CAP

What CAP does

CAP S.A. is a Chilean publicly traded mining-industrial conglomerate founded in 1946, organized around three business segments — Mining, Industrial, and Infrastructure — with operations in Chile and Peru. Its Mining segment is anchored by Compañía Minera del Pacífico (CMP), which produces approximately 98-99% of Chile's iron ore exports and operates three ports (Punta Totoralillo, Guacolda II, Guayacán); since 2024, CAP has extended into rare earths through its strategic partnership with Canada's Aclara Resources (holding ~13% as of early 2026) and the 50/50 REE Alloys joint venture for permanent-magnet alloys. The Industrial segment comprises Grupo Cintac (77.87% owned) for steel processing, tubes, modular construction, and the post-2026 green steel combination with Aceros AZA; the Infrastructure segment includes Aguas CAP (desalination, 100% owned since 2025), Puerto Las Losas, and Tecnocap energy transmission.

The company's core technology portfolio combines integrated open-pit iron ore mining and pelletizing with two proprietary process innovations: the patented "Cosecha Circular de Minerales" (Circular Mineral Harvesting) for rare earth extraction from ionic clay without explosives or grinding, using 100% recycled water in a closed circuit, and molten salt electrolysis for producing high-purity NdPr alloy (>99.5%) at demonstration scale. Vertically integrated operations span extraction, processing, desalination, port logistics, and energy, with 100% renewable electricity supply secured for CMP and Aguas CAP from January 2026 via AES Andes.

CAP's business model centers on direct B2B sales and long-term contracts with global steel manufacturers, Chilean and Peruvian industrial firms, mining companies, agricultural operations, and local government entities. Revenue streams span one-time iron ore and pellet sales (predominantly export), licensing/royalty-style income from the rare earths business, hardware sales in steel processing, and managed infrastructure services. The company reported Q1 2026 consolidated revenue of US$493.5 million (up 14.2% YoY) and EBITDA of US$123 million (up 15.3% YoY), with CMP revenue up 20.6% to US$389 million, indicating an operational inflection following the September 2024 suspension of Huachipato steel operations and the Huachipato 2.0 reconversion strategy.

Name

CAP

Legal name

CAP S.A.

Website

https://cap.cl

Company type

Public

Founded year

1946

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CAP S.A. is a Chilean publicly traded mining-industrial conglomerate that produces 98-99% of Chile's iron ore exports through its CMP subsidiary, with vertically integrated operations spanning iron ore and rare earth mining, steel processing, water desalination, port logistics, and energy transmission across Chile and Peru.

Ownership category

akta.pro rank

Product category

Iron Ore Mining and Steel Production

NAICS

Iron Ore Mining (21221), Metal Service Centers and Other Metal Merchant Wholesalers (423510)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

akta.pro secondary industries

Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE), Contract Crushing, Screening & Materials Handling (In-Pit/ROM, Conveying, Stockpiling) (IMAKAKAH)

Keywords

• Iron ore mining
• Steel processing products
• Rare earth materials
• Water desalination services
• Port logistics operations

Headquarters

HQ city

Las Condes

HQ country

Chile

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Iron Ore and Pellets Mining: Extraction and export of iron ore and pellets through CMP, the main producer on the American Pacific coast. Produces 98% of Chile's iron ore exports. Revenue from international mineral sales to steel manufacturers.
2. Rare Earths Business: Strategic investment through Aclara Resources partnership for extraction and processing of rare earths (HREE and LREE) for electromobility and renewable energy applications. Includes joint venture REE Alloys for alloy production.
3. Industrial Steel Processing: Through Grupo Cintac (77.87% owned) and steel operations, providing steel processing solutions including tubes, profiles, pipes, plates, modular construction for mining, agriculture, energy and residential construction.
4. Infrastructure Services: Water desalination (Aguas CAP), port operations (Puerto Las Losas, Puerto Huachipato), and energy transmission (Tecnocap). Provides services to Group operations and third-party clients including mining companies and local communities.
5. Steel Manufacturing (via AZA partnership): Following June 2026 agreement, CAP holds 15% stake in Aceros AZA combining Huachipato assets with AZA's operations for green steel production using electric arc furnaces and scrap recycling.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

CAP is a vertically integrated mining-industrial conglomerate that extracts and processes iron ore and pellets (98-99% of Chile's iron ore exports through CMP), produces steel processing products and modular construction solutions (through Grupo Cintac), and operates critical infrastructure including desalinated water supply (Aguas CAP), port logistics (Puerto Las Losas), and energy transmission (Tecnocap). The company has expanded into rare earth elements through its partnership with Aclara Resources, supplying critical materials for electromobility, renewable energy, and global decarbonization. Products and services are sold primarily through direct B2B contracts to mining companies, steel manufacturers, industrial firms, agricultural operations, and government entities across Chile, Peru, and global markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Iron Ore and Pellets Extraction and production of high-quality iron ore and pellets through Compañía Minera del Pacífico (CMP), producing 98% of Chile's iron ore exports. Products feature up to 69% Fe content, one of the highest quality worldwide. Exported globally through three dedicated ports (Punta Totoralillo, Guacolda II, Guayacán) to steel manufacturers worldwide for decarbonization applications.
• Steel Processing Products Steel processing products including tubes, profiles, pipes, plates, and panels produced by Grupo Cintac for mining, agriculture, energy, residential construction, and industrial customers in Chile and Peru.
• Modular Construction Solutions Modular construction solutions for mining camps, workforce housing, and industrial facilities through Promet (Cintac subsidiary). Won first place in World of Modular 2024 Relocatable Modular Workforce Housing category for Codelco camp development.
• Rare Earth Concentrates and NdPr Alloys Rare earth elements (HREE and LREE) concentrates and high-purity NdPr alloys (>99.5% purity, 175 kgs/day production capacity) for permanent magnet manufacturers serving electromobility and renewable energy applications. Produced through partnership with Aclara Resources and REE Alloys joint venture using proprietary Molten Salt Electrolysis Technology.
• Desalinated Water Supply Industrial and potable desalinated water produced by Aguas CAP for mining companies (e.g., Minera Caserones), agricultural operations (Canal Mal Paso), and communities (Caldera, Chañaral). Part of a $2 billion sector-wide desalination investment supporting 60%+ of Chilean mining sector water needs.
• Port Logistics Services Multipurpose port terminal operations through Puerto Las Losas and other CAP-owned port facilities for mineral and cargo transfer. CAP operates as the third-largest port operator in Chile with 6 terminals serving mining companies, industrial customers, and other cargo clients.
• Electric Power Transmission Electric power transmission line management and renewable energy projects through Tecnocap. Supports Group operations and supplies electricity to mining operations. From January 2026, all CMP and Aguas CAP operations are powered by 100% renewable electricity from AES Andes contract.

