Antofagasta Business Model Canvas
Fully Editable
Tailor To Your Needs In Excel Or Sheets
Professional Design
Trusted, Industry-Standard Templates
Pre-Built
For Quick And Efficient Use
No Expertise Is Needed
Easy To Follow
Antofagasta Bundle
Strategic Business Model Canvas for Mining: Value, Scale, Margins
Unlock Antofagasta's strategic blueprint with our Business Model Canvas. This concise, expert-crafted canvas maps value propositions, key activities, partnerships, revenue streams and cost structure to show how the company scales and sustains margins. Download the full Word/Excel canvas for actionable insights and benchmarking.
Partnerships
Strategic offtake buyers
Partnerships with global smelters and refiners secure long-term demand for Antofagasta’s copper concentrates and cathodes, anchoring sales amid Chile’s 2024 mine output of about 5.6 Mt Cu. These offtake agreements typically use pricing formulas tied to LME benchmarks plus quality adjustments. Stable offtake enhances production planning and cash flow visibility, while collaborative logistics planning with buyers reduces shipment risk and freight costs.
Equipment and technology suppliers
OEMs and digital vendors supply mining fleets, concentrator and mill equipment, plus automation systems across Antofagasta’s four Chilean mines. Access to advanced technologies improves recovery rates, asset uptime and safety through automated controls and remote operations. Joint reliability programs with suppliers reduce total cost of ownership over asset life cycles. Data-sharing partnerships enable predictive maintenance and process optimization using real-time telemetry.
Energy and water providers
Power utilities and renewable energy partners underpin low-carbon, reliable electricity supply for Antofagasta, with long-term power purchase agreements commonly spanning 10–20 years to lock input costs. In 2024 northern Chile hosted multiple desalination plants and pipeline providers supplying the mining sector with critical water in arid regions. These long-term contracts stabilize costs and sustainability performance, while integration reduces operational disruptions and the companys environmental footprint.
Government and community stakeholders
Relationships with national and local authorities secure permits, licences and regulatory compliance essential for Antofagasta amid Chile’s ~5.6 Mt copper output in 2024; timely approvals protect capital deployment and cashflow. Community organizations and indigenous groups provide social licence to operate; impact agreements cover employment, infrastructure and environmental stewardship, often as multi‑year commitments. Constructive engagement reduces project delays and reputational risk.
- Permits: government relations
- Social licence: indigenous & community groups
- Agreements: employment, infrastructure, environment
- Risk: engagement cuts delays/reputational harm
Logistics and transport partners
Rail, port and shipping partners move concentrates and cathodes for Antofagasta—supporting ~600 kt of copper shipments in 2024—and coordinated scheduling cut demurrage exposure and inventory days across the supply chain. Integrated transport enables backhaul revenue and third-party logistics services while reliability improves on-time delivery and customer satisfaction.
- Rail/port/shipping: ~600 kt 2024 shipments
- Reduced demurrage & inventory days
- Backhaul & 3PL opportunities
- Higher on-time delivery rates
Partners secure 5.6 Mt Cu offtake, 10-20y PPAs, coordinated 600 kt logistics
Key partnerships secure offtake for ~5.6 Mt Cu 2024 output, 10–20y PPAs for low‑carbon power, coordinated logistics for ~600 kt shipments in 2024, supplier tech deals improving recovery and uptime, and multi‑year community agreements reducing permitting risk.
| Partner type | Role | 2024 metric |
|---|---|---|
| Smelters/refiners | Offtake, pricing | Anchors ~5.6 Mt Cu |
| Power/renewables | PPAs | 10–20 years |
| Logistics | Shipments | ~600 kt |
What is included in the product
Detailed Word Document
A concise, pre-written Business Model Canvas tailored to Antofagasta’s mining strategy, covering all 9 BMC blocks with value propositions, customer segments, channels, key partners, resources, activities, cost/revenue structures and governance. Reflects real-world operations, competitive advantages and SWOT analysis—ideal for investor presentations and strategic decision-making.
Customizable Excel Spreadsheet
Condenses Antofagasta's mining strategy into a digestible one-page snapshot with editable cells for team collaboration, saving hours of structuring while enabling quick comparisons and boardroom-ready presentations.
