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Argentina
Minera Agua Rica Alumbrera (MARA) Project (Alumbrera)

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 Location:
80 km NE from Belen, Argentina

  Project Contacts:
Avenida Cordoba 836, 5th Floor
Buenos Aires
Argentina
C1054AAU
Phone  ...  Subscription required
Faxtel:+54 11 5533-8768
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  • Mining
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  • Reserves
  • Costs & Financials
  • Fleet
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  • Filings & News

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Overview

StagePre-Feasibility
Mine TypeOpen Pit
Commodities
  • Copper
  • Molybdenum
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life27 years (as of Jan 1, 2020)
Agua Rica Project is integrated with Alumbrera Mine and Alumbrera plant and infrastructure (MARA Project).

In late 2019 and early 2020 the MARA Joint Venture Technical Committee advanced optimization studies, the result of which were compiled as pre-feasibility study (B).

The Pan American added MARA Project to its portfolio and plans to provide a operating outlook in the mid-second quarter of 2023.


Owners

Source: p. 1
CompanyInterestOwnershipInvestor's Info
Glencore plc. 43.75 % Indirect
Pan American Silver Corp. 56.25 % Indirect
On December 17, 2020, the Yamana Gold completed the integration with Glencore and Newmont and a new joint venture, the MARA Joint Venture pursuant to which Yamana held a controlling ownership interest in the MARA Project at 56.25%. Glencore held a 25.00% interest, and Newmont held an 18.75% interest.

On September 23, 2022, Glencore announced that it had reached an agreement to acquire Newmont’s 18.75% interest, resulting in Glencore owning a 43.75% interest in the MARA Project.

On March 31, 2023, Pan American Silver Corp. acquired common shares of Yamana Gold. The Arrangement adds the MARA development project in Argentina to Pan American's portfolio.

Contractors

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Deposit Type

  • Breccia pipe / Stockwork
  • Epithermal
  • Porphyry
  • Vein / narrow vein


Summary:

Agua Rica Project is integrated with Alumbrera Mine (MARA Project).

Agua Rica
The Agua Rica deposit is interpreted as a substantial gold-rich porphyry copper-molybdenite deposit, formed by multistage porphyry intrusions of Miocene age.

Mineralization
Three major stages of alteration and polymetallic mineralization have been recognised at Agua Rica: early porphyry copper-molybdenum- gold (Cu-Mo-Au) associated with the emplacement of porphyritic intrusions, later overprinted by epithermal copper-gold-silver-arsenic-lead-zinc (Cu-Au-Ag-As-Pb-Zn) related to complex multi-stage hydrothermal brecciation; and supergene copper (Cu) enrichment. These are described in the subsections below.

Porphyry Stage
In a first pulse of Miocene magmatism, the emplacement of the Melcho intrusions in the southern portion of the Project area was accompanied by minor potassic and propylitic alteration and weak pyrite ± chalcopyrite ± molybdenite mineralization.

The subsequent intrusion of the Seca and Trampeadero feldspar porphyries resulted in the development of intense quartz stockwork veining, potassic alteration, and chalcopyrite-molybdenite mineralization with rare bornite and pyrrhotite. Remnants of this potassic alteration can be observed in patches in those two porphyries. Chalcopyrite and bornite are especially important at Seca Norte, however, are difficult to observe macroscopically. Rare magnetite-chalcopyrite veins in which magnet ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

On December 17, 2020, the Yamana Gold completed the integration of the Agua Rica Project with the Alumbrera Mine and Alumbrera plant and infrastructure (MARA Project).

The MARA Joint Venture Technical Committee was formalized, comprised of representatives of the two shareholder companies, to provide oversight and guidance to the advancement of the feasibility study. The MARA Joint Venture Technical Committee advanced optimization studies in late 2019 and early 2020, the results of which were compiled as pre-feasibility study (B) ("PFS(B)"), and is now advancing a full feasibility study on the MARA Project.

Agua Rica
The MARA Project consider the Agua Rica deposit will be mined via a conventional high tonnage truck and shovel open pit operation. Average life of mine material moved is expected to be approximately 108 million tonnes per year, with ore feed of 42 million tonnes per year and average life of mine strip ratio of 1.66. Mine waste will be deposited in the Choya valley, adjacent to the Agua Rica, at WRF.

