Acquisition:
2015 / 10 / 27
Agreement:
Stream
Terms:
4.2% Cu up to maximum of 3.9 Mlbs annually, until 39 Mlbs are delivered; then
3.0% Cu until 50 Mlbs are delivered; then
1.5% Cu for the life of mine
Ongoing Payment:
30% of spot
Chapada is an open pit copper-gold mine located 270 kilometres northwest of Brasília in Goiás state, Brazil. The mine reached commercial production in 2007 and is an open pit truck and shovel operation, with ore being treated through a flotation plant with capacity of 24 Mt per annum. The Chapada mine plan has three open pit mining areas in close proximity including Corpo and Corpo Sul, which are currently being mined, and the Suruca deposit that holds future development potential. For 2025, Lundin Mining expects to produce 40–45 kt of copper at Chapada.
As part of Lundin’s ongoing exploration program aimed at increasing Mineral Resource estimation at Chapada, drilling was initiated at the Saúva deposit in 2021.
In February 2024, Lundin released updated Mineral Reserve and Mineral Resource estimates effective December 31, 2023. The Saúva deposit, located approximately 15 kilometres from the Chapada plant, had a 25% increase in Mineral Resources when compared to the estimate effective December 31, 2022.
Additional drilling during 2023 tested step-out anomalies along the broader Saúva-Formiga trend, which contributed to the increase in Mineral Resources. The deposit remains open in all directions.
