Antofagasta plc

Hello and welcome to your Antofagasta 2025 half year results call. We will start today's session with a short introduction from Antofagasta to be followed by a question and answer session. If you have a question, we ask that you please use the raise hand function at the bottom of your zoom screen. When it is your turn, you will receive a prompt to be promoted as a panelist. Please accept, wait a moment and once you have been introduced, you may unmute yourself, turn your video on and ask your question. If you have joined us via telephone, please press star 9 to raise your hand to enter the queue. Once your name has been announced, you can ask your question. You may also type a written question in the Q&A box at the bottom of the screen at any time. I'll now hand you over to Rosario Orchard, Director of Antofagasta's London office, to introduce today's speakers.

Good morning, good afternoon, everybody. Welcome to our half-year call for 2025. I'm here today with our Chief Executive, Iván Arriagada, our CFO, Mauricio Ortiz, and our Vice President of Sustainability, Alejandra Villal. In terms of process today, Iván will start with a short introduction and then we'll move straight into Q&A. And we'll aim to wrap up within 45 minutes. Iván, over to you.

Thank you, Rosario, and hello to everyone. It's great to be hosting this call, and thank you for your time. We have today released our set of top one financial results. We have a strong set of financial results. Our revenues are up 29%. EBITDA is up 60%. And our cash flow is also showing a significant increase. And this has been achieved on the back of higher copper production than we compared last year. and also an important increase in gold and moly production. A bidder margin was 58.8%, which is a 25% increase on the prior year. So, by all measures, I would say that our financial performance in the first half was strong. In parallel to that, we continue to make a good progress on our projects. We are executing two important projects, as you know, the expansion at Sentinela, which involves the construction of a new concentrator plant, and also the expansion of the water system at Pelambres and replacing some infrastructure like the concentrate pipeline. I'm pleased to share with you that we've made good progress during this first half. Our projects are tracking according to program. And therefore, by the end, when this is completed, when we expect they will, we should be able to achieve an increase in production, which is in the order of 30%. So good progress in our projects. And then finally, as an introduction, I would say that we have declared a dividend, which is in line with our policy. Our policy, which we have consistently applied is that we have a dividend of 35% of net earnings at the interim or half year. And in line with that, we declared a dividend of 16.6 cents per share. So overall, I think a solid performance for the first half. So with those brief words, I would then like to essentially initiate the Q&A. And so I will pass that on to Rosario.