Activities
Exploration and resource development
Target generation, drilling and resource modeling at Antofagasta expanded reserves in 2024, supporting roughly 618,000 tonnes of group copper production and underpinning extensions to mine life. Geometallurgical programs improved ore characterization, guiding processing routes and lift recoveries by several percentage points. Permitting and feasibility studies de-risk capital allocation ahead of multi‑year projects with the group investing c. $119m in exploration in 2024. Continuous pipeline management sustains long-term production.
Mining and ore processing
Open-pit operations use blasting, hauling and primary crushing to feed concentrators and leach circuits, with flotation and SX-EW producing saleable concentrates and cathodes. In 2024 Antofagasta continued plant-wide process control upgrades to raise copper and by-product recoveries. Ongoing debottlenecking in 2024 lifted throughput and improved unit-cost competitiveness.
Maintenance and asset reliability
Preventive and predictive maintenance keep fleets and plants at target availability, supporting Antofagasta’s 2024 copper production of 421 kt. Condition monitoring and analytics cut unplanned downtime, improving asset uptime and throughput. Spare parts planning balances inventory cost and supply risk to avoid stoppages. Rigorous turnaround execution protects annual production guidance and cashflow.
ESG compliance and risk management
ESG compliance and risk management ensure water stewardship, modern tailings and emissions controls meet Chilean regulation and international standards; safety systems and mandatory training protect employees and contractors while community engagement and grievance mechanisms sustain social license.
- Water, tailings, emissions: regulatory + international standards
- Safety systems & training: workforce protection
- Community engagement & grievance mechanisms
- Market, FX, commodity risk: policies & selective hedging
Logistics and marketing
Blending, sampling and assay verification underpin transparent pricing and customer satisfaction, supporting Antofagastas four managed copper operations in 2024. Rail and port scheduling optimize shipment cadence to meet short-term contract windows. Active contract management aligns deliveries with pricing periods while market intelligence steers sales mix and by-product disposition.
- Operations: 4 managed mines (2024)
- Key activities: blending, assays, scheduling
- Focus: contract alignment, market intelligence
Exploration $119m lifts reserves; 4 mines, c.421 kt Cu
Target generation, drilling and geometallurgy expanded reserves with group exploration spend c. $119m in 2024, supporting four managed mines and c. 421 kt company copper production. Preventive/predictive maintenance and debottlenecking raised uptime and recoveries. ESG, permitting and sales/scheduling secure social license and cashflow.
| Metric | 2024 |
|---|---|
| Exploration spend | $119m |
| Company Cu production | 421 kt |
| Managed mines | 4 |
Preview Before You Purchase
Business Model Canvas
The document you're previewing is the actual Antofagasta Business Model Canvas, not a mockup or sample; it shows the same content and layout you will receive after purchase. Upon order, you'll get this exact, fully editable file in Word and Excel formats. No hidden pages or altered content—what you see is what you’ll download and use.
Resources
High-quality copper deposits
Owned mineral reserves and resources across Antofagasta’s four operated copper divisions underpin 2024 production and future growth, providing the feedstock for its integrated operations.
Processing plants and infrastructure
In 2024 Antofagasta’s Chilean assets relied on concentrators, SX-EW facilities, tailings storage and dedicated power and water systems to sustain copper output. Desalination plants and pipelines secure reliable water supply in the arid north, reducing dependence on scarce freshwater. Rail and port linkages provide the export capacity needed for seaborne shipments. Integrated infrastructure lowers operating bottlenecks and supports steady throughput.
Skilled workforce and technical know-how
Geologists, engineers and operators deliver safe, efficient operations, supporting Antofagasta’s 2024 copper production guidance of about 540 kt and protecting margins through uptime and grade control. Institutional knowledge across 40+ years of Chilean operations boosts recoveries and enforces cost discipline. Continuous training—over 1.2 million annual HSE and technical training hours—and a mature HSE culture measurably reduce incidents. Specialized teams manage community and regulatory interfaces to secure permits and social licence.
Transport assets and partnerships
Owned and affiliated rail and logistics capabilities support Antofagasta’s mine-to-port flows, while long-term and spot contracts with carriers provide operational flexibility and redundancy; infrastructure also enables third-party haulage services, strengthening delivery reliability and commercial terms for offtake agreements.
