbo Region of Chile60%

of our Group’s water withdrawals
was seawater.
According to our Water Policy
and Climate Change Strategy,
each Company must have a Water
Efficiency and Implementation of
New Technologies Plan in place.
Since 2022, all of our mining sites
operate a water efficiency plan.
In 2023, we achieved two
milestones: completion of the Los
Pelambres desalination plant as
the first of its type in central Chile,and operations at Centinela using
100% seawater.
For the first time seawater
consumption exceeded that ofcontinental water consumption.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainability Goals and 2023 Performance continued

Economic Performance

Transparency and Corporate Governance

EBITDA

Social contribution

Compliance

Human rights$3,006
million$47.9 million

100%

10 activeof our employees participated in training
courses regarding Ethics Code.

56.8

EBITDA was $3,006
million, and our EBITDA
margin remains solid at
49% and 5.5% higher thanin 2022. This is explainedby higher sales and prices.

39.5

2019

45.1

2020

47.9

47.8

2021

2022

2023

Our social economic contribution was$47.9 million which includes voluntary social
projects and programmes, commitments
arising from RCAs and other instruments,
donations and social agreements.

In 2023, we focused on boosting ourcompliance prevention culture pillar acrossthe whole Group and at the grassroots level.
We reinforced training, monitoring
optimisation, policy adjustment andcommunication. Our training programmes
incorporated a new element: cyber-crime
as part of Law No. 20,393, which is being
replaced by the new Economic Crime Law
No. 21,595, published in August 2023 in Chile.

agreements signed with Indigenous People Groups in the
Choapa Valley.
2023 goal: New strategy to ensure compliance with thestandards we defined as a Group on community relations.
In 2023, we focused on defining a 2024 strategy to reinforce
our community relations programmes at Los Pelambres andacross our three companies in the Antofagasta region, in orderto ensure compliance with the standards we defined as aGroup for the development of a productive relationship withneighbouring communities. We strengthened the Los Pelambres
community relations team with professionals experienced
in indigenous community relations, to boost our commitment
to respecting their identity, traditions and interests.

Copperproduction

661 ktRisk management

2023 goal: 640-670 kt
Copper production rose by
2% to 660,600 tonnes, withincreasing water availability
and throughput rates at
Los Pelambres, and costs
remaining in line year-onyear despite industry-wide
cost inflation.

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Antofagasta Minerals Sustainability Report 2023

We reviewed our risk management
methodology and updated our risk
appetite.

6
Completion of employability
course, Sierra Gorda

on-site reviewsof strategic risks
with the Executive
Committee.

12intercompany
risk reviews.
2023 goal: On-site
review of strategicrisks with the
Executive Committee

In 2023, we reviewed and revised our risk management
methodology and conducted on-site verification of various risk
levels according to existing responsibilities, working directly withthe “risk owners” on lines of defence. In November 2023, Risk andCompliance Management presented to the Board an updated reporton our risk appetite, including the ramifications of the Economic
Crime Law No. 21,595, published in 2023. We also carried out theidentification of risks associated with our new Integrated Operations
Management (GIO) process, particularly at Los Pelambres (miningsite and desalination plant) and Centinela.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

PERU

What we do

BOLIVIAANTOFAGASTAREGIONGRI 2-1, 2-6

AntucoyaCentinela Port
Centinela
Zaldívar

Antofagasta Minerals is a mining company owned by London-based Antofagasta plc
and headquartered in Santiago, Chile. Antofagasta Minerals is one of the world’s
ten largest copper producers. Antofagasta plc is listed on the London Metal
Exchange, part of the FTSE 100 index, and participates in sustainability indicessuch as DJSI, FTSE4Good and STOXX Global ESG Leaders.

COQUIMBOREGION

About Antofagasta plc

Our Operations

Mining accounts for approximately 97% of theGroup’s revenues and EBITDA. Antofagasta plc also
have a Transport division, which provides rail androad transportation services in northern Chile,
primarily for mining clients, including the transfer
of cathodes from our operations.

We operate open pits copper mines in Chile, Los Pelambres andCentinela, producing copper concentrates containing gold and silver
and a separate molybdenum concentrate, while Centinela, Antucoya
and Zaldívar produce copper cathodes. Los Pelambres and Centinela
are long-lived deposits with significant resources that will allow
at least another 50 years of operation.

Ownership chart

15

Antofagasta Minerals Sustainability Report 2023

Markets served (by value)

Luksic family

65%

Institutional and individual
shareholders

35%

Japan
Rest of Asia Pacific
EuropeNorth America
South America

31%
42%
11%
7%
8%

Los Pelambres
Punta Chungo Port

Santiago

ARGENTINA

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Delivering value through the mining lifecycle
GRI 2-6

We have a responsibility not only to manage natural resources efficiently and responsibly but also to harness copper’s potential to contributeto the development of a greener and more sustainable world.
Mining is a long-term business,and timescales can run into
decades. The period from initial
exploration to the start ofproduction can exceed ten years,
and, depending on the natureof the project and the market
conditions, the extraction
process can exceed 20 yearsof operation, finalising with themine closure that could takebetween two to four years.

Exploration / Acquisition

Evaluation

Construction

We undertake exploration activities in Chileand abroad, with particular focus on theAmericas.

Our design process and project assessment phase
integrates sustainability criteria through innovative
solutions for water availability, energy supply andcommunity relations. We integrate these criteria into
our mining projects to ensure the smooth runningof the operation throughout its life, while maximising
the value of our operations.

Capital, resources, effective project management and cost control are criticalto maximising the project’s return on investment. Once a project has been
approved by the Board and has obtained all the relevant permits andauthorisations from the country’s governmental entities, construction begins.
From this point, the health and safety of our employees is a key elementof operational efficiency and remains a top priority for the Board of Directors
and management teams.

Our international exploration programmes
are generally carried out in partnership withother companies, in order to benefit fromtheir local knowledge and experience.

Issues regarding
our mining lifecycle
Sustainable GovernanceSuppliers
Environment
Community
Health And Safety
PeopleClimate Change

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Antofagasta Minerals Sustainability Report 2023

For further information, see chapter 5,
Environment and Climate Change.

For further information, see chapter 5,
Environment and Climate Change.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

Delivering value through the mining lifecycle continued

Inputs••••EnergyWater
LabourService contracts

•
•
•
•

Fuels and lubricants
Explosives
Grinding balls and mill liner
Sulfuric acid

Extraction and processing

Sales and marketing

Mine closure and rehabilitation

Antofagasta Minerals’ four operations in Chile are: Los
Pelambres, Centinela, Antucoya and Zaldívar; all ofwhich are open-pit mines.

We build long-term relationships with the smeltersand fabricators who purchase our products, withmore than 70% of our production going to Asian
Pacific markets.

We work in accordance with international standards
and national regulations when closing andremediating a mine’s closure at the end of its life.

Los Pelambres and Centinela operate copper sulphidemining operations where they produce copper
concentrate, which is sold to international smeltersfor conversion into copper metal, as well as producing
significant volumes of gold, silver and molybdenum
as by-products. Centinela, Antucoya and Zaldívar mineoxidised copper ores, from which they produce highpurity copper cathodes, and are sold to manufacturers
around the world.

For further information, see chapter 4, People
and Communities.

For further information, see chapter 5,
Environment and Climate Change.

For further information, see chapter 4,
People and Communities; and chapter 5,
Environment and Climate Change.

For further information, please visit
https://www.antofagasta.co.uk/our-business/copper/
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Antofagasta Minerals Sustainability Report 2023

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Economic Performance
GRI 3-3

At Antofagasta Minerals, we believe that our economic performance is fundamental to our long-term sustainability is ensuring that we makean increasingly positive economic contribution to our stakeholders. Through innovation, one of our strategic pillars, we work to become a morecompetitive company, to enable the conditions for economic growth, transformation and business development.
Following the comission of the desalination plantof Los Pelambres, we achieved a significant
improvement in productivity and lower costs thanks
to the slowing of inflation since 2021. These results
allow us to continue our copper-based contribution
to satisfying the requirements associated with theenergy transition and to adapt ourselves to climatechange.
During the third quarter of 2023, we upgraded ourapproach of the strategic pillar of competitiveness,
strengthening our organisational structure, in orderto deepen our culture in this matter. We seek toincorporate the concept of competitiveness ineverything that we do, based on our Operational
Excellence system and the even greater adoptionof technology and innovation.
Continuing along this line will enable our plan toincrease production by 900,000 tonnes when the
projects that have recently started or will start thisyear are operational. This projects the sustainable
operation of Antofagasta Minerals until 2050.

Our economic contribution to theGross Domestic Product (GDP)
Coquimbo region

Antofagasta region+25% +15%
GDP

GDP

RevenueLos Pelambres$2,924m$6,129m

Centinela$2,533m
Antucoya$672m

EBITDA
Los Pelambres$1,725m$3,006m

Centinela$1,219m
Antucoya$215m
Zaldívar$87m

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Antofagasta Minerals Sustainability Report 2023

Drill rig at Centinela

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Economic Performance continued

Delivering Sustainable Economic ValueGRI 201-1

At Antofagasta Minerals, we work consistently to fulfil our purpose of developing mining fora better future. As such, we are committed to generating economic, social and environmental
value for all our stakeholders.
Sustainable economic value is at the core of our long-term vision, and we understand that this vision can
only be realised through diligent management of the environmental, social and governance aspects of ouractivities. The key to tackling the sustainability challenges, inherent to our business that may impact therealisation of our vision, lies in our drive to constantly innovate whilst remaining aware of the reality of
the regions in which we operate.

How is this sustainable economic value distributed among our stakeholders?
Suppliers$4,700m
Payments for the purchaseof utilities, goods andservices$7,060m
Our total economic contribution
to society(2022 – $7,268 million)

Communities$48m
Social investment
programmes

Lenders$170m
Interest payments

Shareholders

Subsidiaries’
non-controllingshareholders$388m
Dividends

Employees$617m
Salaries and incentives

Governments$523m
Income tax, royalties
and other payments
to governments$613m
Dividends
For further information on economic value, please refer to our 2023 Sustainability Databook.

Mine truck at Antucoya

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Economic Performance continued

Infrastructure Investment
GRI 203-1, 413-1

We are continually evaluating opportunities to become more efficient
as a Group and to enhance our objective of greenhouse gas emissions
reduction and water management. Copper is a key metal for the energy
transition, and it therefore plays a crucial role both in the global effort
to mitigate climate change and in our sustainable business.
Los Pelambres expansion phase 2 – mine life extension, is a long-term
vision which will enable us to continue pit operations beyond 2035,
in line with our commitment to promote better and more innovativemining to the benefit of community development. Los Pelambres is
one of the mining companies with the highest level of community
engagement.

Centinela
Approved in December 2023 by our Board of Directors,
the Centinela Second Concentrator project aims to increase
the capacity for mineral treatment and production of copper
concentrate and to extend its useful life for more than 20
years. The project is expected to provide more than 13.000
jobs when it comes into full construction, with an indirect
benefit to the local economy near Sierra Gorda districtin the Antofagasta region. Critical path works commenced
immediately following announcement and full construction
activities commencing following the execution of definitive
project finance documents in Q1 2024. It consists of theconstruction of two new pits (Esperanza Sur and Encuentro),
a new concentrator plant and a second thickened tailings
deposit. All operations will use seawater.

Zaldívar
Life of Mine Extension with Water Transition Project
Cost: $ 1.2 billion
In March 2023, the company presented a new Environmental
Impact Statement (DIA), and in June, a new Environmental
Impact Study (EIA) to extend operations until 2051. The “UsefulLife Extension with Water Transition” project proposes a newsource of water supply. Extending Zaldívar’s operations meansthat we will maintain the workforce of more than 4,000 people
in the Antofagasta region.

Worker doing leadershipwork in the field, in centinela

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Antofagasta Minerals Sustainability Report 2023

Tailings thickeners, atMinera Los Pelambres

Centinela Second Concentrator project
Cost: $ 4.4 billion

Los Pelambres
Desalination plant expansion
In 2023, we completed Phase 1 of the Los Pelambres Futuro
project, called “Complementary Infrastructure”, by completingthe construction of the desalination plant at the Punta Chungo
port in Los Vilos. This became the first of its kind in central Chileand has a production capacity of 400 l/s of industrial quality
desalinated water. This project required a total of 21,370
workers and, at its peak in 2022, employed 9,430 workers.
Furthermore, in October 2023, Los Pelambres received approval
from the Coquimbo Environmental Assessment Commission for
the following projects: the expansion of the desalination plant todouble the current capacity to 800 l/s, and the construction of a
new concentrator pipeline between the Los Pelambres
concentrator plant and the Punta Chungo port, Los Vilos, whoseroute will maintain a safe distance from watercourses andpopulated areas.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Economic Performance continued

Exploration Activities
We aim to replace at least the mineral resources mined at ouroperations each year and help provide a platform for Antofagasta’s
sustainable and long-term growth. In 2023, we continued our efforts
to progress in consolidating our latest discoveries and adding new
targets to our portfolio, maintaining our pipeline of exploration
opportunities for the coming years. Exploration remains a key
contributor to the sustainable and long-term embedded growthof the Group´s copper business.
We remain focused on jurisdictions in the Americas, particularly Chile,Peru, Canada and the USA.
In Chile, we are pursuing brownfield and greenfield projects, andin the other countries, we have generative programmes, identifying
early-stage projects, whilst remaining open to M&A opportunities.
The Group’s exploration and evaluation expenditure, which includes
expenditure on pre-feasibility studies, increased by $28 million to$141 million, reflecting geotechnical drilling at Centinela and evaluation
work at Los Pelambres. Overall expenditures across the Company’s
exploration projects remained in line year-on-year.

Our Programme in Chile
Our exploration programme in Chile focuses on highly prospective
areas in northern and central Chile, mainly in metallogenic belts hosting
porphyry, manto and IOCG (Iron Oxide Copper Gold) deposit types.
During the year, the Company completed 77,000 metres of drilling,
3% less than in 2022, primarily focused on two advanced projects:
Cachorro and Encierro.
The Cachorro project is located in the western Atacama Desert
in northern Chile, 100 km northeast of the city of Antofagasta and1,100 km north of Santiago. Work at Cachorro in 2023 has enabled
the Company to report a second inferred mineral resource estimate,increasing by 8% to 250 Mt, with a copper grade of 1.26% (using an
unchanged cut-off grade of 0.5% copper). This increase in size andgrade is attributable to the rise in the number of holes drilled, with workin 2023 combining step out and infill drilling. The results reported by
the Company make this project one of the most important manto-type
deposits in the northern coastal belt of Chile. Cachorro lies between
Antucoya and Centinela, which may enable the project to benefit fromusing of existing facilities.
Worker inspecting copper-bearing drill core at Antucoya

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Antofagasta Minerals Sustainability Report 2023

The Encierro project is in the Chilean High Andes, 100km eastof Vallenar and 600 km north of Santiago. The deposit is a complex
Cu-Au-Mo Miocene porphyry copper, and the Company announced
an inaugural inferred mineral resource estimate in June 2022 of
522 Mt at 0.65% copper, 0.22 g/t gold and 74 ppm molybdenum(using a cut-off grade of 0.5% copper). During the year, new targets
were identified within the property, along with additional drillingof potential new targets located close to the main ore body,with preparatory administrative work completed before the next
exploration phase at Encierro.

Americas
In line with our strategy to focus on exploration within the Americas
during 2023, additional joint venture exploration agreements weresigned with Buenaventura a Peruvian company. These agreements
will provide access to properties with high exploration potential, with
exploration work to be controlled and led by the Global Exploration
Management (GEM) team starting in 2024.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIXKey Role of Copper
Copper plays a key role within the energy transition towards achieving
zero emissions.

Our 2023 Copper Production

660,600
tonnesWith governments around the world increasing
efforts to decarbonise economies through legislationand emerging technologies, it is expected that overall
copper demand will grow, and across a broader
range of sectors than before. New demand isassociated with renewable energy, transportation,industrial electrification, and related infrastructure(wires and cables for wind and solar energy
technologies and strips to connect batteries,
engines and electrical networks).
Examples of emerging technologies that are heavily
dependent on copper are battery electric vehicles(BEVs), which can require two to three times asmuch copper as a typical combustion engine vehicle1.
Copper is also key to renewable power generation,with solar power units using copper in thermalheat exchange units and electrical wiring, witha requirement of approximately 5.5 tonnes per
megawatt generated. Offshore wind installations
are even more copper intensive due to lengthy
cabling requirements, needing approximately
9.5 tonnes per megawatt generated.

Copper’s exceptional capacity to conduct electricity
safely and efficiently makes it highly competitive anda key element in all industry sectors, and in our daily
lives. In addition, its antimicrobial attributes make themetal essential in the health sector, particularly forhigh-contact surfaces. As copper is highly recyclable
without losing any chemical or physical properties,
it will continue to be fundamental in developing
a greener world.
China continues to be the main consumer,
representing 55% of the total with nearly 14 million
tonnes. To put this in perspective, the second largest
source of copper demand is Europe with a 12%
market share of approximately three million tonnes.
Another major end-user of copper is the UnitedStates, which has remained stable at 1.8-1.9 million
tonnes of copper demand for the past five years,
according to the United States Geological Survey.

Battery electric vehicles are forecast to represent
more than half of global car sales by 2040,
an industry of more than 100 million units a year.
The volume of copper required by the automotive
industry is expected to rise by 143% between 2020
and 2040, growing to six million tonnes of annual
copper consumption2.
1. IEA (2021), “The Role of Critical Minerals in Clean Energy Transitions”, IEA, Paris (link), License: CC BY 4.0.
2. Source: International Copper Association report: “Automotive copper demand to increase”, dated March 2022.

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Antofagasta Minerals Sustainability Report 2023

88%

copper concentrates

12%
cathodesOur Products
Gold

209,100
ouncesMolybdenum

11,000tonnesSilver

3,074.5thousand ounces

Copper cathodes awaiting shipment

Chapter 2

Oursustainability
performance
Prioritisation of Sustainable
Development Goals

24

Relationship with our Stakeholders

25

Collaborative Solutions to Shared
Challenges

26

Materiality Analysis Overview

29

Workers at Centinela´sexisting concentrator

23

Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCE

Prioritisation of
Sustainable
Development Goals
Our sustainability policy is in line with theUnited Nations Sustainable Development Goals(SDGs). We seek to create long-term value
for our stakeholders, and we are therefore
committed to achieving targets and operating
programmes that contribute to the SDGs in
the regions in which we operate.
Approved in 2015, the 2030 UN Agenda consists of 17 SDGs covering
a range of interrelated aspects and seeks to support the developmentof a sustainable society in areas such as economic growth, social
inclusion and environmental protection. At Antofagasta, we have beenworking on these targets since 2018 as part of our strategic vision.
In 2023, we identified 13 SDGs our Company makes a relevant
contribution to. We also assessed the scope and applicability of each
SDG from a strategic perspective and in terms of our level of influence
regarding capacity and resources.

PEOPLE AND COMMUNITIESAntofagasta Minerals Sustainability Report 2023

8

8

5

9

4
12

3

Our
Sustainability
Policy and
SDGs

6
7
9
12

17

13
14
15
4

24

ENVIRONMENT AND CLIMATE CHANGE

911APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Relationship with Our Stakeholders
Why Our Stakeholders
MatterOur people

Communities

Suppliers

Customers

Financial Shareholders

Governments and regulators

Who
they
are

Nearly 28,000
employees andcontractors, the majority
based in Chile.

Nearly 50 communities
related to our mines in Chile’s
Antofagasta and Coquimbo
Regions.

1,594 suppliers, ofwhich 93% are basedin Chile.

Buyers of our products,
comprising ofcompanies that arelocated around theworld, in a variety
of jurisdictions.

Participants in financial
markets, including: equity
investor, fixed income
investors, providersof capital, analysts andother market participants.

National, regional and local
governments and regulators
define the framework within
which we operate.

Why
we
engageOur people are central to
our business. We strive
to develop a goodworking environment, toboost talent and humancapital retention. In
addition, contractors area key group to ensuring
operational continuity
according to the highest
health and safety
standards.

We care about the well-beingof local communities in theregions where we operate.
We practice a bottom-up
approach to engagement withthe aim of working together,in order to create value in thelocalities where we operate.
At the same time, we commit
to prevention, mitigation andcompensation for any
adverse impact our activities
may have.

Suppliers are key in ourquest for sustainable
and safe operation. We
work to improve theirsustainability and ensure
they fulfil oursustainability standards
and guidelines. We also
work together to ensurethat their solutions are
cost-effective andefficient.

Engaging with ourcustomers gives us
greater certainty
regarding pricing andvolume of our products
whilst enabling us
to ensure that our
products are meeting
their needs.

We regularly sharecomprehensive andrelevant information
about our strategy,
projects andperformance, keeping
our shareholders andinvestors informed
in a timely manner.

Policy, legislation andregulations can have a major
impact on our business.
We monitor parliamentary
discussions and engage withdecision-makers to identify any
changing situation that might
have an impact on ouroperations.

How
weengage•GRI 2-29

By fostering a continuous,
open, collaborative andtransparent relationship with
our stakeholder groups, weensure their interests remain
at the centre of our business.
We work to develop a robust andlong-term connection throughmechanisms that foster proximity
and constant dialogue with eachof the main groups involvedin what we do. This involves
face-to-face meetings, surveys,
regular interactions and working
groups to address topics
associated with our operations.
These relationships require
a comprehensive approach inwhich we bring together therespective visions of different
corporate areas.
We keep our stakeholders
informed through regular reports
on our operational and financial
performance (available on our
website) and our commitment
to sustainable management.

•
•

•

•

•

25

Site visits by senior
management
On-site reviews
Surveys of theworking environment
Individual performance
evaluations
Regular meetings with
union representatives
Regular meetings withmanagers of ourcontractors.

Antofagasta Minerals Sustainability Report 2023•••

Social programmes
Partnerships with localorganisations
Working groups on specificareas of community
development or concerns.

•

•

•

Regular meetings
between the
procurement teamand suppliers
Online tender
platform to guarantee
fairness andtransparency
Automated invitation
system and several
external platforms
for tenders.

•

•

•

•

Regular contact withcustomers aroundthe world
Frequent contact withequity holders in our
mining operations
Yearly visits to Japanby our Chairman andseveral Directors tomeet some of ourpartners
Marketing office inShanghai.

•

Regular meetings withinstitutional investors
and broker analysts at:
Industry
conferences− Roadshows− One-on-one
meetings− Annual General
Meeting− Regular delivery offinancial reports
and relevant
information.

•

−

•

Close contact with mining
associations and otherindustry-related bodies toengage with governments
on public policy, legislation,
regulations and procedures
relevant to our business.
Interaction withgovernments and regulators
within their engagement
mechanisms (defined in
Chilean Law No. 20,730
on lobbying).

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Collaborative solutions to shared challenges
Strategic Partnerships
Public-private partnerships and collaboration with other private actors within or outside the mining industry constitute a key element of the way we manage our business.
We are partners in projects that promote development in the vicinity of our sites of operation.

Our adherence to ICMM
principles
Antofagasta Minerals is a member of theInternational Council on Mining and Metals(ICMM), an international organisation foundedin 2001 which brings together a third of the global metals andmining industry worldwide. Iván Arriagada, our chief executive
officer, is chairman of the ICMM Board of Directors.
As members of the ICMM, we adhere to its Frameworkof Sustainable Development, which consists of ten Mining
Principles, each with a set of Performance Expectations
in environmental, social and governance practices.
ICMM members must carry out annual self-assessments on
the implementation its Performance Expectations, obtaining
third-party validation every three years. The next audit of all
our mining operations will take place in 2025.
In 2023, we began working on the development of a single
global standard, with companies that are members of the ICMM,
TSM, World Gold Council and The CopperMark, which in addition
to combining different principles, will have a multi-stakeholder
approach from the design to the implementation.
Also, we took part in different working groups, regarding climatechange, nature, human rights, and ICSV (Innovation for Cleaner,
Safer Vehicles), among others.
For further information, please visit chapter 6, Appendix.

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Antofagasta Minerals Sustainability Report 2023

Complying with the Copper Mark
Launched in March 2020, the Copper Markis an independent assurance frameworkof responsible mining practices in the copper
mining industry, developed by the International
Copper Alliance (ICA). It addresses the demand for a higher
standard of environmental, social and governance performanceby investors, NGOs and society in general.
Our four operations completed the assurance process andobtained the Copper Mark seal, and the Molybdenum seal for thecase of Los Pelambres and Centinela. The Copper Mark, inspiredby the United Nations (UN) Sustainable Development Goals(SDGs), consists of independent compliance verification
based on 32 responsible production criteria in five categories:
governance, labour rights, environment, community andhuman rights.
The framework also encompasses the Joint Due DiligenceStandard for molybdenum, copper, lead, zinc and nickel, which
ensures that producers comply with the Responsible Supply
Requirements of the London Metal Exchange (LME), for copper
cathodes, which came into force at the end of 2023. Copper
producing operations committed to the Copper Mark Assurance
Process must follow a strict schedule and meet all criteria within
24 months of signing, and then undergo a re-evaluation every
three years.

Alta Ley Corporation partnerships
Mining Cybersecurity Corporation (CCMIN)
This initiative, promoted by Alta Ley Corporation and supportedby the Ministry of Mining, brings together mining companies
such as Anglo American, Antofagasta Minerals, BHP, Codelcoand Collahuasi. Its main objective is to generate and share cyberintelligence information for the early detection of threats andto promote a strong cybersecurity culture in the mining industry.
The CCMIN, which will begin operations in early 2024, stands
as a bulwark in the fight against cyber-attacks in the mining sector.

Scope 3 Emissions Traceability Roundtable
Jointly with Alta Ley Corporation and the main mining
companies operating in Chile, in August we participated in thefounding of the first Scope 3 Emissions Traceability Roundtable.
This innovative mining industry initiative seeks to unify efforts
associated with measuring GHG emissions in the mining value
chain, in conjunction with Anglo American, BHP, Codelco,
Freeport-McMoRan, Glencore, Teck and the Alta Ley
Corporation. Among its main objectives is to advance in thehomologation of existing standards and methodologies, and topromote capacity building through collaborative work between
mining companies and their suppliers.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Collaborative solutions to Common Challenges continued

Consejo Minero (Chilean Mining
Council)

Antofagasta Region Mining
Strategy

We are members of the Consejo Minero of
Chile, a trade association that brings together
the largest mining companies in the country
and that promotes the sustainable
development of the industry. Our chairman,
Jean-Paul Luksic, and our chief executive
officer, Iván Arriagada, are part of theConsejo Minero Board of Directors. Iván
Arriagada chairs the Council.

We support an initiative launched by
the regional government of Antofagasta
to develop a 2023-2050 regional mining
strategy, prepared by the Organisation for
Economic Cooperation and Development(OECD). The Antofagasta Region is a global
leader in the production of copper andlithium, and the strategy seeks to develop
a long-term regional plan for the sector.

Our Memberships
GRI 2-28

Antofagasta Minerals is a member of various international, national and regional organisations related to thecopper mining industry and the sustainable development of the areas in which we operate. Its objective isto accelerate and expand the global impact of business, contributing to the fulfilment of the Sustainable
Development Goals (SDG) through responsible companies and ecosystems that promote change.
Location

Organisations

Antofagasta
andCoquimbo
Regions

•
•
•
•
•
•
•

Water Stewardship
Quitai-AnkoInnovation Ecosystem
Codelco

We co-fund the Quitai-Anko research
consortium, a project led by the Universidad
de La Serena (University of La Serena) that
focuses initially on solutions for the Choapa
Valley, where Minera Los Pelambres is located.
The consortium operates five main lines ofwork, which include the development of amodel to monitor the water balance of the
Choapa Valley aquifer, as well as an integrated
online information system for the managementof the supply and quality of rural drinking water.

In December 2023, we signed an agreementwith the National Copper Corporation(Codelco), with the aim of fostering research
and future development of innovative
initiatives that positively impact extraction,
metallurgical processes, tailings monitoringand management, digital transformation,
open and operational innovation, andoperational excellence.

Antofagasta Minerals Water
Sustainability Course UC

Antofagasta Minerals, together with ten
leading companies in corporate innovation,
became a member of the DaVinci Circle,
founded in December 2023, and led by MIC
Business Consulting, ESE Business Schoolfrom Universidad de los Andes. The objective
is to share good practices and promote
innovation in the organisations.

The Antofagasta Minerals Water Sustainability
Course at the Pontificia Universidad Católica
de Chile aims to develop knowledge andhuman capital in an area that is essential
to Chile’s climate change resilience.

