Project Overview
The Cozamin copper-zinc-lead-silver mine is located 3.6 km north-northwest of Zacatecas City in the
mineral-rich state of Zacatecas, Mexico. Commissioned in 2006, Cozamin has undergone two successful
expansions since that time. The mill produces copper, zinc, and lead concentrates that are shipped to the
port of Manzanillo for export to world markets.
All mineralization at Cozamin occurs in veins and fracture-controlled systems of veinlets. Currently mined
mineralization at Cozamin is best described as intermediate sulphidation. The copper-rich mineralization is
an early phase that is enveloped, overprinted, or brecciated by zinc-rich intermediate sulphidation
mineralization.
Cozamin’s dominant mineralized vein systems include the Mala Noche Vein (“MNV”) and the Mala Noche Foot Wall
Zone (“MNFWZ)”. On surface, the MNV was mapped for 5.5 km across the property. It strikes approximately east
west and dips on average at 60° to the north. There are several shafts that provide access to historical
workings, the largest historical area being the San Roberto mine and the second largest area being the San
Rafael mine. Current exploration efforts are focused on the MNFWZ West Target and other brownfield targets
in the property. MNFWZ is open locally to the southeast and northwest and down-dip (at depth), while MNV is
open locally to the east and west and down-dip (at depth).
As part of the Silverstone Resources acquisition in 2009, Wheaton acquired a precious metals stream on
Cozamin, which subsequently expired in 2017. In 2020, Wheaton entered into a definitive Precious Metals
Purchase Agreement with Capstone Mining (now Capstone Copper) with respect to the Cozamin mine effective
December 11, 2020, bringing the Cozamin mine back into Wheaton’s portfolio.
Stream Details
| Date of Contract |
11-Dec-20 |
| Term |
Life of Mine |
| Stream |
50% of silver until 10 Moz, thereafter dropping to 33% |
| Upfront Consideration |
$150M |
| Delivery Payment Per Ounce |
10% of spot |
| Cost Quartile |
Second |
For more information on the Cozamin mine, please visit: www.capstonecopper.com (opens in new tab)