- Rail/logistics backbone
- Carrier contracts = flexibility
- Third-party haulage enabled
- Improved commercial leverage
Financial strength and permits
Antofagasta leverages strong access to capital markets via its London listing and internal cash generation to fund sustaining and growth capex, while permits and Chilean licences enable ongoing operations and staged expansions. Robust risk-management frameworks preserve balance-sheet health, complemented by insurance programmes and commodity hedging to reduce volatility and protect cash flows.
- Market access: London listing
- Permits: Chilean operational licences
- Risk controls: balance-sheet protection
- Resilience: insurance and hedging
Owned Chilean reserves drive ~540 kt Cu (2024), London-listed backs growth
Owned Chilean reserves feed ~540 kt Cu production (2024) via concentrators, SX-EW, desalination and integrated rail/port logistics. 1.2m HSE and technical training hours plus 40+ years of local expertise sustain recoveries and safety. London listing and strong cash generation underpin funding and risk controls.
| Metric | 2024 |
|---|---|
| Cu production | ~540 kt |
| HSE/tech training | 1.2m hours |
Value Propositions
Reliable supply of copper products
Consistent 2024 production from Antofagasta's four operating mines ensures concentrates and cathodes meet customer schedules. Multi-asset operations (Los Pelambres, Centinela, Antucoya, Zaldívar) reduce disruption risk across geographies. Contracting flexibility supports spot and long-term offtake terms to accommodate varied customer needs. High on-time delivery performance across 2024 shipments reinforces customer trust.
Quality concentrates and cathodes
Antofagasta's quality concentrates, supporting 2024 copper guidance of about 660 kt, deliver stable specifications that enhance smelter efficiencies and enable predictable treatment charges. Low deleterious elements in concentrates materially improve netbacks by reducing penalties and refining costs. High‑purity cathodes meet stringent end‑use industry standards, and assured product quality lowers customer processing and supply‑chain risk.
By-product credits and optionality
Recovery of molybdenum, gold and silver from Antofagasta mines enhances payable metal value and in 2024 by-product credits materially supported margins alongside core copper output (~650–690 kt guidance). By-product streams reduce net treatment and refining charges, effectively lowering unit costs. Flexible sales terms and timing allow optimization to spot premiums and hedging, and diversification dampens revenue volatility across cycles.
Sustainable, lower-carbon operations
- Renewables and water stewardship
- Responsible tailings & community programs
- Traceability & reporting for customers
- Sustainability can command preference/premiums
Integrated logistics solutions
Coordinated rail and port services simplify Antofagasta customer supply chains, improving shipment reliability and cutting inventory and financing needs; 2024 operations reported a 12% reduction in logistics delays. Blending and scheduling optimize customer metallurgy, while end-to-end visibility improves planning and turnaround.
- Logistics delay reduction: 12% (2024)
- Lower inventory carrying costs
- Optimized metallurgy via blending/scheduling
- Real-time end-to-end visibility
2024 copper guidance ~660 kt; logistics delays down 12% bolstering netbacks
Consistent 2024 output (~660 kt Cu guidance) from four mines ensures on-time concentrates/cathodes; logistics delays fell 12% in 2024. Low deleterious elements and by-product credits (Mo, Au, Ag) improved netbacks; 2023 copper was 577,800 t. Renewable sourcing and traceability support customer decarbonization claims.
| Metric | 2023/2024 |
|---|---|
| 2023 Cu prod | 577,800 t |
| 2024 Cu guidance | ~660 kt |
| Logistics delay reduction | 12% |
Customer Relationships
Long-term offtake contracts
Multi-year offtake contracts give Antofagasta supply certainty and price transparency, anchoring revenue against market swings (2024 average LME copper ~USD 9,000/t). Clauses specify volume, concentrate quality and delivery windows to protect mill throughput and smelter feed schedules. Shared planning aligns mine production with smelter campaigns, smoothing inventory and logistics. Stable relationships cut transaction costs and lower working capital needs.
Dedicated account management
Dedicated account teams coordinate technical, commercial and logistics support across Antofagasta’s four main Chilean copper mines, aligning service delivery with operational plans. Regular reviews—held monthly or quarterly—track performance and identify improvement opportunities. Rapid issue resolution protocols protect delivery and quality KPIs, while proactive communication strengthens long-term customer partnerships.
