What were Lundin Mining's key developments in Chile recently?

The year 2024 was a strong year for our Chilean operations. At Candelaria, we produced 162,000 t of copper. Although we slightly missed our production guidance due to lower-than-expected grades in the fourth quarter, overall performance was very positive. In the second half of the year alone, we produced 100,000 t, which demonstrates our capacity to operate at a rate of 200,000 t/y. Furthermore, 2024 was one of our best years regarding safety performance. With the approval of the 2040 Environmental Impact Assessment, we are now focused on conducting the necessary studies and initiating the projects included in that approval.

At Caserones, we achieved a production of 125,000 t for 2024, meeting our guidance.

This year, we increased our stake in Lumina Copper and thus Caserones by 19%. This is a clear demonstration of our commitment not only to Chile but also to South America and copper. Our long-term strategy is to strengthen our position as a leading copper-focused company, and many of the transformational decisions we made in 2024 were aligned with that objective. How does Chile compare as a mining jurisdiction with growing competitors like Ecuador and Argentina?

Chile has a long and well-established mining history, and what sets it apart is the world-class mining ecosystem it has developed over the years. The presence of mining companies, service providers, startups, and technology firms has created an environment that fosters innovation and operational excellence. The expansion of mining industries in countries such as Argentina and Peru presents an opportunity for Chile to export its mining expertise. How is Lundin Mining prioritizing sustainability?

Our Chilean operations are a strong example of our commitment to sustainability. At Candelaria, we have been operating entirely on desalinated water since 2013, and we have a power purchase agreement that is based entirely on renewable energy. Candelaria was also the first operation in the Atacama region to receive the Copper Mark certification.

Caserones has followed a similar path, operating with a power purchase agreement that is 100% based on renewable energy. In late 2023, Caserones also received the Copper Mark certification. Beyond environmental sustainability, we place great importance on community relations. Our teams at both sites maintain regular engagement with local communities, focusing on the development of local suppliers and service providers. Sustainability is embedded in our business strategy. How does the strong outlook for copper impact Lundin Mining’s global and Chilean operations?

We have a very positive outlook on copper. Our commitment to the metal is best exemplified by our investment in the Vicuña project, which we expect to become one of the largest copper projects in the coming decades. Having BHP as our partner in this project is a strong validation of our confidence in copper and its future demand.

Our current growth strategy is focused on organic expansion through our existing operations and brownfield developments rather than greenfield exploration. For example, Caserones has 60,000 hectares of exploration properties, and we are launching the most extensive exploration program there since its discovery. Although there have been changes to Chile’s mining laws, we still view the country as a stable mining jurisdiction. Our decision to increase our ownership in Caserones reflects this confidence. While regulatory changes can create challenges, we believe that through optimization and efficiency improvements, we can mitigate any potential impacts on our business. What are Lundin Mining’s priorities in Chile for 2025?

The year 2025 will be a critical period for consolidating the major transformations we implemented in 2024. Last year was a very busy year for us, marked by several significant milestones, including the acquisition of an additional 19% stake in Caserones, the establishment of a joint venture with BHP at Vicuña, the sale of our European assets, and the relocation of our corporate office from Toronto to Vancouver.

Our primary focus in 2025 will be on enhancing our competitiveness and efficiency across all sites. Moving forward with our joint venture with BHP will be crucial, particularly given the regulatory timeline under the new licensing laws, which we cannot afford to miss. Additionally, advancing the engineering work for José María, which we expect to be the first project within the Vicuña district, will be a key priority.