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Antofagasta Minerals Sustainability Report 2023••

National

•
•
•
•

•
•
•

International••

Da Vinci Circle•••

Antofagasta Mining Cluster
Antofagasta Industrial Association (AIA)
Mejillones Industrial Association (AIM)
Corporación PROA
Corporación PROLOA
Fundación Gaviotín Chico
Alianza Antofagasta
Industrial Corporation for the Development of the Coquimbo Region (CIDERE)
Coquimbo Regional Mining Council (CORMINCO)
Consejo Minero (Chilean Mining Council)
National Mining Society (SONAMI)
UN Global Compact network in Chile as Minera Los Pelambres
Acción Empresas, a local partner of the World Business Council for Sustainable
Development
Chilean Hydrogen Association (H2 Chile)
Women in Mining Chile (WIM)
Mining Skills Council (CCM)
International Council on Mining and Metals (ICMM)International Copper Association (ICA)
International Molybdenum Association (IMOA)
Mining & Metals Working Group of the World Economic Forum (WEF)
RedEAmérica

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Collaborative solutions to Common Challenges continued

2023 Awards
Most Innovative Company
Mining sector 2023 Ranking

Outstanding company
ESG criteria“Radoslav Razmilic” Executive
trajectory award

Gender Equity, Co-responsibility
and Conciliation award

Antofagasta Minerals

Antofagasta Minerals

Iván Arriagada

Centre for Financial Studies ESE Business School,
Universidad de los Andes

EY and El Mercurio newspaper

CEO Antofagasta plc

Relevos Programme
Antucoya(Santiago)

Asociación de Industriales de Antofagasta

Antofagasta Minerals(Antofagasta)

Asociación de Industriales de Antofagasta

El Mercurio newspaper
MIC Business Consulting(Santiago)

Second best evaluated programme
Planet category

Second best company
Metals and Mining category
Sustainability and climate changereports delivery
Antofagasta Minerals

Women and Mining conference

WIM Ambassador(Antofagasta)

Third best evaluated programme
Alliances category

Iván Arriagada

Emerging talent

Somos Choapa – Los Pelambres

Women in Mining (WIM)

Daniela Barrios

UN Global Compact(Santiago)

Programme and Control Engineer(Santiago)

ESG Investing(London)CEO Antofagasta plc

Los Pelambres

Best mining industrial development
project

Women in Mining (WIM)(Santiago)

Chloride leaching project
Zaldívar
Asociación de Industriales de Antofagasta(Antofagasta)

Most Innovative Company award

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Antofagasta Minerals Sustainability Report 2023

“Radoslav Razmilic” Executive trajectory award

Outstanding company ESG criteria award

Best mining industrial development project award

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Materiality Analysis Overview
GRI 3-1, 3-2, 2-14

As an essential part of our sustainability
targets and policy, we conduct amateriality assessment every two years
to identify and prioritise relevant topics
that might have an impact on our strategy
and stakeholders.
Our Board of Directors is responsible for reviewing andapproving the content of our Sustainability Report and ourmaterial topics. The materiality process, as well as the content
of the Sustainability Report, is supervised by our Vice
Presidency of Corporate Affairs and Sustainability and by
our Sustainability Performance Management department.
In 2022, having completed a materiality assessment comprisingof four stages, we identified 26 material topics, three of whichwere new to our matrix. Material topics were organised according
to their impact on Antofagasta strategic topics and issues
relating to our stakeholders.
Six topics were of the highest importance for both Antofagasta
strategy and the stakeholders: corporate governance; newregulations, regulatory uncertainty and permits; transparency,
communications and trust; health and safety culture; dialogue
and engagement with community and indigenous peoples;and social contribution and skills development.
In 2024, as part of a transparency exercise, we will conduct
a double materiality exercise, reporting not only on sustainability
issues that are material to the Company’s financial
performance, but also on those that impact the wider world.
For further information, please visit chapter 6, Appendix.

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Antofagasta Minerals Sustainability Report 2023

Our 2022 analysis required inputs from internal and external stakeholders and was conducted in four stages.

Diagnosing theorganisation’scontext

Identifying actualand potential
material topics

Assessing thesignificance of
the impacts

Prioritising anddefining material
topics

We carried out acomprehensive review
of internal and external
information, and conductedinterviews with senior
management and external
experts regarding existing,new and emerging
sustainability topics forthe copper mining industry,both in Chile and abroad.

We used the information
obtained to define apreliminary list of relevant
topics, and the actualand potential impacts ofeach topic.

We evaluated both thequalitative and quantitative
impacts of each topic basedon the severity andlikelihood of actual andpotential impacts. The
severity assessment was
based on the scale, scopeand remediable natureof the impacts.

Within the framework of
the European Financial
Reporting Advisory
Group’s scales, we definedeach topic’s level ofmateriality. The mostsignificant impacts weregrouped into material
topics under the economic,
governance environmental
and social categories.
Antofagasta’s sustainability
team reviewed each topic.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Materiality Analysis Overview continued

Antofagasta Minerals materiality matrix•••

Decarbonisation​
Risk management and climate change
adaptation​
Workforce well-being​

•
•

•

HIGH

•
•
•
•

•

Circular economy​•

Contractors’ management​
Digital transformation​
Biodiversity​
Collaborative labour relations​
Diversity, equity and inclusion​
Respect for human rights​
Tailings management ​•Cybersecurity​•••

MEDIUM HIGH

•
•
•

•
•
•
•
•
•

Economic performance​
Responsible sourcing​
Local employment​
Innovation​
Site security​
Management of the operations’ socialand environmental impacts ​LOW

MEDIUM LOW

IMPORTANCE TO STAKEHOLDERS•

Corporate governance​
New regulations, regulatory uncertainty
and permits​
Transparency, communications and trust​
Water management​
Health and safety culture​
Talent attraction, retention and development​
Dialogue and engagement with communities
and indigenous people ​Social contribution and skills development

LOW

MEDIUM LOW

MEDIUM HIGHSTRATEGIC IMPORTANCE FOR THE GROUP
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Antofagasta Minerals Sustainability Report 2023

HIGH

Chapter 3

Corporate
governance
Governance Structure

32

Sustainability and Stakeholder
Management Committee

33

Compliance and Internal Controls

34

Risk Management

36

Boosting Cybersecurity37

Our Tax Approach

38

Respecting Human Rights

39

MATERIAL TOPICS
Corporate governanceTransparency, communications and trust
New regulations, regulatory uncertainty
and permits
Risk management
Cybersecurity

Workers at Centinela’s Integrated Remote Operations Centre

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

Governance Structure
Corporate Governance
GRI 2-9, 2-10, 2-11, 2-12, 2-16, 2-19, 3-3, 405-1

At Antofagasta, we strongly believe that a robust governance structure based on appropriate corporate policies and clear
guidelines assures our sustainable performance in line with the best international practices and compliance. Our diverse
and experienced Board plays a key role in defining our strategy, vision, creation of shared value, and our commitment
to accountability.

Antofagasta plc Board

45%

of Board members are
women.

Board Committees
Nominationand governance

Sustainability
and stakeholder
management

Audit
and risk

Remuneration andtalent management

Projects

Disclosure

EthicsOperatingperformance
reviewout of 11 members of theBoard are independent1.

of the Board members
self declare to havesustainability skills. This
includes competence on
climate-related issues.

Subcommittees of the Executive Committee
Climatechange664%

CEO and Executive Committee

Businessdevelopment

The highest corporate
governance body of
Antofagasta plc is theBoard of Directors, led by a
Non-Executive Chairman

Projectsteering

Water, energy& emissions
management

1. This means that no individual
or small group of individuals
can dominate the Board’s
decision-making.

To learn more about our corporate governance and governance structure, see pages 126-181 of the Annual Report.

New milling plant at Los Pelambres

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Antofagasta Minerals Sustainability Report 2023

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Governance Structure continued

Sustainability and Stakeholder Management Committee
GRI 2-12, 2-13, 2-17, 2-24

The Sustainability and Stakeholder Management Committee supports the role of the Board and gives recommendations to ensure that environmental,social and governance topics are included in the Board’s ongoing decision-making. The Committee supervises the social dimensions of oursustainability and human rights policies, in addition to providing guidance on how the Group should reflect the visions and interests of its various
stakeholders.
We maintain regular dialogue with our stakeholders and ensure that theirviews are carefully considered in the Board’s deliberations. The
Committee regularly reviews and updates the Group’s policy frameworkon safety, health, environment, human rights and community relations,and supervises the Group’s performance in the definition of and compliancewith environmental, social and occupational health and safety policies.
In addition, the Committee reflects stakeholders’ opinions and interests
in relation to operations, projects and other relevant business activities.
Independent reports are delivered regularly for discussion by theCommittee in line with material topics and the level of progress
associated with them.

Sustainability Management at the Executive Level
At the executive level, sustainability permeates and guides management of the organisation. The Vice Presidency of Corporate Affairs andSustainability is responsible for the execution of our sustainability policy and for ensuring that all our employees share our commitment.
Progress in regard to strategies and models derived from our sustainability policies is evaluated on a regular basis.
Each of this Vice Presidency’s management divisions delivers a strategic approach to the mining companies and works in a coordinated manner
to achieve proposed objectives in different areas, such as worker health and safety and company environmental performance.

Chief Operating Officer

In 2023, its main focuses were:
Monitoring the implementation of New Standard for Tailings
Management and Dam Break Analysis.
Overviewing Minera Los Pelambres’ water strategy.
Reviewing the Health and Safety Results and Plans, as wellas the Psychosocial Risk Analysis questionnaire results.
Reviewing implementation of the climate change strategy.

•

•
•

•

Sustainability and Stakeholder
Management Committee

Chair

Vivianne Blanlot(since 2017)

Members

Michael Anglin
Jorge Bande
Juan Claro
Ramón Jara
Eugenia Parot

33

The CEO, the COO, the Vice
President of Corporate Affairs andSustainability, and the Company
Secretary periodically attend themeetings, as do other directors who
are not members. The Committee
meets whenever necessary andat least twice a year. In 2023, theCommittee met seven times toassess the organisation’s priorities.

Antofagasta Minerals Sustainability Report 2023

Vice president of Corporate Affairs and Sustainability

HEALTH AND
SAFETYMANAGERENVIRONMENTAL
MANAGERPUBLIC AFFAIRSMANAGERSUSTAINABILITYPERFORMANCE
MANAGERTo learn more about the competencies of our Board, see page 134 of the Annual Report.

SECURITY
MANAGERCOMMUNICATIONSMANAGERWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Compliance and Internal Controls
Transparency, Communication and Trust

Our compliance model

GRI 3-3

We believe in the importance of developing effective andtransparent institutions. Supported by our guidelines,
Ethics Code and internal policies, we run our business inan accountable manner. We strive to make progress withintegrity, respecting human rights and regulations, openly
communicating our performance with a focus on our
stakeholders, and constantly supervising our procedures.
To achieve our objectives within a framework of sustainable long-term
development, we maintain a solid governance system that includes
an Ethics Committee, open channels of communication, training, andmultiple levels of control in all our operations, in our exploration
projects and activities, and in our relationships with third parties.

Prevention is key to averting theoccurrence of any irregular or illegal
situations. We regularly provide tools
and training opportunities to all
employees and contractors to enhance
appropriate behaviour through:
•
•
•

•

Compliance Model
GRI 2-15, 2-16, 2-27

Our Compliance Model applies to both our employees and contractors.
It is clearly defined and is communicated regularly through internal
channels, as well as being available on our website. All contracts include
clauses relating to ethics, modern slavery and crime prevention,
to ensure contractors’ adherence to our Compliance Model.
We actively promote open communication with all our employees,
contractors and local communities. This helps ensure that our
corporate and value creation objectives are achieved in an ethicaland honest way.
The Compliance Model is reviewed regularly, both internally andby third parties, and on corruption-related matters it is certified inaccordance with Chilean anti-corruption legislation (Law No. 20,393),
which regulates criminal liability of legal entities.

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Antofagasta Minerals Sustainability Report 2023

DetectPrevent•••

Internal policies and procedures.
Anti-trust guidelines.
The management and updateof our Compliance Risk Matrix.
Our robust due diligence processes.
Anti-corruption clauses in suppliers’and employees’ contracts.
Compliance training andcommunication.
Access Control and Governance,
Risk and Compliance (GRC) tools
are used as part of the segregationof duties control.

Detection of any potentially irregularor illegal situation is boosted by:
•

•
•
•

•

Open whistleblowing channels whereindividuals can present complaints
and grievances anonymously under
our non-retaliation policy.
Data analysis.
Anti-corruption internal controls.
Internal policies, procedures or
guidelines, under permanent review.
Internal audit.

Act
Immediate action is taken if an irregularor illegal situation is detected. We
investigate according to our internal
procedures using fact-based, objective
and professional standards. An
Ethics Committee associated with ouroperations reviews the findings of every
investigation and recommends
remediation plans to the Corporate
Ethics Committee. The complianceprogramme’s performance is reported
twice a year to the Audit and Risk
Committee and to the Board.

In 2023, we focused on boosting our prevention culture across the whole Group and at the grassroots level. Each time we identify a gap
in a particular area, we reinforce training, control optimisation, policy adjustment and communication. In August, the “Ley de Delitos Económicos”(Economic Crimes Law) was published. This new legislation establishes a new legal regime applicable to natural persons (individuals) andanother to legal entities (companies). Although we are confident that we have robust controls in place, we reassessed the Group’s risk matrix, inorder to identify the needs of any new or adjustment in our controls.
For further information, please visit our 2023 Annual Report and Sustainability Databook.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Compliance and Internal Controls continued

Code of Ethics

Payments to Governments

Our Code of Ethics frames our commitment to conducting businessin a responsible and sustainable manner. The Code requires honesty,
integrity and accountability from all employees and contractors, andincludes guidelines for identifying and managing potential conflictsof interest. It is at the centre of our Compliance Model and supports
the implementation of all other related activities. The overall ethicalprinciples and conducts of the Code should serve as a behaviour guidefor all our employees and Board members, as appropriate to theirfunctions, and all who provide services to the Group.

GRI 201-4, 415-1

Since 2023, every new employee must complete an e-learning
induction course on ethics. This training was successfully implemented
to all of our workers in 2023.

We comply with our own policies and the laws and regulations of hostcountries, always maintaining high standards of engagement. We makepayments to governments in the form of taxes and licence fees relating
to our activities in the exploration, discovery, development andextraction of minerals.

Protecting our reputation
A robust due diligence process is in place, based on a risk analysis
approach. Our objective is to ensure that Antofagasta is doing businesswith suitable third parties. In this way, we work to protect the Group’s
reputation.
A campaign “let’s talk about integrity” was launched in 2023, witha large-scale communication related to respect, safety and healthand environmental management.

In Chile, ties with governments and regulators are subject to strictengagement mechanisms, defined under Lobby Law No. 20,730.
This Law seeks to regulate lobbying activity and other efforts torepresent specific interests in support of greater transparency.
The Law applies to the officials of central and local administrations
who regulate activities such as the issue, modification and repealof administrative acts and laws, and the decisions of the authorities
and officials.

Political donations under certain requirements are permitted by Chilean
law, but Antofagasta made no political donations in 2023. However,
we often make contributions by financing projects benefitting local
communities, in alliance with local municipalities and the government.
These contributions are regulated by specific laws and are reviewed
by the Chilean Internal Revenue Service (SII).
For further information, please visit our 2023 Annual Report andSustainability Databook, Compliance sheet.

Whistleblowing Channel for Our
Stakeholders
GRI 2-25, 2-26

At Antofagasta, we have two open communication channels
with our stakeholders: one for complaints associated with ethics
and management, run by the Risk and Compliance Management
Department; and the other for grievances expressed by thecommunities close to our areas of operation, overseen by the
Public Affairs area (see our People and communities chapter).
Our employees and stakeholders can make complaints or raisequestions confidentially and anonymously through our reporting
line Tu Voz (Your Voice), available on our website, e-mail andtelephone. Whistleblowing investigations, performed by a groupof experts, are centralised and standardised, guaranteeing theindependence of the process.
In 2023, we received 583 allegations. Of these, 179 (31%)
were ethics related and 404 (69%) were non-ethical concerns.
Remediation actions were defined and implemented for all
substantiated allegations.

Anti-corruption Regulations
GRI 205-1, 205-2, 205-3, 206-1

At Antofagasta, we comply with all applicable anti-corruption andanti-bribery legislation and ensure that necessary controls are in place
to prevent any unethical behaviour. Our Crime Prevention Model
ensures compliance with anti-bribery and anti-corruption laws in
the United Kingdom and Chile, and is certified by an external entity.
Our Audit and Risk Committee monitors adherence to the Compliance
Model and Crime Prevention.

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Antofagasta Minerals Sustainability Report 2023

2023 Complaints
Fraud, conflicts of interest,and other misconduct – 139

23.8%

Regulatory
non-compliance – 1

0.2%

Workplace and sexual
harassment – 39

6.7%

Other Human Resourcesrelated issues – 158

27.1%

Other complaints – 246

42.2%

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESRisk Management

APPENDIX

New Regulations, Regulatory Uncertainty
and Permits

GRI 3-3

GRI 3-3

At Antofagasta, our long-term sustainable growth is inextricably linked to effective corporaterisk management. As an essential part of our culture and strategy, we continuously monitor
both principal and emerging risks and have put in place a robust risk management framework
to ensure identified risks are managed or mitigated before they result in negative impacts
to the Group.
In 2023, we reviewed and revised our risk management methodology
to better define the concept of “effective control” and to validate theefficacy of defined controls on site. In doing so, we conducted fieldwork
to verify different risk levels according to existing responsibilities andworked directly with the “risk owners” consistently with lines ofdefence.
In November, the Risk and Compliance Management presented
to the Board an updated report on our risk appetite,1 including theramifications of the Economic Crime Law No. 21,595, published in
2023. We also carried out the identification of risks associated with
our new Integrated Operations Management (GIO) process, particularly
at Los Pelambres (mining site and desalination plant) and Centinela.
See page 144 of our 2023 Annual Report for more informationon our Risk Governance.

Sustainability Risk Management
Risks associated with sustainability – one of our five strategic pillars,
jointly with health and safety – are monitored regularly to identify
degrees of uncertainty and allow us to adopt measures in a timely
fashion. Growing levels of risk, particularly in relation to climate change,
impose new challenges that require an integrated approach. In 2023,

1. Risk appetite is the expression of the acceptable exposure to uncertainties that
we are willing to assume in the pursuit of our objectives. For further informationon our risk appetite, please visit our 2023 Annual Report.
2. An instrument that encourages low-carbon investment.

36

ENVIRONMENT AND CLIMATE CHANGE

Antofagasta Minerals Sustainability Report 2023

we updated our sustainability and safety risks matrix, incorporating
relevant changes according to the new challenges. The update resulted
in the reduction of the level of occupational health and safety risk from“very high” to “high”.

“Sustainability and safety” strategic pillar

Level of risk

Occupational health and safety
Environmental management
Climate change
Community relations
Political, legal and regulatory areas
Corruption
Low

MediumHigh

Very highFor further information, please visit our 2023 Annual Report
and Sustainability Databook.

Risks associated with climate change are part of our risk appetite
and are a driver of our decision-making. We have a “shadow carbon
pricing”2. Our projects and initiatives that contribute to energy transition
at a higher cost – such as electromobility and desalination plants – aresupported by our sustainability framework, which is embedded in ourGroup’s strategy.

Our sustainability depends strongly on having a clear
regulatory framework within which to develop ouroperations and share value with our stakeholders.
We understand that low levels of economic, environmental
and socio-political uncertainty favour investment decisions
and facilitate an ongoing and consistent relationshipbetween our companies and the expectations of society.
In the regulation arena, we work on three different dimensions:
1. Follow-up on early identification of possible impacts on our Group
2. Identification of emerging topics nationally and internationally
3. Participation and inputs in mining industry associations
In 2023, key national topics were: the potential impacts of theChilean constitutional process and the scenarios emerging from theDecember plebiscite, both in the mining industry and across society;and new regulations within the industry. In the international arena,
we also monitored any potential impact of the Israel-Palestine
conflict and the Russia-Ukraine war.
In Chile, in August 2023, the President promulgated the Large
Mining Royalty Law, which, beginning in 2024, seeks to collect
0.45% of GDP, that is, an equivalent of approximately US$ 1.35
billion, of which US$ 450 million will be allocated to the regionsof Tarapacá, Antofagasta, Atacama, Coquimbo, Valparaíso
and O’Higgins.
In addition, the new Economic Crime Law No. 21,595 may impose
increasing sanctions on companies and individuals. We have been
analysing and preparing ourselves to train our employees and adjust
our activities, in order to reinforce our internal mechanisms andsystems, with a particular focus on minimising any significant impact
on our environment, on avoiding corruption, and preventing crime.
Permits, and environmental authorisations in particular, are also
relevant to investment project decisions and to operating withina clear regulatory framework. New criteria and guidelines haveintroduced stricter requirements.
For further information, please visit chapter 5, Environment
and Climate Change.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESBoosting Cybersecurity
GRI 3-3

Digital technology plays a critical role in increasing the productivity of our processes. We areconstantly updating our systems and enhancing our action plans to identify, minimise and control
any potential risk that might affect our regular networks and programmes. Due to its strategic
relevance and visibility, cybersecurity has become a key issue in protecting our digital
infrastructure and ensuring our sustainable progress.
Cybersecurity is one of the four pillars of the Company’s technology
strategy (2022-2024), along with “360 connected”,1 “digitally
managed”2 and carbon footprint reduction. Under the umbrella of
Living CyberSecurity, we organised three relevant activities andinitiatives in 2023.
First, we have brought cybersecurity to our communities, and to highschools and universities in particular, through our “AMSA School”
initiative, aimed at secondary students.3 The objective is to provide
education about cybersecurity and promote harassment (cyberbullying)
prevention among young people.
Second, we have widely communicated the concept of cybersecurity
within our companies and among our workers through large-scale
cybersecurity events and fairs, with cybersecurity stands offering
playful activities to encourage a friendlier view of technology.
Third, we organise around 14 ethical hacking events to test the levelof vulnerability of our overall digital security systems. With the supportof internationally renowned companies, in September we held an eventthat yielded positive results in terms of IT (Information Technology)
and OT (Operation Technology). The information obtained helps us
to verify and constantly improve our digital controls.

1. This focus concerns fixing a communication set to enable connectivity
within the Mining Group.
2. This focus concerns the digitalisation of our operations.
3. The equivalent to 11th and 12th grades in high schools in Chile.

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Antofagasta Minerals Sustainability Report 2023

In addition, we started to carry out ethical phishing exercises
three years ago, and with the help of training, informationand digital education, we were able to significantly reduce thenumber of users who were unaware of suspicious activity orunethical practices. In 2023, we achieved substantial progresson the subject, which is no longer viewed as a critical issue
by the Audit Committee.
In broader terms, we incorporated and adapted best practices from theISO 27000 and NIST Cybersecurity Framework into our Company andlinked a group of initiatives in three areas: implementation of technology
to reduce cybersecurity risks, regular testing and the transformation oftechnology into a more approachable issue for users in order to reducerisks and to prevent cyber-attacks.
At Antofagasta, mechanisms such as procedural regulations, a Disaster
Recovery Plan, a Crisis Committee and the above mentioned ethicalhacking events represent a robust framework that allows our Company
to achieve maturity both at the management level and in terms of ourusers’ understanding of cyber-attack risks.

ENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Integrated Operations Management

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCE

Our Tax Approach
GRI 207-1, 207-2, 207-3, 207-4, 3-3

Our tax contribution represents a fundamental elementof value creation for our stakeholders. From government
to local communities and shareholders, we are regularly
and consistently contributing with resources generated
by our sustainable business and, in turn, improving
economic growth and quality of life in a variety of ways.
At Antofagasta, compliance means paying the right amount of tax in the right place andat the correct time. It involves disclosing all relevant facts and circumstances to the tax
authorities, and claiming relief and incentives where available and as intended. Our tax
affairs are overseen at all levels of management, including by the Board of Directors.
We manage and report tax matters at every Board Meeting. In addition, these topics areanalysed and managed daily by the Head of Tax, and, where appropriate, brought to theattention of the Audit Committee and Board of Directors.
We operate a Tax Strategy that is approved by the Board of Directors and applies to allof Antofagasta’s companies. It is this strategy that establishes the guidelines for our tax
behaviour in terms of governance, approach to business transactions, tax risk and theway we are required to deal with external stakeholders, including tax authorities.
Risks might emerge in relation to the interpretation of tax laws and the nature of ourcompliance arrangements. Antofagasta Minerals proactively seeks to identify, analyse,
manage and monitor these risks, to ensure they remain in line with the Company’s low
risk appetite. Where there is significant uncertainty or complexity in relation to a risk,
we might seek external advice.
Our approach to dealing with tax authorities is based on integrity, respect, fairness anda spirit of cooperative compliance. Almost 100% of Antofagasta’s taxes are paid in Chile,where all our operations are located.
For further information, please visit our 2022 Tax Report.

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Antofagasta Minerals Sustainability Report 2023

CORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Workers at Centinela

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Respecting Human Rights
At Antofagasta, we recognise the dignity and value of the human being as an essential elementof what we do. Acknowledging and respecting human rights implies action within a frameworkof equality, fairness and non-discrimination. We particularly believe in the importance in the rightto access healthcare, education and an adequate standard of living.
Respect for Human Rights
GRI 3-3, 2-24

Our Human Rights Policy defines and guarantees respect for thehuman rights of all our stakeholders. The approach determines how
we connect with employees, contractors, suppliers, business partners,
communities and other actors related directly to our operations. We
respect and observe all internationally recognised human rights. Theserights include those indicated in the International Bill of Human Rights,
which includes the Universal Declaration of Human Rights.
We emphasise the avoidance of behaviours that constitute any formof exploitation, slavery or human trafficking, both in our operations andin our supply chain, and we do not tolerate the use of child, forced
or slave labour in any operations of Antofagasta plc or its supply chain.
In compliance with the Modern Slavery Law 2015 UK, we publish anannual statement of the measures taken to ensure that slavery andhuman trafficking do not occur in our supply chain or in any area ofour business.

Respect for indigenous peoples
GRI 411-10incidents of violations involving
rights of indigenous peoples in 2023
Beneficiary of the
APROxima en
Red programme

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Antofagasta Minerals Sustainability Report 2023

Our Human Rights Policy, which applies to all Group companies,
recognises, respects and contributes to the protection of the rights,
culture and traditions of all indigenous peoples and exercises special
care in the case of those groups living in the vicinity of our operations
and projects.

Our policy reinforces our commitment to the rights of indigenous
peoples and aligns our security practices with the Voluntary Principles
on Security and Human Rights (VPSHR) and the United Nations (UN)Guiding Principles on Business and Human Rights. We apply an
Indigenous Peoples Engagement Standard, to ensure that all of
Antofagasta Minerals’ operations and projects consistently employ
development processes and practices that harmonise our activities
and fully respect the human rights of indigenous peoples.

Our Due Diligence Process
GRI 2-23, 2-24

In 2023, the International Council on Mining and Metals (ICMM) updated
its Human Rights Due Diligence Guidance, an important resource thathelps member mining companies to better integrate human rights into
existing risk management approaches. The guide stresses the fact thatevery person deserves to be treated with dignity and respect, and thatall businesses, regardless of where they operate, have a responsibility
to respect human rights.
Our main input for the development of our Human Rights Policy hinges
on the first Due Diligence exercise implemented in 2018 at all ourcompanies. We are currently working on our second Due Diligenceprocess, to assess the current status of potential risks identified
in our first process and establish new action plans accordingly.
This is considered a key process in understanding and anticipating
potential industry impacts on the community, and in designing
preventive action plans to mitigate any potential negative consequencesof our activities in terms of indigenous peoples, and community
relations, labour rights, work-life balance, water stewardship, dust
release, and other topics.

Chapter 4

People andcommunities
Our People

41

Occupational Healthand Safety Culture48

Security53

Our Suppliers

54

Our Work with Communities

59

MATERIAL TOPICS
Work well-being
Diversity, gender equality andinclusion
Talent development, retention andattraction
Digital transformation
Collaborative labour relations
Safety and health culture

Industrial protection
Responsible supply
Local employment
Social value and skills development
Dialogue and linkage with
communities and indigenous
peoples

Safety briefing withworkers at Centinela

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our people
GRI 2-7, 2-8, 3-3

Our people are the essence of ourachievements and the key to a sustainablebusiness. We strive to create a working
environment aligned with our organisational
purpose, fostering well-being, a diverse andinclusive culture, skills development andtalent retention, particularly for women.
In 2023, we restructured the People and Organisation vicepresidency, along with its strategy and supporting pillars:•••

Individual relationships
Connecting with our employees’ experiences and strengths,
developing their potential and creating the appropriate conditions
for optimal working.
Organisational capacities
Attracting and retaining talent that allow us to install andreinforce the organisational capacities needed for thedevelopment and sustainability of the Company.
Organisational effectiveness
Ensuring the organisational effectiveness and competitivenessof our company’s present to support the future of mining.

Our Board oversees the Group’s People Strategy, with support
from the Remuneration and Talent Management Committee.
Remuneration practices and policies are necessary to promote
our business strategy in the long-term. Because of this, employees
in the categories of supervisor and executive have 25% of key
individual performance and annual bonuses linked to sustainability
goals and individual organisational capacities.
For further information on GRI 2-20, 2-21, 201-3, and 405-2,
please visit our 2023 Sustainability Databook.

27,900Distribution of
permanent andfull-time employees(2023)

6,139

33%

total workforce

permanent and full-time employees

199
temporary employees

55%

of our permanent and full-time
employees are based in the
Antofagasta or Coquimbo regions

79%

unionised employees

23%
direct employees

77%

Centinela

28%
Los Pelambres

10%Antucoya

11%
Zaldívar

18%
Santiago (corporate
office)97%of our employees have an
indefinite employment
contract

contractors

23.7%

of permanent and full-time
employees are womenLaboratory worker at Centinela

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our People continued

Well-being: Our Priority
GRI 3-3Well-being in the workplace is one of our priorities. Beyond
the salaries paid, we promote the physical, emotional, financial
and social well-being of our employees through a series
of initiatives. We seek to achieve a high level of engagement
and a working environment that is conducive to theachievement of business objectives.
In 2023, we focused on mapping the profile of our personnel in termsof their career path, formal studies, interests and work purpose,in order to design new policies and programmes accordingly. Thisis a continuation of the plan we defined in 2022 for Organisational
Effectiveness Management and is aligned with decisions made by
the Board to strengthen our pillars and drive towards cultural change.
We have monthly meetings with the People and Organisation managers
at all our companies and are deploying our initiatives to evaluate andmeasure indicators accordingly.
We maintained a permanent hybrid remote and in-person working
system through our Work-Life Balance Guidelines according to theCompany’s operational needs. The guidelines are designed to improvethe division of employees’ time between work, family and recreational
activities, and the benefits provided go beyond the stipulations ofChilean legislation; for example, personnel are able to take up to ayear off work for health or other reasons.

