Proven & Probable Copper Reserves | |
In thousands of tonnes (kt) | |
2022 Copper Reserves (P&P) | 8,410 |
Depletion | (-) 482 |
Acquisition | (+) 2,550 |
Net Revisions | (+) 152 |
2023 Copper Reserves (P&P) | 10,630 |
Net revisions (increases/decreases) are primarily the result of changes to mining regulations that impacted underground geotechnical parameters at Candelaria and additions from exploration and resource input updates at Caserones.
At Candelaria, additional drilling at La Espanola and Santos contributed to an increase in overall Mineral Resources, offsetting changes to underground mining regulations which have impacted underground Mineral Resources.
The additional drilling at the Sauva deposit in 2023 grew the Measured and Indicated copper Mineral Resources by 25%, Sauva now contains a Measured and Indicated Mineral Resource of
At Neves-Corvo and Zinkgruvan, infill drilling campaigns successfully replaced Mineral Reserve depletion from mining during the year."
- Candelaria (
Chile ): Mineral Reserve reductions at Candelaria were primarily driven by depletion from production and new geotechnical constraints for underground mining. Decreases were partially offset by the addition of Mineral Reserves at La Espanola, Santos and the Candelaria main pit. The underground expansion project ("CUGEP") will be evaluated to include changes in the geotechnical parameters recommended by the local authorities. A total of 42,190 metres were drilled for exploration purposes at Candelaria underground (north and south), Candelaria west and south extensions, and at Santos. - Caserones (
Chile ): Caserones Mineral Reserves and Mineral Resources increased from higher metal price forecasts, block model updates and changes to Mineral Resource classification. - Chapada (
Brazil ): Mineral Reserve changes were mainly the result of mine depletion, updated metallurgical recoveries and increased operating cost assumptions. Total exploration drilling at Chapada for 2023 was 23,614 metres, primarily focused on Baru northeast, Chapada southwest,Cava Norte , Sucupira and Corpo Sul. - Sauva (
Brazil ): The deposit, which is located approximately 15 km north of Chapada, remains open in all directions. Additional drilling during the year tested step-out anomalies along the broader Sauva-Formiga trend which contributed to an increase in Mineral Resources. The Sauva deposit increased by 25% from 578 kt to 721 kt of copper in the Measured and Indicated Mineral Resource categories. - Eagle (
USA ): The increase in Mineral Reserves at Eagle is primarily due to the increase in metal price assumptions and a change in mining method in the Keel zone which extends the mine life into 2029. Lower cut-off grades from the application of bulk mining methods have decreased average head grades. Neves Corvo (Portugal ): Mineral Reserves remain in-line with last year's estimate. Conversion of previously Inferred Mineral Resources has helped offset mining depletion during the year. In 2023, exploration drilling focused on extending near-mine mineralization. A total of 29,635 metres of exploration drilling were completed in 2023.- Zinkgruvan (
Sweden ): Additions to Mineral Reserves at Zinkgruvan were primarily driven by increases in metal prices, improvement in metallurgical recovery, and Mineral Resource conversion from infill drilling. In 2023, exploration drilling at Zinkgruvan was primarily focused on near-mine expansion along known mineralized trends. A total of 31,820 metres were drilled from underground and surface targeting extensions of known resources.
