Acquisition Date
2022 / 07 / 12
Agreement
Stream, Royalty
Production Start
2001
Terms
1.66% of Ag @ 2.5% of spot
0.55% NPI
Development Highlights
The mine is operated by Compañía Minera Antamina S.A., a top-tier operator jointly owned by major stakeholders Glencore plc (33.75%), BHP Billiton plc (33.75%), Teck Resources Limited (22.5%), and Mitsubishi Corporation (10%).
Antamina contains Mineral Resources that support a multi-decade mine life producing high-grade copper. In addition to copper, Antamina is also a significant zinc and silver producer.
Based on 2022 estimated production of top global copper mines, Antamina is the world’s third-largest copper mine on a copper equivalent (CuEq) basis, producing approximately 560,000 CuEq tonnes per annum. Antamina has been in consistent production since 2001, including a throughput expansion completed in 2012 to the mine’s current operating capacity of 145,000 tonnes per day. For 2025, annual production at Antamina is expected to be 335–400 kt of copper (100% basis).
In 2024, Antamina received approval for the Modification of Environmental Impact Assessment (MEIA) which allows for an investment of approximately $2 billion to extend operations at Antamina through to 2036. The MEIA allows Antamina to optimize mining activities within its current infrastructure while expanding the footprint of the open pit and improving tailings management facilities. It also contemplates an increase in processing capacity to up to 208,000 tonnes per day, which is an approximate 40% boost from current levels. Additional Mineral Resource conversion is expected as Antamina advances Pre-Feasibility level studies focused on long-term tailings solutions.
Royalty Ounces
Attributable to Sandstorm
| P&P | M&I1 | Inferred | |
|---|---|---|---|
| Antamina Silver Stream GEOs | 31 koz | 16 koz | 34 koz |
| Antamina NPI Royalty GEOs | 48 koz | 22 koz | 111 koz |
1. Measured and Indicated Royalty Ounces are Exclusive of Mineral Reserves.
For notes to Royalty Ounces see page 109 to page 112 of our Asset Handbook.
Reserves and Resources
On a 100% Basis
| Tonnage | Grade | Contained | ||
|---|---|---|---|---|
| Proven & Probable | ||||
| Silver |  | 549.7 Mt | 11.7 g/t | 206,676 koz |
| Copper |  | 549.7 Mt | 0.92% | 11,155 mlbs |
| Zinc |  | 162.5 Mt | 2.00% | 7,055 mlbs |
| Molybdenum |  | 387.2 Mt | 0.029% | 252 mlbs |
| Measured & Indicated1 | ||||
| Silver | | 313.1 Mt | 10.7 g/t | 107,717 koz |
| Copper | | 313.1 Mt | 0.77% | 5,293 mlbs |
| Zinc | | 76.8 Mt | 1.56% | 2,640 mlbs |
| Molybdenum | | 236.3 Mt | 0.018% | 96 mlbs |
| Inferred | ||||
| Silver | | 1,217.1 Mt | 11.0 g/t | 430,437 koz |
| Copper | | 1,217.1 Mt | 1.01% | 27,101 mlbs |
| Zinc | | 347.3 Mt | 1.60% | 12,251 mlbs |
| Molybdenum | | 869.8 Mt | 0.022% | 422 mlbs |
1. Measured and Indicated Royalty Ounces are Exclusive of Mineral Reserves.
For notes to Mineral Reserves and Mineral Resources see page 118 of our Asset Handbook.
Recent Activity
February 2024
The Peruvian Government approved Compañia Minera Antamina SA’s MEIA (Modification of Environmental Impact Assessment). This extends Antamina’s mine life from 2028 to 2036 through a $2 billion, 8-year investment in mine optimization and expansion. It extends the permitted pit depth by 150 metres.
