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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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  • Reserves
  • Costs & Financials
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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 a large-scale copper-gold-silver project.

From the date of acquisition of the Josemaria Project (April 28, 2022) to December 31, 2022, total capital expenditure was $171 million. On January 12, 2023, Lundin Mining publicly disclosed that it anticipated 2023 capital expenditures on the Josemaria Project would be an additional $400 million in support of advancing the project prior to a potential construction decision and would include continuation of detailed engineering, procurement of long-lead equipment, and preconstruction activities such as road upgrades and geotechnical work. An updated initial capital cost estimate and project schedule review are progressing well, and an updated Technical Report is ontrack for publication in the second half of 2023.

Owners

Source: p. 5,15,33
CompanyInterestOwnership
Lundin Mining Corp. 100 % Indirect
Desarrollo de Prospectos Mineros S.A. (operator) 100 % Direct
Desarrollo de Prospectos Mineros S.A. is a wholly-owned indirect subsidiary of Lundin Mining that owns the Josemaria Project. Lundin Mining owns 100% of the Josemaria Project.

In 2022, Lundin Mining acquired the Josemaria Project located in Argentina.

Contractors

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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
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Processing

Flow Sheet: Subscription required

Summary:

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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
Daily milling capacity 152,000 t *
Annual milling capacity 54.8 Mt *
Stripping / waste ratio 0.98 *
Waste tonnes, LOM 1,002 Mt *
Ore tonnes mined, LOM 1,012 Mt *
Total tonnes mined, LOM 2,014 Mt *
Tonnes milled, LOM 1,012 Mt *
* According to 2020 study.

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
Cash costs Copper Equivalent USD  ......  Subscription required
All-in costs Copper Equivalent USD  ......  Subscription required
Assumed price Copper USD  ......  Subscription required
Assumed price Silver USD  ......  Subscription required
Assumed price Gold USD  ......  Subscription required
* According to 2020 study / presentation.

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
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
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Water Supply
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Proposed Heavy Mobile Equipment as of November 5, 2020:
HME TypeModelSizeQuantityLeased or
Contractor
Backhoe 90 t ....................... Subscription required Leased
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Aug 14, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 14, 2023
....................... 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 Aug 9, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 14, 2023
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2020

Corporate Filings & Presentations:

DocumentYear
Annual Information Form 2022
Management Discussion & Analysis 2022
................................... 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.

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