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 arcuate belt extending westward from Seville, Spain to the
west-northwest in southern Portugal.
The belt is host to some of the world’s largest volcanogenic massive-sulfide (VMS) deposits. The area is
interpreted to represent a Late-Devonian rifted basin that appears to have controlled the distribution of
both massive-sulfide 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 sulfide. The Aljustrel Mine area hosts six massive-sulfide 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, 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 |