Mine Phasing
The Agua Rica pit is designed in phases using nested pit optimization shells as a guide to target higher value ore in the early years and defer waste movement, with the objectives of maximizing NPV and minimizing the initial capital and payback period. A total of six phases are designed with a mining width of 80 m to 150 m between phases.

Stockpile Design
A stockpile for low grade ore is designe ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityUnitsAvg. Annual
Copper Equivalent M lbs 469
All production numbers are expressed as metal in concentrate.

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Daily processing capacity  ......  Subscription required
Annual mining rate  ......  Subscription required
Annual ore mining rate  ......  Subscription required
Processing scale, tpd  ......  Subscription required
* According to 2020 study.
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Reserves at December 31, 2020:
The Mineral Reserves and Resources didn't change from 2020 to 2022.

The Agua Rica Open pit mineral reserves are reported at a variable cut-off value averaging $8.42/t t, based on metal price assumptions of $3.00/lb Cu, $1,250/oz Au, $18/oz Ag, and $11/lb Mo.

The Agua Rica Open pit Mineral Resources are reported at a variable cut-off value which averages $8.42/t (metal price assumptions of $4.00/lb Cu, $1,600/oz Au, $24/oz Ag, and $11/lb Mo). Alumbrera deposit: Whittle pit shell cut-off at 0.22% copper equivalent; Bajo El Durazno deposit: 0.2 g/t Au cut-off within pit shell.

CategoryTonnage CommodityGradeContained Metal
Proven 587,200 kt Copper 0.57 % 7,379 M lbs
Proven 587,200 kt Molybdenum 0.03 % 388 M lbs
Proven 587,200 kt Gold 0.25 g/t 4,720 koz
Proven 587,200 kt Silver 3 g/t 57,013 koz
Probable 517,600 kt Copper 0.39 % 4,450 M lbs
Probable 517,600 kt Molybdenum 0.03 % 341 M lbs
Probable 517,600 kt Gold 0.16 g/t 2,663 koz
Probable 517,600 kt Silver 2.6 g/t 43,765 koz
Proven & Probable 1,104,800 kt Copper 0.49 % 11,829 M lbs
Proven & Probable 1,104,800 kt Molybdenum 0.03 % 731 M lbs
Proven & Probable 1,104,800 kt Gold 0.21 g/t 7,381 koz
Proven & Probable 1,104,800 kt Silver 2.8 g/t 100,780 koz
Measured 169,684 kt Copper 0.28 % 1,051 M lbs
Measured 169,684 kt Molybdenum 0.014 % 53 M lbs
Measured 169,684 kt Gold 0.26 g/t 1,397 koz
Measured 53,600 kt Silver 1.6 g/t 2,670 koz
Indicated 215,463 kt Copper 0.3 % 1,406 M lbs
Indicated 215,463 kt Molybdenum 0.029 % 139 M lbs
Indicated 215,463 kt Gold 0.12 g/t 816 koz
Indicated 206,300 kt Silver 1.9 g/t 12,337 koz
Measured & Indicated 385,146 kt Copper 0.29 % 2,459 M lbs
Measured & Indicated 385,146 kt Molybdenum 0.022 % 190 M lbs
Measured & Indicated 385,146 kt Gold 0.18 g/t 2,213 koz
Measured & Indicated 259,900 kt Silver 1.8 g/t 15,008 koz
Inferred 745,938 kt Copper 16 % 3,778 M lbs
Inferred 745,938 kt Molybdenum 0.03 % 492 M lbs
Inferred 745,938 kt Gold 0.09 g/t 2,172 koz
Inferred 742,900 kt Silver 1.6 g/t 38,693 koz

Commodity Production Costs:

CommodityUnitsAverage
Total cash costs Copper Equivalent USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Copper Equivalent USD  ......  Subscription required&nbs
Assumed price Molybdenum USD  ......  Subscription required&nbs
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. For the first 10 years of production.

2020 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
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Pipelines and Water Supply
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Proposed Heavy Mobile Equipment as of June 30, 2019:
HME TypeModelSizeQuantityLeased or
Contractor
Dozer (crawler) ....................... Subscription required ....................... Subscription required Leased
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 28, 2023
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Press Release 2023
Annual Information Form 2022
Corporate Presentation 2022
Quarterly Report 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Annual Information Form 2018
Annual Report 2018
Corporate Presentation 2008
Feasibility Study Report 2006
Subscription required - Subscription is required.

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