Benefits Provided to Full-time Employees

The Invest in Yourself programme (Invierte en ti) at Antucoya has
benefitted more than 300 people, including employees, contractors andsubcontractors, and is aimed at improving their quality of life throughhealthy eating, exercise, and living both inside and outside work.
We provide legal consultancy in matters relating to family, inheritance,
contracts and municipal permits, and personnel have access tosignificant discounts on banking services. In this context, the Programa
Integral de Nutrición (Comprehensive Nutrition Programme) in Los
Pelambres is focused on employees’ nutrition and exercise practices.
For further information on GRI 401-2 and 401-3, please visit
our 2023 Sustainability Databook and “Above and beyond: Employee
well-being to drive diversity and engagement”.

Well-being Benefits
Physical
•
•
•
•

•

Health and dental insurance
Preventive occupational examinations free of charge
Regular health check-ups
Preventive programmes for potential associated risks(silicosis, hypobaria, sleep hygiene)
Annual immunisation campaign against influenza

Mental
••Psychological support
Tailored individual programmes

Financial

On top of these benefits, we operate a remote support channel focusedon the comprehensive well-being of personnel, offering a 24/7
telemedicine programme, health guidance, medical advice for parentsof newborns, clinical guidance on sleep disorders, emotional support,
nutritional guidance, sports advice and a veterinary programme.
Additionally, we provide legal consultancy and significant discounts
on banking services.

••

Financial education
Life insuranceSocial••Volunteering
Celebrations

Volunteer workers from los pelambres in Primary school
Matilde Salamanca, Salamanca

Antofagasta Minerals Sustainability Report 2023

We deliver benefits and define communication styles according to
the personal features of our workforce. Bottom-up and top-down
communication is one of our key tools for understanding ourworkforce’s needs. In order to invite the opinions of our personnel,
we promote their participation in engagement surveys, which we
conduct every two years, and in 2023 are focused on putting into
practice the resulting action plans, psychosocial risk surveys,
and opinion surveys on activities in which they have participated.
This allows us to collect feedback, review our communication tools,
and revise and update our programmes to maintain an appropriate
and effective level of workforce engagement.

Volunteering: A Way to Boost Social Bonds

GRI 402-2

42

Our Communication Tools

In an effort to foster a collaborative and supportive workplace, we
operate a Volunteering Programme in local communities at each mining
location. Individuals are encouraged to build their own network andcollaborate with co-workers. In 2023, efforts were made at Los
Pelambres to create a favourable educational environment for children,
regarding provision of vocational orientation and psycho-emotional
support. Antofagasta also organised sports workshops for children
in vulnerable situations to promote healthy habits. In 2023, Antucoya’s
employees participated in volunteer work in support of the Fundación
SOS Animalista in María Elena district.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

Our People continued

Diversity, Gender Equality and Inclusion
GRI 3-3

We focus on new, creative ways of thinking and strategies
to foster inclusion in the workplace. In doing so, in 2023,
we boosted our protagonists’ network, our agents of change,to specially support women retention and the inclusion of
employees with disabilities and different cultural backgrounds.
Our Diversity and Inclusion (D&I) Strategy, launched in 2018, hastransitioned from an awareness-raising phase about unconscious bias
and discrimination to inclusive practices, becoming an integral partof how we work.
Our Diversity and Inclusion strategy has the following focuses:

Our Focuses

Gender Diversity
Promotebalanced,bias-free teams
where talents are
made visible andconciliation andco-responsibility
are promoted.

People with
Disabilities
Create working
environmentsthat provide
equal
opportunities
for people withdisabilities,
allowing themto develop theirfull potential.

Global Profiles
andInterculturality
Manage inclusive
environments
for all people,
regardlessof their origin,ethnicity or
nationality,
incorporating
talents fromour local
communities.

People with Disabilities
In 2023, people with disabilities account for 1.4% of our employees –above the minimum figure of 1.0% required by Chile’s Workplace
Inclusion Law. We have also remained leaders of the Mining Council’s
technical working group on universal access to mining sites for people
with disabilities.

Gender Balance
Our affirmative actions are developed in recruitment and selection,
leadership programmes aimed exclusively at women, learning anddevelopment programmes, and a work and compensation system.
During the reported period, we paved the way to certification in 2024
in the NCH (Chilean Standard) 3262 on Gender Equality.
Since 2018, we have made steady progress in increasing therepresentation of women in our workforce. In 2023, we increased
the percentage of female employees to 23.7%, surpassing our internalgoal of 22%.

Our Performance 2023

Target 2025

23.7%

30%

of personnel
are women

448

women hiredof personnel
should be womenby 2025

Female Representation in Management (2023)
GRI 405-1
Executive
Committee

Male
Female

9
2

82%
18%

Direct reports to the
Executive Committee

59
14

81%
19%

Seniormanagement*

14
2

88%
13%

* Includes directors of subsidiaries as defined in The Companies Act 2006 (Strategic
Report and Director’s Report) Regulations 2013

Worker at Centinela

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Antofagasta Minerals Sustainability Report 2023

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our People continued

Female Talent Attraction and Retention
In 2023, we prioritised initiatives to boost our female talent retention
and attraction, including the Women Maintenance Apprentices
Programme to train young mining maintenance female operatives,1and specific programmes to strengthen the skills of female supervisors.
We encourage women to apply to open positions and, on average, halfof candidates for most of our job opportunities are women. In addition,
we regularly oversee and review potential salary gaps based on
experience rather than gender.
A total of 70 women, including executives, supervisors and operators,
continued their participation in professional development initiatives
and in our Female Leadership Programme during 2023 as part ofour D&I strategy. This initiative promotes management enhancement,
communication and empowerment among female team leaders
to leverage effective leadership and improve team performance.
Our Programmes and Actions
•
•

•

•
•
•
•
•

Career mentoring for women.
Training supervisors and Shift leaders: both involve attracting,training and accompanying women until they are fully installedin their role.
Respectful environment workshops deployed in all companies(1,900+ participants).
Relevos programmes in Los Pelambres and Antucoya.
Hybrid working systems.
Work and life conciliation.
Co-responsibility measures.
Female directors in three of four of our companies.

We operate long-term partnerships with universities that are strong
in STEM careers, in order to increase female participation through ourscholarship programmes. We have also approached DuocUC technicalinstitute to arrange visits by female lecturers and students to Los
Pelambres, to increase interest in the Electrical Maintenance andInstrumentalists degree programme.

1. In mining, these are experts in electromechanics and maintenance.

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Antofagasta Minerals Sustainability Report 2023

2023 Apprenticeship Programme
Total

Number of womenLos Pelambres

75

69

Antucoya

40

40

Zaldívar

22

12

Centinela

110

83

In addition, we attract women from local communities through ourapprenticeship programmes and encourage them to obtain technicalqualifications. In most cases, this training leads to a permanent
position. As an example, in December, and with the support ofLos Pelambres, a total of 167 students, 40% of them women, wereawarded a professional-technical degree at the first Training and
Educational Centre at the Universidad Católica del Norte (Catholic
University of the North, Ceduc UCN) of Choapa.

Our Participation in Eleva
We participate actively in the Eleva programme, a public-private
initiative made up of various public organisations, mining
companies, the Mining Skills Council (CCM) and Fundación
Chile, an entity that promotes technology transfer. Eleva’s goal
is to ensure alignment between technical training programmes
and the needs of the mining industry.

Relevos Mining Shift Programme
The Relevos Mining Shift Programme, initially deployed in
Antucoya and Los Pelambres, gives the women of neighbouringcommunities the opportunity to work part-time and return homeevery day, facilitating the balance between work and family life.
The programme seeks to optimise the use rate of haul trucks
and is intended to involve a predominantly female workforce.
Relevos consists of a 12-month theoretical and practicalprogramme certified by the Mining Skills Council and ChileValora,
the national labour skills certification system. In March 2023, theAntofagasta Industrial Association (AIA) awarded Antofagasta
Minerals the “Gender Equity, Co-responsibility and Conciliation”
award for best practices to guarantee equal opportunities andworking conditions for men and women. The initiative does not
require previous experience in mining, reinforcing Antofagasta
Minerals’ commitment to employability and improving the qualityof life of people in neighbouring communities.

Eleva programme closure at María Elena in 2023

Young professionals programme
At Antofagasta, we strive to attract, develop and retain young talent,
accelerating their incorporation through a corporate programme that
fosters early acquisition of skills, values, and commitment. In 2023, 25
young people (six men and 19 women) completed the programme,
which included a Diploma in Leadership and Mining, taught by the
Pontificia Universidad Católica de Chile (UC Chile).

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our People continued

Talent Development, Retention and Attraction
GRI 3-3, 404-1

At Antofagasta, we seek to strengthen human capital andtalent at our Company and in the local communities where wefocus our recruitment efforts. We strive to provide the proper
tools, to enable our employees to develop their full and diverse
potential, delivering innovative solutions to multiple challenges,
and to support the digital transformation of our business.

2023

120
executives participated in leadership courses

61
hours of training per employee (average)$4,023,000
training investment

Our pillars
Talent Attraction and Learning•••

Young professionals
Apprenticeship
Programmes with a female focus

Promoting Internal Mobility

Our Training Plans

GRI 404-2

Programme

Objective

We offer a formal Career Development process to boost ouremployees’ growth, focusing on the technical, behavioural,management training and other skills required for their current role,
and with mobility alternatives for future development in mind.
Employees can progress through the Competence Accreditation
process (CCM: Consejo de Competencias Mineras or Mining Skills
Council) that consists of an annual assessment during which
the employee is evaluated in his/her role to accredit his/herdevelopment level. This tool supports internal mobility.

Closing gaps andBest Operational
Practices in
Operations andMaintenance

Identify gaps in the operational performanceof employees and, through our internal
instructors, retrain and improve theirpersonal indicators.

In parallel, a multifunctionality process seeks to ensure thatexperienced operators who carry out mine equipment replacements
have the skills and minimum hours required to operate theequipment and achieve operational continuity by accrediting newcompetencies. The process fosters internal mobility, also allowing
the generation of base quotas for entry into new parts of theapprenticeship programme.
Through the various training stages of our Apprenticeship
Programme, we aim to develop skills for people with limited
industry experience, in order to guarantee operational continuity
and encourage internal mobility, to ensure that future positions
created by vacancies, replacements or resignations are filled swiftlyand effectively.

Productivity Measures•

Leadership Development••

Aimed at our first-line managers and focusing on self-knowledge
and team management.
Development conversations for successors to key positions.

••Integrated Talent Management••

Implementation of discussion roundtables twice a year withexecutives of our companies to analyse key performance indicators
on talent attraction, retention and development of people in the
Mining Group.
Definition of critical positions and succession planning, as well
as development plans.

•

40-hour test programme: reduce working hours in response
to Chile’s new law restricting to 40 hours work week in the next
five years.
Total Load and Mental Load Measurement
Regressed Statistical Model: identify the main variables thatleverage team productivity from the perspective of people
management. This will allow preventive management offundamental aspects such as performance and engagement.
Strategic Workforce Planning: design a new strategic
workforce planning process that brings together the core ofour business, growth projection, new capabilities and process
innovation. In this way, talent needs are associated with theorganisation’s long-term strategies, allowing for talent attraction
modelling over the next five years.
For further information on GRI 404-1, 404-3, 401-1 and 202-2,
please visit our 2023 Sustainability Databook.

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Antofagasta Minerals Sustainability Report 2023

2023 Results

614(employee role)
Leadership2023 Results

120(executive role)
195(supervisor role)

Promotion of leadership programmes
for the different levels of responsibility.
Executive Role: self-leadership and teamdevelopment through different training
programmes.
Supervisor Role: shift manager training,
promoting skills development in labour
relations, people management and inclusive
leadership.

DEI

Training and promotion of sensitivity to build
working environments based on respect
for others through a series called “Respectful
Environments”, led by internal speakers.

Digital Academy

A fundamental pillar of our innovation
strategy that aims to embrace digitaltransformation.

Transversal
training

The training plan for supervisors andexecutives included critical topics for
Company sustainability, such as leanmanagement, cybersecurity, climate change,energy efficiency and safety tools suchas “Planned ART”.

Onboarding

An employee’s first interaction with
Antofagasta Minerals. Provision of guidancein the new role and the ecosystem in which
he/she will need to function daily. The
objective is to accelerate the integrationof the new staff into the Mining Group’s
culture, and to increase engagement andthe connection between personal andorganisational purposes.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our People continued

Collaborative Labour Relations

Workers at the Los Pelambres desalination plant, Los Vilos Chile

GRI 3-3, 2-30, 402-1

At Antofagasta we promote a relationship with the Company’s
unions based on constant dialogue and mutual trust.
We recognise and respect the unionisation and collective
bargaining rights of our direct employees and contractors.
We make continuous efforts to maintain dynamic links
to maximise benefits to both parties.

Collective Bargain Agreements and Labour Relations

6

11

79%

collective
bargainings(2023)

Unions in our
Mining Groupof our direct
employees areunionised

In 2023, 79% of our direct employees are represented by 11 unions.
As of September 2023, we have agreed to three-year collective
contracts in a respectful environment and without interruptions.
The agreements were reached with Centinela, Zaldívar and Los
Pelambres unions.
Chilean legislation protects freedom of association, sets a minimum
wage, limits working hours and enforces a minimum of 15 daysof annual paid leave.
For workers who are not unionised – according to national legislation– their benefits are governed according to the provisions of theirindividual employment contracts or according to the clauses of thecollective agreement to which they accepted the extension of benefits.
In the event of a significant operational change that could affectpersonnel, Antofagasta complies with Chilean legislation on minimum
prior notice. Additionally, agreements are in place between unions
and companies to accommodate exceptional working hours, authorisedby the respective Regional Labour Directorate.
For further information on GRI 406-1, please refer to our 2023
Sustainability Databook.

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

Our People continued

Digital Transformation
Digital Academy
GRI 3-3, 404-2

Digital transformation is becoming increasingly critical to oursustainability and competitiveness. We understand the need to prepare
our people to learn new systems, technologies and programmes,
to tackle productive processes through innovation. We work toempower our employees with state-of-the-art digital environments
in which to develop new skills and leadership.

HUB Impulsa 4.0 in Antofagasta
GRI 413-1

In 2023, as part of a joint effort in conjunction with the Mining Skills
Council (CCM), we developed HUB 4.0 in the Antofagasta region.
The aim was to strengthen the regional employment training ecosystem,
boosting ties between education institutions and the mining sector
to position the region as an Industry 4.0 leader, with a particular focus
on the mining sector.3 Named Impulsa 4.0, it will develop the capabilities,
skills and talents of the future, benefitting inhabitants, training centres,
universities and companies across the region.

Since its foundation in 2020, our Digital Academy has sought toenhance and develop the skills required to join our innovation roadmap.
Through mechanisms such as e-learning courses, boot camps, practicalcourses, and communities of practice, we aim to develop career
opportunities at all levels of the organisation and boost productivity.
The “Management of Key Technologies” initiative reached new audiencesin 2023, developing essential skills to effectively tackle the challenges
posed by the digital era. The “Data-Based Decision Making” learning pathhas gained strength in data visualisation, analysis and reportability. We
continued working on LinkedIn Learning and Coursera, and promoting
participation and the importance of self-management of learning, having
714 workers use the platform during the year.
In 2023, a total of 1,253 workers were enrolled on courses to improvetheir knowledge of key technologies. At a more advanced level, and forthe third consecutive year, we offered courses on data-based decisionmaking, attracting 236 attendees.
We continued to train our employees in remote operation ofautonomous haul trucks in the Esperanza Sur pit at Centinela, alongwith tele-operated spreaders at our facilities. We plan to repeat
the programme at our companies through to 2026. One of our main
objectives is to reduce the risk of exposure to our workers.1 At thecommunity level, Antofagasta Minerals has developed the En Red
programme digital community in the territories where we operate.2

1. For further information about our GIO programme, please visit page 83.
2. See Our work with Communities section on page 59.
3. lndustry 4.0 holds the promise of a new revolution that combines advanced production and operations techniques with digital tools integrated into organisations. The concept
features new technologies, such as robotics, analytics, artificial intelligence, cognitive technologies, nanotechnology and the Internet of Things (IoT).

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Antofagasta Minerals Sustainability Report 2023

Laboratory worker
at Antucoya

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCE

Occupational
Health and
Safety Culture
GRI 3-3

Safe production based on asustainable internal culture is our
main asset. We have been making
steady progress in spreading thisapproach at our Company’s
grassroots and among ourcontractors, supported by trust,planning and the principles of roles
and responsibilities. As one of our
five strategic pillars, health andsafety is at the centre of ourdaily activities.

CORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

2023 Performance
GRI 403-90

fatalities

19%

fewer High Potential Accidents than in 2022

0.61

Lost Time Injury Frequency Rate (LTIFR)1

1.74

Total Recordable Injury Frequency Rate (TRIFR)2

For further information on GRI 403-9 and
GRI 403-10, please refer to our 2023
Sustainability Databook.

1. Number of lost time incidents in the year per million hours
worked.
2. Recorded fatalities, lost time injuries, cases or alternate workand other injuries requiring medical treatment by a medical
professional in the year per million hours worked.

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Antofagasta Minerals Sustainability Report 2023

Copper cathode electrodeposition plant, Antucoya

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Occupational Health and Safety Culture continued

Our Strategy

Health and Safety Strategy Pillars

GRI 403-1, 403-2, 403-4, 403-8, 403-9, 403-10

At Antofagasta, we strive to be a leader in occupational health andsafety, where our employees and collaborators promote and maintaina safe and healthy working environment. Robust health and safety
management provides the foundations for our activities, and weare committed to continuous improvement through risk control andperformance monitoring.
In 2023, we advanced in the consolidation of our management
system by incorporating occupational health and safety planning into
our operational model, with the aim of ensuring the implementation ofcontrols to prevent unwanted events. This framework is applicable to100% of operations and to both our internal workforce and contractors.

Occupational health andsafety risk management
There are four interrelated
layers:a. baseline definition, Work
Risk Assessment andControl (WRAC):
identifies, analyses andevaluates occupational
health and safety risks.
b. control strategy:
evaluates high- andcritical-risk activities
using the BowTie
analysis tool.
c. Planned Task Risk
Assessment (PTRA):
assesses tasks involved
in high- and critical-risk
activities.
d. “I say No”: a practicethat promotes refusal
to execute a task basedon the PTRA.

Visible leadership activity at Zaldívar

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Antofagasta Minerals Sustainability Report 2023

Reporting, investigating
and learning from ouraccidents
To prevent the repetition of
unwanted health and safety
events, the “Learning fromAccidents” tool promotes
collective learning from
accident investigations andpreventive implementationof crosscutting corrective
actions. In 2023, we updated
the parameters for thereportability of health events.

Leadership

Contractor management

The “Visible Leadership”
initiative has continued,
where the Executive
Committee visits the different
sites to observe the healthand safety performance of
its workers and contractors.
During 2023, three activities
were carried out and morethan 20 Antofagasta
Minerals executives
participated.

Our health and safety
performance data includes
contractors andsubcontractors, who must
all comply fully with ourstandards and procedures.
In 2023, we implemented
a digital platform to evaluate
compliance on the part ofour Special Regulations forContractor Companies andSubcontractors (RECSS,
by its acronym in Spanish).

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIES

Occupational Health and Safety Culture continued

Our Risk Management Process
Management of potential risks is done through constant dialogue between the areas in which such risks aremost likely to occur and the people in charge of controlling them. Our goal is to avoid fatalities, high potential
incidents, and people’s exposure to occupational health risks. In this context, we are engaged in a shift froma culture of safety to a vision of safe production.
During 2023, we worked on assembling a digital library of 500 PTRA or standardised high-risk task working
practices for the whole Mining Group. In addition, we developed a leadership programme for supervisors,
as they are the most important link in the operational process.

LEVEL 1LEVEL 2LEVEL 3

LEVEL 4

The general manager
and specific area
managers are
responsible formapping andmonitoring operational
processes andactivities. In parallel,
we describe thecontrols to ensurethat each activity is
executed in a safe andsustainable manner.

Here, we address
those activities
involving potentiallyfatal energies or
occupational risks
that might lead tooccupational illness.
Specific area
managers or riskowners andsuperintendents are
responsible for control,
identifying andimplementing
a strategy forsustainable application.

Supervisors andoperators apply safe,
standardised daily
practices to a groupof similar tasks,
according to planning.

“Yo digo no” (I say no)practice.
An operator
responsible for
executing a high-risk
task is the one whomust refrain fromdoing so in theabsence of adequate
operational elements,
resources orconditions, according
to level 3. This refusal
is free of reprisal.

Visible leadership activity at Zaldívar

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Antofagasta Minerals Sustainability Report 2023

ENVIRONMENT AND CLIMATE CHANGE

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Occupational Health and Safety Culture continued

Our action plan to embed a health and safety culture
In 2023, we continued with our five-year working plan, which was launched in 2022 and focused on boosting a health andsafety supervisory leadership programme. We prioritised planning and effective supervision by standardising high-risk task
working practices using our Planned Task Risk Assessment tool (level 3 and 4), integrating them into our Operating Modeland ultimately making them part of our operational excellence management system.
Effective planning is crucial as we seek to integrate our health and safety framework into every area of our business. To aid this, our corporate
team is responsible for setting strategy, advising on processes, and verifying the overall effectiveness of our efforts. In 2023, more than
6,000 workers participated in the three mass health and safety meetings held in person and online. This initiative was led by Antofagasta
Minerals’ Chief Operating Officer and focused on raising alert levels at operations.

Supervisor’s Leadership Programme
Planning

Standardisation of safe
working practices

Role confirmation

Process confirmation

The objective is to standardise working practices at all our mining
sites, with a monthly in-person visit to each company to double
check progress and adherence to the selected programme, andonce a semester we conduct a formal evaluation process (corporate
verification) as part of the annual company performance review.
In 2023, we worked on reducing the frequency of High Potential
incidents and exposure of workers in terms of occupational health.
In addition, we designed a four-tool culture transformation
programme to enhance supervisor skills:
•

•
•
•

Supervisor´s leadership programme activity
at Los Pelambres desalination plant

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Antofagasta Minerals Sustainability Report 2023

planned task risk assessment incorporated into the operating
model.
working shift change to ensure effective transfer of information.
role confirmation to shape expected practices or behaviours.
process confirmation to identify opportunities for improvementin key areas of occupational health and safety, and to ensure
the closure of the task execution process.

In 2023 significant progress was made with occupational
health risk management processes, isolating or eliminating
exposure of our personnel to occupational health risks.
Each operation presented and implemented a project that
contributed to a reduction in the exposure of personnel
to health risks.

Worker at Antucoya

Innovation supports our safety– an example from Antucoya
With the acquisition of exoskeletons, technology and innovation
are helping our personnel to mitigate potential musculoskeletal
injuries. The equipment, made of carbon fibre, provides
support to staff in the Haul Truck Maintenance area, whenloading, and in tasks associated with the upper body. The units
are harness-like structures that adjust to people’s backs, arms,
waist, hips and legs. Exoskeletons help personnel as theyhandle heavy loads and reduce their exposure to possible
musculoskeletal disorders of the upper extremities.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

Occupational Health and Safety Culture continued

Health and Safety Training

Leading Psychosocial Risk Prevention

GRI 403-5

GRI 403-3, 403-6, 403-7, 403-8

We have developed training courses on occupational health and safety
for our employees, contractors and subcontractors, covering potential
risks associated with particular working environments and during
the execution of certain tasks, along with other issues. As part of
the training cycle, we identify needs on the part of both supervisorsand executives through the DNA process (Learning Needs Detection).

In 2023, Antofagasta became the first mining company in Chile to implement
a strategy to manage and supervise work-related psychosocial risks.
Beyond simply identifying the type and number of potential mental
illnesses, we define the causes and effects of work stress and apply
controls to prevent them.

In 2023, a group of interactive and dynamic courses started
allowing personnel in all roles to learn about control strategies,
critical and preventive controls, and occupational health andsafety management tools that are used across our four
companies.
Our employees are provided with control strategies training, drawing
on knowledge available to all companies, including our collaborating
entities. Other topics that we have taught in-person and remotely
are the ODI (Obligation to Inform) specific to each area, and the
New Person Induction, available for all internal staff and collaborators.
Within the framework of the Occupational Health and Safety (OHS)
Leadership Programme for Supervision, we imparted training on the
PTRA tool. This deployment was carried out in all companies during2023 through in-person training conducted on site and in virtual
classrooms. We then worked on digitising the content on our platforms
to make it available to the entire organisation. This digital training
material is part of the Training Plan on mandatory transversal topics,
which were defined as a Mining Group.
In line with our continuous improvement process, at Antofagasta wehave implemented Collision Avoidance Systems (CAS) in all mobile
equipment at our mines. The system is capable of detecting objects
in a defined collision risk zone and warns equipment operators totake preventive measures to avoid unwanted interactions.
For further information on GRI 403-9 and 403-10,
please refer to our 2023 Sustainability Databook.

At Antofagasta Minerals, we are committed to providing a healthy workplaceand contributing to the physical and mental well-being of our employees. Our
psychosocial risk management strategy involves measurable and verifiable controls,
assigning clear roles and responsibilities to prevent and mitigate work-related
mental health issues. We have trained everyone in the organisation to report andmanage mental health using the available safety processes, in order to address
any emerging work-related health issues.
In 2023, we worked to ensure compliance with all components of occupational
health risk management programmes: hygiene, medical surveillance and preventive
health. We established a baseline for similar groups of employees exposed to noise,acid fog, welding fumes and silica agents; strengthened our medical surveillance
programme; and conducted a review of altered cases from this programme.
Access to regular occupational examinations and operate various monitoring
programmes are available for workers according to associated risks (e.g., exposure
to silicosis, hypobaria, sleep hygiene), in addition to the annual immunisation
campaign against influenza.
Each company in our Mining Group has its own joint work committee that meetsonce a month, involving representatives from each of the collaborating companies,
tasked with the objective of advising and instructing personnel on the correct useof protection instruments. In addition, the committees monitor compliance by theCompany and its staff with prevention, hygiene and safety measures.
In 2023, we carried out a psychosocial risk survey in a joint effort alongside
the Superintendency of Social Security (Superintendencia de Seguridad Social)
to identify the main environmental, work and mental health risks on sites. This
technique allows the design of initiatives focused on closing existing gaps in theseareas.
For further information on Occupational Health and Safety GRI standards from403-1 to 403-10, please refer to our 2023 Sustainability Databook.

Visible leadership activity at Zaldívar
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Antofagasta Minerals Sustainability Report 2023

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Security
GRI 3-3, 410-1

Over the past year we have engaged in coordinated and effective
work with the authorities to improve our security indicators.
Goods – particularly copper – produced by our companies have beenstolen for illegal commercialisation, especially during transportation.
We achieved a 72% reduction in such incidents during 2023.
Following stringent diagnosis of risks at each mining
site, we have begun to apply a range of measures
focused on protecting our personnel andinfrastructure.
The real and potential negative impacts of external
criminality perpetrated against our facilities canaffect the physical and psychological integrityof personnel due to the threat of unpredictableviolence. Strengthening the protection capacityof our personnel will help to mitigate or prevent
any serious impact.
Industrial
Protection
Strategy
priorities

Internal human resourcesin management areas
Human resources of contractor
companies with a high standardof service
Development of ad hoc
technology for prevention anddetection

Preventive measures are supported by technology
and coordination with the authorities involved in thecriminal and legal process. Our system covers timely
detections (sightings) of potential intrusions,frustrated intrusions, frustrated thefts, and robberies.
Reportability allows the evaluation of patterns ofcriminal instances and behaviours in the area.
We began working in collaboration with our suppliers
to hire better prepared and equipped security staff,
particularly in the matter of personal protection.
Safety issues are an important factor in the mining
industry as a whole, and we have been working
jointly on prevention as part of a working groupwithin the Chilean Mining Council and alongsideprosecutors.
Both our own security guards (part of ourpersonnel) and those supplied by external service
companies receive regular training, including content
on human rights issues.

Special protection of criticalareas within companies

Workers in the area where the copper cathodes awaiting shipment, Zaldívar

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCE

Our Suppliers
Responsible Supply
Suppliers Management
GRI 3-3, 408-1, 409-1

Our suppliers are a driver of continuous
improvement to our high-quality service andproducts. We support them collaboratively
with tools that comply with high sustainability
standards in relation to their performanceand respect for human rights, in line withour corporate purpose.
At Antofagasta Minerals, we have a close
relationship with a wide range of suppliers.
We interact with local suppliers from thecommunities, global suppliers, banks (in relation
to our asset development strategy), investors,
and many others (see Our Value Chain section,
Chapter 1, for figures).
Prior to signing contracts, we conduct due
diligence in areas such as company ownership,
involvement of politically exposed persons, antitrust
issues, commercial behaviour, legal cases, conflictsof interest, compliance models, and procedures forthe prevention of slavery, child labour and humantrafficking.
All contracts include clauses relating to ethics,
bribery, asset laundering, and compliance with
Chilean Law No. 20,393 on the criminal liabilitiesof legal entities, and with the UK’s Bribery Act andModern Slavery Act. Continuing with the process
initiated in 2022, we carried out an audit to verify
compliance with minimum and general standards
on the part of contractor companies. The results
will be available in 2024.

