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Location: 3 km N from Chanaral, Chile
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On 9 April, 2025, CAML announces the completion of the sale of its 76.1% shareholding in CBL to Guardian Metals PLC (GMP). CBL, via its subsidiaries, holds the mineral rights to a copper tailings project in Chile.
GMP's acquisition of CAML's 76.1% shareholding has triggered compulsory 'drag' rights over the remaining 23.9% held by minority shareholders, and that interest has also been acquired by GMP.
GMP has agreed to pay an aggregate consideration, for 100% of CBL, of $7.5million to the sellers which will be satisfied in cash in two tranches of $3.75million each on the aggregate production of 7,500 tonnes and 15,000 tonnes of copper cathode and/or copper concentrate.
Between 1938 and 1975 the Potrerillos and later the El Salvador copper mines, disposed of tailings from their respective mineral processing operations into the Rio Salado which outflows into Chañaral Bay. Over that period, it is believed that some 250Mt of tailings were discharged into the bay. These tailings now sit in the bay and on the beach at Chañaral, covering an area of 13km2.Tails accumulation ceased over 40 years ago, the beach and sub-sea environment has been weathered and winnowed by wave, chemical and wind action.Significantly, much of the Copper Sulphide mineralisation has oxidised, especially in the upper parts of the deposit, making it amenable to leaching.Tailings of up to 14m in thickness overlay the original beach, with a transition layer comprised of tailings mixed with original beach material.Mineralisation reflects original Potrerillos and Salvador ore, albeit with significant amount of Cu and Mo removed and process chemicals added.Principal copper-bearing minerals are chalcopyrite, bornite, covellite, chalcocite, malachite, chrysocolla and brochantite.
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