Acquisition:
2022 / 07 / 12
Agreement:
Stream, Royalty
Stream Terms:
1.66% Ag
Ongoing Payment:
2.5% of spot
Royalty Terms:
0.55% NPI
Antamina is an open-pit copper mine located in the Andes mountain range of Peru, 270 km north of Lima. Based on 2022 estimated production of top global copper mines, it 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.
In addition to copper, Antamina is also a significant zinc and silver producer. 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 Resources that support a multi-decade mine life producing high-grade copper. The mine’s Measured and Indicated Resources, inclusive of Proven and Probable Reserves, totaled 863 million tonnes at 0.87% copper, 0.60% zinc, 11 g/t silver, and 0.02% molybdenum. In addition to the Mineral Resources associated with the open pit mine, Mineral Resources have been associated with a conceptual underground mine. Mineral Reserves totaled 551 million tonnes at 0.92% copper, 0.68% zinc, 12 g/t silver, and 0.02% molybdenum. Both Mineral Reserves and Resources are effective as of December 31, 2024 (cut-off grade unavailable).
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.
