Acquisition Date

2022 / May / 02

Terms

1.66% Ag @ 2.5% spot; 0.55% NPI

Operator

Compañia Minera Antamina SA

Antamina is an open-pit copper mine located in the Andes mountain range of Peru, 270 km north of Lima. Based on 2022 estimated production of top global copper mines, it is the world’s third-largest copper mine on a copper equivalent (CuEq) basis, producing approximately 560,000 CuEq tonnes per annum. Antamina has been in consistent production since 2001, including a throughput expansion completed in 2012 to the mine’s current operating capacity of 145,000 tonnes per day.

In addition to copper, Antamina is also a significant zinc and silver producer. The mine is operated by Compania Minera Antamina S.A., a top-tier operator jointly owned by major stakeholders Glencore plc (33.75%), BHP Biliton plc (33.75%), Teck Resources Limited (22.5%), and Mitsubishi Corporation (10%).

Antamina contains Resources that support a multi-decade mine life producing high-grade copper. The mine’s Measured & Indicated Minerals Resources, inclusive of Reserves, total 925 Mt at 0.87% copper, 0.69% zinc, and 11 g/t silver. Mineral Reserves total 336 Mt at 0.94% copper, 0.81% zinc and 10 g/t silver, which are constrained by current tailings capacity. Reserves will be expanded once additional tailings capacity is confirmed. Both Mineral Reserves and Resources are effective as of December 31, 2021 (cut-off grade unavailable). Sandstorm expects that significant resource conversion is likely as Antamina completes its studies on additional tailings capacity. Several Pre-Feasibility level tailings studies are underway focused on potential long-term solutions.

Agreement terms are subject to the closing of the Transactions as defined in the Company's press release dated May 2, 2022.

See press release for more details.

Antamina

 

Antamina Royalty Map