Salares Norte

Key developments during 2024

After producing first gold and commencing ramp-up at the end of March 2024, Salares Norte's processing plant was adversely impacted by severe winter conditions in mid-April 2024, causing freezing of material in the circuit. The planned production ramp-up was subsequently paused, with much of the winter period (Q2 and Q3 2024) spent unfreezing and purging material in the primary circuit. Installing bypass circuits early in the winter ensured the main components of the plant could continue to run and circulate solution while the main circuit was being cleaned.

The Salares Norte team safely restarted ramp-up at the end of September 2024, which has continued in line with the plan. Commercial production levels are set to be achieved in H2 2025 and steady-state throughput is expected in Q4 2025. Salares Norte produced 45koz-eq at AISC US$1,901/oz-eq in Q4 2024. We spent capex of US$389m on Salares Norte during 2024 (2023: US$398m).

We made good progress with the capture and relocation of chinchillas during Q4 2024. The programme was reinstated on 3 October 2024, following the expiry of the urgent and transitional measure issued by Chile's Superintendence of Environment, which ordered the suspension of dismantling activities at Rockery 3. During November 2024, one chinchilla was successfully captured and relocated from Rockery 3. After no further chinchilla sightings, dismantling of Rockery 3 started in December 2024 and was completed in early January 2025. As a result, the area demarcated for waste material from the Brecha Principal ore body is now clear of any identified chinchilla habitats and placement of waste in the area has commenced.