What was INCIMMET's origin, and how has it evolved since then?

INCIMMET was founded in 1993 as a Peruvian-owned company specializing in mine backfill, and more specifically, hydraulic backfill. Over time, we fine-tuned our expertise in backfill and started exploring other methods, realizing how much this activity sped up mine production and why it made sense to bring in more services. As such, we ventured into underground construction and comprehensive mining solutions, including ore extraction, tunneling, vertical and horizontal excavations, roof support, and civil works. What led you to secure the contract for the trade-off assessment at El Cachorro for Antofagasta Minerals?

We have been working outside Peru since 1995, but in 2024, our expertise in backfilling opened the door for us in Chile. Chile is a country with large-scale copper mining operations but backfill is something that is not widely used - not because it is not known, but rather because of the nature of the deposits. On the other hand, in Peru, backfilling is a core part of most mining operations.

When Antofagasta Minerals needed a backfilling solution for an underground project, they saw us as a viable option. What is your approach to positioning INCIMMET as an attractive option for Codelco in a highly competitive market?

Codelco is a state-owned company, so it operates under its own dynamics; thus, our approach needed to be different. We seek partnerships and alliances with companies that understand how to work within such an organization. The key is to be complementary, not direct competition. An example of what was stated earlier is the formal partnership we established with SCHWAGER in March 2025, to participate in the tender processes for Codelco in a joint manner. As contractors, what trends have you observed in the Chilean market?

Mid-sized mining operations in Chile rarely outsource underground excavation as we see producers do in Peru. In Chile, producers usually bring in contractors only when they have to expand operations and lack internal resources. Peru and Chile share a challenge: the availability of skilled labor. In fact, it is a regional problem that demands a collaborative approach because mining must appeal to younger generations, especially in Chile, where labor shortages could push the industry to look for workers in neighboring countries. What solves a problem for one may create challenges for another, so that is why we believe in 'making the path together.' What lessons can Chile learn from Peru and vice versa?

Peruvian know-how can add significant value to mid-sized producers in Chile, especially in the comprehensive management of deposits with production of up to 30,000 t/d. Our ability to develop between 2,000 and 2,500 m of tunnels per month in a single mine is a key differentiator that adds significant value in Chile. We also have a team of 2,000 workers, many of whom we trained and are ready to mobilize, helping clients reduce labor strain and speed up operations.

Chile, on the other hand, has a more structured project management approach, prioritizing methodology and long-term success, whereas Peru remains more operationally focused. Chile is also more open to innovation and technology, while Peru tends to take a wait-and-see approach. At INCIMMET, for example, we seek to test new technologies like FreeRocks and EXC Blast, but obtaining prior validation is challenging without companies first supporting trials, becoming a vicious cycle that slows down the adoption of new technologies. This is where my previous point also becomes relevant: if we stop treating each country as an isolated island and adopt a regional perspective, the value for all stakeholders multiplies. What challenges do you see in Chile as a new market for INCIMMET?

From Chile, we expect greater business visibility regarding our pipeline. We have had a good start and are participating in various tenders both independently and in partnership, as we did with SCHWAGER for Codelco.

The horizon is full of opportunities. Chilean mid-sized mining has not been working with a contractor offering horizontal and vertical excavation as a single service. In fact, in Chile, horizontal contractors typically subcontract vertical contractors, driving up operational costs. At INCIMMET, we can provide a comprehensive solution, including mine backfill, that optimizes costs and efficiency.