How would you assess Glencore Chile’s performance in 2023?

2023 was a very good year for Glencore's operations in Chile. It could be said that it was a year of great milestones, considering some of the events that took place at our sites.

The Altonorte Metallurgical Complex, our smelter, celebrated thirty years of producing and marketing copper anodes, sulfuric acid, and copper in solution (PLS). In 2023, 254,798 t/y of copper anodes were produced; 867,785 t/y of sulfuric acid and 963,070 t/y of new charge were processed.

Regarding Lomas Bayas Mining Company, extracting low-grade copper in Chile, it also had good production figures, recording 65,800 t/y of cathodes. The operation launched its first autonomous extraction trucks and the first autonomous drill. All of the above is part of the Lomas Lab project, a joint initiative between the mining company and Glencore's Operational Excellence and Technology area, which seeks to position the site as a technology laboratory of the group.

And regarding our Collahuasi JV, it was also a good year. In 2023, they received approval from the authorities for their expansion project, which will extend the site's life by 20 years, an initiative that also includes a desalination plant. In 2023 Collahuasi produced 573,000 t of fine copper.

Can you describe recent environmental initiatives?

We recently achieved a new and important milestone in Altonorte, thanks to a contract that will provide us with a cleaner, safer, and lower-cost fuel for the next three years. This action is part of a strategy defined by Glencore, aiming to reduce emissions by 50% by 2035 and by 100% by 2050.

Among the most relevant benefits that will be achieved using natural gas are the reduction of greenhouse gas emissions and the reduction of particulate matter emissions associated with fuel handling.

Distribution will be carried out through the Atacama Gas Pipeline, which operates from Argentina to Chile. This eliminates trucks.

This type of energy is fully aligned with strategies and project development to make our smelter more efficient in terms of safety, environment, and operational cost. Among the operational benefits, natural gas, being more environmentally friendly, allows for better process control, equipment care, and, most importantly, is safer, as its density makes it lighter than air, preventing the formation of explosive mixtures by concentration.

How should the mining industry address the global copper shortage and what role will producers in Chile play?

The global copper shortage poses significant challenges for the mining industry. Chilean producers, as one of the main copper exporters worldwide, will play a crucial role in addressing this situation.

On one hand, there is a need to intensify exploration efforts to discover new reserves, which requires investing in advanced technologies and more efficient exploration methods. The adoption of automated systems, artificial intelligence, and sustainable technologies in the extraction and processing of copper can improve efficiency and reduce costs.

However, these measures are not effective unless complemented by other elements that will ensure the sustainability of the business in the future. These elements include, for example, diversifying energy sources, efficient water management, compliance with strict environmental and social standards, developing local capabilities, and collaboration and strategic alliances to exchange knowledge, technologies, and resources specific to the mining industry, both nationally and internationally.

What are Glencore Chile’s strategic goals for 2024?

The first and most important thing is to continue producing copper in the efficient, safe, and innovative way, fulfilling our purpose: to responsibly provide the products that make everyday life possible.

In this sense, maintaining production goals is crucial for the interests of the group not only at the country level but also globally. As expected, Chile, along with Peru and Argentina, are key players in providing this mineral for Glencore.

Other important objectives include the implementation of the Copper Management System (CMS) to promote safe, reliable, and responsible operations; the consolidation of our Safework safety program, which establishes procedures and standards to prevent accidents and save lives; strengthening our organizational culture and leadership, which will align us as a company and promote transparency and responsibility; and attracting, retaining, and developing talent, framed within respect for human rights, cultural diversity, age inclusion, and gender.