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Argentina
Josemaria Project

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 Location:
283 NW from La Rioja, Argentina

  Project Contacts:
Suipacha 268 8th Floor, Office C
Buenos Aires
Argentina
C1008AAF
Phone  ...  Subscription required
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  • Overview
  • Owners
  • Geology
  • Mining
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  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Copper
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life19 years (as of Jan 1, 2020)
Josemaria is located in the San Juan Province of Argentina, approximately 9 km east of the Chile- Argentina border. The project topography is mountainous with broad, flatbottomed valleys and moderately steep slopes ranging in elevation from approximately 4,000 to 4,900 m above sea level.

Capital expenditures are estimated to be approximately $400 million in 2023 in support of advancing the project prior to a potential construction decision. An updated initial capital cost estimate and project schedule review are progressing well with the updated Technical Report on-track for publication in the second half of 2023. Capital expenditures primarily include continuation of detail engineering, procurement of long-lead equipment, and preconstruction activities such as road upgrades and geotechnical work.


Owners

Source: p. 31
CompanyInterestOwnership
Lundin Mining Corp. 100 % Indirect
Desarrollo de Prospectos Mineros S.A. (operator) 100 % Direct
Josemaria Resources holds an indirect 100% interest in the Josemaria deposit through its Argentine subsidiary Desarrollo de Prospectos Mineros SA (Deprominsa or DPM).

Josemaria Resources holds eight exploitation licences (minas) and one exploration licence (cateos).

April 28, 2022 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that it has completed the previously announced plan of arrangement (the "Arrangement") to acquire all of the issued and outstanding shares of Josemaria Resources Inc.

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Porphyry


Summary:

The Josemaria project area is underlain most extensively by Permo-Triassic rocks assigned to the Choiyoi Group, which forms the Andean basement in the region. They include volcaniclastic and ignimbritic rhyolites as well as broadly equivalent granites. Triassic intrusive complexes of tonalite, diorite and granodioritic composition intrude the rhyolites and granite. Swarms of andesite dykes, which are typical of the Permo-Triassic in this region, cut the older Permo- Triassic units.

Porphyry intrusive rocks and associated porphyry and epithermal mineralized systems are largely hosted within basement rocks. Late Oligocene systems form a north-south trend extending from Josemaria to the Sillimanita and Cerro Blanco Cu-Au porphyry prospects formed around similar dacitic intrusions. Middle Miocene systems such as the Filo del Sol porphyry-epithermal Cu-Au-Ag deposit and the Los Helados porphyry Cu-Au deposit occur several kilometres westward.

The Josemaria porphyry copper-gold deposit is centred on a Late Oligocene dacitic porphyry intrusive complex emplaced into Permo-Triassic rhyolite and tonalite. Porphyry ascent and localization appears to have been guided by a pre-existing north-south structural zone.

The Cu–Au mineralization at Josemaria is hosted within a porphyry system that includes two main types of hypogene mineralization. These two types occur in proximity to one another due to a high degree of telescoping of high-sulphidation alteratio ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Being a large, near-surface ore body, the Josemaria project will be developed as an open pit mining operation. Over 1 billion tonnes of ore will be mined at average diluted head grades of 0.30% Cu, 0.22 g/t Au and a strip ratio of 0.98 over a 19-year mine life. Waste and ore will be drilled and blasted, loaded by hydraulic shovels and loaders, and transported by haul trucks to external waste storage facilities (WSF), long-term stockpiles, or a run-of-mine (ROM) pad where it is fed to a primary crusher for mineral processing.

The pit footprint is on a hillside and the maximum wall heights will range from approximately 800 m in the south to 400 m in the north. Rock mass and strength data were interrogated via histograms and statistics based on lithology, alteration and mineralization properties. Rock mass ratings of the major units were in the ‘fair’ to ‘good’ categories, with the exception of a distinct zone of rock (‘low-RQD’ zone) at depth in the north that was in the ‘poor’ category.