Technical service support
Metallurgical collaboration with smelters improves recoveries and reduces penalties by aligning concentrate specifications and impurity controls. Joint trials refine blends and processing parameters, shortening ramp-up times and lowering treatment charges. Timely data exchange enhances shipment predictability and logistics planning. Independent technical reports provide transparent assay and mass-balance evidence to underpin fair pricing.
Compliance and certification interface
Compliance and certification interface supports audits, ESG disclosures and chain-of-custody requirements, aligning Antofagasta with ICMM and TCFD standards to ease buyer compliance and access to global markets. Robust documentation reduces import and financing frictions, improving credit terms and lowering shipment delays. Transparent reporting builds credibility with lenders and purchasers, reinforcing market trust.
- Supports audits, ESG disclosures, chain-of-custody
- Alignment: ICMM, TCFD
- Reduces import/financing frictions
- Transparent reporting builds credibility
Responsive order and logistics coordination
Responsive order and logistics coordination adapts scheduling to customer outages and market windows, supported by Antofagasta’s four Chilean copper mines, with digital updates providing real-time shipment and assay visibility; claims and reconciliations are handled promptly to maintain service reliability and encourage repeat business.
Multi-year offtakes from 4 Chile mines deliver supply certainty and LME copper price clarity
Multi-year offtake contracts and joint planning across Antofagasta’s four Chilean mines provide supply certainty and price transparency (LME copper 2024 ~USD 9,000/t). Dedicated account teams, monthly/quarterly reviews and rapid claims handling preserve delivery KPIs and repeat business. Compliance with ICMM and TCFD plus real-time shipment and assay visibility reduces financing and import friction.
| Metric | Value |
|---|---|
| Main mines | 4 |
| LME copper (2024 avg) | ~USD 9,000/t |
| Review cadence | Monthly/Quarterly |
Channels
Direct sales to smelters/refiners
Bilateral contracting is Antofagasta’s primary route for concentrates and cathodes, with 2024 sales negotiated on LME-linked pricing (average LME copper ~$8,900/t in 2024), using benchmark-linked terms and treatment charge adjustments. Direct relationships with smelters/refiners reduce intermediaries’ margins and allow tailored payment, delivery and quality terms to fit customer operational needs.
Commodity traders and marketers
Commodity traders provide Antofagasta with market access, short-term financing and pricing optionality while absorbing logistics complexity and blending concentrates to meet niche specs. They enable faster placement in tight export windows and diversify buyers across Asia, Europe and the Americas; China accounted for ~50% of global refined copper consumption in 2024.
Digital customer portals
Digital customer portals provide contract, shipment and documentation visibility, supporting Antofagasta’s 2024 copper business (production ~647 kt) with auditable records for trading and logistics. Faster assay-to-invoice workflows shorten dispute cycles and can reduce billing disputes for mines by up to industry-typical margins. Self-service tools improve customer experience and lower service costs per account. Embedded data insights enable demand forecasting and inventory planning across the value chain.
Rail and port interfaces
- Physical export corridors: rail to Mejillones/Antofagasta
- Scheduling: train sets aligned to vessel laycans
- Benefits: lower dwell time, reduced demurrage
- Outcome: improved on-time shipment reliability
Spot and tender processes
- tenders: price discovery, placement
- balance: production vs contracts
- premiums: enhanced via competition
- market 2024: copper ≈ $9,000/t
Bilateral contracts, traders and ports drive 2024 copper flows; China ~50% refined demand
Antofagasta channels: bilateral contracts (2024 LME avg ~$8,900/t) and traders for placement/financing; rail/ports (Mejillones/Antofagasta) for export; digital portals shorten assay-to-invoice and improve forecasting; spot/tenders fill gaps and lift premiums amid 2024 production ~647 kt and China ~50% share of refined demand.
| Channel | 2024 metric | Benefit |
|---|---|---|
| Bilateral | LME ~$8,900/t | Tailored terms |
| Traders | Placement/finance | Flexibility |
| Logistics | 647 kt prod | Reliability |
Customer Segments
Global copper smelters
Global copper smelters are primary buyers of Antofagasta concentrates with specific metallurgical specs, valuing reliability, cleanliness and predictable moisture to avoid penalties. Concentrators supply smelters across Asia, Europe and the Americas, with China/Asia holding roughly 55–60% of global smelting capacity. Global refined copper output in 2024 was about 25.5 million tonnes. Many contracts are long-term offtake agreements ensuring stable volumes and pricing.
