Lundin Mining Corporation




2015 / 10 / 27




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.

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.

The open pit Indicated Resource at the Saúva deposit increased to an estimated 721,000 tonnes of copper contained in 244.7 Mt grading 0.29% copper and 0.17 g/t gold (December 31, 2023, effective date, NSR cut-off value of $7.80 per tonne). The Saúva deposit, which is located within Sandstorm’s stream area of interest, contains higher grades than existing Measured and Indicated Resources at Chapada which total 1.06 Bt grading 0.23% copper and 0.12 g/t gold (NSR cut-off grade of $5.80 per tonne).

Recent Activity

    January 2023

    In 2022, copper production at Chapada was 45,739 t and gold production was 68,000 ounces, both of which achieved guidance

    February 2022

    Lundin announced the discovery of a new copper-gold mineralized system, called Saúva, located approximately 15 km north of the Chapada mine. Drilling was initiated in the third quarter of 2021 as part of an ongoing exploration program aimed at increasing the Mineral Resource estimation at Chapada. There are currently three rigs drilling in the Saúva sector testing areas to the northeast and west of the discovery area.

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

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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.