1,594

Annual average of companies

12%
Local suppliers$657 million

Supply chain purchases in Coquimbo and Antofagasta

15 daysInvoice payment term for around 90% of SMEs

Local supplier from Los Vilos town, in Coquimbo Region

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Antofagasta Minerals Sustainability Report 2023

PEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our suppliers continued

Suppliers for a Better Future Programme’s ProgressTraining Suppliers for a better future programme, Sierra Gorda

In 2023, we implemented the Suppliers for a Better Future programme . Launched
in December 2022, the initiative seeks to align suppliers´ practices with our main purpose
and standards in 2025. This is a collaborative project with a focus on the development ofpeople, communities, sustainability, competitiveness, innovation and clear Key Performance
Indicators (KPI).
(*)

Our Programme’s Priorities
Promote local employability and hiring of women, enhancing
diversity and inclusion (D&I), and respect for human and labour
rights.
Reduce carbon footprint in the supply chain and promote circular
economy solutions.

2025 Goals

18%
spent on local suppliers

Strengthen the competitiveness culture, productivity and integrityin our suppliers’ processes.

25%

Promote innovation among our suppliers as a lever to contributeto the challenges of the programme.

female employment by
suppliers

Categories
National andregional suppliersMarketdevelopment forregional suppliers

Expenditure andregional supplier
recruitment

The programme, through the regional suppliers’ skills-building initiative,
has given them tools to increase their competitiveness and capacity for
growth and to incorporate themselves into the industry effectively andefficiently. This is particularly the case for local small and medium-sizedcompanies (SMEs) in the Antofagasta and Coquimbo regions.
We also continued working with a world-leading consultancy company
to assess our suppliers’ value chains in terms of sustainability. In
partnership with the Universidad Católica del Norte (UCN), this programmeaims to strengthen the capabilities of local SMEs to apply sustainability
criteria and strengthen their competitiveness. In December, UCN
gave training to over 50 suppliers on sustainability and associatedstrategic topics.
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Antofagasta Minerals Sustainability Report 2023

45%
local employment by suppliers

2023 Results

Targetsetting

14%

for emissions reduction

13%

We defined targets for 2025
according to the categories
of regional suppliers, market
development for regional
suppliers, and expenditure andregional supplier recruitment.
(*) This programme includes
suppliers managed by Procurement,
and does not include suppliersof acid and energy among others.

Spent on local suppliers

female employment
by suppliers

50%

local employment by suppliers

2023 Regional
suppliers’ skills-building
Initiative50

SMEs companies in the
Antofagasta and Coquimbo
regions

100%

progress on plans to bridge
existing gaps in sustainability

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our suppliers continued

Sustainability Criteria
GRI 308-1, 414-1

Since 2022, we have applied sustainability criteria to evaluate
bids for contracts worth over $10 million. Higher scores areawarded to companies with clear carbon emission reduction
strategies and targets, robust governance, local recruitment,
and diversity and inclusion.
We launched the new sustainability criteria application guide for Mining
Group tenders, consolidating the application guidelines on energy
efficiency, internal carbon price and sustainability performance
evaluation.
Additionally, as climate-related risks and opportunities have impacted
our supply chain, and with the increasing severity of sea swells whichhave delayed the delivery of some critical resources, Antofagasta has
decided to strengthen its resilience by increasing its storage capacity
and revising some of its supply chain strategies, particularly for diesel
and sulphuric acid.
In 2023, we carried out a risk screening of more than 2,500 suppliers(almost 70%) based on the type of industry and geographical locationof each. We invited those suppliers with a “high” or “very high”
sustainability risk to complete a 360° evaluation on categories suchas water, biodiversity, local pollution, materials, chemical products
and waste, safety, energy consumption, GHG emissions, diversity andinclusion, and corruption.

As part of our strategy and before sharing any compliance goals with
our suppliers, we approached entrepreneurial organisations in both theCoquimbo and Antofagasta regions, such as the Antofagasta Industrial
Association (Asociación de Industriales de Antofagasta) and theSupplier Qualification System (Sistema de Calificación de Proveedores),to evaluate the feasibility of our programmes, particularly at theregional level.

Our tools
•

•

•

•

•

Training workshops to explain the relevance of sustainability thoughtraining and skills development.
Aprende En Red: a digital learning platform where local suppliers canaccess training on general and company-specific topics to enhancetheir skills when participating in bids.
Business roundtables to connect supply and demand between
our Mining Group and potential suppliers.
Forums to present our Group initiatives and improvement
opportunities for suppliers.
Regional supplier development programme Suppliers for a Better
Future.
For further information on GRI 308-1, 308-2, 408-1, 409-1, 414-1
and 414-2, please refer to our 2023 Sustainability Databook.

21 criteria of the 360° evaluation
4 topics
Environment

Human andlabour rights

EthicsSustainablepurchases

Worker at Antucoya

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our suppliers continued

Working with our suppliers to achieve our
Decarbonisation Targets
Consistent with our Climate Change Strategy, at Antofagasta Minerals
we have been developing specific strategies to support our larger
suppliers in tackling GHG emissions reductions, in line with the ICMM
Guidance For Accounting And Reporting Scope 3 Emissions,published in September 2023.
Our approach to addressing Scope 3 emissions is to engage with
our suppliers by:
•

•
•

•

•

Raising awareness of their role in successfully addressing thischallenge.
Assessing their maturity in managing GHG emissions.
Mobilising them to act by measuring their carbon footprint
and by disclosing and defining reduction strategies and targets.
Developing short-, medium- and long-term collaborative initiatives
to reduce emissions.
Collecting GHG emissions data from key suppliers at least annuallyto constantly improve and refine the accuracy of our calculations.

As part of our Scope 3 emissions management strategy, we joined thecopper sector’s first Scope 3 emissions measurement working group,
jointly with Alta Ley Corporation. The aim is to provide guidance tofill copper-specific gaps, building on the ICMM Scope 3 Guidance, andenabling harmonised reporting of GHG emissions within the industry.
In addition, this working group will promote the ability of suppliers
to measure and disclose their own emissions.
In line with the ICMM Scope 3 Emissions Target Setting Guidance
published in December 2023 and the ICA Roadmap, Copper – The
Pathway to Net Zero, we set a Scope 3 emissions reduction targetof 10% by 2030. This definition covers both quantitative targets andengagement targets for suppliers.

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Antofagasta Minerals Sustainability Report 2023

Collaborative Emission Reduction Initiatives
with Our Suppliers
•

•
•
•

•

•

Operation of electrical auxiliary equipment for soil movement,
electric front-end loaders and dump trucks.
Operation of electric pick-up trucks in the Centinela operation.
Pilot of electric buses for personnel transport.
Pilot of electric trucks for logistic transport of materials andspare parts.
Within the framework of the Agreement signed with Komatsu
in 2022, a formal assessment was carried out in 2023 of themodel required for the decarbonisation transformation at
Los Pelambres. Through this partnership, Los Pelambres
was able to start building the infrastructure of the first trolley
trial in Chile that is expected to start operating in Q1 of 2025.
During 2023, Antofagasta Minerals reached their first Global
Framework Agreement with Caterpillar, strengthening our
relationship which is expected to reflect into the developmentof trials for decarbonisation technology.
For further information, see the Decarbonisation
section (Chapter 5).

Training and Capacity Building
In 2023, we continue to strive to develop both internal and external
capacities and competencies in sustainability matters, as raisingawareness among these groups is a fundamental pillar of our
responsible sourcing strategy. Procurement teams were trainedin sustainable sourcing on topics such as sustainability challenges
in supply chain and circular economy. We also continued to train
suppliers and contractors on sustainability issues, with particularfocus on compliance, governance, and the importance of developing
respectful, safe, and inclusive environments for their workers.

Ethical Minimum Wage
In 2023, we continued the requirement that contractors pay theiremployees an ethical gross monthly minimum wage of $741,4, 35%
higher than the minimum wage established by Chilean law. Providing
their employees with health and life insurance is also required.
Los Pelambres and Centinela also support the further educationof contractors’ children.

Freedom of Association
GRI 407-1

The Code of Conduct provides suppliers with a framework for action andprotects, in accordance with Chilean legislation, the right to unionise.
For further information on GRI 308-1, 308-2, 408-1, 409-1, 414-1
and 414-2, please refer to our 2023 Sustainability Databook.

Centinela´s electric excavator

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCE

Our suppliers continued

Local Employment
GRI 3-3

Local employment is very important for Antofagasta andthe result of the major productive value chain associatedwith our operations in both the Coquimbo and Antofagasta
regions. We prioritise local suppliers and trust in theircapacities to address new industry requirements and dueto the role they play in our contribution to generate local
social and economic value.

2023

2025 goal

50%

45%

of contractors’ employees
in the Antofagasta and Coquimbo
regions were from thoseregionsof contractors’ employees
in the Antofagasta andCoquimbo regions arefrom those regions

At Antofagasta, we believe developing the skills and competencies
of members of the communities in which we work is a core obligationof ours. Los Pelambres has been working for over seven years on
a local employment strategy to fulfil community expectations in termsof demand for work.
Regional suppliers of goods and services are strategic partners inachieving the success of our business, representing a key link in ourvalue chain. These companies tend to hire local labour and have thepotential to provide greater competitiveness to our operations dueto the comparative advantage that they achieve because of theirknowledge, capacity, and geographical proximity.
In 2023, we consolidated the employability strategy for the Antofagasta
region. The strategy aims to strengthen links with the territories bygenerating job opportunities with two strategic focuses: employability
training, and the generation of working opportunities for thecommunities in the area of influence of our northern operations.
Therefore, in terms of employability training, a programme has beendeveloped that includes courses in trades such as maintenance,machinery operation, warehouse management and driving. In termsof job opportunities, a Community Apprentice Programme forConcentrator Plant Operators was developed and 11 residentsof the town of Sierra Gorda participated.
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Antofagasta Minerals Sustainability Report 2023

Visit of young professionals
programme to Los Pelambres

PEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Work with Communities

Our WorkwithCommunities
Social Value and Skills
Development
GRI 3-3

Creating social value is key to oursustainable approach. We seek to contributeto social and economic development in thelocal communities in which we operatethough proactive engagement based on trust,transparency, respect and acknowledgmentof distinctiveness and diversity, and incollaboration with local organisations
and authorities.

Highlights 2023

64,000+residents benefitting from management of water
for human consumption (Coquimbo region).

1,352

students benefitting from our education programmes.

100%

of homes are connected via fibre-optic cables
in Sierra Gorda.

7

localities where we work with indigenous communities(Peine, Socaire, Camar and Talabre in the Antofagasta
region, and Illapel, Los Vilos and Salamanca in theCoquimbo region).

21

Indigenous Communities that we maintain
open dialogue with.
Launching of an automotive mechanics workshop for the
students of the Liceo Técnico Profesional de María Elena

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Work with Communities continued

Choapa Province

In 2023, we focused on defining a 2024 strategy that marks a newcycle of community relations programmes at Los Pelambres,
Somos Choapa (We are Choapa), and across our three companies
in the Antofagasta region, Diálogos para el Desarrollo (Dialogues forDevelopment), in order to ensure compliance with the standards wedefined as a Group for the development of a productive and long-term
relationship with the neighbouring communities.

Los Pelambres, our largest operation, is located in the Choapa Province,in the Coquimbo Region of north-central Chile. Its roughly 90,000
inhabitants are mainly dedicated to farming, fishing and, increasingly,
mining, either directly or as a supplier. For the last 14 years, the province
has been hit hard by a severe drought, a consequence of climate change.
The mine´s neighbours include the large towns of Illapel, the provincial
capital, Salamanca, Los Vilos and Canela. Its El Mauro tailing storage
facility is located in the Caimanes sector of the Los Vilos municipal
district, and its Punta Chungo port facilities and seawater desalination
plant, which started to operate in 2023, on the Los Vilos district’s coast.

For further information, please refer to our Social Value Report.

Measuring our Social Investment Programmes

Members of the Taucán branch of the Diaguita indigenous people livein the Choapa Valley. The fishing community in Los Vilos also includes
members of the Chango people, recognised at the end of 2020 in
the Law N° 21,273 as one of the ten indigenous peoples.

GRI 413-1, 413-2

Since 2018, and as part of our Impact Ecosystem, we have regularly
measured the impact of our social programmes in our territoriesof operation in the Antofagasta region and Choapa province. For this,we use tools from the Theory of Change and the Social Return on
Investment (SROI).1 At the Group level we have so far measured theimpact of 18 initiatives and three relationship processes.

Antofagasta Region
Our Centinela, Antucoya and Zaldívar mines are located in the
Antofagasta Region in the north of the country, where mining and, more
recently, renewable energy production are the main economic activities.
This arid region is characterised by the long distances between its small
towns in the interior of the Atacama Desert and its two main cities,
the regional capital and port of Antofagasta on the coast and Calama,near the mountains.
•

•

•

•

Centinela is 34 km from Sierra Gorda, a town of around 1,700 people
who mainly work directly or indirectly for the area’s three large
copper mines: Centinela, BHP’s Spence and KGHM’s Sierra Gorda.
Antucoya is 75 km from María Elena, a municipal district of some 6,500
people that grew up around Chile’s nitrates industry in the nineteenthand twentieth centuries, and on which it still largely depends.
There are no major settlements close to Zaldívar, but it obtains
operational water from the Tilopozo area where the Atacama
communities of Peine, Socaire, Camar and Talabre carry out some
type of activity, about 100 kilometres from the mine.
The area of influence of Centinela and Antucoya includes Michilla,a fishing village some 60 km north of the city of Mejillones, from
where we extract seawater for mining processes and export
Centinela concentrates. The two operations use third-party port
facilities in Mejillones to import inputs such as oil, acid and explosives,
while all three operations ship cathodes through third-party port
facilities in Antofagasta and Mejillones.

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Antofagasta Minerals Sustainability Report 2023

Social Management Model
Our social management strategy frames our dedication to fostering
public-private partnerships and engaging in inclusive dialogues with
communities as integral components of our enduring vision. We
operate a multi-stakeholder platform to aggregate, prioritise andaddress issues raised and requirements specified by thecommunities to deliver proper initiatives accordingly.
We base our engagement on a Social Management Model with four
components: engagement, initiative management, impact
measurement and socio-territorial alert management. This
framework is complemented by the 2022 update to our Human
Rights Policy to strengthen our explicit commitment to respect therights, culture and traditions of indigenous peoples, along with anapproved Indigenous Peoples Engagement Standard.
This model is designed to ensure that our engagement principles,
methodologies and practices are applied consistently across ouroperations. In this context, we create and boost strategic partnerships
with expert organisations, foundations and universities for the
implementation of programmes and projects, particularly througheducation and training initiatives, job creation and social investment.

During 2023, we carried out impact evaluations for the
APRoxima (water for human consumption in Choapa) and
Los Pelambres scholarship programmes. In Antofagasta
region, we measured the community relationship process,evaluating the Diálogos para el Desarrollo in the townsof María Elena and Sierra Gorda.
In all cases we identified a positive SROI, meaning that the social returnon investment was greater than 1, qualifying interventions as successful.
In addition, based on the results obtained from the Theory of Change
and the SROI evaluation, improvement plans have been developed foreach programme that will allow us to monitor and continuously improve
the initiatives deployed in the territories examined.

1. SROI allows the measurement of values that are not traditionally reflected in financial
statements, including social, economic and environmental elements. This method
provides an indication of how effectively a company uses its capital and other tools
to create value for its stakeholders, and the community in particular. Theory of Change
measures the way in which a desired change is expected to occur in a given context.

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APPENDIX

Our Work with Communities continued

In addition to impact measurement, we use the territorial humanwell-being matrix to identify the impact of the programmes on accessto public services. The well-being matrix was developed by Universidad
Adolfo Ibáñez (Adolfo Ibáñez University) for application in areas suchas education, housing and access to culture.
Los Pelambres served as our testbed and allowed us to examine how
the inclusion of new infrastructure and improvements to the territories
had generated positive impacts at the local level, addressing aspects
such as accessibility, connectivity and security. This matrix will beapplied in the northern territories during 2024.

AccessSocioeconomic

•
•
•
•
•
•
•
•

• Housing quality• Housing sufficiency• Head of household

Public services
Education services
Health equipment
Sports equipment
Cultural equipment
Green areas
Higher education
Social cohesion

Environmental• Annual thermal range• Vegetation coverConnectivity

education• Household resilience• Employment• Employment and
study

TWB

MatrixSecurity• Faced with serious

and minor crimes
against people• Faced with serious
and minor crimes
against property• Public transport• Centrality

Citizen participation process during 2023

Our Relationship with Indigenous Peoples

GRI 2-29

GRI 3-3During 2023, Zaldívar presented an Environmental Impact Declaration(DIA) called “Mine Area Operational Adjustments” and an Environmental
Impact Assessment (EIA) for the “Life of Mine Extension with Water
Transition Project” to the Environmental Evaluation Service (SEA).
Two Citizen Participation Processes (PAC) were conducted with the
Atacama communities of Socaire, Camar, Talabre and Peine. As partof the process, we had an open house activity in the communeof San Pedro de Atacama. The Citizen Participation Process is being
carried out by the SEA and the company accompanies this process.

Safety and Well-being Programme
GRI 413-1

Our relationship with the communities of the Salar deAtacama, in the Antofagasta region, applies the methodology
of dialogue and participation established by ILO Convention
169 on Indigenous and Tribal Peoples. Based on this, in 2023
we signed social investment agreements with the communities
in the Salar de Atacama (Peine, Socaire, Camar and Talabre),and these are currently being implemented.
We apply an Indigenous Peoples Engagement Standard to ensure that
all of Antofagasta Minerals’ operations and projects consistently employ
development processes and practices that fully respect the humanrights of indigenous peoples.

Protecting our workers’ health and safety, and those of thecommunities located near our operations, is one of our corevalues and part of the Company’s strategy.

In 2023, we strengthened the Los Pelambres community relations
team with professionals experienced in indigenous community relations,in order to reinforce our commitment to respecting their identity,
traditions and interests.

The Safety and Well-being Programme seeks to integrate a seriesof commitments, initiatives and responsibilities, addressing interactions,risks and community perceptions around the operation and facilities.
This programme is implemented in different locations in thecommunities of our mining companies’ areas of influence, where
we have made online information about air quality available for them.
In Los Pelambres, as part of the Operational Continuity Plan thatconsiders the maintenance and replacement of the Concentrate
Transportation System, a road safety plan has been deployed withthe purpose of minimising interference to community movements
while the works are carried out. During 2023, the implementationof the New Standard for Tailing Management implied the developmentof a preventive emergency plan with the community of Sierra Gorda(influence area of Centinela), which became the first municipality
in Chile to have a natural hazard emergency simulation.

Los Pelambres has been working closely with indigenous communities
to settle formal joint working agreements, primarily with the Chango
people, but also with other communities in the Choapa Valley, belonging
to the Diaguita and Mapuche peoples.

For further information on community safety and well-being, pleaserefer to our Social Value Report.

Inauguration of the Camar
church, Antofagasta Region

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APPENDIX

Our Work with Communities continued

Human Groups Belonging to Indigenous Peoples
at Los Pelambres (2023)

10

signed agreements

Indigenous groups we are working with
•
•
•
•
•
•
•
•

•
•

Council of Elders Chango Caleta Las Conchas Los Vilos
Changos de Chungo Cultural Group with Indigenous Character
Chango Caleta de Chigualoco Council
Changos Family Councils, Los Vilos Sea and Land
Changos de La Cachina Organisation
Changos Islas Blancas Group
Changos Costa Vileña Community Union
Social and Cultural Community Changos Leiva Rojas andher descendants
Changos Fishermen’s Council
Puerto Canoa Indigenous Community.

At Zaldívar, we are conducting joint work with communities around theSalar de Atacama within the EIA’s module for the project’s extension,
which aims to replace our use of continental water and other sourcesaway from the Salar by 2028.
For further information on our Due Diligence process, please visit
Chapter 3, Respecting Human Rights.

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Project let´s talk in Ckunsa, Antofagasta Region

Inauguration of the Camar church, Antofagasta Region

Recovering Lickanantay Heritage

Camar Church Reconstruction

In June 2023, the school in the town of Peine in the Antofagasta
region became the focus of an unprecedented initiative torecover the heritage and native language of the Lickanantay
people (atacameños).

Zaldívar, in the context of his dialogue and work on the life planof the Atacameñas indigenous communities, established acollaboration agreement with the community of Camar for thereconstruction and implementation of the San Antonio Churchand its adjacent square. In addition, the project included thereconstruction and expansion of the main nave and a new bell
tower on one side of the church. Moreover, the acquisition ofequipment, accessories and liturgical ornaments were part ofthe project. The inauguration took place at the end of 2023.
More than 450 people were in attendance, including executives
from Zaldívar, local and regional authorities, and representativesof the different indigenous communities of the Salar. The
ceremony included a mass, traditional community dances, anda tribute to the land – an ancestral ceremony practiced by the
Lickanantay culture.

Titled “Let’s talk in Ckunsa”, the project seeks to highlight theefforts that the educational community of this town in the Salarde Atacama is making to bring about a revival of their traditions
and mother tongue through art.
The project, one of the key activities led by Zaldívar in relation
to local identity, took place over the course of five months andwas captured through the painting of a mural by the students
in conjunction with the New York-based Chilean plastic artist,
Sebastián Gross. The artwork was included in a retrospective
exhibition of his work at the Gabriela Mistral Cultural Centre(GAM) in Santiago.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Work with Communities continued

Grievance Mechanism

Social Investment

GRI 2-26

GRI 413-1

At Antofagasta Minerals, we maintain an open communication
channel for grievances raised by the communities close to
our areas of operation, managed by the Public Affairs area.
In 2023, we worked on an improvement plan for managementof the Community Grievances Channel, its investigation
process, governance, and external disclosure.

We operate a multi-stakeholder, open dialogue engagement
approach, in order for local communities to participate
in the selection of social investment projects through ourprogrammes, Somos Choapa, in Coquimbo Region, andDiálogos para el Desarrollo, in Antofagasta Region.

The mechanism was designed in line with the United Nations’ Guiding
Principles on Business and Human Rights (UNGP) and the ICMM’s
Good Practice Guide for the Management and Resolution of Concerns
and Complaints at the Local Level.
The channel was updated in 2022 for the reporting of concerns,
complaints and grievances raised by our operations in neighbouringcommunities. Grievances can be presented confidentially and aremonitored until a resolution is reached, usually within a 30-day period.
During 2023, we received 179 complaints through the channel.
Community members without internet access can submit theircomplaints by letter or in person to the operation in question or to
the local community relations coordinator. Complaints are then enteredinto the complaints system to allow follow-up and progress monitoring.
For further information on this indicator, please refer to our 2023
Sustainability Databook.

Boosting Local Economic Development

Somos Choapa
Somos Choapa (We are Choapa) is a public-private strategic
partnership between Los Pelambres and the Choapa province’s fourmunicipal districts – Salamanca, Illapel, Canela and Los Vilos – throughwhich we seek to contribute to the area’s sustainable development.
The programme focuses on four main areas of social investment:water management, education and culture, economic development,
and community infrastructure.
Education
We foster education opportunities through scholarships and grants
to cover the costs of education. As a contribution to Choapa province
in 2023, we provided support for nearly 1,300 students to conduct theirsecondary school and higher education studies, 43% increase
compared to 2022.
CEDUC UCN Technical Training Centre opened in 2018, thanks tofunding from Los Pelambres, and in 2023, 167 students, of which
40% were women, graduated as the third generation of professionalfrom this institution.

The Comprehensive Support for Agriculture (Apoyo Integral ala Agricultura (AIA) programme, launched in the municipality of
Salamanca in 2014, contributed to the financing of 504 agricultural
input projects and works for efficient use of available irrigation water(accumulation and distribution) in 2023.
The Agricultural Strengthening Programme (Programa de
Fortalecimiento Agrícola (PFA) has been focused on water efficiency(technology-based irrigation, photovoltaic drive and intra-farm dams)
and the Cooperativa Tres Ríos production chain. The initiative has madepossible the modernisation of more than 145 hectares, the dammingof over 75 m3 of water.
Los Pelambres runs the Cosecha and Emprende local economic
development programmes, to improve the productive conditions ofsmall-scale entrepreneurs and rural producers, helping to reduce gaps
in relation to the quality of products and services, and highlighting the
productive vocation of the territory.
The initiatives provide financial and training support to improvebusiness management, and in doing so, we have created partnerships
with regional universities, public services and the four local
governments for the implementation of these programmes.

674

micro and small businesses beneffited by the Cosecha
and Emprende programmes in 2023.

2023 Coquimbo Region performance in education(main figures)

564

691

185

167

Scholarships forhigher education

Number of direct beneficiaries
worked with in schools
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Antofagasta Minerals Sustainability Report 2023

Beneficiaries of the School
Access and Permanency
programme

Number of graduates from the
CEDUC UCN Technical Training
CentreGala gymnastics academy, Maria ElenaWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Work with Communities continued

Community Infrastructure
Infrastructure Delivered in 2023
•
•

•

•
•
•

Inauguration of the Los Vilos stadium.
Financial contribution to set up the Chillepín Family Health Centre (Cesfam),a development covering an area of 1,450 m2 that will meet the needsof approximately 6,700 residents from surrounding towns.
Commencement of work at the Zapallar sewage works and the Lord Willow
and Uno Sur steps down to the seafront in Los Vilos.
Bid to construct a shade structure at Abastos square in Illapel.
Purchase of land for the Quilimarí Cesfam.
Inauguration of the Conservation and Research Centre at the ArchaeologicalMuseum of La Serena. The project includes a building covering 450 m2 to containquarantine, preservation and conservation areas, laboratories, a warehouse,
toilet facilities, a research office, and a residential complex for receiving researchinterns. The new facilities will protect the 1,462 boxes of archaeological material
recovered from the El Mauro sector, which remain under the custody andadministration of the heritage site.

Diálogos para el Desarrollo
An important component of our community relations in the Antofagasta Region involves
working with regional authorities and organisations, such as trade associations to promoteeconomic growth and social well-being in the region as a whole.
Diálogos para el Desarrollo (Dialogues for Development) is the engagement framework
to work with the communities and local authorities of María Elena, Sierra Gorda andMichilla, the neighbours’ communities of Antucoya and Centinela, respectively, and otherstrategic partners to foster local peoples’ social and economic quality of life. Community
members actively participate in the selection of initiatives to develop jointly between
companies and neighbours, as well as in working groups to oversee their implementation.

Olympic torch tour throughMaría Elena, Antofagasta Region

Supporting the Pan American and Parapan American GamesIn line with our values and the promotion of community participation in sports activities, we were
proud sponsors of the Pan American and Parapan American Games, which were held for the firsttime in Chile. This is one of the largest multidisciplinary international sporting events in which athletes
from all over the Americas participate, second only to the Olympic Games.

In an initiative to bring mining closer to the people, we transported a mining haul truck to Santiago
for display outside the National Stadium. The vehicle can carry up to 220 tonnes, equivalent to two Boeing
airliners with 140 passengers. The Group has around 190 haul trucks in operation, each with the capacity
to transport between 220 and 360 tonnes.

In 2023, Centinela, in conjunction with Michilla community, began to implement threeprojects on health, local economy, culture and identity selected by the neighbours.

We supplied 3,000 medals, each with a solid core of copper from our mining sites, representing this key element of
our Chilean identity. The medals were unveiled at Centinela last August.

In the town of María Elena, in 2023, Diálogos para el Desarrollo ran for the fourth year andaddressed five action areas: education; healthcare; urban security; local economy; and culture,
heritage and identity. Supported by Antucoya and Fundación Emprende2, the programme
invites the community to present projects that will directly benefit the local community.

As a sponsor of the Pan American and Parapan American Games, Antofagasta Minerals was given the opportunity
to bring the flame to Antucoya and its neighbouring community of María Elena, in the Antofagasta region, as well as to
Los Pelambres and the town of Salamanca in the Coquimbo region. These activities became a milestone in the localities
and in our companies.

For further information, please refer to our Social Value Report.

Los Pelambres donated more than 150 native trees from Choapa province for planting in the Panamerican
Neighbourhood, which, following the end of the Games, is being transformed into a residential area.
For further information, please visit “Copper is at the heart of the Pan American and Parapan American Games medals”.

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APPENDIX

Our Work with Communities continued

Education

En Red Digital Transformation

GRI 203-2

Between 2008 and 2023, more than 400 scholarships were awarded
to students in the Antofagasta Region, providing opportunities foraccess to higher and technical education in the communities of Sierra
Gorda, María Elena, Calama, Camar, Talabre, Socaire and Peine. Thishas constituted an effective contribution to the development ofcommunities neighbouring our northern operations, generating job
opportunities and social mobility.
In 2023, the “Destello” Rhythmic Gymnastics Academy was implemented
in María Elena: through this project, 60 girls between three and 15 years
old benefitted. Sports equipment and psycho-emotional support were
provided to address issues related to mental health, strengthening thelink between them and promoting sports values, such as healthy living,
teamwork, discipline, inclusion and respect.
During the reported year, in order to enhance the learning of technicalvocational secondary education students of the María Elena High School,
specialising in Automotive Mechanics, professionals from the Maintenancearea of Antucoya advised the educational establishment and provided
the equipment intended for this end. Among the materials that were
integrated into the lesson, the acquisition of nine state-of-the-art
computers with a driving simulator stands out, which allows to see
the behaviour of a vehicle if the different components are changed,
hydraulic software, and training for teachers for the correct use ofboth software (driving simulator and hydraulic).

