Project Overview
The Aljustrel copper-zinc-lead-silver mine is located in Portugal and is 100% owned by Almina - Minas do Alentejo, S.A., a private company who purchased the mine from Lundin Mining Corporation in early 2009.
The Aljustrel Mine exists within the Iberian Pyrite Belt which consists of a Devonian-Carboniferous volcano-sedimentary sequence that forms an acruate belt that extends westward from Seville, Spain to west-northwest in southern Portugal. The belt is host to some of the world’s largest volcanogenic massive sulphide deposits. The area is interpreted to represent a Late Devonian rifted basin which appears to have controlled the distribution of both massive sulphide and stockwork mineralization as well as associated volcanic units. Base metals within these deposits are commonly zoned from zinc-rich zones near the top to copper-rich zones at the base of the massive sulphide. The Aljustrel Mine area hosts 6 massive sulphide deposits Feitais, Moinho, Algares, São João, Estacão and Gavião.
In 2014, in exchange for remuneration, Wheaton Precious Metals agreed to waive its rights to silver contained in copper concentrate at the Aljustrel mine but retains a stream on silver produced from the zinc and lead ores.
In 2018, the agreement with Almina was amended to increase production payments to 50% of the amounts received under concentrate sales agreements and fix silver payable rates for a period of two years and limit rate decreases thereafter. In Q2 2018, Aljustrel began processing zinc ores to produce zinc and lead concentrates containing silver payable to Wheaton.
Stream Details
| Date of Contract |
05-Jun-07 |
| Term of Stream |
100% of silver production in Zn & Pb concentrates |
| Stream Parameters |
50 years |
| Upfront Consideration |
$2.5M |
| Production Payment |
50% of spot |
| Cost Quartile |
First |