Antofagasta PLC has reported a strong performance in 2023, with a 5% increase in EBITDA and an 11% increase in cash flow from operations. The company's cost and competitiveness program delivered cost benefits of $135 million during the year, equivalent to a 9c/lb savings on the company’s cash cost base. Antofagasta PLC is well-positioned for growth, with a strong balance sheet and plans to continue the development of the future of Los Pelambres and initiate the construction of the Centinela Second Concentrator project.
The company achieved a record year of safety performance and made progress on increasing the number of female employees to 23.6% of the workforce by the end of 2023. Antofagasta PLC also made significant strides in decarbonizing its business, including the publication of its inaugural Scope 3 emissions estimate and the establishment of updated emissions reduction targets.
Copper prices in 2023 showed reduced volatility, with prices displaying stability in the second half of the year. The company remains confident in copper's fundamental role in the energy transition and its potential to decarbonize the global economy. Antofagasta PLC has a solid pipeline of copper growth projects, a strong balance sheet, a focus on costs, and long-standing relationships with local communities. The company has reaffirmed its commitment to its dividend policy, with the Board recommending a final dividend of 24.3 cents per share, reflecting confidence in the future prospects of the business.