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Chile
NuevaUnion (El Morro) Project

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 Location:
85 km E from Vallenar, Chile

  Project Contacts:
Brasil 308
Vallenar
Chile
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Overview

StageFeasibility
Mine TypeOpen Pit
Commodities
  • Copper
  • Molybdenum
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life18 years (as of Jan 1, 2012)
Nueva Unión consists of La Fortuna copper-gold deposit and the Relincho copper-silver-molybdenum deposit.

Work in 2022 advanced select technical and strategic work which will continue in 2023 with a focus on establishing a cost effective path forward. Community engagement and investment activities will continue in 2023.


Owners

Source: p. 36
CompanyInterestOwnership
Teck Resources Ltd. 50 % Indirect
Newmont Corp. 50 % Indirect
NuevaUnión SpA (operator) 100 % Direct
NuevaUnión is a 50:50 partnership between Teck and Newmont Corporation.

Contractors

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Deposit Type

  • Porphyry
  • Breccia pipe / Stockwork


Summary:

The La Fortuna deposit of the El Morro Project can be classified as a typical copper-gold porphyry deposit. Porphyry copper-gold deposits are associated with the intrusion of multiple phases of similar composition porphyritic rocks into the country host rocks and the fluids that accompany them during the transition and cooling from magma to rock. Successive envelopes of hydrothermal alteration typically enclose a core of ore minerals disseminated in breccia zones, stockwork hairline fractures and veins. The deposits typically have an outer chlorite mineral alteration zone. Quartz-sericite alteration typically occurs closer to the center and may overprint. A central potassic alteration zone is commonly associated with most of the mineralization. Fractures are often filled or coated by sulfides, or by quartz veins and veinlets with sulfides. The upper portions of the deposit are often subjected to supergene enrichment whereby the metals in the upper portion of the deposit are dissolved and carried down to below the water table where they are precipitated.

At the El Morro Project, centres of mineralization have been identified at El Morro, El Negro and La Fortuna which is the most significant. At La Fortuna, mineralization is developed in an Eocene to Oligocene multiphase porphyry system that has intruded volcanic rocks of the Paleocene to Early Eocene Los Altares Formation.

The mineralized multiphase porphyry system is a vertically dipping cylindrical ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The El Morro Project will be an open pit truck/shovel operation. The open pit has six phases. The ultimate pit will measure approximately 2.0 km east to west, 2.5 km north to south, and have a maximum depth of approximately 825 m. The Main Waste Rock Facility (WRF) is located to the south of the open pit. The Tailings Storage Facility (TSF) is located to the south and west of the open pit and downstream of the Main WRF.

Mining will be with conventional open pit mining equipment ramping up from 127 million tonnes in year 1 to a nominal 140 million tonnes for years 2 through 7 years, and decreasing thereafter. Waste and ore are mined on 15 m benches.

The mine operations are typical truck/shovel open pit operations. The mining fleet is based on an initial fleet of twenty-eight 363 t haul trucks increasing to forty-two in the later years as the haulage distance increases. Loading operations are initially conducted using four 55.8 m3 electric shovels and two 23.7 m3 wheel loaders in the first year of pre-stripping, increasing to five 55.8 m3 electric shovels and two 23.7 m3 wheel loaders in the second year of operation.

The pit design is based on 15 m benches with most areas double benched for a total height of 30 m. Slopes vary based on location.

MINE DESIGN PARAMETERS:
- Haul Road Width - 38 m;
- Haul Road Grade - 10%;
- Slope Angles: Face Angles - 62°-67°, Interramp Angles - 40°-49°;
- Mining Bench Height - 15 m; ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. Annual
Copper Metal in concentrate M lbs 317
Copper Concentrate kt 486
Gold Metal in concentrate oz  ......  Subscription required

* According to 2012 study.

Reserves at December 31, 2022:
Reserves and resources for NuevaUnión are contained within two deposits, Relincho and La Fortuna. 2022 reported resources and reserves are unchanged from 2021.

Relincho mineral reserves and mineral resources are reported using an average net smelter return cut-off of US$11.00/tonne and US$6.72/tonne, respectively, and assuming metal prices of US$ 3.00/lb copper and US$10.00/lb molybdenum and US$18.00/oz silver.

La Fortuna mineral reserves and open pit mineral resources are reported using an average net smelter return cut-off of US$10.55/tonne and US$9.12/tonne, respectively, and assuming metal prices of US$3.00/lb copper and US$1,200/oz gold.

CategoryTonnage CommodityGradeRecoverable Metal
Proven & Probable 2,236,000 kt Copper 0.4 % 7,820 kt
Proven & Probable 1,553,800 kt Molybdenum 0.016 % 120 kt
Proven & Probable 682,200 kt Gold 0.47 g/t 6,760 koz
Proven & Probable 2,236,000 kt Silver 1.3 g/t 62,380 koz
Measured 328,600 kt Copper 0.19 %
Measured 319,000 kt Molybdenum 0.006 %
Measured 9,600 kt Gold 0.47 g/t
Measured 328,600 kt Silver 1 g/t
Indicated 699,700 kt Copper 0.34 %
Indicated 463,000 kt Molybdenum 0.009 %
Indicated 236,700 kt Gold 0.59 g/t
Indicated 699,700 kt Silver 1.2 g/t
Inferred 1,204,300 kt Copper 0.39 %
Inferred 724,700 kt Molybdenum 0.012 %
Inferred 479,700 kt Gold 0.4 g/t
Inferred 1,204,300 kt Silver 1.2 g/t

Commodity Production Costs:

CommodityUnits
Cash costs Copper USD 1.35 / lb *  USD
Cash costs Gold USD 590 / oz *  USD
Cash costs Copper USD 0.69 / lb *†  USD
Cash costs Gold USD -730 / oz *†  USD
All-in sustaining costs (AISC) Copper USD 1.62 / lb *†  USD
Assumed price Copper USD 2.75 / oz *  USD
Assumed price Gold USD 1,200 / oz *  USD
* According to 2012 study / presentation.
† Net of By-Product.
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Operating Costs:

Units2022
OP mining costs ($/t milled) USD 5.52 *  USD
Direct operating costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2012 study.
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2012 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net Income (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 5% $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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Pipelines and Water Supply
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Proposed Heavy Mobile Equipment as of March 23, 2012:
HME TypeSizeQuantity
Dozer (crawler) 410 kW ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 10, 2023
....................... Subscription required ....................... Subscription required Subscription required Jul 10, 2023
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Corporate Filings & Presentations:

DocumentYear
Annual Information Form 2022
Quarterly Report 2022
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
Annual Information Form 2017
Technical Report 2012
Technical Report 2012
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