Valle de Huasco iron ore mine

Valle de Huasco is a mining complex owned by the Chilean steel producer Compañía de Acero del Pacífico (CAP) with operations close to the city of Vallenar, approximately 650 kilometres north of Santiago. The area is comprised of the operating Los Colorados mine and the now-closed El Algarrobo one. Valle de Huasco's production dropped by almost 70% in 2019 after CAP was forced to shutdown Guacolda II port between November 2018 and December 2019 following the collapse of a ship loading structure that caused the death of one employee. While CAP has fully repaired the structure and implemented additional safety controls at the port, we expect it will take until 2026 for the complex's ultimate capacity rate to be reached. Valle de Huasco produces a mix of fines, concentrate and pellet products for both the seaborne export market and CAP's Compañía Siderúrgica Huachipato steel mill.