Quantifiable outcome

• 15.3% EBITDA increase in Q1 2026 vs Q1 2025, reaching US$123 million
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Aceros AZAcoreStrategic or Co-development Partner · 5 June 2026CAP agreed to sell Huachipato steel assets to AZA for US$130 million (US$25M cash + 15% stake in combined company). AZA to invest US$20M for laminator restart and US$250M for electric arc furnace for green steel production. CAP has option to increase stake from 15% to 20%. Total transaction valued at US$484 million including AZA assets.
• AES AndesminorOthers · 1 January 2026Renewable energy supply contract for CMP and Aguas CAP operations with 100% renewable electricity from January 2026.
• Atlas Renewable EnergyminorOthers · 20 October 2025Renewable energy supplier for mining sector operations; secured $475 million financing for solar and battery project supplying clean energy to mining sector.
• Aclara Resources Inc.coreStrategic or Co-development Partner · 1 March 2024Strategic partnership established March 2024 for rare earths business development. CAP acquired 20% of Penco project in Chile and 10.18% stake in Aclara Resources' parent company in Canada. Includes 50/50 joint venture REE Alloys for production of iron-rare earth alloys for permanent magnets. CAP's stake increased from 10.07% to approximately 13% by early 2026.
• SMS Group and German Ministry of EconomycoreStrategic or Co-development Partner · 1 January 2024Alliance for green steel development with SMS (metallurgical technology provider) and German Ministry of Economy, supporting decarbonization of steel production in Chile.
• Mitsubishi CorporationcoreStrategic or Co-development Partner · 1 January 2010Joint venture with MC Inversiones (Mitsubishi subsidiary) for expansion of Los Colorados mine. Mitsubishi holds 25% stake in CMP (Compañía Minera del Pacífico). Koji Uchino from Mitsubishi serves on CAP's Board of Directors.

Scale indicators9 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Ternium S.A. Latin American flat and long steel producer serving construction, automotive, and industrial markets across Argentina, Mexico, Colombia, and Central America. Most directly comparable to Grupo Cintac's steel processing business, with overlapping industrial customer base and similar geographic exposure.
• Usiminas: Brazilian integrated steel manufacturer with mining operations producing flat steel for automotive, construction, and capital goods markets. Comparable to CAP as a vertically integrated Brazilian/Latin American steel-mining conglomerate undergoing similar decarbonization and operational restructuring pressures.
• Companhia Siderúrgica Nacional (CSN): Brazilian integrated steel producer with captive iron ore mining operations. Highly comparable to CAP as a Latin American steel-and-mining conglomerate competing in similar end markets and facing analogous challenges in steel margin compression and iron ore commodity exposure.
• Vale S.A. Brazilian-headquartered Vale is the world's largest iron ore producer and CAP's most direct global competitor in seaborne iron ore pellets. Both serve Asian steel markets from Latin American mining operations and pursue critical minerals diversification strategies.
• Fortescue Metals Group: Australian pure-play iron ore producer and the third-largest seaborne iron ore exporter globally. Comparable to CAP's CMP subsidiary in business model focus (iron ore mining and export), though operating at much larger scale in a different geography with different customer mix.

Emerging players

• MP Materials Corp. US-based rare earth mining and processing company operating Mountain Pass mine, with downstream magnet manufacturing ambitions. Closest publicly traded peer to CAP's Aclara/REE Alloys rare earth business model, both pursuing non-China critical minerals supply for Western EV and clean energy OEMs.

Broad incumbents

• ArcelorMittal: Global steel manufacturing leader with integrated iron ore mining operations across multiple continents. Comparable to CAP as a vertically integrated steel-mining major with similar transition challenges to green steel via EAF and hydrogen-based technologies, though at vastly larger scale.
• Rio Tinto Group: Global mining major with leading iron ore operations in Australia (Pilbara) and significant critical minerals investments including lithium, copper, and rare earths. Comparable business model to CAP's integrated mining-plus-materials strategy, with greater geographic and commodity diversification.
• BHP Group: Diversified global mining major with substantial iron ore operations in Australia (Pilbara) and growing critical minerals exposure (nickel, copper). Comparable to CAP as a vertically integrated miner with steelmaking customer base, but vastly larger scale and broader commodity portfolio.
• Anglo American plc: Diversified global miner with iron ore operations in South Africa and Brazil, plus platinum, copper, diamonds, and crop nutrients. Comparable to CAP as a multi-commodity miner with growing critical minerals focus, though at materially larger scale and broader geographic reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cap_cl

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAP