Las Bambas is a joint venture project between the operator MMG (62.5%), a wholly owned subsidiary of Guoxin International Investment Co. Ltd (22.5%), and CITIC Metal Co. Ltd (15.0%). Minera Las Bambas S.A., is a non-wholly owned subsidiary of MMG and the owner of the Las Bambas mine.
| Contractor | Contract | Description | Ref. Date | Source |
|
Peru national energy grid
|
Power supply
|
High voltage electrical power is sourced from the national grid Cotaruse – Las Bambas, with a capacity of 220kV.
|
Jun 30, 2023
|
|
|
unawarded or unknown
|
Drilling & Blasting
|
Contracts were finalised for blasting and drilling services.
|
Jun 30, 2023
|
|
Summary:
Las Bambas is located in a belt of Cu (Mo-Au) skarn deposits associated with porphyry type systems situated in south-eastern Peru. This metallogenic belt is controlled by the Andahuaylas-Yauri Batholith of Eocene- Oligocene age, which is emplaced in Mesozoic sedimentary units, with the Ferrobamba Formation (Lower-to-Upper Cretaceous) being of greatest mineralising importance.
The porphyry style mineralisation occurs in quartz-monzonite to granodiorite rocks. Hypogene copper sulphides are the main copper bearing minerals with minor occurrence of supergene copper oxides and carbonates near surface. The intrusive rocks of the batholith in contact with the Ferrobamba limestones gave rise to contact metamorphism and, in certain locations, skarn bodies with Cu (Mo-Au) mineralisation.
Dimensions
The Las Bambas Mineral Resources comprise three distinct deposits; each have been defined by drilling and estimated:
o Ferrobamba Mineral Resources occupies a footprint which is 2500m N-S and 1800m E-W and over 900m vertically.
o Chalcobamba Mineral Resources occupies a footprint of 2300m N-S and 1300m E-W and 800m vertically
o Sulfobamba Mineral Resources is 1800m along strike in a NE direction and 850m across strike in a NW direction and 450m deep.
Reserves at June 30, 2023
Las Bambas Mineral Resources cut-off grades:
- Ferrobamba Oxide Copper and Chalcobamba Oxide Copper - 1% Cu Cut-off grade contained within a US$4.71/lb pit shell for oxide material;
- Ferrobamba Primary Copper - Average 0.15% Cu Cut-off grade contained within a US$4.71/lb pit shell for primary material;
- Chalcobamba Primary Copper - Average 0.17% Cu Cut-off grade contained within a US$4.04/lb pit shell for primary material;
- Sulfobamba Primary Copper - Average 0.19% Cu Cut-off grade contained within a US$4.04/lb pit shell for primary material.
Las Bambas Ore Reserves cut-off grades:
- Ferrobamba Primary Copper - 0.18% to 0.22% Cu cut-off grade based on rock type and recovery;
- Chalcobamba Primary Copper - 0.21% to 0.28% Cu cut-off grade based on rock type and recovery;
- Sulfobamba Primary Copper - 0.23% to 0.28% Cu cut-off grade based on rock type and recovery.
Mineral Resources are reported inclusive of Mineral Reserves.
| Category | Tonnage | Commodity | Grade | Contained Metal |
|
Proven & Probable
|
740 Mt
|
Copper
|
0.66 %
|
4,900 kt
|
|
Proven & Probable
|
740 Mt
|
Molybdenum
|
170 ppm
|
130 kt
|
|
Proven & Probable
|
740 Mt
|
Gold
|
0.04 g/t
|
1 M oz
|
|
Proven & Probable
|
740 Mt
|
Silver
|
3.2 g/t
|
76 M oz
|
|
Total Resource
|
1,300 Mt
|
Copper
|
0.6 %
|
7,600 kt
|
|
Total Resource
|
1,300 Mt
|
Molybdenum
|
160 ppm
|
200 kt
|
|
Total Resource
|
1,300 Mt
|
Gold
|
0.04 g/t
|
2 M oz
|
|
Total Resource
|
1,300 Mt
|
Silver
|
2.9 g/t
|
120 M oz
|
Summary:
Mining of the Las Bambas deposits is undertaken by open pit method, which is expected to continue throughout the life of mine. Large scale mining equipment including 300 tonne trucks and 100 tonne electric face shovels are used for material movement.