Launched in 2021, our “En Red – Comunidad Digital” programmeseeks to integrate the communities in our areas of influence into
the digital transformation process through connectivity and digital
literacy initiatives to accelerate well-being in five areas: health,education, job training, water management and entrepreneurship.
The programme promotes, through digitalisation and technologicaladoption, the development of new possible life trajectories, linked
to the cultural, productive and identity characteristics of theterritories in which we operate, and currently consists of morethan 20 initiatives aimed at addressing the infrastructure anddigital skills deficit in rural and vulnerable communities locatednear our operations, through close cooperation with local
companies and organisations in the regions of Antofagasta
and Coquimbo.

Also, with the aim to generate learning opportunities to support thedevelopment of the inhabitants of Sierra Gorda, during 2023 two
training courses were deployed: Diesel injection mechanics, in which
15 people participated; and Banquetry, with ten beneficiaries.

20

59% were women

55% were women

Higher education
scholarships

Fibre optic installation.
Free wifi zones.
− Broad band improvements through other technologies.
−−•

Learn in a Network: Deploy a Digital Academy to provide
skills to different groups of communities and contribute to theterritories in a way that goes beyond mining.
Open the digital work to community leaders, entrepreneurs
and Rural Sanitary Services.
− Training for local suppliers.
−•

Rural health telemedicine: Provide telemedicine and pharmacies(digital or points of sale) in the areas where our operations arelocated, increasing access to medicines and medical specialists
in rural areas, in alliance with local health services andmunicipalities.

•

Water management telemetry: Optimise water managementin the Choapa Province through the use of telemetry and big
data in all its Rural Sanitary Systems.
Telemetry pilot.
Deepening the scope of measurements and data quality.
− Co-responsible governance at the provincial level.

For further information, please refer
to our Social Value Report.

Secondary education
scholarships

Antofagasta Minerals Sustainability Report 2023

Connectivity in rural areas: Provide robust internet connections
through public-private alliances in areas that lack connectivity,
focusing on three types of projects:−

Mobile application of the “EnRed – Comunidad Digital” programme

65

•

−

2023 Antofagasta Region performance in education(main figures)

61

Main Targets

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APPENDIX

Our Work with Communities continued

Development dialogues programme, Michilla“APRoxima en red” initiative, Choapa Province

Digital platform training programme for local suppliers, Mejillones

Fibre-optic cables in Sierra Gorda“APRoxima en red” initiative

Digital platform training for local suppliers•••

Connection of Sierra Gorda district with fibre-optic cables
and installation of seven free Wi-Fi access points.
Two year flat-rate telephone, internet and TV service plan.
250+ homes connected.

•

•

•

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Antofagasta Minerals Sustainability Report 2023

Telemetry (monitoring, transmission) and Big Data (storage,
visualisation and analysis) to optimise the management of the 78 Rural
Sanitary Services (RSSs) in Choapa province and allow integrated
basin monitoring.
Focus on water management for human consumption. 64,000+
residents beneffited.
115 operators, leaders and associates of Rural Sanitary Services
received digital training.

•

•

•

Training of local suppliers to promote commercial links
with Antofagasta in partnership with the Suppliers fora Better Future programme.
Digital platform providing courses on general andcompany-specific topics.
500 potential supplier beneficiaries.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESOur Work with Communities continued

Improving Water Stewardshipas a Social ValueGRI 413-1; 413-2

In line with our Climate Change Strategy
and our Water Policy1, we support ourneighbouring communities in adjusting toclimate change through water stewardship.
Water has become critical not only froman operational perspective but also in termsof its key social value.
At Antofagasta, we understand that water has both
operational and social value. In 2023, as part of theSomos Choapa programme, we further expanded
our efforts through our APRoxima and Confluye
programmes, to ensure continuous availability ofwater for human consumption and irrigation in theseverely drought-hit Choapa province. Managed
by Los Pelambres and its Foundation, APRoxima
contributes to the development of rural drinking
water systems, directly benefiting around16,000 people.

The programme, since 2010, has supported theimprovement of 120 km of irrigation canals that
ensure the availability of over 226,000 m3 of waterto irrigate 524 productive hectares, benefiting over
4,300 farmers.
In the Antofagasta region, we work alongsidecommunities to improve systems of rural sanitationin Calama Poniente, Socaire and Michilla throughpartnerships concerned with the regulation andpromotion of technology for the administrative
management of Water Committees. Of particularnote has been the work conducted with rural
sanitary service providers in Socaire and Verdes
Campiñas (Calama Poniente) on the implementationof software to maintain an up-to-date recordof service user data.
For further information, please refer to ourSocial Value Report and page 26 “Collaborative
Solutions to Common Challenges”.

Confluye looks to promote projects with theWater Users’ Boards of towns and public services
in Choapa. This initiative aims to improve agricultural
irrigation and water security for farmers in partnershipwith the government’s economic development
agency, CORFO; its agricultural development
institute, INDAP; the National Irrigation Commission;and the Water Users’ Boards of the Choapa,
Chalinga and Illapel Rivers.

1. For further Information, please visit our Climate Change Strategy and Water Stewardship sections.

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Worker at Punta Chungo port, Los Vilos

ENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Chapter 5

Environment andclimate change
Sustainable Production

69

Our Approach to Climate Change73

Our Progress towards Decarbonisation 75
Energy Management

78

Water Stewardship

79

Innovation as a driver of sustainability

82

Biodiversity Protection

85

MATERIAL TOPICS
Operational impact management
Tailings management
Circular economy
Innovation

Climate change risk management
Decarbonisation
Water management
Biodiversity

Monte aranda nursery, Choapa Province

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WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

Bay port Punta Chungo, Los Vilos

Sustainable Production

Operational Impact Management
GRI 3-3

We strive to produce in a sustainable way based on a long-term vision.
Our priority is to prevent, minimise and mitigate adverse impact on theenvironment in which we operate. Through regular reports and reviews,
we periodically evaluate our performance and conduct improvement action
as required.
Our four operations meet all the criteria of The Copper Mark and the ICMM
Performance Expectations standards for responsible mining.

Highlights 2023

0
operational events with significant environmental consequences

The Copper Markvalidation seal
for Antucoya and Los Pelambres

US$ 4,400 million
Investment approval of Centinela Second Concentrator projectand its use of 100% seawater

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Antofagasta Minerals Sustainability Report 2023

APPENDIX

Environmental Management Model
Our Environmental Management Model covers
leadership, operating risk management, regulatory risk
management and reporting of operational events andenvironmental findings.
Our model is integrated across our companies, in order
to identify and mitigate risks and to comply withenvironmental regulations across the Group, including
in our current operations, in our land explorations, andin projects in development. As part of this, we identify
learning opportunities and share them with all ourcompanies.

Leadership

Reportability ofoperational eventsand environmental
findings

Regulatory risks
management

Operational risks
management

We advise on project design and improvement from theenvironmental and sustainability perspective, particularly
regarding early dialogue within the communities inwhich the project is operating. The inclusion of all theseelements facilitates the processes involved in applying
for environmental permits.
Our environmental performance is reported monthly
to the Executive Committee and twice a year to theBoard’s Sustainability and Stakeholder Management
Committee. Based on an Annual Audit Plan, the Internal
Audit area performed environmental audits on all ouroperations in 2023. These were conducted to verify theeffectiveness of our internal controls and governance,compliance with environmental requirements, and themeasures committed to by our operations within theframework of their environmental permits. No significant
audit findings were reported.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainable Production continued

Responsible Mining Standard
At Antofagasta, we have worked consistently to achieve highsustainability standards through regular updates to our policies,
strategies and practices. We address transparency and reliability
through third-party organisations to accredit our responsible
copper production at our four mining sites, along with our
molybdenum production.
In 2023, Antucoya and Los Pelambres obtained The CopperMark seal. The latter lasts until 2025 and demonstrates andreaffirms our commitment to produce copper according to theUN sustainable development criteria. All our companies hold thiscertification.
The Copper Mark promotes responsible practices at copperproducing sites, based on 32 criteria aligned with the
Responsible Minerals Initiative (RMI), to support responsible
mineral sourcing, production and treatment in the categories ofgovernance, labour rights, environment, community and humanrights. Sites must meet all criteria and commit to tackling existing
gaps within 12 months in the event of detection. As participants,
we are committed to conducting a third-party review every three
years. Centinela and Zaldívar must carry out the assurance
process again in 2024.
In February 2023, Centinela obtained the Molybdenum Markvalidation seal, an extension of the Copper Mark. This seal isgiven to companies that produce sustainably and meet the 32
criteria within the five categories of the brand.
As members of the International Council on Mining and Metals(ICMM), our four mining sites undergo independent audits oncompliance with the ICMM’s Performance Expectations every
three years. All our sites complied with the Performance
Expectations. In 2023, we also submitted updated information to
renew our registration with LME passport, the sustainability
credentials register at the London Metal Exchange (LME),
including an executive summary of The Copper Mark, which isrecognised by the LME. Centinela and Zaldívar are registered at
the LME.

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Antofagasta Minerals Sustainability Report 2023

Projects Approved by the Environmental
Authority
We consistently strive to work as closely as we can with therelevant authorities to receive any feedback they may offer,
this is the basis for our continued improvement. We engage inearly dialogue with the surrounding communities through Early
Community Participation (Participación Ciudadana Anticipada).

Antofagasta Minerals

71

RCA(environmental
permit)10,000+ 4
commitments

main areas(water use,
air quality,
biodiversity,and project
construction,
operation andclosure)According to the criteria established in the environmental
assessment of each operation or project, we had zero
operational events with significant environmental
consequences. A total of 30 events with no severe
environmental consequences were reported to theEnvironmental Authority in 2023.
In October 2023, Los Pelambres received approval from the Coquimbo
region’s Environmental Evaluation Commission for a US$ 1.9 billion
project that will double the capacity of the desalination plant to 800 litres/
second, allowing production processes to start using mainly
recirculated and desalinated water. In addition, the project involves
the construction of a new copper concentrate transportation system
via routes far from populated areas, along with continuity works in the
El Mauro tailing.
In November, the SEA approved the DIA (Environmental Impact
Assessment) of the “Centinela District fuel storage capacity increasing”
project. With an investment of US$ 25 million, the initiative seeks toincrease the fuel supply for haul trucks and vehicles at the mining site.
The project will allow autonomous operation for ten days.
Worker at the Los Pelambres desalination plant, Los Vilos

In Chile, large-scale projects must be assessed by the Environmental
Evaluation Service (SEA) and awarded an environmental permit
called RCA. These RCA include legally binding commitments on mattersrelating to the prevention and mitigation of the project´s significant
impacts on the environment and communities, and if applicable
any necessary compensation actions. Compliance with commitments
is verified by the Superintendency for the Environment (SMA).
Operational events with environmental consequences are classified as
Actual (high, medium or low) or Potential (high or low) according to thespecific features of each. A dedicated internal committee investigates
actual high- or medium-severity events.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainable Production continued

Tailings Management
GRI 3-3

Tailings deposits are a central matter for Antofagasta Minerals
and accountability for them lies at the highest levels of theCompany’s management. Our Tailings Policy is aligned with
the Global Industry Standard on Tailings Management (GISTM),
and we prioritise the safety and health of our personnel,
neighbouring communities and the environment.
Tailings risk management involves periodic risk assessments, controls
and mitigation measures to prevent and minimise any negative events.
GISTM Framework

Areas covered

The GISTM provides aframework for safe managementof tailings facilities. The standard
is classified by topic, coveringvarious areas that together
require assignment ofresponsibilities and prioritisationof the safety of each tailings
facility throughout all phases ofthe project lifecycle, including
closure and post-closure.

•
•
•
•

•

•
•
•

communities
knowledge basedesignconstruction, operation,
monitoring and closure
management andgovernanceemergency response
public disclosure
principles and criteria

In line with GISTM, we have achieved a high standard of safety, andappropriate governance is in place to ensure that our companies areworking on applying the proper tailings water reduction technology– as is the case with thickened tailings at Centinela – and on ensuringthat tailings deposits are safely managed to guarantee their physicaland chemical stability.

As required by the GISTM, self-assessments at two of our four main
tailings facilities – the El Mauro dam at Los Pelambres and theCentinela thickened tailings deposit at Centinela – were completedin August 2023, and compliance with the standard was announced.
They will undergo third-party validation as soon as reasonably
practicable. The Quillayes tailings dam and Zaldívar’s small thickened
tailings deposit will publish compliance by August 2025.

Workers in Centinela´s thickened tailing

Implementation of the standard requires collaboration between various
areas of the companies, which must conduct studies and update
information on each tailing’s facility, as well as stronger relationships
with communities through the transparency and sharing of information.

We strive to be safety leaders in tailings management within
the global mining industry. Centinela has one of the world’s
largest thickened tailings deposits in terms of size andproduction. At Centinela, the percentage of solids is low
and the material is dense enough to walk on. In parallel,
Centinela has worked on a preventive emergency plan withthe community of Sierra Gorda, the first municipality in Chile
to have a natural hazard emergency simulacrum.
The four main tailings deposits undergo an Independent Review
annually (council of independent reviewers for Los Pelambres andCentinela; single independent reviewer in Zaldívar). In 2023, theirstability was again confirmed according to international criteria.
Between 2022 and 2023, a geotechnical characterisation campaign
was carried out for the Los Quillayes tailings deposit, finding low
tailings humidity, which significantly reduces the risk and impacts
associated with the deposit.

Tailings Innovation
We are working on innovative long-term tailings reduction
initiatives. Our goal is to identify and implement alternatives toconventional tailings deposits, such as filtered tailings anddepositing tailings in pits that have reached the end of theirlifecycle (Centinela). Filtered tailings offer the benefit of maximisingwater recovery and reducing environmental impact by requiring
less space for deposition and providing chemical and physicalstability in the final deposit, along with shorter closure times.
At Centinela, we are developing an advanced tailings location
project within pits no longer in use. Feasibility studies arecompleted. This strategy offers an environmentally sustainable
alternative, serving as a complementary method to the current
thickened tailings disposal system. This innovative approach not
only minimises environmental impact, but also represents anefficient solution for future operations.
We have continued participating in the Programa Tranque(Tailings Programme), where El Mauro TSF continues to serve
as a pilot. This programme is a public and private initiative
managed by Fundación Chile, a Santiago-based technology
transfer organisation. The initiative aims to develop a digitalplatform for monitoring in real time the physical and chemical
stability of national tailings storages, and to be accessible toregulatory entities and local communities.

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Sustainable Production continued

Compliance with Laws and Regulations
Highlights

GRI 2-27

On 17 February 2023, the SMA issued a fine of UTA 211.9 (US$196,202) having established that two of the three infractions identified
during the sanction process were associated with the water leak froman emergency pool, part of the Los Pelambres tailings transportation
and water recirculation system, located in the municipality of
Salamanca. The fine was paid in 2023.

•

Implementing Our Circular Economy Strategy
GRI 3-3, 306-2•

In 2023, we launched our Circular Economy Strategy,
approved at the end of 2022. Its three pillars are linked withfour priorities: regulations and trends; engaging withstakeholders; innovation; and circular economy culture.
Pillars

Reducing resource
usage

Expanding thelifecycle of material
and equipment

Converting waste
into new resources•21+

initiatives in progress•

In 2023, we asked our companies to share solutions and proposals, tocoordinate our environmental, supply and innovation areas in an effort
to increase the visibility of what we do and promote new initiatives
within circular economy.
Innovation and collaboration have been essential elements in boosting
our Circular Economy Strategy, supervised by our Circular Economy
Committee. We began the implementation of this strategy by taking into
consideration packaging material, pallets and the logistics of goods
transportation, as well as the reuse of tyres, steel, lubricating oils,
water and energy.

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Antofagasta Minerals Sustainability Report 2023

Los Pelambres
Recovers steel from haul truck tyres for subsequent recycling
into grinding balls that are reintroduced into the mine’s
production process. This initiative – carried out in conjunction
with tyre disposal company Atlas Morgan and grinding ball
supplier Magotteaux – aims to produce 97 tonnes of ball steel
from 156 haul truck tyres during the test project.
Centinela
Sends pallets and wooden boxes to the Colina 1 Penitentiary
Compliance Centre in the Metropolitan region, so that inmates
can reuse the wood to make products such as kitchen
chopping boards, pellets for combustion stoves, slatted panels
and chips.
In this case, as in Los Pelambres initiative, its continuity andscalability will be evaluated.
Antucoyais working on the recovery of lead waste (anodes) and in
2023 recovered 310 tonnes of material. The company also
signed a contract for the recovery of 1,000 tonnes of rubber
waste (conveyor belts), and is managing end-of-use tyres in
conjunction with mining tyre suppliers in order to recyclearound 214 tonnes of this waste. The three initiatives together
captured more than 1,500 tonnes of waste in 2023.
Zaldívar
extends the life of equipment that would otherwise become
scrap by applying a much stricter organisational standard than
before. Parts are made traceable so that they can be repaired
and reused as needed. So far, 1,000 repairs have beenregistered and 27 regional contracts awarded, 24 in
Antofagasta and three in Calama, contributing to local
employment.

For further information on GRI standards, such as 306-3 (waste
generated), 306-4 (waste diverted from disposal) and 306-5 (waste
directed to disposal), please refer to the Environmental Excel sheet inour 2023 Sustainability Databook.

Waste generated
GRI 306-1

In 2023, the Group generated 556 million tons of waste, most of whichcorresponded to mining waste, and a smaller fraction was industrial
and domestic waste.
The generation of mining waste increased by 1% compared to 2022
due to the increase in tailings and waste, the depth at which extraction
has reached, and the low copper grades, which means that a moresignificant amount of material has been processed.
The recovery of industrial waste increased by 46% compared to 2022,
as greater quantities of lubricating oils, drip lines, lead batteries, leaddeposits, belts, scrap metal and out-of-use (NFU) tyres were recycled.

Dust Reduction and Control
Each of our mines operates comprehensive programmes to control
dust emissions, PM10 and PM2.5. These emissions are subjected toperiodic surveillance, in some cases involving the local community. Air
quality data is regularly reported to the regional authorities to ensurecompliance with environmental regulations.
At Antucoya, we have implemented measures to mitigate the emissionof particulate material, both at the site and across our facilities. The
main course of action has been the development of a dust collection
system, which is currently being installed. The system controls
emissions from the secondary crushing system and transfer tower,
and has received an initial investment of $50 million.
At the Los Quillayes Tailing, Los Pelambres has planted 96,000 native
trees and shrubs on the 300-hectare site, of which 120 hectares havebeen planted so far. The vegetation requires little irrigation, easily
adapts to extreme environments, and serves to control particulatematerial events while blending the dam with its surroundings.
For further information on the flora in the surrounding areas,
please visit the Biodiversity Protection section.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Approach to Climate Change
Climate Change Risk Management
Climate change is one of our top priorities. We recognise thecontribution of copper to increasing electrical demand relating
to the worldwide energy transition and the need to adapt ouroperations to reduce our GHG emissions.

We assessed physical and transition climate change risks to ourbusiness from a financial perspective, in order to understand theirimpact on short-, medium-, and long-term actions. This input is key
to strengthening our climate change adaptation strategy and toaccomplishing our emissions reduction targets. In addition, we
measured our transition risks, in order to assess our decarbonisation
plan1.

As a copper producer, we provide a critical raw material for lowcarbon technologies and have also adopted measures to mitigate thecarbon footprint of our operations. Through innovation, planning andresilience, we are transforming our production processes andmanaging risks associated with climate change.

Climate change mitigation and adaptation is managed in terms of threecriteria: climate change risk control, assurance of the destination of
investment resources, and consistency of project approval with theinternal carbon price. Our focus is to ensure operational continuity, andour investment resources should therefore be aligned with processes
across the Group as a whole.

GRI 3-3

Copper cathode electrodeposition plant, Centinela

Our long-term Climate Change Strategy

Development of climatechange resilience
Reduction of GHG emissions

To strengthen theGroup’s capacity to
mitigate and adapt toclimate change

Efficient use of strategic resources
Management of the environmentand biodiversity
Integration of stakeholders

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Antofagasta Minerals Sustainability Report 2023

The Value of Copper
Copper is a particularly relevant factor in today’s urgent efforts
to limit the increase in global temperature. In this context,
technologies involved in the generation, transmission andstorage of clean energy are essential. Technology of this typerequires a higher percentage of copper than those involved in
the generation of fossil energies, which makes it an essential
metal for the achievement of global carbon neutrality. Net zero
emissions targets for 2050 will drive a relevant 82% increase incopper demand between 2021 and 2035, particularly in theautomotive, electrical transmission and distribution, andelectricity generation sectors2.
1. For further information on climate change risks, please visit the TFCD
section of the Annual Financial Statement Report 2023.
2. The Future of Copper, S&P Global, 2022.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Approach to Climate Change continued

Financial Implications and Other Risks
Associated with Climate Change
GRI 201-2

We promote effective risk management as part of our culture
and strategy based on acknowledgement that they are inherent
to our business. We manage risks using an Integrated Risk
Management System based on the ISO 31000 risk management
standard and the COSO1 ERM enterprise risk management
framework. The system is applied to all our operatingcompanies, projects, exploration activities and support
areas in order to ensure a comprehensive overview of theuncertainties that could affect the achievement of ourstrategic objectives.
The Board of Directors has overall responsibility for risk management,
determining the nature and scope of principal and emerging risks, anddefining and regularly reviewing acceptable levels of exposure basedon the defined risk appetite. The Audit and Risk Committee assists
the Board to evaluate the effectiveness of the risk management process.
At the executive level, the Risk, Compliance and Internal Control area
implements the policy, ensuring that a solid risk management culture
exists at all levels of the organisation.
We recognise the threat that climate change poses to human life andthe planet. For this reason, we have integrated climate change as oneof our principal business risks, allowing us to strengthen our mitigation
and adaptation capacity to address the consequences of thisphenomenon. We follow the TCFD recommendations to assess our
climate-related risks. As part of our risk management, on an annual
basis, we review the risk appetite assigned for each principal risk.
This is defined as the level of acceptable exposure to risk basedon its benefits in terms of the fulfilment of strategic objectives.

We give special priority to the potential financial impact of
the transition and the physical risks associated with climatechange, as well as to mitigation and adaptation measures, suchas the construction of a desalination plant at Los Pelambres.

1. Committee of Sponsoring Organisations of the Tradeway Commission.

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Antofagasta Minerals Sustainability Report 2023

Coquimbo Region

We are aware of how potential physical climate changes might
influence our long-term sustainable operations. We have therefore
focused on topics such as reductions in available water supply as
a consequence of drought, extreme rainfall events, restriction orsuspension of operations due to logistics chain disruption caused bysea swells in ports, higher temperatures, and dust events associatedwith high winds.
To understand the financial impact of transition risks, we used the new
International Energy Agency’s “Net Zero Emission by 2050” or IEA’s
NZE scenario (2 degrees or lower scenario), an ambitious and widely
recognised scenario that provides a global view and context on a
low-carbon transition. In the IEA’s NZE, fossil fuel prices decline due
to low demand and lower costs are offset by the introduction of carbon
taxes to encourage the low-carbon transition. In alignment with this
scenario, we have quantified the financial impact of the introductionof a carbon tax, including an analysis of our Climate Action Plan andidentifying opportunities such as higher copper price.
In terms of risk management, we are constantly monitoring progress
and the emergence of new solutions that improve our sustainability.
In doing so, we display a “crossed learning experience”. If we detect
an incident in one of our companies, we tackle feasible solutions withinthat company and in the Group reducing the risk. This way we makesure to reduce the risk within the entire Company.
For further information on physical and transition risks, please visit
pages 24 and 25 of our Second Climate Change Report.

Climate-related governance
Board of Directors
Sustainability
and Stakeholder
Management
Committee

Audit and Risk
Committee

Remuneration andTalent Management
Committee

Climate change is an important element of our risk managementand decision-making. Our Board of Directors has ultimate
responsibility for our climate-related goals and strategy.
As one of the main challenges and risks facing Antofagasta
Minerals, there is a high degree of awareness of the needto consider climate change impacts in our decision-making
processes.
A corporate Climate Change Committee, formed in 2021, leads
the support of the implementation, monitoring and continuous
improvement of the Strategy. One of the Committee’s objectives
is to maximise the participation of the different areas and levelsof the organisation as part of this challenge.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Progress towards Decarbonisation
GRI 3-3

At Antofagasta we have the ambition to reduce ourGreenhouse Gas (GHG) emissions in the short and medium
term, and to achieving carbon neutrality by 2050, or sooner
if technology allows. Our comprehensive approach todecarbonisation involves our mining site operational teams,
our corporate teams and our suppliers.

TARGET MET
early with a reduction of581,355 tCO2e.
The target defined in 2018
was to reduce emissions by
300,000 tCO2e in 2022

TARGET MET
The goal of reducing GHG
emissions by 30% compared
to 2020 was met, before
2025, the date for which thegoal was set

2020

Scope 1 & Scope 22035 goal

Scope 32030 goal

50%

10%

emissions reduction
with 2020 as baseline

emissions reduction with aprojection baseline using 2022
emissions criteria

1

2022

NEW MID-TERM TARGET
reducing scope 3
emissions by 10%2

CARBONNEUTRALITY

2030

2050

2

Concurrently, we are aligning our technological needs with the operational
requirements of our mine plan. This includes strategic procurement
and replacement of extraction trucks in synchrony with our plan’srequirements, with a 2027-2035 horizon.
The integration of the fleet renewal and the decarbonisation plan presents
an opportunity where renewing equipment enables a gradual andcost-efficient transition into electrification. With a lens focused on long-term
viability, we assessed emerging technologies’ availability that allows us tosolve the challenge of charging the equipment, with a substitute for diesel
or a battery without generating stoppages or impacts on the availabilityof that equipment. Among those solutions, we particularly focused on
dynamic charging, which would allow us to electrically charge the truck
while moving. Another key factor to consider when choosing technologies
is their potential to deliver economic benefits today, as well as considering
their potential to enable other technologies such fully electric vehicles
1. Scope 1 includes direct CO2 emissions from diesel or petroleum consumption
across our operations. 90% of our Scope 1 emissions come from our mining
equipment. Scope 2 concerns indirect emissions from electric energy consumption
across our productive processes. All our mining operations have renewable energy
contracts.
2. Scope 3 refers to other indirect emissions from our value chain. In 2022, Scope 3
represents around 75% of the Group’s carbon footprint. This percentage
encompasses location-based emissions.

75

CARBON PRICE
is incorporated into
supply chain decision
making1

Antofagasta Minerals Sustainability Report 2023

2021

2023

2035

Scopes 1 and 2 emissions
Scope 3 emissions
Scopes 1, 2 and 3 emissions

TARGET DEFINED
to reduce emissions by 30% by2025, in other words, a reductionof 730,000 tCO2e

DEFINE NEW
MEDIUM-TERM TARGETS

NEW MID-TERM TARGET
reducing scope 1 & 2
emissions by 50%3

CALCULATION
Scope 3 emissions categories
according to the GHG Protocol

1. See our Second Climate Change Report on our website for further details.
2. Against 2022 no action scenario projection.
3. Against 2020 baseline.

in the future. This process allows us to select technological solutions
that meet immediate needs and are scalable for future enhancements.
We have defined clear design principles for the transition, such as
introducing dynamic charging from 2027 onwards and potential upgrades
to batteries in vehicles requiring engine rebuild from that date forward.
To accomplish our goals, we have developed specific partnerships.
Our agreement with key Equipment Manufacturers (OEMs) allows us tocollaborate in low-carbon technology trials and jointly build transition plansfor critical equipment. During 2023, we updated the decarbonisation plansfor our main pits, where these technologies have the potential to add value
to the business. In this way, we are able to establish a new medium-termtarget for the year 2035.
For further information, please visit our Climate Action Plan.

In 2023, we continued our work to incorporate carbon emission indicators
into our large project decisions, integrating the entire organisation into
our decarbonisation plan. We conduct thorough analyses to establish
whether a large purchase or investment may have a positive or
negative impact on our path to decarbonisation.
Decarbonisation initiatives are becoming an increasingly relevant aspectof financial evaluation packages.
We strive to reduce our carbon footprint. As part of these efforts,
we have worked with:
1. Equipment manufacturers to incorporate technology solutions, targetinga reduction in our direct emissions.
2. Since April 2022, all our mining operations have had renewable energy
contracts (Scope 2), and3. Our suppliers within Scope 3 to include sustainability and carbon
footprint reduction into their processes
For further information on suppliers, please refer to the Responsible
Supply section in Chapter 4 of this Report.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Progress towards Decarbonisation continued

A Pioneer Joint Effort to Measure Scope 3 Emissions
In August 2023, Antofagasta Minerals, together with other major mining companies operating in Chile,
formed the first Scope 3 Emissions Traceability Roundtable. This is a pioneering initiative in the mining
industry and seeks to unify efforts concerning the measurement of emissions within the value chain.
One of the expected results will be a Scope 3 Measurement Guide for the copper sector.
This initiative is directed by Alta Ley Corporation, an organisation that seeks to promote and foster thedevelopment of the mining sector, and to improve the competitiveness and sustainability of the mining
businesses. One of the main objectives is to advance in the homologation of existing standards andmethodologies, and to promote capacity building through a process of collaborative work between
mining companies and their suppliers.

Antofagasta, Working Together with ICMM
In December, ICMM published guidance to support mining and metals companies in setting relevant
short-, medium-, and long-term targets to reduce their Scope 3 emissions; we were part of theinitiative. The Scope 3 Emissions Target Setting Guidance highlights the importance of transparency
and engagement with suppliers, customers, investors and regulators in setting targets, with the
purpose of accelerating emissions reduction throughout the value chain.
According to ICMM, the Guidance establishes a robust framework for companies to enhance theirtargets as their capabilities mature over time. It sets out leading practices across four maturity stages,
with each stage outlining minimum expectations across five key dimensions: accounting and reporting,identification of emissions ‘hotspots’, business integration and alignment, assessment ofdecarbonisation pathways, and organisational governance.
For further information on climate change, please refer to the Collaborative
Solutions to Shared Challenges section in Chapter 2 of this Report.

