Compañia Minera Antamina SA




2022 / 07 / 12


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. Effective December 31, 2023, Mineral Reserves totaled 226 million tonnes at 0.94% copper, 0.56% zinc, 10.7 g/t silver, and 0.024% molybdenum. Measured and Indicated Resources, exclusive of Reserves, totaled 673 million tonnes at 0.83% copper, 0.51% zinc, 11.4 g/t silver, and 0.016% molybdenum (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.

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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.


Sustainability Report

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