Targeting 1.6 million tons of copper production by 2035, aiming for top 5 global status, with a diversified portfolio across copper, coal, and a world-class marketing business.
Portfolio streamlined by divesting 35 assets since 2021, raising $6.5 billion, and repurchasing c.1.6 billion shares, with recurring cost savings of $1 billion targeted by end-2026.
Argentina's new RIGI regime unlocks major copper projects (MARA, El Pachón), providing fiscal, tax, and legal stability for $12-15 billion in planned capex.
Devolved operating model streamlines management, eliminates c.1,000 roles, and enhances accountability at asset and regional levels.
Focus on operational excellence, safety, and maintaining a strong balance sheet with minimum BBB/Baa credit ratings.
Copper production rebasing to 1 million tons by 2028, with growth to 1.6 million tons by 2035 through projects in Argentina, Peru, Chile, DRC, and the U.S.; 2025-2029 copper CAGR of 7.6%.
Major copper projects (Antapaccay, Collahuasi, MUMI, Agua Rica, NewRange, El Pachón) sequenced for FID and first production between 2025 and 2037, with total indicative capex of $23.4 billion.
Brownfield projects offer low capital intensity, with brownfield costs around $13,000/ton, and greenfield projects like Pachón also competitive.
Project pipeline sequenced to avoid overextension, with multiple levers and optionality to adjust to market needs.
Risk-sharing options (JV, minority stakes, non-dilutive infrastructure funding) considered for large projects to reduce financial and operational risk.
Simplified operating structure, pushing accountability and resources to regional teams, modeled after the successful coal business structure.
Enhanced performance review and assurance processes, with a focus on data-driven decision-making and safety improvements.
Leadership team strengthened with experienced internal promotions and external hires, particularly in copper and Argentina.
African copper operations have shown strong recovery, with KCC and MUMI ramping up to installed capacities.
SafeWork initiative aims to eliminate work-related fatalities and injuries, with ongoing improvements in HSEC performance.
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