Workers at
Los Pelambres

Operational CO2e Emissions (tCO2e)1
Los
Pelambres

Centinela

Scope 1 – Direct emissions
2023
271,281 551,766
2022
250,545 529,075
2021
226,199 439,484
2020
257,801 492,496
Scope 2 – Indirect emissions (market based)
2023
0
0
2022
93,142
1,634
2021
286,848 556,616
2020
334,376 542,020
Scope 2 – Indirect emissions (location based)
2023
276,215 349,926
2022
306,056 438,788
2021
466,381 556,616
2020
464,492 542,020
Total emissions (Scope 1 and 2)
Market based
2023
271,281 551,766
2022
343,687 530,709
2021
513,047 996,100
2020
592,177 1,034,516
Location based
2023
547,496 901,692
2022
556,601 967,863
2021
692,580 996,100
2020
722,293 1,034,516
Emissions intensity CO2 tCO2e/tCu2
Market based
2023
2022
2021
2020
Location based
2023
2022
2021
2020

Zaldívar

Antofagasta Minerals Sustainability Report 2023

Mining division

132,813 232,316
128,440 205,332
156,500 165,641
152,340 152,577

210
189
124
108

1,188,386
1,113,581
987,948
1,055,322

00086,5630
0124,467
120,087

16
460
894
603

16
95,236
968,825
1,083,649

90,703
121,063
163,530
162,688

75,592
94,283
124,467
120,087

1,011
460
894
603

793,447
960,650
1,311,888
1,289,890

132,813 232,316
128,440 205,332
156,500 290,108
238,903 272,664

226
649
1,018
711

1,188,402
1,208,817
1,956,773
2,138,971

223,516 307,908
249,503 299,615
320,030 290,108
315,028 272,664

1,221
649
1,018
711

1,981,833
2,074,231
2,299,836
2,345,212

0.90
1.25
1.58
1.65

2.28
2.14
3.63
4.19

1.64
1.44
1.78
1.79

2.99
2.59
3.69
3.44

–
–
–
–

1.69
1.75
2.56
2.79

1.82
2.02
2.13
2.01

3.73
3.91
3.63
4.19

2.76
2.81
3.64
3.27

3.96
3.78
3.69
3.44

–
–
–
–

2.83
3.21
3.00
3.00

1. Tonnes of carbon dioxide equivalent.
2. Tonnes of CO2 equivalent per tonne of copper produced.

76

Corporate
Offices(Santiago andAntucoyaLondon)For further information on GHC emissions and GRI 305-1 to 305-5,
please refer to our 2023 Sustainability Databook.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Progress towards Decarbonisation continued

Electromobility for Decarbonisation
We began developing our decarbonisation plan with a detailed analysis
to determine the best technological alternatives to begin the journey
towards the decarbonisation of our operations, with a specific focus
on replacing diesel fuel in mining haulage trucks and in our ancillaryequipment. We studied different low carbon emissions technologies
among which are: dynamic charging solutions, electric batteries, greenhydrogen and e-fuels. We also integrated collaborative projects inwhich Antofagasta Minerals has participated, such as Charge On andthe Hydra Consortium; we concluded that electrification is currently
the best solution for our operations. Although it currently prioritises
electrification, our Company is open to integrating adjustments or othercompatible technologies available in the future. The Climate Action Plan
has been designed to be flexible as we expect that the industry will
evolve quickly presenting different solutions for all operational processes.

In 2023, following the threefold drop in the cost of green energy
over the past decade, and with Board approval, we began the
manufacturing and pilot implementation of dynamic charging
solutions, and will commence testing a trolley system for haul
trucks at Los Pelambres.
Testing the operational impacts of electric powered trolleys will give us
the information required to evaluate different designs of our mine plans.
Integrating trolley technologies with battery powered drive trains could

To achieve our decarbonisation targets, we must develop our
knowledge of critical enabling elements that will be required for safe
and sustainable energy transition. During 2023, aiming to deepening
our knowledge of battery powered equipment, we developed andimplemented agreements that included electric vehicles into our current
services, such as, the largest battery pickup fleet in Chilean mining
industry. We also purchased eight electric ancillary equipment formaterial movement contracts which will help us develop and experience
the operation, charging and maintenance of battery equipment in realmining conditions.

In June, Centinela put the largest fleet of electric pickup trucks
in Chile into operation. A total of 50 vehicles began work on thesite using energy from 100% renewable sources. This initiative
helps Antofagasta Minerals build the foundation to accelerate thetransition of all pickup trucks, sharing operational performanceand developing critical knowledge for the Group.
As we continue to develop electric technologies into our process, wehave identified electrical infrastructure as being a critical enabler thatwill be required to support this transition, hence Antofagasta Minerals
has been reviewing the suitability of our four companies’ energy nodes
for electrification of all vehicles and distribution centres in an attempt
to establish whether the network and distribution points in northern
Chile are prepared for this simultaneous demand. At the national level,
infrastructure development and timely availability is critical to enable
the industry´s energy transition.

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Antofagasta Minerals Sustainability Report 2023

Centinela´s electric front loader

potentially be the answer for reducing Scope 1 emissions, as well as
lowering operational costs. Currently, we believe electrification shows
the biggest potential to deliver cost-effective solutions in the next few
years, therefore, Antofagasta Minerals has developed an extensive
programme of trials to support our decarbonisation plan.
For further information, please visit our Climate Action Plan.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Energy Management
Energy Consumption andManagement
Energy is a strategic resource that must be
managed in order to ensure a safe, efficient andsustainable supply for our operations, in accordancewith our Climate Change Strategy. Energy
represents approximately 18.9% of the total of
operational costs of our mining operations. Of thispercentage, about 10.4% corresponds to electricity
and 8.5% to fuels, mainly diesel.

In accordance with our Energy Policy
framework, implemented in 2022, we haveincorporated the role of Energy Management
Representative at each mining site. They
supervise the achievement of decarbonisationand energy goals through energy performanceplans and GHG reduction. The role consistsof leading and ensuring the implementationand improvement of the Energy Management
System according to Chilean Law No. 21,305
on Energy Efficiency.
Our team consists of Energy Management
Representatives at each mining site and one in thecorporate area. Together they have decided toachieve compliance with the Energy Efficiency Law
by implementing the ISO 50001 standard in eachcompany. We are aware of and keen to comply withboth legal requirements and voluntary commitments
regarding energy use, consumption and efficiency.

Our approach to energy efficiency is incorporated
into our operations, into each project design,
and into the guidelines on acquiring products andservices that may impact the energy performanceof mining operations.
In 2023, we focused on ensuring a competitiveenergy supply for our Centinela Second
Concentrator project, and we prioritised externalverification in relation to energy management, suchas renewable energy certificates (RENOVA andIREC)1. We also continued reviewing our contracts
with our power companies, in order to guarantee
a supply of exclusively renewable energy, taking
advantage of the abundant solar and wind energy
available in Chile.
The competitive prices of renewable energy in Chile
have enabled the evaluation of the decarbonisationor energy transition plan for our processes;
however, the amount of energy required would bechallenging for the current electrical infrastructure.
Considering this, the development of energy
efficiency initiatives that allow us to reduce theenergy consumption of our current processes,
as well as the required electrical infrastructure
becomes a critical enabler. Our short-term strategy
is focused on the renewal of key electric motor
and pumps associated with our water and grinding
processes with new technologies that allow us toreduce energy consumption and make the overall
process more efficient.

Fuel
Consumption

13,5082022: 15,729 TJ

Variation %: 14%

Electricity Consumption

For further information on GRI 302-1, 302-3,
302-4, 305-6 and 305-7, please refer to our2023 Sustainability Databook.

1. RENOVA is coordinated by the Chilean Ministry of Energy, and IREC is an international standard for the issue, tracking,commercialisation and exchange of renewable energy certificates.

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Antofagasta Minerals Sustainability Report 2023

3,389
Antucoya plant worker

2022: 3,295 GWh
Variation %: 3%

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESWater Stewardship

ENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Water Policy
Water Management Standard

Water Stewardship
GRI 3-3, 303-1

In 2023, in acknowledgement of the strategic value of waterfor our company and our own sustainability, we createdthe Water Resources Management area to improve technicaladvice and our role in planning. We also assigned a waterlead expert at each mining site to improve water management
and to increase water efficiency.
As part of the third pillar of our Climate Change Strategy, water
stewardship has become a critical aspect of our operations due to thenature and geographical location of our mining activities. All of ourmining companies are located in water-stressed areas. Three of
our four mining operations are in the Atacama Desert, and the fourth,
Los Pelambres, is situated in the Choapa Valley, an area sufferinga severe drought.
Our assignment of water leads in each company is intended to improve
our governance, recognising a steady development of internal skills
over the last two years in this domain. Considered a milestone in ourwater policy, this new governance structure allows the incorporationof decisions on water use into new projects and the standardisationof processes.
Our water leads are promoting a cultural change based on water
stewardship at each company. Our objective is to keep working
to strengthen the Group’s expertise in water management. With the
purpose of safeguarding the availability of water resources within ouroperations, communities and the environment, we implement practices
aligned with the Water Stewardship Framework of the International
Council on Mining and Metals (ICMM).
At the operational level, we understand the relevance of compliance,
so we prioritise water management to avoid risks that, if not properly
treated, may lead to contaminant leaks, harm to communities,
or difficulties in obtaining environmental permits. In doing so,
we constantly improve the quality of our information and maintaina close relationship with surrounding communities.

As a company, we are intensifying efforts to protect limited freshwater
resources in the communities in which we operate. We work hardalongside communities and the authorities to define the future useof their water rights with sustainability as a key objective (see Our
Work with Communities section). We promote transparency throughquantitative information in our Sustainability Databook, sustainable
and responsible environmental water management, and the watersafety of our communities.

Our Approach
Evolution of thewater matrix

Efficiency,
recirculation andreuse measures

ProcedureStrengthen thestrategy for
reducing use ofcontinental water inareas where wateris scarce,
establishing targets
and actions basedon climate scenario
analysis results.

Strengthen
efficiency in the useof water and otherstrategic resources,
improving their
recirculation,
recovery, reuse,and protection in thecompany’s areasof influence.

Guidance forcompliance with
the Water Policy’scommitments andthe requirements
established in the
Water Management
Standard.

Antofagasta Minerals Sustainability Report 2023

Our Pillars
Water Policy
Increase water efficiency in our operations
We are committed to progressively reducing water use per tonneof copper produced and seeking multiple alternative sources ofwater supply.
Apply robust and transparent water governanceAccording to our Water Policy and Climate Change Strategy, each
Company must have a Water Efficiency and Implementation of New
Technologies Plan in place. The objective is to promote the efficientuse of water resources from continental sources, seawater or otheralternative sources, analysing water use indicators and promoting theimplementation of industry best practices. Since 2022, all of our mining
sites have a water efficiency plan. In 2023, we set a goal that all Group
companies should achieve at least 70% of the water management
standard. By the end of 2023, progress in implementation of thestandard had reached 80% as a Mining Group. In addition, two water
efficiency pilot projects were approved to increase water recovery
from tailings at Centinela and Los Pelambres.
For more information on GRI 303-1 and 303-2, please visit
the 2023 Sustainability Databook, ICMM Water Commitments sheet.

79

Water Resources Procedure

We use consistent industry metrics and widely accepted
approaches to report our water management performance.
Cooperate for environmentally responsible, sustainable water
management
We work with local communities to cooperate in the managementof their water needs, contributing to enhanced water security.
Water Management Standard
Defines the minimum requirements that allow Antofagasta
Minerals and its mining operations to ensure a safe, economical,
efficient and sustainable water supply throughout the entire
lifecycle of a site. It covers the exploration, design, operationand closure phases, along with development projects.
Water Resources Procedure
Technical reference document detailing best practices andrecommendations.
Provides guidance for compliance with Water Policy commitments
and the requirements established in the Water Management
Standard.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Water Stewardship continued

Leading Seawater Use
Our 2023 achievement

Our goal

60%

90%+

of our Group’s water
withdrawals was seawater.

of the water used by ouroperations should be seawaterand recirculated once ourdesalination plant at Los
Pelambres reaches its full
capacity of 800 l/s.

Following two years of work, Centinela began full operation
using seawater in 2023. This milestone brought to an end
a small remaining extraction of water from wells in Calama.

For further information on operational water extraction by source(2019-23), Mining division, as well as responses to the series of GRI
303-1 to GRI 303-5 standards, please refer to our 2023 Sustainability
Databook.

In October 2023, the environmental authority approved doubling thecapacity of the desalination plant to 800 l/s and building a new copper
concentrate transportation system. The project also involves theconstruction of a new grinding line and a new flotation line at the
Piuquenes Plant, located at the Los Pelambres production facilities.
The Centinela Second Concentrator project, approved by our Boardof Directors in December, will also use seawater in its operations.

1. In 2023, seawater accounted for 60% of our water withdrawal, led by Antucoya at
97% and Centinela at 85%. Due to ICMM reporting requirements, moisture which isheld in ore and pit dewatering is included in the water withdrawals.

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Antofagasta Minerals Sustainability Report 2023

Los Pelambres facilities

CHOAPA PROVINCE

Antofagasta Minerals has long been a pioneer of the use of
seawater in the Chilean mining industry. We are moving awayfrom dependence on continental water sources and increasing
seawater use. In 2023, we achieved two milestones:
completion of the Los Pelambres desalination plant as thefirst of its type in central Chile, and operations at Centinela
only use 100%1 seawater.
The Los Pelambres desalination plant has a production capacity of
400 l/s of industrial-quality desalinated water. The plant is located at
the Los Pelambres industrial facilities at the Port of Punta Chungo in
Los Vilos district, Coquimbo region. It includes marine works for
capturing seawater and discharging brine, and an underground drive
system stretching 61 km to convey desalinated water between thepumping station and the existing recirculation station at the El Mauro
Tailings industrial area, before continuing to the mining site in Chacay.

In a challenging operation, the water is transported along a
145-kilometer aqueduct to the mining site, which is located at
2,200 meters above sea level in Sierra Gorda district, Antofagasta
region. The company requires approximately 900 L/s.

Future Los
Pelambres' works
CanelaActual concentrate pipeline
New concentrate pipeline

IllapelChoapa river

Limahuida
Increase desalination capacity
Achieves 800 L/S

Los Pelambres
Mining Operation

Salamanca

Choapa Viejo

QuelénChipellín

Quelén Alto

Los Vilos

Pupío

Cuncumén

Caimanes

Tranquila

El Mauro works

Change of concentrate pipeline route
Underground pipe

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Water Stewardship continued
Punta Chungo port, Los Vilos

Operational water withdrawals by source, 2019-23, Mining division(megaliters)
1

GRI 303-3

Los
Pelambres

2023

2022

2021

2020

2019

Total

38,80729,35026,81827,847

21,633

Seawater

13,04400

0

0

Surface water

15,18820,093

2

15,79019,481

13,898Groundwater

10,5689,249

11,019

8,358

7,726

Supplied by third parties
Centinela

7

9

9

9

9

Total

30,52030,902

29,223

27,17826,369Seawater

28,961

26,7622

25,251

23,316

22,602Groundwater

1,560

4,140

3,973

3,862

3,356

–

–

–

–

410

Supplied by third parties
Antucoya

Total

7,081

6,521

6,316

5,923

5,804

Seawater

6,840

6,2992

6,081

5,720

5,623

Groundwater
Zaldívar
Miningdivision

241

221

235

204

181

Total

5,502

5,993

6,653

7,015

7,015

Groundwater

5,502

5,993

6,653

7,015

7,015

Total

81,91072,76669,01067,96360,821

Seawater

48,84533,061

31,332

29,03628,225

Surface water

15,18820,093

15,79019,481

13,898Groundwater

17,871

19,603

21,87919,43818,279Supplied by third parties

7

9

9

9

419

Seawater as a percentage
of total

60%

45%

45%

43%

46%

1. As defined by the ICMM, operational water is the volume of water used in operational tasks. Operational water use is, therefore,
the actual volume of water required or used to sustain operational activities.
2. Water withdrawal increased as precipitation in Los Pelambres tripled in 2022 from the low levels in 2021, and Centinela
Concentrates and Antucoya achieved record annual throughput.

For further information on GRI 303, please visit the 2023 Sustainability Databook,
ICMM Water Commitments, ICMM Water-MD and ICMM Water – MD Operations sheets.

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESInnovation as a Driverof Sustainability
GRI 3-3

As one of our values, our approach to innovation integrates sustainability, competitiveness anddevelopment, and works towards finding new ways to design and apply progressive solutions forour companies. At Antofagasta, innovation plays a key role in the incorporation of state-of-the-art
technology into our operations and new projects to support our strategic priorities and drive
greater efficiency at our mining sites. We also bring a critical contribution to decarbonisation
through electromobility and an electrification network for our haul trucks.
The Vice Presidency of Strategy and Innovation brings together
the relevant company areas according to a defined goal and project,ensuring effective governance to promote initiatives supported by
the appropriate management. In doing so, we are fostering a cultureof innovation within our organisation focused on the excellence ofour processes and opportunities as a company.
In November, Antofagasta Minerals was named the most innovative
Company in the Mining sector by the Universidad de los Andes’ Centre
for Financial Studies ESE Business School, El Mercurio newspaperand MIC Business Consulting, thanks to our productivity improvements,
cost reduction, increasing efficiency and growth opportunities.
Under the umbrella of the “Da Vinci Circle”, and selected from a groupof 300 enterprises, Antofagasta became one of the 10 best Chile-based
innovation-leading companies and a beacon of how to innovate in large
companies using an array of cultural practices and organisational
approaches.
As a driver of our sustainable production, innovation has allowed us
to incorporate new technologies to make movement of material more
efficient and to take advantage of existing infrastructure by developing
satellite deposits, particularly at Centinela. Today, we are developing
a programme for the New Generation of Districts, prioritisingtechnologies for implementation and focusing on improving mineralsorting and logistics in the short term.
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Antofagasta Minerals Sustainability Report 2023

Cuprochlor-T Technology
In 2023, we launched a testing programme for our self-patented
Cuprochlor-T technology, used in the processing of low-grade ore at
Zaldívar. The process allows leaching of chalcopyrite and has yielded
recovery rates greater than 70% after 220 days of leaching. We began
to apply the necessary heating technology conditions, in order toevaluate feasibility and to sell the project to other mining companies
from 2024 onwards.

Our Roadmap Operation Vision
2023 Focus
•
•

•
•
•
•
•
•
•

New ways of operating
Evolution of operations towards Integrated Operations
Management (GIO) with the use of data for decision-making
Robotisation of SAG mining mill maintenance (Los Pelambres)
New ways of mining
Dust reduction and control
New mining districts (reduction in material movement costs)
Tailings and water management
Cuprochlor T
Decarbonisation

ENVIRONMENT AND CLIMATE CHANGE

Zaldívar’s Cuprochlor-T plant

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Innovation as a Driver of Sustainability continued

Centinela Second Concentrator project
Encuentro Sulphide

Esperanza Sur

Autonomous
Transport
SystemCentinela existente plant and molybdenum plant

Investment$4,400Primary
grinder
Overlandconveyor

Concentrator
plant

millionThickenedtailings deposit

Desalinated Water
Drive System (SIAM)

Conveyor belttransport system

Considered essential for Antofagasta’s
production growth, the Second Concentrator
project in the Antofagasta region aims
to increase capacity for mineral treatment
and production of copper concentrate, andto extend its lifecycle to the year 2056.

Lifecycle
extension

2056
Concentrate ductFirst estimatedproduction
Quebrada
Del Diablo

2027

Expected additional
production(tonnes/year)

144,000
copper3,500
molybdenum

Expected
production(ounces/year)

130,000

Centinela dockCentinela dock facilities

gold

Pacific Ocean

Centinela
MiningDistrict
Antofagasta
RemoteCentre83

Antofagasta Minerals Sustainability Report 2023

New Mining Districts: Centinela
Second Concentrator Project
Praised as a ground-breaking project in terms ofinnovation and sustainability, all of its operations will
use seawater. In addition, the Centinela Second
Concentrator project will use electric power fromrenewable sources exclusively, and it will continue to
use thickened tailings technology to ensure more
efficient use of water. Haul trucks and perforators
will be autonomous. On top of that, the project willprioritise electromobility, energy efficiency, circular
economy and air quality monitoring.

With this project, one of the main contributions of
Antofagasta hinges on highlighting the value ofcopper for the energy transition and a low emission
economy, on the skills of Antofagasta’s employees
to launch projects of significant size, and on a proper
framework that guarantees its feasibility andlong-term development.
Scheduled to begin on semester 1, 2024, the main
construction works will involve two new pits, a newconcentrator plant and a second thickened tailing
deposit. The project is expected to require around13,000 workers during the construction phase, andaround 1,000 employees once in full operation, mostof them from Antofagasta region.
Considered one of the most significant Antofagasta
Group’s project and the largest mining investment
over the last five years in Chile, the project will contributesignificantly to the Group’s long-term aspirationsof producing 900,000 tonnes of copper annually.

In this way, Centinela will transform itself into
one of the world’s 15 largest copper producers
and one of Chile’s largest gold producers.

GIO, Operating Remotely
The opening of a new autonomous pit at Centinela(Esperanza Sur) required state-of-the-art
technology. Self-driving haul trucks and mine drills
operated remotely with the support of sensors,
cameras, radars and GPS bring greater safety to ourpeople, longer tyre life and optimal fuel consumption.
In addition, the Integrated Operations Management(GIO) project at Centinela has run effectively
throughout its second year of operation. This isa Remote Centre in the Antofagasta region fromwhich the plant, mine and pier are managed
remotely, using real-time information to optimise
all processes in a comprehensive and consolidated
manner. Centinela moves a million tonnes of material
daily using 100 haul trucks.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Innovation as a Driver of Sustainability continued

Los Pelambres is in the process of implementing its own GIO
centre in Santiago, completing critical milestones for remote
and integrated operation along the entire value chain, andhas been in operation for over a year. The project involves thedigitalisation and remotisation of operations and the integrationof centralised information systems.

Projects developed in 2023
Name of project

Objective

StatusMineraltracking

A digital tool that integrates datafrom the Antucoya mining
company and the plant. It
provides georeferenced trackingof the mineral in the pile formore precise, optimised andproactive operation.

Operative

Justo
Explosive“Rhino” sensor analyses wells
to improve explosives efficiency
at Antucoya.

Operative

Digital Twins

Operative

On the subject of tailings management, we have begun laboratory-scaleevaluation of alternative technologies for the vertical plate filter press
and conventional tailings disposal methods. The results of this process
will allow for the inclusion or omission of new technologies in pilot
schemes, with a view to achieving more sustainable mining practices.

To achieve virtualisation or digital
replication of mining processes
at Los Pelambres.

EW Short
Circuit
Detection

Installation of wireless IoT sensors
on the conductive bars to monitor
temperature changes andanomalies within the cells inreal time at Antucoya.

To be
implemented
in 2024

New Technologies at our Mining Sites

Robot “Spot”

Specification and implementationof a quadruped robotic system
to inspect moving belts exposedto acid mist, eliminating theworkers’ risk at Zaldívar.

To be
implemented
in 2024

Image
analytics for
crack
detection inleached waste
dumps

An early warning system forpotential damage to the spreading
equipment due to cracks and/or
settlement during theconstruction of ore leachdumps at Antucoya Mine.

Operative

Water
recovery inthickeners

A Thickener Optimisation
Application, which will provide
real-time recommendations on
set points and validation of theresults through a pilot test at
Los Pelambres.

To be
implemented
in 2024

In December, GIO incorporated the digital tool Agile Decision Assistant,
known as “ADA”, at Los Pelambres. Thanks to the recent
implementation of version 2.0, the tool allows greater data integrationand improved user experience, as well as a complete view of the value
chain, integrating various sources of information and alerting deviations
or restrictions in the processes.

Tailings Management

At Zaldívar, we have created a new repair yard to boost the Company’scompetitiveness. The yard meets the highest international standards
and increases the reliability and conservation of components andequipment during maintenance. In addition, it will provide traceability
in repair processes.
Work has been done on automation and the incorporation of
teleoperation. Examples are the Antucoya spreader, the autonomous
drilling rigs at Zaldívar, and various teleoperated equipment at Los
Pelambres. We have also incorporated anti-collision technology
solutions in all mining companies. In addition, Los Pelambres is working
to deploy a robotic solution for performing liner replacement in their
SAG mill, improving safety by eliminating exposure of personnel
to hazardous tasks.

Equipment safety check, Centinela

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIES

Biodiversity Protection
Habitats Protected or Restored
GRI 304-3, 304-4

27,440 hectares
Los Pelambres protected areain the Choapa Valley (Coquimbo region)

6+
times larger than the area used by the mine operations.

4
nature sanctuaries
Laguna ConchalíMonte Aranda
Quebrada Llau-Llau
Cerro Santa Inés

Biodiversity
GRI 3-3

Biodiversity protection is part of our long-term sustainability
approach and policy. In 2023, our new, updated Biodiversity
Standard started its implementation. In accordance with our
Biodiversity Standard, and aligned with the ICMM’s position
statement on Mining and Protected Areas, we seek to protect
wildlife around our mining sites.
Our Climate Change Strategy’s fourth Pillar defines two priorities inrelation to biodiversity: nature-based solutions for CO2 capture and toaddress adaptation to acute and chronic physical risks. Nature-based
solutions seek to use nature’s own resources to address environmental

challenges, such as the protection and replanting of woodland andthe restoration of wetlands.
We aim to deliver a net zero loss of biodiversity by minimising our
impact and mitigating and compensating for any potential negative
effects, incorporating biodiversity management from the early stagesof exploration, project design and operation. We operate in accordancewith local regulations, international standards, ICMM principles andthe mitigation hierarchy established by The Copper Mark. ICMM is
Taskforce on Nature-related Financial Disclosures (TNFD)’s official
piloting partner for the mining and metals sector, and has developed
guidance to support it in assessing and disclosing nature-related issues.
In 2023, we focused on the implementation of our updated biodiversity
standard, consolidating and supporting biodiversity management ofoperations, projects and explorations. Its primary objective is to provide
the necessary guidelines for the proper management of biodiversity
throughout the different phases of the mining cycle (exploration,
projects, operations and closure).

The update to this standard responds to the need to continue
managing biodiversity at the highest level, as a strategic asset
at the company level, and at each of our operations in Chile.
This update brings in the guidelines, criteria and best practices
developed on the subject to date, both globally and in Chile.
As part of our initial implementation efforts, we conducted acomprehensive site coverage analysis, along with spatial mapping todelineate operational zones and identify areas of high biodiversity value,
along with their principal conservation attributes. To safeguard this vital
biodiversity value, our company is committed to specific courses ofaction, including ongoing monitoring, verification and reporting activities.
We focused on the analysis of a base line across the group as a whole,in order to make the necessary adjustments and move forward in 2024.
We also continued to define our conceptual nature-based solution
framework, in addition to identifying potential pilots to implementin the short and medium term.

Monte Aranda nursery, Choapa Province
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Antofagasta Minerals Sustainability Report 2023

ENVIRONMENT AND CLIMATE CHANGE

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Biodiversity Protection continued

Los Pelambres has mining operations near nature sanctuaries:
•

•

•

•

Laguna Conchalí (Conchalí Lagoon). This coastal wetland, which
had lain abandoned before Los Pelambres undertook its restoration,is an important stopover site for migratory birds and is part of theRamsar List of Wetlands of International Importance.
Monte Aranda (Mount Aranda). This nature sanctuary is home to
the Chilean palm, an endemic species that the International Union
for Conservation of Nature (IUCN) has classified as vulnerable.
Quebrada Llau-Llau (Llau-Llau ravine). This protected area is hometo endangered plant species, such as the Chilean white myrtle
and the canelo.
Cerro Santa Inés (Santa Inés Hill). This site, acquired forconservation purposes by Los Pelambres in 2014 and declareda nature sanctuary by the Chilean Government in 2020, preservesa relict forest that has survived the semi-arid climate by which it issurrounded, thanks to the coastal fogs that usually surround the hill.

The sustainable closure plan for the Quillayes tailings dam at Los
Pelambres includes a process of phytostabilisation1 through the plantingof native trees and shrubs over an area of 300 hectares. A total of
120 hectares are already planted with more than 20 native species,
96,000 trees, which are closely monitored to review their behaviourand survival. The phytostabilisation process is a pioneering initiativein the large-scale mining industry in Chile.
In Northern Chile, we also have a portfolio of biodiversity initiatives,
such as the High Desert Agricultural Centre. Located at the Zaldívar
mine, and a joint initiative with the University of Chile, the Centre isdedicated to the study and improvement of plant genetics to enable
them to grow in the arid desert conditions for use as a basis of biofuel
production. This project was successfully closed at the end of 2023.
In the Quebrada del Diablo area, located in the coastal sector of the
Atacama Desert, Centinela protects and seeks to reproduce aslow-growing cactus which, depending on the specific area in which
it is located, is classified as vulnerable or endangered.
Both Centinela and Los Pelambres monitor the marine environment
near their port facilities, regularly analysing the water column,
sediments and marine fauna.
1. Phytostabilisation is the use of plant species that help to immobilise contaminants
in soil, sediments and sludge; prevent and reduce the mobility and migrationof contaminants through erosion; and reduce the bioavailability of metals.
2. Due to rounding decimals of the individual protected areas, the sum total is equal to27,440.