The tables below summarize the Mineral Resource and Mineral Reserve estimates for each of the Company's sites effective as of
Mineral Resource Estimates -
| ||||||||||||||||||||||||||||||||||||||
Grade | Contained Metal | |||||||||||||||||||||||||||||||||||||
Site | Category | 000's | Cu | Zn | Pb | Au | Ag | Ni | Mo | Cu | Zn | Pb | Au | Ag | Ni | Mo | Interest | |||||||||||||||||||||
Candelaria | Measured | 477,451 | 0.41 | - | - | 0.10 | 1.41 | - | - | 1,958 | - | - | 1,532 | 21,644 | - | - | 80 % | |||||||||||||||||||||
Indicated | 53,428 | 0.26 | - | - | 0.08 | 0.95 | - | - | 139 | - | - | 130 | 1,632 | - | - | 80 % | ||||||||||||||||||||||
M&I | 530,878 | 0.39 | - | - | 0.10 | 1.36 | - | - | 2,096 | - | - | 1,662 | 23,276 | - | - | 80 % | ||||||||||||||||||||||
Inferred | 9,701 | 0.20 | - | - | 0.05 | 0.82 | - | - | 19 | - | - | 17 | 256 | - | - | 80 % | ||||||||||||||||||||||
La | Measured | 47,901 | 0.37 | - | - | 0.08 | 0.33 | - | - | 177 | - | - | 123 | 508 | - | - | 80 % | |||||||||||||||||||||
Indicated | 87,624 | 0.34 | - | - | 0.07 | 0.33 | - | - | 298 | - | - | 197 | 930 | - | - | 80 % | ||||||||||||||||||||||
M&I | 135,525 | 0.35 | - | - | 0.07 | 0.33 | - | - | 475 | - | - | 320 | 1,438 | - | - | 80 % | ||||||||||||||||||||||
Inferred | 135,349 | 0.33 | - | - | 0.04 | 0.23 | - | - | 447 | - | - | 174 | 1,001 | - | - | 80 % | ||||||||||||||||||||||
Underground | Measured | 196,203 | 0.85 | - | - | 0.19 | 3.58 | - | - | 1,659 | - | - | 1,199 | 22,612 | - | - | 80 % | |||||||||||||||||||||
Indicated | 270,562 | 0.78 | - | - | 0.18 | 3.20 | - | - | 2,106 | - | - | 1,539 | 27,861 | - | - | 80 % | ||||||||||||||||||||||
M&I | 466,764 | 0.81 | - | - | 0.18 | 3.36 | - | - | 3,765 | - | - | 2,737 | 50,474 | - | - | 80 % | ||||||||||||||||||||||
Inferred | 44,327 | 0.74 | - | - | 0.18 | 2.09 | - | - | 327 | - | - | 258 | 2,976 | - | - | 80 % | ||||||||||||||||||||||
Stockpile | Measured | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 80 % | |||||||||||||||||||||
Indicated | 74,255 | 0.30 | - | - | 0.08 | 1.30 | - | - | 223 | - | - | 191 | 3,104 | - | - | 80 % | ||||||||||||||||||||||
M&I | 74,255 | 0.30 | - | - | 0.08 | 1.30 | - | - | 223 | - | - | 191 | 3,104 | - | - | 80 % | ||||||||||||||||||||||
Inferred | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 80 % | ||||||||||||||||||||||
Ojos | Measured | 84,453 | 0.91 | - | - | 0.20 | 1.47 | - | - | 765 | - | - | 548 | 4,000 | - | - | 80 % | |||||||||||||||||||||
Underground | Indicated | 77,972 | 0.84 | - | - | 0.17 | 1.72 | - | - | 656 | - | - | 436 | 4,311 | - | - | 80 % | |||||||||||||||||||||
M&I | 162,425 | 0.87 | - | - | 0.19 | 1.59 | - | - | 1,421 | - | - | 984 | 8,311 | - | - | 80 % | ||||||||||||||||||||||
Inferred | 27,301 | 0.90 | - | - | 0.18 | 2.37 | - | - | 247 | - | - | 157 | 2,081 | - | - | 80 % | ||||||||||||||||||||||
Measured | 806,007 | 0.57 | - | - | 0.13 | 1.88 | - | - | 4,558 | - | - | 3,402 | 48,765 | - | - | 80 % | ||||||||||||||||||||||
Candelaria | Indicated | 563,841 | 0.61 | - | - | 0.14 | 2.09 | - | - | 3,422 | - | - | 2,493 | 37,837 | - | - | 80 % | |||||||||||||||||||||
Total | M&I | 1,369,847 | 0.58 | - | - | 0.13 | 1.97 | - | - | 7,980 | - | - | 5,895 | 86,602 | - | - | 80 % | |||||||||||||||||||||
Inferred | 216,677 | 0.48 | - | - | 0.09 | 0.91 | - | - | 1,039 | - | - | 606 | 6,313 | - | - | 80 % | ||||||||||||||||||||||
Caserones | Measured | 390,547 | 0.34 | - | - | - | - | - | 0.01 | 1,343 | - | - | - | - | - | 41 | 51 % | |||||||||||||||||||||
Indicated | 1,111,318 | 0.26 | - | - | - | - | - | 0.01 | 2,936 | - | - | - | - | - | 113 | 51 % | ||||||||||||||||||||||
M&I | 1,501,865 | 0.28 | - | - | - | - | - | 0.01 | 4,279 | - | - | - | - | - | 154 | 51 % | ||||||||||||||||||||||
Inferred | 186,215 | 0.22 | - | - | - | - | - | 0.01 | 412 | - | - | - | - | - | 16 | 51 % | ||||||||||||||||||||||
Chapada | Measured | 509,076 | 0.25 | - | - | 0.12 | - | - | - | 1,271 | - | - | 2,031 | - | - | - | 100 % | |||||||||||||||||||||
Indicated | 411,609 | 0.22 | - | - | 0.11 | - | - | - | 898 | - | - | 1,438 | - | - | - | 100 % | ||||||||||||||||||||||
M&I | 920,684 | 0.24 | - | - | 0.12 | - | - | - | 2,169 | - | - | 3,469 | - | - | - | 100 % | ||||||||||||||||||||||
Inferred | 54,230 | 0.22 | - | - | 0.10 | - | - | - | 119 | - | - | 167 | - | - | - | 100 % | ||||||||||||||||||||||
Stockpile | Measured | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | |||||||||||||||||||||
Indicated | 136,472 | 0.18 | - | - | 0.11 | - | - | - | 245 | - | - | 477 | - | - | - | 100 % | ||||||||||||||||||||||
M&I | 136,472 | 0.18 | - | - | 0.11 | - | - | - | 245 | - | - | 477 | - | - | - | 100 % | ||||||||||||||||||||||
Inferred | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | ||||||||||||||||||||||
Suruca | Measured | 16,608 | - | - | - | 0.32 | - | - | - | - | - | - | 173 | - | - | - | 100 % | |||||||||||||||||||||
Gold | Indicated | 141,715 | - | - | - | 0.45 | - | - | - | - | - | - | 2,062 | - | - | - | 100 % | |||||||||||||||||||||
M&I | 158,323 | - | - | - | 0.44 | - | - | - | - | - | - | 2,235 | - | - | - | 100 % | ||||||||||||||||||||||
Inferred | 4,997 | - | - | - | 0.63 | - | - | - | - | - | - | 101 | - | - | - | 100 % | ||||||||||||||||||||||
Sauva | Measured | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | |||||||||||||||||||||
Indicated | 244,679 | 0.29 | - | - | 0.17 | - | - | - | 721 | - | - | 1,339 | - | - | - | 100 % | ||||||||||||||||||||||
M&I | 244,679 | 0.29 | - | - | 0.17 | - | - | - | 721 | - | - | 1,339 | - | - | - | 100 % | ||||||||||||||||||||||
Inferred | 1,364 | 0.20 | - | - | 0.07 | - | - | - | 3 | - | - | 3 | - | - | - | 100 % | ||||||||||||||||||||||
Sauva | Measured | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | |||||||||||||||||||||
Underground | Indicated | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | |||||||||||||||||||||
M&I | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | ||||||||||||||||||||||
Inferred | 53,333 | 0.41 | - | - | 0.26 | - | - | - | 221 | - | - | 445 | - | - | - | 100 % | ||||||||||||||||||||||
Mineral Resource Estimates -
| ||||||||||||||||||||||||||||||||||||||
Grade | Contained Metal | |||||||||||||||||||||||||||||||||||||
Site | Category | 000's | Cu | Zn | Pb | Au | Ag | Ni | Mo | Cu | Zn | Pb | Au | Ag | Ni | Mo | Interest | |||||||||||||||||||||
Eagle | Measured | 305 | 1.73 | - | - | 0.15 | 9.48 | 2.15 | - | 5 | - | - | 1 | 93 | 7 | - | 100 % | |||||||||||||||||||||
Indicated | 4,569 | 1.03 | - | - | 0.11 | 4.34 | 1.34 | - | 47 | - | - | 16 | 637 | 61 | - | 100 % | ||||||||||||||||||||||
M&I | 4,873 | 1.07 | - | - | 0.12 | 4.66 | 1.40 | - | 52 | - | - | 18 | 730 | 68 | - | 100 % | ||||||||||||||||||||||
Inferred | 207 | 0.66 | - | - | 0.07 | 2.61 | 0.90 | - | 1 | - | - | 0 | 17 | 2 | - | 100 % | ||||||||||||||||||||||
Josemaria | Measured | 196,774 | 0.43 | - | - | 0.34 | 1.34 | - | - | 846 | - | - | 2,176 | 8,503 | - | - | 100 % | |||||||||||||||||||||
Indicated | 962,067 | 0.26 | - | - | 0.18 | 0.86 | - | - | 2,501 | - | - | 5,629 | 26,601 | - | - | 100 % | ||||||||||||||||||||||
M&I | 1,158,841 | 0.29 | - | - | 0.21 | 0.90 | - | - | 3,348 | - | - | 7,806 | 35,104 | - | - | 100 % | ||||||||||||||||||||||
Inferred | 704,158 | 0.19 | - | - | 0.10 | 0.82 | - | - | 1,338 | - | - | 2,309 | 18,609 | - | - | 100 % | ||||||||||||||||||||||
Neves-Corvo | Measured | 7,637 | 3.4 | 1.0 | 0.3 | - | 44 | - | - | 260 | 75 | 24 | - | 10,683 | - | - | 100 % | |||||||||||||||||||||
Copper | Indicated | 46,673 | 2.0 | 0.8 | 0.3 | - | 44 | - | - | 949 | 387 | 161 | - | 66,775 | - | - | 100 % | |||||||||||||||||||||
M&I | 54,310 | 2.2 | 0.9 | 0.3 | - | 44 | - | - | 1,209 | 462 | 185 | - | 77,458 | - | - | 100 % | ||||||||||||||||||||||
Inferred | 14,010 | 1.8 | 0.6 | 0.2 | - | 28 | - | - | 248 | 88 | 33 | - | 12,752 | - | - | 100 % | ||||||||||||||||||||||
Neves-Corvo | Measured | 12,082 | 0.4 | 7.7 | 1.8 | - | 65 | - | - | 42 | 928 | 215 | - | 25,264 | - | - | 100 % | |||||||||||||||||||||
Zinc and Lead | Indicated | 51,520 | 0.3 | 6.6 | 1.3 | - | 60 | - | - | 165 | 3409 | 680 | - | 99,398 | - | - | 100 % | |||||||||||||||||||||
M&I | 63,602 | 0.3 | 6.8 | 1.4 | - | 61 | - | - | 207 | 4,337 | 895 | - | 124,664 | - | - | 100 % | ||||||||||||||||||||||
Inferred | 4,094 | 0.3 | 5.7 | 1.6 | - | 63 | - | - | 14 | 232 | 64 | - | 8,321 | - | - | 100 % | ||||||||||||||||||||||
Semblana | Measured | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | |||||||||||||||||||||
Indicated | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | ||||||||||||||||||||||
M&I | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | ||||||||||||||||||||||
Inferred | 7,807 | 2.9 | - | - | - | 25 | - | - | 223 | - | - | - | 6,299 | - | - | 100 % | ||||||||||||||||||||||
Zinkgruvan | Measured | 7,255 | - | 8.0 | 2.9 | - | 65 | - | - | - | 580 | 210 | - | 15,161 | - | - | 100 % | |||||||||||||||||||||
Zinc and Lead | Indicated | 10,139 | - | 7.7 | 3.6 | - | 78 | - | - | - | 781 | 364 | - | 25,540 | - | - | 100 % | |||||||||||||||||||||
M&I | 17,394 | - | 7.8 | 3.3 | - | 73 | - | - | - | 1,362 | 574 | - | 40,701 | - | - | 100 % | ||||||||||||||||||||||
Inferred | 15,700 | - | 8.4 | 3.8 | - | 91 | - | - | - | 1,319 | 592 | - | 46,075 | - | - | 100 % | ||||||||||||||||||||||
Zinkgruvan | Measured | 3,003 | 2.3 | - | - | - | 35 | - | - | 68 | - | - | - | 3,383 | - | - | 100 % | |||||||||||||||||||||
Copper | Indicated | 431 | 1.3 | - | - | - | 23 | - | - | 6 | - | - | - | 312 | - | - | 100 % | |||||||||||||||||||||
M&I | 3,434 | 2.1 | - | - | - | 33 | - | - | 73 | - | - | - | 3,695 | - | - | 100 % | ||||||||||||||||||||||
Inferred | 208 | 1.8 | - | - | - | 29 | - | - | 4 | - | - | - | 193 | - | - | 100 % | ||||||||||||||||||||||
Mineral Reserves Estimates -
| |||||||||||||||||||||
Grade | Contained Metal | ||||||||||||||||||||
Site | Category | 000's | Cu | Zn | Pb | Au | Ag | Ni | Mo | Cu | Zn | Pb | Au | Ag | Ni | Mo | Interest | ||||
Candelaria | Proven | 322,138 | 0.45 | - | - | 0.11 | 1.51 | - | - | 1,440 | - | - | 1,108 | 15,660 | - | - | 80 % | ||||
Probable | 26,758 | 0.29 | - | - | 0.08 | 1.07 | - | - | 77 | - | - | 70 | 921 | - | - | 80 % | |||||
Total | 348,896 | 0.44 | - | - | 0.11 | 1.48 | - | - | 1,518 | - | - | 1,178 | 16,579 | - | - | 80 % | |||||
La | Proven | 34,685 | 0.38 | - | - | 0.08 | 0.33 | - | - | 133 | - | - | 91 | 370 | - | - | 80 % | ||||
Probable | 41,255 | 0.36 | - | - | 0.07 | 0.34 | - | - | 149 | - | - | 98 | 450 | - | - | 80 % | |||||
Total | 75,940 | 0.37 | - | - | 0.08 | 0.34 | - | - | 282 | - | - | 190 | 818 | - | - | 80 % | |||||
Underground | Proven | 37,284 | 0.76 | - | - | 0.17 | 2.92 | - | - | 281 | - | - | 209 | 3,495 | - | - | 80 % | ||||
Probable | 70,282 | 0.70 | - | - | 0.16 | 3.08 | - | - | 494 | - | - | 366 | 6,964 | - | - | 80 % | |||||
Total | 107,566 | 0.72 | - | - | 0.17 | 3.03 | - | - | 776 | - | - | 574 | 10,461 | - | - | 80 % | |||||
Stockpile | Proven | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 80 % | ||||
Probable | 73,512 | 0.28 | - | - | 0.08 | 1.30 | - | - | 206 | - | - | 189 | 3,073 | - | - | 80 % | |||||
Total | 73,512 | 0.28 | - | - | 0.08 | 1.30 | - | - | 206 | - | - | 189 | 3,073 | - | - | 80 % | |||||
Ojos | Proven | 8,503 | 0.84 | - | - | 0.21 | 2.01 | - | - | 71 | - | - | 57 | 550 | - | - | 80 % | ||||
Underground | Probable | 8,856 | 0.77 | - | - | 0.16 | 2.16 | - | - | 68 | - | - | 46 | 614 | - | - | 80 % | ||||
Total | 17,359 | 0.80 | - | - | 0.19 | 2.09 | - | - | 139 | - | - | 103 | 1,164 | - | - | 80 % | |||||
Candelaria | Proven | 402,610 | 0.48 | - | - | 0.11 | 1.55 | - | - | 1,926 | - | - | 1,465 | 20,076 | - | - | 80 % | ||||
Combined | Probable | 220,664 | 0.45 | - | - | 0.11 | 1.69 | - | - | 994 | - | - | 769 | 12,021 | - | - | 80 % | ||||
Total | 623,274 | 0.47 | - | - | 0.11 | 1.60 | - | - | 2,921 | - | - | 2,235 | 32,095 | - | - | 80 % | |||||
Caserones | Proven | 352,876 | 0.35 | - | - | - | - | - | 0.01 | 1,223 | - | - | - | - | - | 37 | 51 % | ||||
Probable | 533,485 | 0.28 | - | - | - | - | - | 0.01 | 1,494 | - | - | - | - | - | 57 | 51 % | |||||
Total | 886,361 | 0.31 | - | - | - | - | - | 0.01 | 2,717 | - | - | - | - | - | 94 | 51 % | |||||
Chapada | Proven | 334,237 | 0.25 | - | - | 0.14 | - | - | - | 848 | - | - | 1,507 | - | - | - | 100 % | ||||
Probable | 138,077 | 0.22 | - | - | 0.11 | - | - | - | 302 | - | - | 498 | - | - | - | 100 % | |||||
Total | 472,314 | 0.24 | - | - | 0.13 | - | - | - | 1,150 | - | - | 2,004 | - | - | - | 100 % | |||||
Stockpile | Proven | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100 % | ||||
Probable | 136,472 | 0.18 | - | - | 0.11 | - | - | - | 245 | - | - | 477 | - | - | - | 100 % | |||||
Total | 136,472 | 0.18 | - | - | 0.11 | - | - | - | 245 | - | - | 477 | - | - | - | 100 % | |||||
Suruca | Proven | 10,451 | - | - | - | 0.36 | - | - | - | - | - | - | 119 | - | - | - | 100 % | ||||
Gold | Probable | 10,564 | - | - | - | 0.35 | - | - | - | - | - | - | 118 | - | - | - | 100 % | ||||
Total | 21,015 | - | - | - | 0.35 | - | - | - | - | - | - | 237 | - | - | - | 100 % | |||||
Eagle | Proven | 222 | 1.52 | - | - | 0.12 | 8.66 | 1.98 | - | 3 | - | - | 1 | 62 | 4 | - | 100 % | ||||
Probable | 3,837 | 0.93 | - | - | 0.10 | 3.98 | 1.22 | - | 36 | - | - | 14 | 491 | 47 | - | 100 % | |||||
Total | 4,060 | 0.96 | - | - | 0.11 | 4.24 | 1.26 | - | 39 | - | - | 15 | 553 | 51 | - | 100 % | |||||
Josemaria | Proven | 196,774 | 0.43 | - | - | 0.34 | 1.33 | - | - | 837 | - | - | 2,143 | 8,430 | - | - | 100 % | ||||
Probable | 815,051 | 0.27 | - | - | 0.19 | 0.85 | - | - | 2,205 | - | - | 4,872 | 22,285 | - | - | 100 % | |||||
Total | 1,011,825 | 0.30 | - | - | 0.22 | 0.94 | - | - | 3,041 | - | - | 7,015 | 30,715 | - | - | 100 % | |||||
Neves-Corvo | Proven | 2,641 | 3.1 | 0.7 | 0.2 | - | 32 | - | - | 81 | 18 | 5 | - | 2,699 | - | - | 100 % | ||||
Copper | Probable | 18,576 | 1.8 | 0.6 | 0.2 | - | 33 | - | - | 340 | 108 | 41 | - | 19,810 | - | - | 100 % | ||||
Total | 21,217 | 2.0 | 0.6 | 0.2 | - | 33 | - | - | 420 | 127 | 46 | - | 22,510 | - | - | 100 % | |||||
Zinc and Lead | Proven | 3,981 | 0.3 | 8.3 | 2.2 | - | 68 | - | - | 13 | 328 | 86 | - | 8,696 | - | - | 100 % | ||||
Probable | 17,588 | 0.3 | 7.4 | 1.8 | - | 62 | - | - | 53 | 1305 | 313 | - | 35,120 | - | - | 100 % | |||||
Total | 21,569 | 0.3 | 7.6 | 1.9 | - | 63 | - | - | 65 | 1633 | 399 | - | 43,688 | - | - | 100 % | |||||
Zinkgruvan | Proven | 4,302 | - | 7.5 | 2.8 | - | 62 | - | - | - | 324 | 120 | - | 8,587 | - | - | 100 % | ||||
Zinc and Lead | Probable | 6,734 | - | 7.0 | 3.6 | - | 81 | - | - | - | 470 | 243 | - | 17,519 | - | - | 100 % | ||||
Total | 11,036 | - | 7.2 | 3.3 | - | 74 | - | - | - | 794 | 363 | - | 26,108 | - | - | 100 % | |||||
Copper | Proven | 1,267 | 2.2 | - | - | - | 34 | - | - | 28 | - | - | - | 1,404 | - | - | 100 % | ||||
Probable | 167 | 2.2 | - | - | - | 39 | - | - | 4 | - | - | - | 208 | - | - | 100 % | |||||
Total | 1,434 | 2.2 | - | - | - | 35 | - | - | 32 | - | - | - | 1,612 | - | - | 100 % | |||||
The information in this release is subject to the disclosure requirements of
Cautionary Notes to Investors – Mineral Resource and Reserve Estimates
In accordance with applicable Canadian securities laws, all Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"), and have been classified in accordance with
