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2011 was a solid year for the Group, in terms of both production and profitability.

Our business model

The Group creates value for its shareholders through the discovery, development and operation of copper mining operations.

Strategy for the mining business

The strategy for growing our mining business is based around three pillars:

  • 1:
    The existing core business
  • 2:
    Organic and sustainable growth of the core business
  • 3:
    Growth beyond the core business
Operational review

Our existing operations are focused in Chile. 2011 saw the ramp-up of operations at Esperanza, a record year of production at Los Pelambres, the start of production from the Mirador deposit at El Tesoro, and an extension of Michilla’s mine life.

2011 Highlights

  • Record production, with copper production up 22.9% to 640,500 tonnes and gold production up more than fivefold to 196,800 ounces compared with 2010.
  • Record revenues and profitability with turnover of US$6.1 billion (up 32.7% over 2010) and EBITDA of US$3.7 billion (up 32.1% over 2010).
  • Total dividend for the year of 44 cents per share, representing a total distribution to shareholders of US$433.8 million, and an overall payout ratio of 35% of net earnings.

Read all the highlights

Chairman's statement


2011 was a solid year for the Group, in terms of both production and profitability, reflecting mainly the impact of the start-up of Esperanza.
Read the Chairman's statement