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Antofagasta Minerals Sustainability Report 2023

Protected areas according to environmental evaluations
SectorUnique features

Environmental Qualification
Resolution (RCA)Land (ha)Quebrada Talca

Sclerophyllous forests

71/1997

2,785

Quebrada Llau-Llau

Sclerophyllous forests in ravine bottoms(canelo – chequén)

38/2004

1,779

Monte Aranda

Sclerophyllous forests with presence of Chilean palmand hydrophilic forest

38/2004

5,696

Laguna Conchalí

Coastal wetland habitat for migratory birds

71/1997

51

Valle Manque and Piuquenes, Hualtatas

High Andean wetlands

38/2004

9,219

Laguna El PeladoHigh Andean wetlands

38/2004

6,544Southern Mountain Range

High Andean wetlands

38/2004

72

Cerro Santa Inés

Hydrophilic forest and others

176/2018

714

El Mollar

Hydrophilic forest and others

176/2018

272

El Romero

Chilean palm habitat protection

38/2004

146

Tipay

Integrated measures of habitat enrichment

16/2008152

El Mauro

Chilean palm habitat protection

38/2004

8Total
Los Pelambres supports R&D projects to repopulate the area nearits marine facilities with sea urchins, abalones, red kingklip and otherspecies. In addition, we periodically implement programmes to protect
animal, bird and plant species.
Centinela operates an initiative to safeguard the gaviotín chico,a species endemic to Chile and Perú and classified as endangered.
Zaldívar is developing the Green Desert (Desierto Verde) project
to increase knowledge of species that might be adaptable to desert
living conditions. In addition to our work on species and ecosystem
protection, we conduct research and provide education. In northern
Chile, we have worked on the educational potential of the Morro
Moreno National Park near Mejillones, in a joint initiative with
Universidad Católica del Norte UCN) and the National Forest
Corporation (CONAF).
In 2023, none of our operations have had a significant impact
on biodiversity.
For further information on the series of GRI 304-1 and 304-2
standards, please refer to our 2023 Sustainability Databook.

27,4402

Information about Laguna Conchalí wetland, Coquimbo Region

Chapter 6

Appendix
Materiality Analysis in Detail88

External Assurance91

Our Progress on Each of the ICMM
Mining Principles

109

The Copper Mark Assurance Process110

Our Sustainability Databook

111

Autonomous mine trucks, Centinela

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WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESMateriality Analysis in Detail
GRI 3-1, 3-2

As mentioned in Chapter 2, in 2022 we defined and prioritised 26
material topics for our strategy and stakeholders at Antofagasta Minerals,
three of which were new (industrial protection, well-being andcybersecurity). Our matrix was constructed based on the main material
topics of our four mining companies. We have scheduled a two-foldmateriality exercise for 2024 to identify new material topics relevantto the company and relating to issues that impact the wider world.
The materiality process constitutes an exhaustive analysis of internaland external information obtained from secondary sources andinterviews with our main managers and experts from leadingorganisations in sustainable mining development. We then examinedstudies and trend analysis reports on the mining industry, national andinternational press content, and the latest updates to the mainstandards and publications set out by mining sustainability associations.
In addition, we established a benchmark based on the sustainability
reports of 13 national and international mining companies, each ofwhich are leaders in sustainability and material issues.
We then reviewed internal sources, among which were sustainability
reports from recent years, the Group’s main updated policies, opinion
surveys of different stakeholders, the results of our due diligence inhuman rights, risk matrices, and other documents available in the publicdomain. The process provided a general overview of Antofagasta’s
activities and trading relationships, a description of sustainability
management for each company within the Group, and a list of its
priorities for our stakeholders.

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The materiality process involved online semi-structured interviews
with top executives to identify the main challenges and opportunities
in their current areas and over the coming years, the validity of thematerial issues from the previous year, and actual and potential
material issues. Representatives of organisations that promoteadvances in sustainability in the mining industry, such as the Mining
Council, the ICMM and the Copper Mark, were also interviewed. Wethen identified and prioritised the main impacts on the economy, theenvironment and people stemming from the activities of Antofagasta
Minerals and its relationships with stakeholders.
Once the most significant impacts had been identified, they weregrouped within a list of material topics that was broken down into
economic and governance, environmental, and social dimensions.
To confirm the material topics, a workshop was held for the
Antofagasta Sustainability team, during which each topic wasreviewed, along with its risks and opportunities, its positive or
negative impacts (subthemes) and respective definitions. We thenapplied adjustments and finalised a list of 28 material topics for
Antofagasta plc and 26 for Antofagasta Minerals.

ENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Antucoya camp

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Materiality Analysis in Detail continued

Definition of Our Material Topics
Material topic

Description

Economic and governance dimension
Corporate governanceCorporate governance ensures the transparent and responsible management of our sustainable business in line with mining industry best practices. We maintain a culture of
integrity in line with our Charter of Values and Code of Conduct, and ensure business behaviour that is responsible, respectful, upright and transparent. Our Compliance Modelapplies to both contractors and our own employees. Effective risk management is an essential part of our culture and strategy.

New regulations, regulatory
uncertainty and permits

Through the associations of which we are members, we contribute our technical expertise for the formulation of regulations and norms that promote development for the mining
industry and, in turn, for the country. We have operational standards of excellence that exceed regulatory minimums and execute projects that ensure operational continuity, meetingthe expectations of our interest groups.

Transparency, communications
and trust

We aim to maintain regular communication with our stakeholders, both current and emerging. We look to adopt standards that allow us to meet expectations and build trust withthem through verifiable information.

Economic performance

We generate economic value for all our stakeholders and distribute it in the form of salaries, acquisition of goods and services, contribution to local communities, taxes, shares andinterest paid to our investors. This direct distribution of economic value also generates indirect benefits through spending by our workers, suppliers, government and others.

Responsible supply

We share our values with our suppliers and support them in the incorporation of sustainability best practices into their operations. We also enhance the competitiveness of ourbusiness and contribute to the growth of the territory in partnership with local suppliers and SMEs. We ensure legal compliance; respect for human rights, working conditions, andhealth and safety standards; and continuous improvement in the socio-environmental management of our supply chain.

Innovation

We seek excellence on a daily basis through new ideas and collaboration to increase the efficiency and productivity of our processes.

Industrial protection

We strive to collaborate with industry, authorities, law enforcement and public security forces to prevent and respond to crimes, such as mineral theft and potential damage tofacilities. We seek to generate multi-actor plans that reduce the risk of crimes in mining operations.

Contractor management

We look to establish close and mutually beneficial relationships with the employees of contracting companies. We share a culture of respect, inclusion, fair treatment andtransparency, and we promote operational excellence, a culture of self-care and the best levels of compliance.

Digital transformation

We seek to promote a culture that boosts the development of digital capabilities, as well as the use of cutting-edge tools and technologies that create value for the organisation,
people and the environment.

Cybersecurity

We aim to develop plans to prevent, respond to and recover from potential cyber-attacks, and we promote a cybersecurity culture in which people understand the risks andopportunities relating to digitalisation.

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WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Materiality Analysis in Detail continued

Material topic

Description

Environmental dimension
Water management

We protect the availability of water resources for our operations, communities and the environment. We make efficient use and prevent pollution of water resources. We contributeto robust and transparent water governance and to organisation of shared use. We prioritise the use of seawater in our operations.

Decarbonisation

We apply our Climate Change Strategy to achieve its goals and decarbonisation path. We take mitigation measures and adopt technologies and energy sources that allow us toreduce our emissions, involving our supply chain in this task. We collaborate with industry to transition to a low-carbon economy and take advantage of the opportunities associatedwith climate change.

Risk management and climatechange adaptation

We apply our Climate Change Strategy and measures to adapt to physical and transition risks. We anticipate extreme weather events and strive to prevent or minimise damage toassets and people. We build a resilient operation to ensure operational continuity.

Biodiversity

We avoid or minimise impacts on biodiversity, restore or compensate for impacts generated, and value biodiversity in the areas in which we operate, collaborating with experts andworking with our communities.

Tailings management

We manage our tailings in a responsible, timely manner that involves continuous and participatory monitoring. We operate under the premise that a catastrophic failure isunacceptable, prioritising the safety and health of people, communities and the environment.

Circular economy

We incorporate circular economy into the production cycle, understand the value of waste, and mitigate its generation. We work to reduce waste and tailings, optimising water use
and promoting recycling and operational efficiency. We take advantage of the properties of copper as a 100% recyclable metal, its role in the energy transition, and the derived
business opportunities.

Social dimension
Health and safety culture

We look to protect the physical and mental health of our employees, contractors and the community. We seek to become leaders in health and safety, generating comprehensive
well-being for our employees and promoting a culture of self-care. We innovate to achieve the highest standards of accident prevention and emergency response.

Talent attraction, retention anddevelopment

We seek to improve the skills of our workers, to generate an inspiring organisational culture to respond to the expectations of new generations, and to promote a working
environment that enhances learning and in which people find meaning in their work.

Dialogue and engagement with
communities and indigenous
peoples

We operate participatory, inclusive and transparent dialogue processes, recognising controversies and opportunities. We build trust and legitimise mining activity with stakeholders
in the territories in which we operate, prioritising the coexistence and well-being of local communities.

Social contribution and skills
development

We work to generate economic, environmental and social value throughout the entire lifecycle of our projects. We work to promote education, local employment, and thedevelopment of local contractors and suppliers from the beginning of exploration through to project closure.

Local employment

We prioritise employment opportunities for local workers.

Management of social andenvironmental impacts ofoperations

We mitigate negative externalities in society and the environment through operational excellence, innovation, the adoption of new technologies, ethical behaviour and a proactive
relationship with the inhabitants of the territories in which we operate.

Workforce well-being

We aim to develop healthy and motivated people in the workplace, ensure emotional, physical, social and financial well-being, and develop plans and programmes that improve thework-life balance for our employees and contractors.

Collaborative labour relations

We seek to implement a model and practices that respect workers’ rights and generate development through transparent, fair and equitable treatment.

Diversity, equity and inclusion

We work to promote an inclusive environment for all, developing policies and practices that allow us to build a more diverse and equitable culture at all levels. We take the necessary
measures to anticipate and penalise any type of discrimination, both within the organisation and in the context of relations with external parties.

Respect for human rights

We respect the human rights of people within our company’s area of influence and operate due diligence and complaint mechanisms. We ensure that our collaborators, contractors,
suppliers and partners also comply with the protection of human rights.

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCE

External
Assurance
GRI 2-5This document, along with the Sustainability Databook – in which canbe found a large portion of the GRI indicators and data concerningcompliance with the requirements of the ICMM, ICA, and otherstandards – has been subjected to limited external verificationby the audit company EY, in order to ensure the reliability of theinformation presented to our interest groups.
This report and the associated verification process is presented
for validation first to the Executive Committee and then to the Boardof Directors.
The process was carried out in accordance with ISAE 30001 and,
consequently, with the code of professional ethics, which requires
professional independence and verification of the absence of
conflicts of interest that may affect the principles of integrity,
objectivity, professional competence, diligence and confidentiality.
In addition, the information is reported according to GRI and SASB
standards.

CORPORATE GOVERNANCEPEOPLE AND COMMUNITIESTo the Board of Directors
Antofagasta Minerals S.A.

a) Scope of Our Work
We have been engaged by Antofagasta Minerals S.A. (“AMSA”
or the “Company”) to carry out a “limited verification engagement”,
as defined in the International Standards on Assurance Work, to reporton the performance indicators selected by AMSA (the “Subject Matter”).
This information is included and presented in the “Antofagasta plc
Sustainability Databook 2023”, “Sustainability Report 2023,” and“Antofagasta plc Annual Report 2023” (the “Reports”) and referred
to in Annex A. This corresponds to the period from January 1
to December 31, 2023.
Except as described in the preceding paragraph, which sets out thescope of our commitment, we have not conducted assurance
procedures on the rest of the information included in the Reports.
Accordingly, we do not express a conclusion on this information.

b) Criteria applied by Antofagasta Minerals S.A
In the preparation of the selected performance indicators, detailed in Annex
A, Antofagasta Minerals S.A, applied the criteria of the Global Reporting
Initiative (GRI) Standards and the SASB Sustainability Accounting Standard
Board Standards, hereafter collectively referred to as “the Criteria”.
The management of Antofagasta Minerals S.A. is responsible for theselection of the Criteria, as well as the presentation of the selected
performance indicators in accordance with these Criteria, in allmaterial aspects. This responsibility includes the establishment andmaintenance internal controls, maintaining adequate records, andmaking estimates that are relevant to the development of
performance indicators, ensuring they are free from material
misstatement, whether due to fraud or error.

d) EY’s Responsibilities
Our responsibility is to draw a conclusion on the presentation of theselected performance indicators included in Annex A based on theevidence we have obtained.

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Antofagasta Minerals Sustainability Report 2023

APPENDIX

21 March 2024
IN.001756-24
Limited Assurance Verification Reportc) Responsibilities of Antofagasta Minerals S.A

1. International Standard on Assurance Engagements (ISAE) 3000, Assurance
Engagements Other than Audits or Reviews of Historical Financial Information.

ENVIRONMENT AND CLIMATE CHANGE

We have conducted our reference work in accordance with theInternational Standard for Assurance Engagements other than Audits
or Reviews of Historical Financial Information (“ISAE 3000”), and inaccordance with the terms of reference for this work agreed with

Antofagasta Minerals S.A on 14th July 2023. Our responsibility underthese standards requires us to plan and perform reviews to obtain
limited assurance about whether the performance indicators are freefrom material misstatements and whether they are presented inaccordance with the criteria applied by Antofagasta Minerals S.A,
in order to issue a report. The nature, timing and scope of the selected
procedures depend on our judgment, including assessing the risk ofmaterial misstatement, whether due to fraud or error.
We consider that the evidence obtained is sufficient and adequate
to support our conclusions of limited verification.

e) Our Independence & Quality Control
We have maintained our independence and confirm that we comply
with the requirements of the Code of Ethics for Professional
Accountants issued by the International Ethics Standards Board for
Accountants and have the necessary competencies and experienceto carry out this assurance engagement.
In addition, we adhere to International Quality Control Standard 1,“Quality Control for Firms that Perform Audits and Reviews of Financial
Statements, and Other Assurance and Related Services”, Accordingly, we
maintain a comprehensive quality control system that includes documented
policies and procedures regarding compliance with ethical requirements,
professional standards, applicable legal, and regulatory requirements.

f) Description of the procedures performed
The procedures performed in a limited assurance engagement vary innature and timing and are less extensive than in a reasonable assurance
engagement. Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than that which would havebeen obtained if reasonable assurance had been performed. Our
procedures were designed to obtain a limited level of assurance on which
to base our conclusion and do not provide all the evidence that would be
required to provide a reasonable level of assurance. As such, our review
does not guarantee that we have become aware of all material mattersthat would be disclosed in a reasonable compromise.
While we have considered the effectiveness of management’s internal
controls in determining the nature and scope of our procedures, ourwork has not been designed to provide assurance about internal
controls. Our procedures did not include testing of controls or the
performance of procedures relating to the integration or calculationof data into computer systems.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

A limited assurance engagement involves making inquiries, primarily
with the persons responsible for the preparation of the selected
performance indicators, related information, and applying analyticaland other appropriate procedures.
Our procedures included:
1. Conduct interviews with Company personnel to understandthe business and the process of preparing the Report.
2. Conduct interviews with those responsible for the Report tounderstand the process of collecting, consolidating, and presenting
the information of the Subject Matter.
3. Verify that the calculation criteria have been correctly appliedin accordance with the methodologies described in the Criteria.
4. Conduct analytical review procedures to support the reasonablenessof the data.
5. Identify and verify the assumptions that support the calculations.
6. Test, based on sampling, the source information to verify the accuracyof the data.
We have also carried out other procedures that we have deemednecessary under the circumstances.

Annex A: Performance Indicators
Subject matter
The sustainability information identified (the “Subject Matter”) in the scope of this Report and includedin the “Antofagasta plc Sustainability Databook 2023”, “Sustainability Report 2023” and “Antofagasta plc
Annual Report 2023” issued by Antofagasta Minerals S.A. on its website is presented in the following tables:
Table 1: GRI Standard indicators
Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

2-1

Organisational
details

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b, c, d

The corresponding
information is presented on
page 13 of the Sustainability
Report 2023.

2-2

Entities includedin theorganisation’ssustainability
reporting

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b, c

The corresponding
information is presented on
page 111 of the Sustainability
Report 2023.

2-3

Reportingperiod,frequency andcontact point

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b, c, d

The corresponding
information is presented on
page 2 of the Sustainability
Report 2023.

2-4

Restatements
of information

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.i, a.ii

The corresponding
information is presented on
page 111 of the Sustainability
Report 2023.

7. Limitations of Our Assurance Commitment
Our verification engagement was limited to the Subject Matter(see Appendix A) contained in the Reports for the period from
1st January to 31st December 2023. It does not contemplateinformation from previous years included in the Report, nor does
it relate to future projections or goals. Additionally, it was also notintended to ascertain whether the technological tools used for thedevelopment of the Report are the most suitable and/or efficient.
8. Limitations of Our Assurance Commitment
Based on our procedures and the evidence obtained, we are notaware of any material modifications that need to be made to theselected performance indicators corresponding to the period 1st January
to 31st December 2023, to be reported based on the Criteria.
Best regards,

Iris Crisóstomo
Audit Partner
21 March 2024. Santiago Chile.
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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

2-5

External
assurance

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b.i

The corresponding
information is presented on
page 91 of the Sustainability
Report 2023.

2-7

Employees
Continued

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

b.ii.

Continued

Total number of temporary
employees (number as ofDecember 31):

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b.i, b.ii, b.iii,c

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

2-6

2-7

Activities, value
chain and otherbusinessrelationships

Employees

The corresponding
information is presented on
pages 16 and 17 of the
Sustainability Report 2023.

Total number of employees(Number as of December 31):

Continuedb.iii.

Total number of non-guaranteed
hours employees (number as ofDecember 31):
For further information, pleaserefer to Antofagasta plc

b.iv.

Mining Division: 6,697
employees

Total number of permanent
employees (Number as ofDecember 31)

For further information,please refer to Antofagasta plc
Sustainability Databook 2023:
Labour practice sheet.

Total number of full-time
employees (number as ofDecember 31)
Mining operations: 6,697
employees

For further information,please refer to Antofagasta plc
Sustainability Databook 2023:
Labour practice sheet.

Mining Division: 6,366
employees

Antofagasta Minerals Sustainability Report 2023

For further information, pleaserefer to Antofagasta plc
Sustainability Databook 2023:
Labour practice sheet.

Mining Division: 0 employees

b.i.

93

Mining Division: 331 employees

For further information,please refer to Antofagasta plc
Sustainability Databook 2023:
Labour practice sheetb.v.

Total number of part-time
employees (number asof December 31)
Mining Division: 0 employees
For further information,please refer to Antofagasta plc
Sustainability Databook 2023:
Labour practice sheet.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

2-8Workers
who are not
Employees

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a

Total number of workers who
are not employees and whose
work is controlled by theorganisation (Annual average):

2-12Role of thehighestgovernancebody inoverseeing themanagement of
impacts

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b.i, b.ii, c

The corresponding information
is presented on pages 112 of
Antofagasta plc Annual Report
2023.

2-13

Delegation of
responsibility
for managing
impacts

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b

The corresponding information
is presented on page 33 of
the Sustainability Report 2023.

2-14

Role of thehighestgoverning bodyin sustainability
reporting

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

b

The corresponding information
is presented on page 29 of the
Sustainability Report 2023.

2-15

Conflicts ofinterest

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b.iii

The corresponding information
is presented on page 34 of the
Sustainability Report 2023 andon page 122 of the Antofagasta
plc Annual Report 2023.

2-16

Communicationof criticalconcerns

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b

The corresponding information
is presented on pages 32 and34 of the Sustainability Report
2023.

2-9

2-10

2-11

94

Mining Division: 21,563
contractors.
For further information, pleaserefer to Antofagasta plc
Sustainability Databook 2023:
Labour practice sheet.

Governance
StructureandComposition

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, bNominationand selectionof thehighestgovernancebody

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b.ii, b.iii, b.iv

Chair of thehighestgovernancebody

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a

Antofagasta Minerals Sustainability Report 2023

The corresponding information
is presented on page 32 of the
Sustainability Report 2023
and Corporate Governance sheetof Antofagasta plc Sustainability
Databook 2023.
The corresponding information
is presented on pages 140 and
141 of Antofagasta plc Annual
Report 2023.

The corresponding information
is presented on page 32 of the
Sustainability Report 2023.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

2-18

Evaluation oftheperformance ofthe highest
governancebody

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b, c

The corresponding information
is presented on page 145 of
Antofagasta plc Annual Report
2023.

2-25

Processes toremedynegative
impacts

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

b

The corresponding information
is presented on page 35 of the
Sustainability Report 2023.

2-22Statement onsustainable
development
strategy

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a

The corresponding information
is presented on page 9 of the
Sustainability Report 2023.

2-26

Mechanisms
for seeking
advice andraising
concerns

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.i,a.ii

Total Complaints Received: 583

2-23

Policycommitments

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.i

The corresponding information
is presented on page 6 of the
Sustainability Report 2023.

2-28

Membershipassociationsa

The corresponding information
is presented on page 27 of the
Sustainability Report 2023.

a.iv

The corresponding information
is presented on page 6 of the
Sustainability Report 2023.

b.i

The corresponding information
is presented on page 39 of the
Sustainability Report 2023.

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

2-30

The corresponding information
is presented on page 6 of the
Sustainability Report 2023.

Percentage of unionised
employees as of December 31(annual average): 79%e

The corresponding information
is presented on page 6 of the
Sustainability Report 2023.

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

ab.ii

Collective
bargaining
agreements

3-1

Processes for
Determining
Material Issues

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.i, a.ii, b

The corresponding information
is presented on pages 29, 30
and 88 of the Sustainability
Report 2023.

2-24

95

Embeddingpolicycommitments

Antofagasta Minerals’
Mining Divisionin Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

Antofagasta Minerals Sustainability Report 2023

a.i, a.ii, a.iii,
a.iv

The corresponding information
is presented on page 33 and
39 of the Sustainability
Report 2023.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

3-2

List of Material
TopicsAntofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b

The corresponding information
is presented on pages 89 and
90 of the Sustainability Report
2023.

204-1

Proportion of
spending on
local suppliers

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a

Percentage of procurement
budget spent on local suppliers:
12%

201-1

Directeconomic value
generated anddistributed

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.i, a.ii, a.iii

Economic value generated:
6,685 million of US dollars.

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

b, c

The corresponding information
is presented in Antofagasta plc
Sustainability Databook 2023:
SupplyEconomic value distributed:
7,059,7 million of US dollars.
Economic value retained:-374,76 millions of US dollars.

201-2

Financial
implications
and other risks
andopportunities
due to climatechangeAntofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a

The corresponding information
is presented on page 74 of the
Sustainability Report 2023.

205-2

Communicationand training
about
anti-corruption
policies andprocedures

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b, c, d, e

The corresponding information
is presented in Antofagasta plc
Sustainability Databook 2023:
Compliance

203-1

Infrastructure
investments
and services
supported

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a, b, c

The corresponding information
is presented on page 20 of the
Sustainability Report 2023.

206-1

Legal actions
for anticompetitive
behavior,
anti-trust,and monopoly
practices

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a

The number of legal cases,
ongoing or completed, where
the organisation has been
implicated in anti-competitive
behavior, anti-trust violations,or monopoly legislation: 0

203-2

Significant
indirect
economic
impacts

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

b

The corresponding information
is presented on page 65 of the
Sustainability Report 2023.

207-1

Approach totax

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.i, a.ii, a.iii

The corresponding information
is presented on page 38 of the
Sustainability Report 2023.

96

Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

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Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

207-2

Tax
governance,
control, andrisk
management

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.i, a.ii, a.iii

The corresponding information
is presented on page 38 of the
Sustainability Report 2023.

303-3

Water
withdrawal

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.v.

Total Water withdrawal fromThird-party Water – All sites:

Stakeholder
engagement
andmanagement ofconcerns
related to tax

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices, Los
Pelambres, Centinela,
Antucoya, andZaldívar.

a.iInteractions
with Water as asharedresource

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívara, b, c, d

Water
withdrawal

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.i.

207-3

303-1

303-3

Operational Water: 7 ML
Other managed Water: 0b.i

The corresponding information
is presented on page 38 of the
Sustainability Report 2023.

The corresponding information
is presented on page 79 of the
Sustainability Report 2023 andin the Antofagasta plc
Sustainability Databook 2023
– ICMM Water Commitments.

Other managed Water: 4,276
ML

Other managed Water: 12,048
ML
b.iii

Other managed Water:
12,048 ML
a.iii.

Total Water withdrawal fromseawater – All sites:
Operational Water: 48,845 ML
Other managed Water: 0 ML

Total Water withdrawal fromseawater – Sites in areas with
Water stress
Operational Water: 48,845 ML
Other managed Water: 0 ML

Operational Water: 15,188 ML

Total Water withdrawal from
Groundwater – All sites:

Total Water withdrawal from
Groundwater – Sites in areas
with Water stress
Operational Water: 17,871 ML

Total Water withdrawal fromsurface Water – All sites:
Other managed Water:
4,276 ML

Total Water withdrawal fromsurface Water – Sites in areas
with Water stress:
Operational Water: 15,188 ML

b.ii.

Operational Water: 17,871 ML

Antofagasta Minerals Sustainability Report 2023

Continued

Continued

a.ii.

97

Continued

b.v.

Total Water withdrawal fromThird-party Water – Sites inareas with Water stress
Operational Water: 7 ML Other
managed Water: 0

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

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Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

303-3

Water
withdrawal

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

c.i

Total withdrawal of fresh Water(high quality) – All sites andsites in areas with Water
stress.

303-4

Water discharge

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.i

Total Water discharge – Allsites: Operational Water –Surface Water: 0 ML

Continued

Continued

Operational Water: Surface
Water: 13,795 ML Groundwater:
3,855 ML

Continued

Other managed Waters –Surface Water: 16,424 ML
a.ii

Seawater: 0 ML
Third-party Water: 7 ML Other
managed Water: Surface Water:
4,376 ML Groundwater:
12,048 ML

Other managed Waters –Groundwater: 0 ML
a.iii

Total Water discharge – Allsites: Operational Water –Seawater: 10,401 ML Other
managed Waters – Seawater:
0 ML

a.iv

Total Water discharge – Allsites:

Seawater: 0 ML
Third-party Water: 0 ML
c.ii

Total withdrawal of other
Waters (low quality) – All sites
and sites in areas with Water
stress.

Operational Water – Thirdparty Water: 7 ML Other
managed Waters – Third-party
Water: 0 ML

Operational Water: Surface
Water: 1,393 ML Groundwater:
14,016 ML
Seawater: 48,845 ML
Third-party Water: 0 ML Other
managed Waters: Surface
Water: 0 ML Groundwater:
0 ML

Total Water discharge – Allsites: Operational Water –Groundwater: 984 ML

b.i

Total Water discharge of fresh
Water (high quality) – All sites
Operational Water:
Surface Water: 0 ML
Groundwater: 0 ML

Seawater: 0 ML

Seawater: 0 ML

Third-party Water: 0 ML

Third-party Water: 0 ML Other
managed Waters: Surface
Water: 16,424 ML
Groundwater: 0 ML
Seawater: 0 ML
Third-party Water: 0 ML

98

Antofagasta Minerals Sustainability Report 2023

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Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

303-4

Water discharge

Total Water discharge of fresh
Water (low quality) – All sites

303-5

Water
consumption

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.

Continued

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

b.ii

Continued

Water consumption from allsites: 70,056 MLb.

Total Water consumption fromall areas with Water stress
70,056 MLc.

Changes in Water usage:
202 MLa.i

Los Pelambres: 27,440 Ha.

Operational Water:
Surface Water: 0 ML
Groundwater: 984 ML
Seawater: 10,401 ML
Third-party Water: 7 ML

Continued

Other managed Waters:
Surface Water: 0 ML
Groundwater: 0 ML
Seawater: 0 ML
Third-party Water: 0 ML
c.i

Total Water discharge of fresh
Water (high quality) – Sites inareas with Water stress
Operational Water:
Surface Water: 0 ML
Groundwater: 0 ML
Seawater: 0 ML
Third-party Water: 0 ML
Other managed Waters:
Surface Water: 16,424 ML
Groundwater: 0 ML
Seawater: 0 ML
Third-party Water: 0 ML

c.ii

Other managed Waters:
Surface Water: 0 ML
Groundwater: 0 ML
Seawater: 0 ML
Third-party Water: 0 ML
Antofagasta Minerals Sustainability Report 2023

Operationalsites owned,
leased,managed in, or
adjacent to,protected areas
and areas ofhighbiodiversity
value outside
protected areas

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

The other operations of
Antofagasta Minerals in Chile
do not have protected areasa.ii

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

a.iii

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

a.iv

The corresponding
information is presented on
page 84 of the Sustainability
Report 2023.

a.v

Size of operational sites:
Los Pelambres: 4289 Ha.
Centinela: 25921,4 Ha.
Antucoya: 8589 Ha.
Zaldívar: 5640 Ha.

a.vi

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

a.vii

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

Total Water discharge of fresh
Water (low quality) – Sites inareas with Water stress
Operational Water:
Surface Water: 0 ML
Groundwater: 984 ML
Seawater: 10,401 ML
Third-party Water: 7 ML

99

304-1

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Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

304-2

Significant
impacts ofactivities,
products, andservices on
biodiversity

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.i; a.ii; a.iii;
a.iv; a.v

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

304-4

Number of species considered
critically endangered in areas
affected by the operation:

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.i

b.i

IUCN Red List
species andnational
conservation
list species
with habitats inareas affectedby operations

b.ii

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

b.iii

b.iv

304-3

100

Habitats
protected
or restored

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

Antofagasta Minerals Sustainability Report 2023

a

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

Los Pelambres: 0
Centinela: 0
Antucoya: 0
Zaldívar: 0a.ii

Los Pelambres: 3
Centinela: 0
Antucoya: 0
Zaldívar:0a.iii

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.
The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

b

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

c

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

d

The corresponding
information is presented on
page 85 of the Sustainability
Report 2023.