Mining will occur with 15 m benches (often double benching) with average slope angles ranging from 37 to 43 degrees. Shallowest overall slope angles are in the north of the pit where there is a zone of lower rock mass strength at depth, requiring an angle of 34 degrees in that specific zone. Large electrically powered hydraulic shovels will be used in combination with ultra-class 360-tonne haul trucks.

For the FS, it was assumed the former would be accomplish ........


Crushing and Grinding
Source: Subscription required

- subscription is required.


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Copper Concentrate kt 9,600
Copper Payable metal M lbs 2895,503
Gold Payable metal koz  ......  Subscription required  ......  Subscription required
Silver Payable metal koz  ......  Subscription required  ......  Subscription required
Copper Equivalent Payable metal M lbs  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Daily milling capacity  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Tonnes milled, LOM  ......  Subscription required
Annual milling capacity  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

Reserves at July 10, 2020:
Sulphide mineral resource @ 0.1% CuEq cut-off.
Oxide mineral resource @ 0.2 g/t Au cut-off.

CategoryOreTypeTonnage CommodityGradeContained Metal
Proven Total 197 Mt Copper 0.43 % 1,844 M lbs
Proven Total 197 Mt Gold 0.34 g/t 2.14 M oz
Proven Total 197 Mt Silver 1.33 g/t 8.43 M oz
Probable Total 815 Mt Copper 0.27 % 4,861 M lbs
Probable Total 815 Mt Gold 0.19 g/t 4.87 M oz
Probable Total 815 Mt Silver 0.85 g/t 22.29 M oz
Proven & Probable Total 1,012 Mt Copper 0.3 % 6,705 M lbs
Proven & Probable Total 1,012 Mt Gold 0.22 g/t 7.02 M oz
Proven & Probable Total 1,012 Mt Silver 0.94 g/t 30.72 M oz
Measured & Indicated Sulphide 1,159 Mt Copper 0.29 % 7.4 B lbs
Measured & Indicated Sulphide 1,159 Mt Gold 0.21 g/t 7.8 M oz
Measured & Indicated Oxide 41 Mt Gold 0.31 g/t 410 koz
Measured & Indicated Sulphide 1,159 Mt Silver 0.9 g/t 33.5 M oz
Measured & Indicated Oxide 41 Mt Silver 1.2 g/t 1,585 koz
Measured & Indicated Sulphide 1,159 Mt Copper Equivalent 0.41 %
Inferred Sulphide 704 Mt Copper 0.19 % 2.9 B lbs
Inferred Sulphide 704 Mt Gold 0.1 g/t 2.3 M oz
Inferred Sulphide 704 Mt Silver 0.8 g/t 18.6 M oz
Inferred Sulphide 704 Mt Copper Equivalent 0.25 %

Commodity Production Costs:

CommodityUnitsAverage
Total cash costs Copper Equivalent USD  ......  Subscription required *†
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2020 study / presentation.
† Net of By-Product.

Operating Costs:

Units2020
OP mining costs ($/t mined) USD 1.2 *
OP mining costs ($/t milled) USD  ......  Subscription required
Crushing costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

2020 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Initial CapEx $M USD  ......  Subscription required
Working capital $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 2,974
Freight costs $M USD 1,615
Refining and transportation $M USD  ......  Subscription required
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net Operating Income (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.

Pipelines
TypeMaterialDiameterLengthDescription


Proposed Heavy Mobile Equipment as of November 5, 2020:
HME TypeModelSizeQuantityLeased or
Contractor
Backhoe 90 t ....................... Subscription required Leased
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 5, 2020
....................... Subscription required ....................... Subscription required Subscription required Nov 5, 2020
....................... Subscription required ....................... Subscription required Subscription required Nov 5, 2020
....................... Subscription required ....................... Subscription required Subscription required Nov 30, 2021
....................... Subscription required ....................... Subscription required Subscription required Aug 1, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2020

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
Pre-Feasibility Study Report 2018
Press Release 2018
Annual Information Form 2017
Preliminary Economic Assessment 2016
Other 2015
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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