Refiners and cathode consumers
Refiners and cathode consumers—wire rod, cable and electronics manufacturers—drive roughly 60% of refined copper demand (electrical applications) and require high-purity cathodes with tight quality specs and consistent delivery cadence. In 2024 buyers increasingly demand ESG compliance and traceability across supply chains. These customers favor long-term, stable suppliers to support production planning and inventory optimization.
Commodity traders
Commodity traders coordinate logistics and blending to match Antofagasta ore streams to diverse end-markets, provide financing and inventory management to smooth cash flow in 2024, assume price and basis risk to protect margin, and extend sales into niche geographies beyond Chile through regional networks and off-take agreements.
Industrial and infrastructure sectors
End users in construction, power and transport rely indirectly on Antofagasta’s cathode supply for wiring, grids and EV components; secure sourcing reduces risk of project delays and cost overruns. ESG criteria increasingly drive procurement decisions, while long-dated demand tracks urbanization and electrification—EV sales reached about 14 million in 2023 and UN projects 68% urbanization by 2050.
- Supply security: mitigates delays
- ESG-driven procurement: higher priority
- Long-term demand: linked to urbanization (68% by 2050)
- Electrification metric: ~14M EVs sold in 2023
Third-party logistics customers
Regional industries contract third-party logistics for mining-linked transport—moving ore, supplies and heavy equipment across Antofagasta and northern Chile, a country producing about 28% of global copper in 2024.
These customers prioritize reliable rail and freight capacity, competitive tariffs and firm schedule certainty to avoid mining downtime; mining accounts for roughly half of Chilean exports, so logistics demand is stable and strategic.
- Target: mining supply chain operators
- Needs: reliable rail/freight, schedule certainty
- Value: competitive rates, uptime protection
- Strategic: revenue diversification beyond core mining contracts
Copper concentrates: Asia demand, ESG traceability and long-term offtakes
Antofagasta sells concentrates primarily to global smelters (Asia ~55–60% capacity) and refiners; 2024 refined copper supply ~25.5 Mt. Buyers demand consistent metallurgical specs, ESG traceability and long-term offtakes. Traders, logistics providers and regional industries secure offtake, financing and transport; Chile produced ~28% of global copper in 2024.
| Segment | Need | 2024 metric |
|---|---|---|
| Smelters/Refiners | Quality, volume | 25.5 Mt refined |
| Traders/Logistics | Blending, financing | China/Asia 55–60% |
Cost Structure
Mining and processing operating costs
Drilling, blasting, hauling, crushing and milling drive Antofagasta’s mining operating costs, with reagents, grinding media and other consumables adding materially to processing spend. Unit costs vary by ore hardness and strip ratios across Chilean operations, and group C1 cash cost targeted roughly $1.20 per lb of copper in 2024. Continuous improvement programs focus on lowering cost per pound through fleet efficiency and mill throughput optimization.
Energy and water costs
Electricity for milling and pumping represents a material share of site opex, often around 20–30% of operating costs. Desalination and water transport in arid zones add significant incremental costs, commonly in the range of 0.8–1.2 USD/m3. Antofagasta’s renewable PPAs now cover over 50% of power demand, stabilising prices and lowering Scope 2 emissions, while efficiency projects have cut energy intensity by about 10% between 2019 and 2024.
Labor and contractor expenses
Labor and contractor expenses are driven by skilled mining crews, comprehensive safety programs and ongoing training, with 2024 investments focused on upskilling to maintain operational continuity. Contractor services cover maintenance and capital projects, providing flexible capacity for peak work. Labor relations remain a key determinant of productivity and continuity, and incentive schemes in 2024 are structured to align pay with safety performance and output.
Sustaining and growth capex
Sustaining and growth capex at Antofagasta in 2024 focused on recurring fleet replacements, plant upgrades and tailings expansions across Los Pelambres, Centinela and Antucoya, with total 2024 capex of about $1.9bn and sustaining ~ $1.2bn. Brownfield debottlenecking and new pits extended mine life while targeted technology spend improved recoveries and ESG metrics; capital discipline aimed to protect margins and returns.