The mining method selected for the Las Bambas operation is open cut mining, which enables bulk mining of these large low to moderate grade mineral deposits that are outcropping to sub-cropping. Three deposits, Ferrobamba, Chalcobamba and Sulfobamba are each mined in separate open pits. Mining is by way of conventional truck and shovel operation. This method and selected mining equipment are appropriate for these deposits.
In the pit, the minimum mining width is 70m; the Selective Mining Unit (SMU) has been set at 20m x 20m x 15m.
The Chalcobamba project, as part of the next phase of development at Las Bambas, is located around three kilometres from the current processing plant. In March 2022, the Peru Ministry of Energy and Mines granted regulatory approval for the development of the Chalcobamba pit and associated infrastructure.
An extension of Chalcobamba pit in the southwest sector (CBSW) is included in the reserve, after the completion of various assessments and studies, including mine planning, geological confirmation and hydrogeological, geotechnical and metallurgical studies. It also forms part of the Las Bambas permitting plan.
The development of the next phase of Las Bambas, through the Chalcobamba deposit, will meaningfully
increase production to 380,000-400,000 tonnes per annum over the medium term.
Comminution
Crushers and Mills
| Type | Model | Size | Power | Quantity |
|
Ball mill
|
|
|
|
3
|
Summary:
Las Bambas’ third ball mill was successfully commissioned during the fourth quarter of 2022.
Processing
- Crush & Screen plant
- Flotation
- Dewatering
Summary:
The metallurgical process is a conventional froth flotation concentrator and thickener to produce two separate Cu and Mo concentrates and is appropriate for the style of mineralization.
Metallurgical Copper concentration process comprises the following activities; Crushing, Grinding and Flotation, producing copper and molybdenum concentrates. Copper concentrates contain gold and silver as byproducts.
The ore is crushed and transported on a 5.5-kilometre overland conveyor to a conventional flotation plant where copper concentrate is produced, then to a molybdenum plant for further processing. Concentrate is then transported by truck and rail to the Port of Matarani in the Arequipa region, where it is shipped to customers worldwide.
Recoveries & Grades:
| Commodity | Parameter | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|
Copper
|
Recovery Rate, %
| 86.2 | 85.3 | 86.9 | 87 | 88.1 | 86.2 | 84.3 | 77.1 |
|
Copper
|
Head Grade, %
| 0.66 | 0.67 | 0.69 | 0.79 | 0.84 | 0.9 | 1.05 | 0.93 |
|
Copper
|
Concentrate Grade, %
| 34.4 | 33.8 | 33.6 | 34.8 | 38.5 | 37.9 | 38.1 | 36 |
|
Molybdenum
|
Concentrate Grade, %
| 46.5 | 48 | 47.6 | 47.5 | 47 | 48.9 | 49.2 | |
|
Molybdenum
|
Recovery Rate, %
| | | | | | 79.5 | 80.1 | |
Summary:
Las Bambas authorised use of water runoff from the Chalhuahuacho River. Water recycling and re-use within the mine eliminates negative impacts with any discharge meeting relevant Peruvian environmental standards.
Water supply is sufficient for site and processing, sourced from the following: rainfall and runoff into Chuspiri dam, groundwater wells, contact waters, recirculating water in the process plant, pump station from Challhuahuacho River off-take structure.
