Merger with Anglo American
A merger of equals agreement with Anglo American was announced, creating a global leader in critical minerals and a top five copper producer. The merger is expected to produce 175,000 tons of incremental copper and generate an annual average underlying EBITDA uplift of at least $1.4 billion per year for at least twenty years.
Operational Review and Improvements
Completion of a comprehensive operational review focused on improving performance with a detailed QB action plan. Safety performance improved with a high potential incident frequency rate of 0.06, trending 50% below the annual rate last year.
Financial Performance
Adjusted EBITDA increased by 18% compared to the previous year, reaching $1.2 billion driven by higher base metals prices and lower smelter processing charges.
Strong Zinc Segment Performance
Gross profit before depreciation in the zinc segment improved 27% compared to the previous year. Red Dog zinc sales exceeded guidance and anticipated high end of production guidance.
Renewable Energy Transition
Chilean operations reached 100% renewable power on October 1, following the implementation of a long-term Clean Power Agreement for QB's electricity supply.