Project Overview
The Antamina mine is one of the largest, lowest-cost copper mines in the world. The mine is located in the Andes mountain range of Peru at an average elevation of 4,200 metres and began producing in 2001. It is operated by Compañía Minera Antamina S.A. (“CMA”), a company jointly owned by subsidiaries of Glencore plc (33.75%), BHP Billiton Plc (33.75%), Teck Resources Limited (22.5%) and Mitsubishi Corporation (10%).
The mine is an open pit, truck/shovel operation. The ore is crushed in-pit and conveyed through a 2.7 kilometre tunnel to the coarse ore stockpiles at the mill. The mill produces separate copper, zinc, molybdenum and lead-bismuth concentrates, with silver predominantly contained within the copper concentrates, as well as lead-bismuth concentrate. Concentrates are pumped via a 302 kilometre pipeline to the Huarmey Port on the Pacific Coastline for shipment to smelters through port facilities which are wholly owned and operated by CMA.
Antamina is a polymetallic (copper, zinc, lead, molybdenum and silver) skarn deposit resulting from complex multiple intrusive events. Copper mineralization occurs mainly as chalcopyrite and zinc mineralization generally as sphalerite. Silver is normally associated in solid solution with chalcopyrite but is also associated with galena, bismuth sulphosalts and tennantite. Ore reserves are limited to the current operation tailings dam capacity. Potential sites for future tailings dams are currently being investigated.
In addition, significant exploration potential exists both below the current pit design as well as regionally given that CMA holds a total of 169 concessions covering over 700 square kilometres.
Stream Details
| Date of Contract |
03-Nov-15 |
| Term |
Life of Mine |
| Stream |
100% payable on Glencore’s 33.75% of total silver produced at Antamina, reduced to 22.5% after receiving 140 Moz |
| Upfront Consideration |
$900M |
| Per Unit Production Payment |
20% of spot |
| Cost Quartile |
First |
For more information on the Antamina mine, please visit: www.antamina.com (opens in new tab)