Operator: Glencore via CMA
Location: Peru
Term of Stream: Life of Mine
Stream Parameters: 100% payable on Glencore's 33.75% of total silver produced, reduced to 22.5% after receiving 140 Moz
Upfront Consideration:  US$900M
Cost Quartile: 1st
Stream: Silver
Primary Metal: Copper

Project Overview

The Antamina mine is one of the largest, lowest-cost copper mines in the world. It is located in the Andes mountain range of Peru at an average elevation of 4,200 metres. The mine began producing in 2001 and 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%).

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.

More Information

For further information about the Antamina mine, please visit the Glencore website at www.glencore.com. Cost quartile information is sourced from Wood Mackenzie byproduct cost curves for gold, zinc/lead, copper, nickel, and silver mines.

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