Barcelona, May 14, 2025.- “We are actively building the Codelco of tomorrow through the strategic development of our mineral reserves to sustain operations for the next fifty years. Through ongoing structural projects and key partnerships in the copper and lithium sectors, we are unlocking invaluable growth opportunities, positioning ourselves as a critical player in the global energy transition.”

This quote comes from Codelco's Chairman of the Board, Máximo Pacheco, who spoke at the Global Metals, Mining and Steel Conference, organized by Bank of America (BofA) in Barcelona. The meeting is one of the most important in the global mining industry, bringing together key industry leaders and investors from around the world once a year. In addition to Pacheco, key executives from Glencore, Anglo American, Rio Tinto, BHP, Freeport-McMoRan, Vale, Amsa, and Teck, among others, also spoke at the conference.

In his presentation, Pacheco highlighted the company's key performance indicators over its 54-year history, including contributions of US$158 billion to the Treasury over that period and investments of US$105 billion—with US$5.1 billion invested in 2024 alone—along with a description of the company's ongoing operations and structural projects: Chuquicamata Underground, Traspaso Andina, the Teniente Project Portfolio, and Rajo Inca, which he described as drivers "of the longevity of our mines over the next 50 years."

The highlight, and the most anticipated by the audience, was his description of the latest partnership announcements: with Rio Tinto and BHP, which were signed just this Monday in the bilateral meetings prior to this meeting.

Regarding the alliance with Rio Tinto in Nuevo Cobre, both firms announced this Monday the strengthening of their collaboration through the development of a mining district in Atacama. "This new perspective on the potential beyond Nuevo Cobre has opened up new opportunities to create and accelerate value through synergies with the San Antonio project, which is wholly owned by Codelco. We are working together with our partner, Rio Tinto, to accelerate project development, leveraging the proximity of the two projects to maximize value and minimize environmental and community impact," he explained.

Regarding the new partnership with BHP for the exploration and potential development of the Anillo project, he explained that it will allow the Anglo-Australian company to resume exploration activities in this area of the Antofagasta Region. "By combining BHP's extensive knowledge of the district with Codelco's strategic asset ownership, our goal is to maximize synergies with the surrounding infrastructure. Together, we are unlocking copper resources vital to the energy transition and sustainable global growth," he told the audience.

I-Pulse seeks new technological advances for mining

Within the framework of the bilateral meetings in Barcelona, Pacheco also signed a Letter of Intent with the American company I-Pulse Inc., a technology-based company based in the United States chaired by Robert Friedland and a world leader in commercial applications of High Power Pulsed (HPP) technologies, to explore their use in mining, in activities such as rock and mineral fragmentation, precision cutting, and drilling.

"This alliance demonstrates our commitment to staying at the forefront of technological advancements, leveraging advanced solutions to improve productivity, reduce costs and environmental impact, and enhance safety in our operations," Pacheco said.

New strategic partners are on the way in lithium

In his presentation, Pacheco also addressed several other recent partnerships. Regarding the alliance to jointly develop the Andina-Los Bronces district, he defined it as "a collaboration that reflects a modern and innovative approach, focused on the implementation of a joint plan of up to 21 years." Regarding Teck's stake in Quebrada Blanca, he said it will contribute an estimated 25,000 to 30,000 metric tons of fine copper per year.

Regarding lithium partnerships, he explained that the agreement with SQM is moving forward under the conditions precedent. Regulatory approvals have already been obtained in all jurisdictions, except China, which are expected to be obtained during the third quarter of the year. In parallel, progress is being made on the Indigenous consultation involving 26 communities.

He also spoke about the other two lithium projects, in the Maricunga and Pedernales salt flats. Regarding the former, he said, "We are in the final stages of selecting a strategic partner. A shortlist of candidates has been established and binding offers have been received. We expect to announce the selected partner in the second quarter." Following this, he added, the formalization of the joint venture will begin, a process that is expected to extend throughout the remainder of the year, encompassing steps such as finalizing the contractual terms, addressing any specific conditions, and, if necessary, obtaining regulatory approvals in Chile and other jurisdictions.

Regarding Pedernales, he said the company is focused on advancing the initial environmental studies to understand the flora and fauna of the salt flat, a preliminary step toward submitting an Environmental Impact Statement for drilling activities. "While we fully own Pedernales, we plan to seek a strategic partner to unleash its full potential, aligning with our long-term development strategy," he clarified.

Bilateral meetings

In Barcelona, Máximo Pacheco held several bilateral meetings with key players in the mining industry, including BHP, Freeport, Rio Tinto, and Anglo American. These meetings highlighted Codelco's role as a partner in the country and the positive results of the partnerships.

He also participated in the quarterly meeting of the International Council on Mining and Metals (ICMM), which brings together the highest representatives of the mining industry to promote the sector's sustainable development. The meeting aimed to further the implementation of ICMM's new strategy, which is based on three pillars to promote sustainability in the sector: performance, standards, and dialogue and participation.

Pacheco was accompanied at the various events by Alejandro Sanhueza, Vice President of Finance, and Rodrigo Barrera, Manager of Subsidiary Businesses, among others.

Codelco