Producing

Antamina

Ag
Cu
Mo
Pb
Zn
Compañia Minera Antamina SA
Ancash

,

Peru

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 & Indicated Minerals Resources, inclusive of Reserves, total 889 Mt at 0.86% copper, 0.02% molybdenum, 0.67% zinc, and 11 g/t silver. Mineral Reserves total 283 Mt at 0.94% copper, 0.03% molybdenum, 0.74% zinc and 10 g/t silver, which are constrained by current tailings capacity. Reserves will be expanded once additional tailings capacity is confirmed. Both Mineral Reserves and Resources are effective as of December 31, 2022 (cut-off grade unavailable). Sandstorm expects that significant resource conversion is likely as Antamina completes several Pre-Feasibility level tailings studies which are focused on potential long-term solutions.

Recent Activity

February 2023

In 2022, Compañia Minera Antamina SA submitted a MEIA (Modification of Environmental Impact Assessment) to Peruvian regulators to extend Antamina’s mine life from 2028 to 2036. The regulatory review process is progressing as scheduled, with approval anticipated in the second half of 2023.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

Investor Presentation

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Asset Handbook

With 250 royalties acquired since 2009, we offer an exciting investment opportunity in a diverse portfolio of royalty assets. Discover all of Sandstorm’s royalties around the globe.

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Annual Report

Our 2023 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.

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Sustainability Report

Learn more about Sandstorm’s approach to sustainability including our due diligence process, mining partnerships, and employee engagement.

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