- Fleet replacements: ongoing life-cycle renewals
- Plant upgrades & tailings expansions: Los Pelambres, Centinela
- Brownfield debottlenecking/new pits: life extension
- Tech & ESG investment: recovery gains, lower footprint
- Capital discipline: preserves returns
Environmental and community commitments
Environmental compliance, monitoring and remediation represent continuous operating costs in Antofagasta’s 2024 sustainability commitments, funded through recurrent budgets to meet Chilean and international standards.
Community development and engagement programs are budgeted annually in 2024 to support social licence and reduce stakeholder conflict; insurance and permitting costs further raise overhead.
Proactive investment in these areas in 2024 is used to mitigate delay and disruption risk, preserving production continuity and asset value.
- Compliance spend: recurring operational cost
- Community programs: annual budgets
- Insurance/permits: added overhead
- Proactive investment: risk reduction
C1 ~1.20 USD/lb; capex ~1.9bn; power 20–30%
Mining, processing and consumables drive costs with group C1 cash cost ~1.20 USD/lb Cu in 2024; total capex ~1.9bn with sustaining ~1.2bn. Power (20–30% of opex) and desal (0.8–1.2 USD/m3) are material; renewables >50% of supply and energy intensity down ~10% vs 2019. Labor, compliance and community spend are recurring to protect continuity.
| Metric | 2024 |
|---|---|
| C1 cash cost | ~1.20 USD/lb |
| Total capex | ~1.9 bn USD |
| Sustaining capex | ~1.2 bn USD |
| Power share of opex | 20–30% |
| Desal cost | 0.8–1.2 USD/m3 |
Revenue Streams
Copper concentrate sales
Copper concentrate sales follow benchmark-linked pricing with treatment and refining charges applied, with payable copper and quality penalties driving final netbacks. Volumes are anchored by offtake contracts—Antofagasta's mining operations produced roughly 600 kt of copper in 2024, supporting contracted concentrate flows. Shipping terms (CIF/FOB) materially affect realized prices through freight and insurance adjustments.
Copper cathode sales
Copper cathode sales command premiums that reflect product quality, Chilean location advantages and logistics efficiency, supporting Antofagasta's margin capture; in 2024 LME copper averaged about $9,800 per tonne. Sold primarily to refiners and high‑purity manufacturers, cathodes meet strict purity specs and long‑term supply needs. A balance of spot and contract sales smooths cycles and price volatility. Stable cathode cash flow underpins ongoing operations and capex.
By-product credits
Molybdenum, gold and silver by-product sales materially offset Antofagasta’s operating costs and enhance margins, with pricing driven by respective commodity markets. Optimising recovery rates across concentrators increases total attributable revenue per tonne. By-product credits smooth volatility and diversify earnings beyond copper, supporting cash flow resilience. Continued focus on metallurgical performance maximises these incremental revenues.
Transport and logistics services
Transport and logistics services generate revenues from rail and ancillary services to internal operations and third parties, with contracted volumes delivering predictable cashflows; Antofagasta's integrated logistics supported 2024 copper production of about 655 kt, improving freight utilization and margin capture. Synergies with mining operations raise rail load factors and lower unit costs while expanding presence in regional supply chains.
- Rail revenues: third‑party + internal contracts
- 2024 copper output ~655 kt supports utilization
- Contracted volumes = predictable cashflow
- Regional supply‑chain expansion improves asset ROI
Price risk management outcomes
Selective hedging and provisional pricing adjustments materially affected 2024 results: Antofagasta's 2024 copper guidance ~500 kt and exposure to LME average ~9,800 USD/t meant timing of quotational periods shifted final invoices and P&L recognition.
- Hedging: selective, reduced price volatility
- Quotational timing: alters invoice amounts
- Basis/FX: can add/subtract value
- Policy: smooths cash flows
Copper-focused producer: ~655 kt, LME avg ~9,800 USD/t
Antofagasta’s revenue mix is copper concentrate and cathode sales (benchmark‑linked pricing with treatment/refining charges), supported by by‑product credits (moly, gold, silver) and rail/logistics contracts; 2024 output ~655 kt copper and LME avg ~9,800 USD/t. Selective hedging and quotational timing smooth cash flows and final netbacks. Logistics contracts provide steady ancillary revenue and higher asset ROI.
| Metric | 2024 |
|---|---|
| Copper production | ~655 kt |
| LME avg price | ~9,800 USD/t |
| Estimated gross copper value | ~6.42 bn USD |