Production
Copper and Molybdenum numbers are reported as production. Silver and Gold numbers are reported as sales.
| Commodity | Product | Units | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|
Copper
|
Metal in concentrate
|
t
| 280,000-325,000 ^ | 302,033 | 254,836 | 290,097 | 311,020 | 382,518 | 385,299 | 453,749 | 330,227 |
|
Copper
|
Concentrate
|
kt
| | 878 | 754 | 863 | 893 | 994 | 1,018 | 1,192 | 926 |
|
Molybdenum
|
Metal in concentrate
|
t
| | 3,810 | 3,532 | 4,985 | 3,167 | 1,783 | 1,961 | 1,431 | |
|
Molybdenum
|
Concentrate
|
kt
| | 8.2 | 7.4 | 10 | 6.7 | 3.8 | 4 | 2.9 | |
|
Gold
|
Payable metal
|
oz
| | 94,925 | 62,901 | 59,673 | 72,860 | 91,439 | 107,850 | 129,724 | |
|
Silver
|
Payable metal
|
oz
| | 5,361,326 | 3,293,364 | 3,581,185 | 4,092,872 | 4,581,714 | 5,483,796 | 6,350,308 | |
Operational metrics
| Metrics | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|
Ore tonnes mined
| 46,429,483 t | 43,178,984 t | 59,878,802 t | 57,999,845 t | 51,653,616 t | 57,439,971 t | 52,873,113 t | 46,910,080 t |
|
Waste
| 122,908,814 t | 116,206,593 t | 135,003,377 t | 137,484,467 t | 128,286,976 t | 115,709,415 t | | |
|
Tonnes milled
| 52,871,670 t | 44,043,203 t | 48,476,799 t | 45,184,395 t | 51,283,371 t | 49,443,867 t | 51,497,642 t | 46,502,808 t |
Production Costs
| | Commodity | Units | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|
C1 cash costs
|
Copper
|
USD
|
1.7 / lb ^ **
|
1.6 / lb **
|
1.53 / lb **
|
1.02 / lb **
|
1 / lb **
|
0.99 / lb **
|
1.18 / lb **
|
0.99 / lb **
|
^ Guidance / Forecast.
** Net of By-Product.
Financials
| | Units | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|
Revenue
|
M USD
| 3,417 | 2,087 | 2,965 | 2,079 |
2,013
|
2,579
|
2,937
|
|
After-tax Income
|
M USD
| 301 | 189.5 | 675.6 | 187.5 |
93.6
|
|
|
|
EBIT
|
M USD
| 596.7 | 456.2 | 1,315 | 500.8 |
540.7
|
699.7
|
1,151
|
|
EBITDA
|
M USD
| 1,397 | 1,122 | 2,047 | 1,196 |
1,237
|
1,341
|
1,741
|
Heavy Mobile Equipment
| HME Type | Model | Quantity |
|
Drill
|
Atlas Copco
|
2
|
|
Drill
|
Caterpillar
|
2
|
|
Drill
|
P&H
|
4
|
|
Loader
|
LeTourneau L2350
|
|
|
Shovel
|
P&H 4100
|
2
|
|
Shovel
|
Caterpillar 7495
|
2
|
|
Shovel
|
Caterpillar 6060
|
3
|
|
Truck (haul)
|
Komatsu 930E
|
44
|
|
Truck (haul)
|
Caterpillar 797
|
6
|
Personnel
| Job Title | Name | Profile | Ref. Date |
|
Operational Readiness Manager
|
Eric Ruiz
|
|
May 15, 2024
|
|
Operations Superintendent
|
Abdon Guillen Medina
|
|
May 15, 2024
|
|
Operations Superintendent
|
Derly Sandy Vizcarra Arias
|
|
May 15, 2024
|
|
Plant Manager
|
Edgar Canta
|
|
May 15, 2024
|
|
Project Superintendent
|
Henry Rondon
|
|
May 15, 2024
|
| Employees | Contractors | Total Workforce | Year |
|
2,578
|
5,695
|
8,273
|
2023
|
|
2,623
|
4,798
|
7,421
|
2022
|
|
2,672
|
2,995
|
5,667
|
2021
|
|
2,205
|
4,164
|
6,369
|
2020
|
|
1,792
|
3,999
|
5,791
|
2019
|
|
1,900
|
6,800
|
8,700
|
2018
|
|
1,726
|
6,568
|
8,294
|
2017
|
|
|
|
9,134
|
2016
|