Acquisition:
2022 / 08 / 15
Agreement:
Royalty
Terms:
Cu > $1.25/lb = 0.63% NSR;
Cu < $1.25/lb = varies
The Caserones copper mine is an open pit mining operation in the Atacama region of Chile, owned and operated by Minera Lumina Copper Chile, which is indirectly owned by Lundin Mining Corporation (51%) and JX Nippon Mining & Metals Corporation (49%). Caserones is located in Region III of the Chilean Andes at the southern end of the Maricunga mineral belt and is some 115 km southeast of the city of Copiapó, which is the regional capital, and approximately 15 km west of the international border with Argentina.
The Caserones mine has more than five years of operational history. In the first half of 2023, Caserones produced 69.7 kt of copper and 2.4 kt of molybdenum on a 100% basis. The mine benefits from a significant historical investment of $4.2 billion and well-established infrastructure and is expected to produce significant volumes of copper and molybdenum over the long term.
As of December 31, 2023, the Proven & Probable Mineral Reserves (100% basis) are estimated at 886.4 Mt grading 0.31% Cu and 0.01% Mo containing 2,717 kt Cu and 94 kt Mo (cut-off grades based on NSR values of $11.70/t for ore processed by concentrator and $3.65/t for ore delivered to the heap leach for SX/EW). The Measured & Indicated Resources (100% basis) are 1,501.9 Mt grading 0.28% Cu and 0.01% Mo containing 4,279 kt Cu and 154 kt Mo (open pit cut-off grade 0.13% Cu). Mineral Resources are reported inclusive of Mineral Reserves.