Notes on Mineral Resource and Mineral Reserve Tables
Mineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates, with the exception of Josemaria are effective as at
Reference herein to $ or USD is to
For a better understanding of each of the Company's deposits readers are encouraged to read the technical reports and other public disclosure of the Company, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserve estimates. The technical reports are listed below, are intended to be read as a whole, and sections should not be read or relied upon out of context.
Unless noted otherwise, the Mineral Resource and Mineral Reserve estimates were prepared under the supervision of and verified by
Candelaria and Ojos
Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with cut-off grades of 0.13% and 0.15% copper, respectively. Underground Mineral Resources are estimated at cut-off grades of 0.38% and 0.47% copper for Candelaria underground and Ojos
For further information on Candelaria, refer to the Technical Report entitled Technical Report for the
Caserones
Caserones Mineral Resource estimates are reported within conceptual pit shell using a cut-off grade of 0.13% copper. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of
For further information on Caserones, refer to the Technical Report entitled NI 43-101 Technical Report on the Caserones Mining Operation,
Chapada
The Chapada and Suruca copper-gold Mineral Resource estimates are reported within a conceptual pit shell at an open pit discard NSR cut-off value of
For further information on Chapada, refer to the Technical Report entitled Technical Report on the
Eagle
The Eagle Mineral Resource and Mineral Reserve estimates are reported using NSR cut-off values of
Josemaria
The Josemaria open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of
For further information on Josemaria, refer to the Technical Report entitled NI 43-101 Technical Report, Feasibility Study for the
Neves-Corvo and Semblana
The copper Mineral Resource estimates are reported within geological volumes based on a nominal cut-off grade of 1.0% copper and the zinc Mineral Resource estimates are reported within geological volumes based on a nominal zinc cut-off grade of 4.5% zinc. The copper and zinc Mineral Reserve estimates have been calculated using variable NSR values ranging from €49/t to €82/t based on mineralization, areas and mining methods. The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs.
For further information on Neves-Corvo and Semblana, refer to the Technical Report entitled NI 43-101 Technical Repot on the
Saúva
The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell with NSR cut-off value of
Zinkgruvan
The zinc and lead Mineral Resources are estimated within optimized stope volumes, using a 3.5 m minimum mining width, based on an area dependent marginal NSR cut-off between
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by
All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE
© Canada Newswire, source