Mining Intelligence and News
Peru

Morococha Mine

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Morococha Mine

Location: 112 km NEE from Lima, Peru

Regional Office:

Ave. La Floresta 497 Of. 101 Charcarilla del Estanque, San Borja Lima 41
Lima
Peru
15037

Contacts:

Additional Resources for Suppliers & Investors

Categories

Overview

Mine TypeUnderground
StatusCare and Maintenance
Commodities
  • Silver
  • Zinc
  • Lead
  • Copper
  • Gold
Mining Method
  • Mechanized Cut & Fill
  • Longhole open stoping
  • Overhand Cut & Fill
Backfill type ... Lock
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SnapshotMorococha was placed on care and maintenance in February 2022.

Under an agreement with Aluminum Corporation of China (“Chinalco”) dating back to 2010, Pan American was required to eventually relocate the core Morococha facilities, including the processing plant, to enable the expansion of Chinalco’s copper mine. Company evaluates strategic alternatives for the future of the operation.

Owners

SourceSource
CompanyInterestOwnership
Alpayana S.A. 92.3 % Indirect
Compania Minera Argentum S.A. (operator) 100 % Direct
Morococha is owned and operated by Compañia Minera Argentum S.A., a Peruvian company in which Pan American, through its subsidiary Pan American Silver (Peru) S.A.C., has a 92.01% voting interest. In addition, Pan American holds the majority of the non-voting investment shares resulting in a total ownership interest of approximately 92.3%. The remaining interest is held by Alejandro Gubbins and Compañia Minera Casapalca S.A.

Under the terms of the agreement for the Morococha sale, Alpayana S.A. paid US$25 million in cash for the 92.3% interest in Compañia Minera Argentum S.A., Pan American's Peruvian subsidiary that owned the Morococha mine.

Pan American placed the Morococha mine on care and maintenance in early 2022 while it evaluated alternative strategic opportunities for the asset following the closure of the Amistad processing plant, pursuant to an agreement with Aluminum Corporation of China. The transaction closed on September 22, 2023.

Contractors

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SourceSource

Deposit type

  • Vein / narrow vein
  • Manto
  • Mesothermal
  • Skarn

Summary:

Morococha is located in the Western Cordillera of the Andes. The host rocks for the mineralization in the Morococha district comprise schists, volcanic rocks, and predominantly carbonate sediments cut by a series of intrusions. The structures that account for the majority of the vein mineralization in the Morococha district trend predominantly northeast to east-northeast. The structural setting of the area is dominated by shallowly northwest plunging folds, the most important of which is a north-northwest trending anticlinal feature referred to as the Yauli Dome. Compression gave rise to early northwest trending shears, and the uplifting effect of the intrusion of quartz monzonite stocks produced an arching of the Yauli Dome and an associated phase of tension faulting generally trending perpendicular to the axis of the anticline. This latter set is the most heavily mineralized set of fractures and accounts for the majority of fault hosted mineralization in the Morococha District. Vein mineralization forms along the dominant system of northeast trending tensional faults. Replacement manto mineralization generally occurs in carbonate horizons intersected by mineralized veins or proximal to pre-mineral intrusives, and some occurs as structurally controlled irregular chimneys. Mantos can have a significant strike extent where the veins are closely spaced, and can range from less than one metre to up to 12 metres in width. Mineralization at the Morococha mine includes epi-mesothermal silver-zinc-lead-copper veins, bedded silver-base metal replacements or mantos, intrusive/sediment contact skarns, and the quartz porphyry hosted Toromocho disseminated copper system. Shoots range up to 400 metres in length with some traced for over 800 metres down plunge. Economic vein widths range from 0.5 metres to more than 6.0 metres. Vein width averages in the district are on the order of 1.2 metres.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

Morococha was placed on care and maintenance in February 2022.
CommodityUnits20222021202020192018201720162015
Silver koz  ....  Subscribe  ....  Subscribe  ....  Subscribe2,6613,1212,8542,7532,346
Zinc kt  ....  Subscribe  ....  Subscribe  ....  Subscribe2424171712
Lead kt  ....  Subscribe  ....  Subscribe  ....  Subscribe7.18.13.83.22.8
Copper kt  ....  Subscribe  ....  Subscribe  ....  Subscribe23.67.28.48.8
Gold koz  ....  Subscribe  ....  Subscribe  ....  Subscribe1.52.33.82.33.5
All production numbers are expressed as metal in concentrate.

Operational metrics

Metrics20222021202020192018201720162015
Daily milling capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe2,000 t
Tonnes milled  ....  Subscribe  ....  Subscribe  ....  Subscribe743.4 kt728 kt733.4 kt728.9 kt690.3 kt
Annual milling capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe803,000 t803,000 t
Daily milling rate  ....  Subscribe  ....  Subscribe  ....  Subscribe2,000 t

Production Costs

CommodityUnits202220212020201920182017
Cash costs (sold) Silver USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 4.35 / oz **   -4.34 / oz **   -5.34 / oz **  
All-in sustaining costs (sold) Silver USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 10.1 / oz **   1.52 / oz **   1.22 / oz **  
** Net of By-Product.

Financials

Units202220212020201920182017
Sustaining costs M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe
Capital expenditures M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 10.7   10.4   9.3  
Revenue M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 101.5   117.5   120.2  
Operating Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 12.7   34  
Pre-tax Income M USD 33.2   86.5  
After-tax Income M USD 21.1   69.8  

Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 24, 2024
....................... Subscription required ....................... Subscription required Subscription required Apr 12, 2023

EmployeesYear
...... Subscription required 2021

Aerial view:

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