Number of species considered
endangered in areas affectedby the operation:

Number of species consideredvulnerable in areas affected by
the operation:
Los Pelambres: 15
Centinela: 1
Antucoya: 1
Zaldívar: 0a.iv

Number of species considerednear threatened in areas
affected by the operation:
Los Pelambres: 9
Centinela: 3
Antucoya: 0
Zaldívar: 0a.v

Number of species considered
least concern in areas affectedby the operation:
Los Pelambres: 36
Centinela: 4
Antucoya: 0
Zaldívar: 0

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

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Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

305-7

Nitrogen oxides(NOx), sulfur
oxides (SOx),
and othersignificant air
emissions

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.i

Significant NOx air emissions(Metric tonnes CO2
equivalents)

306-3

Waste
generated

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

aTotal weight of waste
generated: 556,071,372 tonnes.
Total of non-hazardous waste:
23,651 tonnes.
Total of hazardous waste:
20,824 metric tonnes.
Total of domestic waste:
6,234 tonnes.
Total Tailings:
91,456,894 tonnes.
Total Spent Ore:
70,724,000 tonnes.
Total Waste Rock:393,839,769 tonnes.

306-4

Waste diverted
from disposal

Antofagasta Minerals'
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

aTotal weight of waste notdestined for disposal:
29,543 tonnes.
Total of non-hazardous waste:
16,925 tonnes.
Total of hazardous waste:
12,619 tonnes.
Total of domestic waste:
0 tonnes.

b.i

Total weight of hazardous
waste not destined for
disposal – preparation forreuse: 7,323 metric tonnes.

b.ii

Total weight of hazardous
waste not destined for
disposal – recycling: 4,917
metric tonnes.

b.iii

Total weight of hazardous
waste not destined for
disposal – other recovery
operations: 379 tonnes.

c.iTotal weight of non-hazardous
waste not destined for
disposal – preparation forreuse: 3,717 tonnes.

Los Pelambres: 237,5427
Centinela: 245,71
Antucoya: 14,1214
Zaldívar: 25,7991
a.ii

Significant SOx air emissions(Metric tonnes CO2
equivalents)
Los Pelambres: 15,3357
Centinela: 15,31
Antucoya: 0,249
Zaldívar: 0,9322

a.vi

Significant emissions ofparticulate matter into the air(Metric tonnes CO2
equivalents)
Los Pelambres: 16,7693
Centinela: 17,46
Antucoya: 1,1267
Zaldívar: 1,9661

306-1

Waste
generation andsignificant
waste-related
impacts

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.i, a.ii, b

The corresponding
information is presented on
page 72 of the Sustainability
Report.

306-2

Management ofsignificant
waste-related
impacts

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a

The corresponding
information is presented on
page 72 of the Sustainability
Report.

101

Antofagasta Minerals Sustainability Report 2023

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Disclosure/content

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Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

306-4

Waste diverted
from disposal

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

c.ii

Total weight of non-hazardous
waste not destined for
disposal – recycling: 8,462
tonnes.

306-5

Waste directed
to disposal

Antofagasta Minerals'
mining operations inChile: Los Pelambres,
Centinela, Antucoya,
and Zaldívar

b.iii

Total weight of hazardous
waste destined for disposal –transfer to a landfill:6,004 tonnes.

b.iv.

Total weight of hazardous
waste destined for disposal –other disposal operations:
2,001 tonnes.

Continued

Continuedc.iii

Continued

306-5

Waste directed
to disposal

Antofagasta Minerals'
mining operations inChile: Los Pelambres,
Centinela, Antucoya,
and Zaldívar

Continued

Total weight of hazardous andnon-hazardous waste notdestined for disposal – on-site:
5,488 tonnes.

c.iTotal weight of non-hazardous
waste destined for disposal– incineration (with energy
recovery): 0 tonnes.

d.ii

Total weight of hazardous andnon-hazardous waste notdestined for disposal – offsite: 24,056 tonnes.

c.ii

Total weight of non-hazardous
waste destined for disposal– incineration (without energy
recovery): 0 tonnes.

aTotal weight of waste destinedfor disposal: 21,378 tonnes.
Total of non-hazardous waste:
6,839 tonnes.
Total of hazardous waste:
8,305 tonnes.
Total of domestic waste:
6,234 tonnes.

c.iii

Total weight of non-hazardous
waste destined for disposal –transfer to a landfill: Total
non-hazardous waste: 6,839
tonnes. Total domestic waste:
6,233 tonnes.

c.iv

Total weight of non-hazardous
waste destined for disposal –other disposal operations:
0 tonnes.

d.i

Total weight of hazardous andnon-hazardous waste destinedfor disposal – on-site:
10,536 tonnes.

d.ii

Total weight of hazardous andnon-hazardous waste destinedfor disposal – off-site:
10,841 tonnes.

b.ii

Antofagasta Minerals Sustainability Report 2023

Continued

d.i

b.i

102

Total weight of non-hazardous
waste not destined for
disposal – other recovery
operations: 4,746 tonnes.

Continued

Total weight of hazardous
waste destined for disposal– incineration (with energy
recovery): 300 tonnes.
Total weight of hazardous
waste destined for disposal– incineration (without energy
recovery): 0 tonnes.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

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content(Subsections)EY Assured value

Disclosure/content

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Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value308-1

New suppliers
that werescreened using
environmental
criteria

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

aPercentage of new suppliers
that have passed selection
filters in accordance withenvironmental criteria: 0%.

401-1

New employee
hires and
employeeturnover

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

b

Amount and Turnover Rate:
Age Range:i. Under 30 years of age: 78;
14,9%ii. Between 30 and 50 years
old: 398; 9,7%iii. Over 50 years: 147; 9,3%

Negativeenvironmental
impacts in the
supply chain
and actions
taken

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

Number of suppliers assessedin relation to environmental
impacts: 82.

bNumber of suppliers identified
as suppliers with potential andreal significant negativeenvironmental impacts: 0%.

308-2

Continued

d

401-1

New employee
hires and
employeeturnover

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

Percentage of suppliers withsignificant negativeenvironmental impacts withwhom improvements havebeen agreed upon as a resultof an assessment: 0%.

ePercentage of suppliers withsignificant negativeenvironmental impacts withwhom the relationship has
been terminated as a result of
the assessment: 0%.

aNumber and rate of hires by
age range:i. Less than 30 years of age:220; 26%
ii. Between 30 and 50 years
old: 574; 67%iii. Over 50 years of age: 64;
7%
Number of hires by gender:
i.Women: 448; 52%
ii.Men: 410; 48%

103

Antofagasta Minerals Sustainability Report 2023

Continued

Continued

Amount and Turnover Rate by
Genre:
i. Women: 210; 15,8%ii. Men: 413; 8,5%

402-1

Minimum notice
periods
regardingoperationalchanges

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

The corresponding
information is presented on
page 46 of the Sustainability
Report.

403-1

Occupational
health andsafetymanagement
systemAntofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.ii, b

The corresponding
information is presented on
pages 49 to 51 of the
Sustainability Report.

403-2

Hazardidentification,risk
assessment,
and incident
investigation

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.i, a.ii, b, c, d

The corresponding
information is presented on
pages 49 to 51 of the
Sustainability Report.

403-3

Occupational
health services

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

The corresponding
information is presented on
page 52 of the Sustainability
Report.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

403-4

Workerparticipation,
consultation,andcommunication
on occupational
health andsafetyAntofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a, b

The corresponding
information is presented on
pages 49 to 51 of the
Sustainability Report.

403-9

Work-related
injuries

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.i

Fatalities – employees
Total Mining Division: 0
Rate Mining Division: 0a.ii

Major work-related accidents– employees
Total Mining Division: 12
Rate Mining Division: 0.20

Worker training
on occupational
health andsafetyAntofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

a.iii

Recordable work-related
injuries – employees
Total Mining Division: 33 injuries
Rate Mining Division: 2.74

a.v

Worked hours – employees
Total mining division:
12,063,067 hours

Promotion ofworker health

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a, b

The corresponding
information is presented on
page 52 of the Sustainability
Report.

b.i

Fatalities – contractors
Total Mining Division: 0
Rate Mining Division: 0b.ii

Major work-related accidents– contractors
Total Mining Division: 17
Rate Mining Division: 0.07

Prevention andmitigation ofoccupational
health andsafety impacts
directly linked
by business
relationships

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

The corresponding
information is presented on
page 52 of the Sustainability
Report.

b.iii

Recordable work-related
injuries – contractors
Total Mining Division: 243 injuries
Rate Mining Division: 4.68

b.v.

Worked hours – contractors
Total Mining Division:
51,908,591 hours

Workers
covered by an
occupational
health andsafetymanagement
systemAntofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.i

c.i

The corresponding information
is presented on pages 49 to 51of the Sustainability Report.

c.iii

The corresponding information
is presented on pages 49 to 51of the Sustainability Report.

d

The corresponding
information is presented on
pages 49 to 51 of the
Sustainability Report.

403-5

403-6

403-7

403-8

104

Antofagasta Minerals Sustainability Report 2023

The corresponding
information is presented on
page 52 of the Sustainability
Report.

The corresponding
information is presented on
pages 49 to 52 of the
Sustainability Report.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

403-9

Work-related
injuries

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

eRates calculated based on
1,000,000 hours worked
unless otherwise specified.

404-1

The corresponding
information is presented on
pages 49 to 51 of the
Sustainability Report.

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.igAverage hoursof training peryear peremployee

Average hours of training thatthe organisation’s employees
have received during thereporting period, broken
down by gender
Woman: 133,126
Man: 244,387

Recommendation

Number of near-miss rate –Mining Division
Total employees: 376
Total contractors: 207

a.ii

a.i

Fatalities – employees
Total Mining Division: 0
Rate Mining Division: 0a.ii

Total and rate of recordable
illnesses – employees
Total Mining Division: 11
Rate Mining Division: 0.91

Average hours of training thatthe organisation’s employees
have received during thereporting period, broken down
by job category
Executive: 16,324
Supervisor: 101,992
Operator: 259,197

b.i

Fatalities – contractors
Total Mining Division: 0
Rate Mining Division: 0b.ii

Total and rate of recordable
illnesses – contractors
Total Mining Division: 1
Rate Mining Division: 0.02

c.i

The corresponding information
is presented on pages 49 to 52of the Sustainability Report.

c.iii

The corresponding information
is presented on pages 49 to 52of the Sustainability Report.

e

The corresponding information
is presented on pages 49 to 52of the Sustainability Report.

Continued

Continued

Continued403-10105

Work-related
health andillness

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

Antofagasta Minerals Sustainability Report 2023

404-2

Programs for
upgradingemployee skills
and transition
assistanceprograms

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a, b

The corresponding
information is presented on
page 45 of the Sustainability
Report.

405-1

Diversity of
governancebodies andemployees

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a, b

The corresponding
information is presented on
Antofagasta plc Sustainability
Databook 2023: Labour
practice sheet.

406-1

Incidents of
discriminationand corrective
actions taken

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

aTotal number of incidents
of discrimination during
the reporting period: 17

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

Disclosure/content

Name of thedisclosure

Scope of information

Scope ofcompliancewith GRI
content(Subsections)EY Assured value

407-1

Operations andsuppliers inwhich the rightto freedom of
association andcollective
bargaining may
be at risk

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

b

The corresponding
information is presented on
page 57 of the Sustainability
Report.

413-2

Operations withsignificant
actual andpotential
negative
impacts on local
communities

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.i, a.ii

The corresponding
information is presented on
pages 59 to 66 of the
Sustainability Report.

414-1

Operations andsuppliers at
significant risk
for incidents ofchild labor

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.i, a.ii, b.i,b.ii, c

The corresponding
information is presented on
page 54 of the Sustainability
Report.

New suppliers
that werescreened usingsocial criteria

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

408-1

Percentage of new suppliers
that have gone throughselection filters using social
criteria: 0%.

414-2

Operations andsuppliers at
significant risk
for incidents offorced orcompulsory
labor

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a.i, a.ii, b

The corresponding
information is presented on
page 54 of the Sustainability
Report.

Negative social
impacts in the
supply chain
and actions
taken

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

a

409-1

Number of suppliers assessedin relation to social impacts: 82.

bNumber of suppliers identified
as suppliers with potential andreal significant negative social
impacts: 0%.

d

411-1

Incidents ofviolations
involving rights
of indigenous
peoples

Antofagasta Minerals’
mining operations inChile: Los Pelambres,
Centinela, Antucoya
and Zaldívar.

a.i, a.ii, a.iii,
b.i, b.ii, b.iii,
b.iv

Total incidents involving casesof violations of the rights ofindigenous peoples: 0.

Percentage of suppliers withsignificant negative social
impacts with whom
improvements have been
agreed upon as a result of anassessment: 0%.

413-1

Operations
with local
community
engagement,
impactassessments,
anddevelopment
programs

Antofagasta Minerals’
Mining Division in
Chile including:Corporate Offices,
Los Pelambres,
Centinela, Antucoya,
and Zaldívar.

ai, a.ii, a.iii,
a.iv, a.v, a.vi,
a.vii, a.viii

The corresponding
information is presented on
pages 59 to 66 of the
Sustainability Report.

ePercentage of suppliers withsignificant negative social
impacts with whom therelationship has been
terminated as a result of theassessment: 0%.

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Antofagasta Minerals Sustainability Report 2023

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

External Assurance continued

Table 2: SASB indicators – Sustainability Accounting Standard of metals and mining
Relevant
matterName of thedisclusure

Scope ofinformation

Scope ofcompliance

EY Assured value

Watermanagement

EM-MD540a.1.

Antofagasta
Minerals’ mining
operations inChile: Los
Pelambres,
Centinela,
Antucoya andZaldívar(1) Total water
withdrawn

Amount of water that waswithdrawn from freshwater
sources: 81,910,389(Thousands of cubic meters)

Waste &
Hazardous
Materials
Management

Amount of water that was
consumed in its operations:
70,042,885 (Thousands of
cubic meters)

Total weight of
non-mineralwaste generated

50,709 Metric tonnes.

Total weight oftailings produced

91,456,894 Metric tonnes.

Total weight ofwaste rock
generated

393,839,769 Metric tonnes.

EM-MM150a.7

Total weight ofhazardous waste
generated

20,824 Metric tonnes.

EM-MM150a.8

Total weight ofhazardous waste
recycled

4,917 Metric tonnes.

EM-MM150a.5
EM-MM150a.6

107

Antofagasta
Minerals’ mining
operations inChile: Los
Pelambres,
Centinela,
Antucoya andZaldívar

Name of thedisclusure

Scope ofinformation

Scope ofcompliance

EY Assured value

Security,
Human Rights& Rights ofIndigenous
Peoples

EM-MM210a.1

Antofagasta
Minerals’ Mining
Division in Chile
including:Corporate
Offices, Los
Pelambres,
Centinela,
Antucoya, andZaldívar.

Percentage of (1)proved and (2)probable reserves
in or near areasof conflict

0% of proved or probablereserves.

Discussion ofengagement
processes anddue diligencepractices withrespect to humanrights, indigenous
rights, andoperation in areasof conflict

The corresponding information
is presented on page 39 of
Sustainability Report 2023.

EM-MM210a.3

Water withdrawn in locations
with High or Extremely HighBaseline Water Stress as apercentage of the total water
withdrawn: 100%(2) total water
consumed;
percentage ofeach in regionswith High orExtremely HighBaseline Water
Stress

EM-MM150a.4

Relevant
matter

Antofagasta Minerals Sustainability Report 2023

Water consumed in locations
with High or Extremely HighBaseline Water Stress as apercentage of the total water
consumed: 100%

Community
Relations

EM-MM210b.2

Antofagasta
Minerals’ mining
operations inChile: Los
Pelambres,
Centinela,
Antucoya andZaldívar(1) Number and(2) duration of
nontechnicaldelaysDuring 2023 Antofagasta
Minerals did not experience any
shutdowns or non-technicaldelays.

LabourPractices

EM-MM310a.1

Antofagasta
Minerals’ Mining
Division in Chile
including:Corporate
Offices, Los
Pelambres,
Centinela,
Antucoya,and Zaldívar.

Percentage ofactive workforce
employed undercollective
agreements

79%(1) Number and(2) duration of
strikes andlockouts 1

During 2023 Antofagasta
Minerals did not experience any
work Stoppages.

EM-MM310a.2

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCE

External Assurance continued

Relevant
matterName of thedisclusure

Scope ofinformation

Scope ofcompliance

EY Assured value

Workforce
Health &SafetyEM-MM320a.1

Antofagasta
Minerals’ Mining
Division in Chile
including:Corporate
Offices, Los
Pelambres,
Centinela,
Antucoya,and Zaldívar.

(3) near missfrequency rate
(NMFR)

Employees: 75
Contractors: 41
Total: 48

Business
Ethics &Transparency

EM-MM510a.1

Antofagasta
Minerals’ Mining
Division in Chile
including:Corporate
Offices, Los
Pelambres,
Centinela,
Antucoya,and Zaldívar.

Description of the
management
system forprevention ofcorruption andbribery
throughout thevalue chain

The corresponding information
is presented on pages 34
and 35 of Sustainability
Report 2023.

Production incountries thathave the 20
lowest rankings inTransparency
International’s
Corruption
Perception Index

Antofagasta Minerals has
no production in countries thathave the 20 lowest rankingsin Transparency International's
Corruption Perception
Index (CPI)

EM-MM510a.2

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Antofagasta Minerals Sustainability Report 2023

PEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIXWE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Progress on Each of theICMM Mining Principles

Alongside the Performance Expectations, the ICMM’s member companies must comply with a set of nine
additional commitments concerning the Mining Principles. As a Group we align our sustainable business withthese requirements, and we regularly and carefully monitor the level of progress of our corporate goals
relating to them.

As members of the ICMM, we evaluate our performance according to the 10 ICMM Mining Principles, eachinvolving a set of Performance Expectations in environmental, social and governance practices.

ICMM position
statement

Description

Page / URL

Establish collective commitment to improving
diversity, equity and inclusion in the industry
and to positively influencing the communities ofwhich we are a part.

43-45

Promote revenue transparency to enhance
governance, combat corruption and foster
sustainable growth.

14-15; 18-19

Principle

Description

Page

1

EthicalBusiness

Apply ethical business practices and sound systems of corporate
governance and transparency to support sustainable development.

31-39

Diversity,
Equity andInclusion2

Decision
MakingIntegrate sustainable development into corporate strategy anddecision-making processes.

4-6;
24-27;
29-33

3

Human Rights

Transparencyof Mineral
Revenues

Respect human rights and the interests, cultures, customs and values ofworkers and the communities affected by our activities.

39

4

Risk
Management

Implement effective risk-management strategies and systems based on
sound science and accounting for stakeholder perceptions of risks.

34- 36

5

Health and
SafetyPursue continual improvement to physical and psychological health andsafety performance with the ultimate goal of zero harm.

48-52

6

Environmental
Performance

Pursue continual improvement in environmental performance issues,
such as water stewardship, energy use and climate change.

69-84

7

Conservationof Biodiversity

Contribute to the conservation of biodiversity and integrated approaches
to land-use planning.

85-86

8

Responsible
Production

Facilitate and support the knowledge-base and systems for responsible
design, use, re-use, recycling and disposal of products containing
metals and minerals.

69-72

SocialPerformance

Pursue continual improvement in social performance and contribute to
the social, economic and institutional development of host countries andcommunities.

Stakeholder
Engagement

Proactively engage with key stakeholders on sustainable development
challenges and opportunities in an open and transparent manner.
Effectively report and independently verify progress and performance.

9

10

109

Antofagasta Minerals Sustainability Report 2023

Please visit our Payments toGovernment Reporthttps://www.antofagasta.co.uk/
investors/news/2023/report-onpayments-to-governments/

Climate Change

Respond to the need for an urgent global
response to the threat of climate change acrossall areas of society and the economy.

73-77

Water
Stewardship

Promote the use of water in ways that aresocially equitable, environmentally sustainable,
and economically beneficial.

79-81; Sustainability Databook’s
ICMM Water Reporting
Commitments, ICMM Water MD
and ICMM Water MD Operations
sheetsEnhance focus on the key governance elements
necessary for maintaining the integrity oftailings storage facilities (TSFs).

71; GISTM disclosure

59-67

Tailings
Governance
Framework

Build positive relationships between mining
companies and Indigenous Peoples throughrespect, meaningful engagement and mutual
benefit.

39; 61-62; Antofagasta’s Social
Value Report

25-28

Indigenous
Peoples andMiningMiningPartnerships forDevelopment

Ensure that investments made in developing
mineral resources enhance social and economic
development locally and nationally.

26-27

Mercury Risk
Management

Promote the responsible management of
mercury down the value chain.

Antofagasta Minerals does notproduce mercury nor use it in its
processes.

Mining andProtected Areas

Conserving designated protected areas for thesafeguarding of ecosystems, habitats andspecies from damage and loss.

85-86; Sustainability Databook’s
Biodiversity sheet

https://www.antofagasta.co.uk/
media/4576/230727-socialvalue-report-2022.pdf

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

04
Impro
ve

Participants complete a self-assessment against
the Copper Mark Criteria via an online platform andupload supporting evidence within six months ofcommitting to the Assurance Process.
Sites assessed only against the Joint Due DilligenceStandard can voluntarily complete a selfassessment using the Due Diligence Tool.

03

sment

03
A s se sAssessment
Cycle

s

en
den
t

02

es

02
t
en

ent
ssm
Re-Asse

05

01

f -A
ss

In
de
p

om

Sel

ent
ti m
m

01

Sites apply online and commit to the Assurance
Processm

C

The Copper Mark Assurance Process

04

05
110

Antofagasta Minerals Sustainability Report 2023

Participants that fully or partially meet all criteria
are awarded the Copper Mark.
Sites assessed only against the Joint Due DiligenceStandard are able to communicate the results.

ment Plan

Source: https://coppermark.org/wp-content/uploads/2022/12/
The-Copper-Mark-Assurance-Process_v.4_17OCT2022.pdf

Sites complete a site-level assessment within 12
months of committing to the Assurance Process.

Launched in March 2020, the Copper Mark is anindependent assurance framework of the copperindustry’s responsible mining practices, developedby the International Copper Association (ICA), that
addresses the demand for greater disclosure on
environmental, social and governance performanceby investors, NGOs and wider society in general.
All of our operations have completed the assurance
process and been awarded the Copper Mark,demonstrating with transparency how we put
commitment to the highest sustainability standards
into practice. Details of how our sites performed
against the Copper Mark are available in our
Sustainability Databook published on Antofagasta
Minerals website.
Inspired by the UN’s Sustainable Development
Goals (SDGs), the Copper Mark involves theindependent verification of compliance with 32
responsible production criteria in five categories:
governance, labour rights, environment, community,and human rights.

Participants must be “fully meets” for all criteria
within 24 months.

The framework also covers the Joint Due
Diligence Standard to enable copper, lead, zincand nickel companies to comply with the London
Metal Exchange (LME) Responsible Resourcing
Requirements that come into force at the endof 2023.

Sites that are assessed only against the Joint Due
Diligence Standard must be conformant within 12
months.

Copper-producing sites that commit to the CopperMark Assurance Process must follow a strict
timeframe, meeting all criteria with 24 months ofsigning, and to reassessment every three years.

All sites address gaps in practices identified by the
Independent Assessment.

Re-assessment every three years and/or when
there are significant operational changes orincidents.

For more information, visit the CopperMark site: www.coppermark.org

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCECORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Our Sustainability Databook
GRI 2-2, 2-4

Following the publication of our first specialised data record in 2022,
we are showcasing a complete data record (Sustainability Databook)of our 2023 sustainability performance. The information encompasses
detailed Group figures for each year since 2018 and provides abreakdown of most of the indicators for each of our mining operations.

Sustainability Databook Content
Topic

Content

Topic

Content

Disclosure
References

Policies, reports, and Standards of Antofagasta
plc.

Health andsafetyThe data delivered corresponds specifically to Antofagasta plc,
Antofagasta Minerals (Mining Division), Los Pelambres, Centinela,
Antucoya and Zaldívar, in addition to the Antofagasta plc Transportation
Division (FCAB). To facilitate data consultation, the information isorganised according to environmental, social and governancedimensions, and the guidelines for sustainability report presentation,such as the Global Reporting Initiative (GRI), the Sustainability
Accounting Standards Board (SASB) and the International Council
on Mining and Metals (ICMM).

GRI and SDG
Index

GRI content index with the contribution to the
Antofagasta Minerals SDGs.

Main occupational health and safety indicators,
such as fatal accidents, high-potential accidents,
frequency rates of lost-time injuries, total
recordable injuries and work-related accidents.

External
Verification
Reports

EY’s assurance letters for the Databook andSustainability report, as well as SGS’s
assurance of the Company’s GHG emissions
and ICMM’s Performance Expectation validation
letters.

Communities

Main social investment, number of beneficiaries,
programmes developed in different categories:
education, water, infrastructure, and more.

Environmental
Management

Sustainability
Goals

Antofagasta PLC’s sustainability goals its
performance over the years.

Main environmental indicators, such asenvironmental violations, GHG emissions,consumption of energy, generation andmanagement of mineral and non-mineral waste.

Financial information on our company is available in the Antofagasta plc
Annual Report, available at www.antofagasta.co.uk. Antofagasta plc
encompasses the Mining Group and the Transportation Division(FCAB). The performance of the latter is not included in thisSustainability Report. This document discloses all information regarding
the sustainability performance of Antofagasta Minerals, even though
our mining companies are only 50% (Zaldívar) to 70% owned by
Antofagasta Minerals.

Economic
Performance

Copper production and economic value
generated and distributed in USD.

Biodiversity

Corporate
Governance

Composition of the Board of Directors of
Antofagasta plc, including gender, age, tenure
and industry experience.

Main biodiversity indicatores, such as
biodiversity management, protected areas and
IUCN red list species.

Compliance

Coverage of the Code of Ethics and number ofcomplaints received through our Tu Voz
complaint line, broken down according to ethicaland unethical complaints.

Commitments
to ICMM water
reportability

Compliance by Antofagasta Minerals with theminimum information publication commitments
established by the ICMM.

SupplyNumber of suppliers at the local level (Coquimbo
and Antofagasta regions) and at the national andinternational levels, spending in USD on
suppliers in these various geographical areas,
and more.

ICMM
parameters toreport oncompany wateruse

Extraction and discharge of operational water,
broken down into surface water, groundwaterand seawater, as well as consumption at thecompany level. Details on other water
management practices.

ICMM
parameters toreport on
operatingwater use

Extraction and discharge of operational water,
broken down into surface water, groundwaterand seawater, as well as consumption at themining operation level. Details on other water
management practices.

TSF Disclosure

Antofagasta Minerals 2019 Church of Englanddisclosure of operated and non-operated tailings
storage facilities (TSFs).

All of the organisation’s material topics are reported and described ineach chapter. A response is provided to each one of them. There isno differentiation between the reported indicators according to thepercentage ownership of each company; in other words, 100% of eachmaterial topic is reported.
There are no updates to the information but, in the event that thesearise, they are indicated in the Sustainability Databook.
For further information,please visit (https://www.antofagasta.co.uk/).

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Antofagasta Minerals Sustainability Report 2023

Labourpractices

Number of permanent and full-time workers;
workforce according to gender and role; otherindicators of Diversity and Inclusion; local
employment; union membership and training
initiatives by gender and role; and more.

WE ARE ANTOFAGASTA MINERALSOUR SUSTAINABILITY PERFORMANCEOur Sustainability Databook continued

Topic

Content

GISTM

Minera Centinela and Minera Los Pelambres2023 Global Industry Tailings Management
disclosure.

TCFD Index

Antofagasta plc’s TCFD Index.

Sustainability
AccountingStandard
Board (SASB)

Consolidated report based on the SASB index.

Social &Economic(ICMM)

Antofagasta Minerals’s disclosure of ICMM’s
Social and Economic Reporting Framework.

Copper Mark

Compliance of the Zaldívar, Centinela, Antucoya
and Los Pelambres operations with the 32
Copper Mark sustainability performanceindicators.

PE ICMM –Validated Sites

Results of ICMM’s Performance Expectations
audit.

PE ICMM – Self
Assessment

Results of ICMM’s Performance Expectations
self-assessment.

Indices &Rankings

Antofagasta plc’s Ranking, Rating and Indicesperformance.

112

Antofagasta Minerals Sustainability Report 2023

CORPORATE GOVERNANCEPEOPLE AND COMMUNITIESENVIRONMENT AND CLIMATE CHANGE

APPENDIX

Project Management
Sustainability Performance Management
Vice Presidency of Corporate Affairs and Sustainability
Antofagasta Minerals
Structure and content consulting
Conexión Sur | conexionsur.cl/
English language editing
Paul Salter
DesignConsultancy and design by Black Sun Global
www.blacksun-global.com

This report complements the financial and businessinformation contained in the Annual Report and
Financial Statements 2023 from Antofagasta plc,
available at www.antofagasta.co.uk.
Address
Av. Apoquindo 4001, Level 18
Las Condes, Santiago, Chile
Postal code: 7550162
Phone: (56-2) 2798 7000
www.aminerals.cl