Project Overview
The Salobo mine, located in the Pará state of Brazil, is the largest copper deposit ever discovered in Brazil. The low-cost copper-gold mine began operating in 2012 with a design throughput capacity of 12 million tonnes per annum (“Mtpa”), and is currently ramping up to an expanded throughput capacity of 36 Mtpa. Salobo is an integrated operation of open pit mining, mineral processing beneficiation, concentrate loading and transportation. The copper concentrate is transported by road from the mine to Vale’s existing rail terminal in Parauapebas, from where it is carried by the Carajás railroad to the Ponta da Madeira maritime terminal located in Sao Luis.
The deposit is considered to be an example of an iron oxide copper gold (“IOCG”) deposit. Global examples include Olympic Dam in Australia, Candelaria–Punta del Cobre in Chile and Sossego in Brazil. Mineralization at the Salobo deposit is hosted by upper- greenschist-to-lower- amphibolite- metamorphosed rocks of the Igarapé Salobo Group. The Igarapé Salobo Group consists of iron-rich sediments, quartzites and gneisses, metamorphosed to amphibolite facies and is associated with copper-gold and copper-gold-silver mineralization. The major host units are biotite and magnetite schists.
Deep exploration drilling has confirmed that Salobo remains open at depth and further drilling is needed to define resource expansion potential.
Stream Details
| Date of Contract |
28-Feb-13 |
| Term |
Life of Mine |
| Stream |
75% of gold |
| Upfront Consideration |
$3,059M ($3,030M cash and 10 million warrants repriced to $43.75, excludes additional payment for current expansion underway) |
| Per Unit Production Payment |
$420 (annual 1% inflation adjustment) |
| Cost Quartile |
Second |
For more information on the Salobo mine, please visit: www.vale.com (opens in new tab)