Acquisition:
2013 / 10 / 04
2022 / 08/ 15
Agreement:
Royalty,
Production Payment
Terms:
1.0%-3.0% NSR on oxides, 2.0% applies after 396koz have been produced since Oct 25, 2018 (expected in 2025), capped at $50M in royalty payments
2.5% NSR on the deep carbonates project
$30M commercial production payment for DCP
The Gualcamayo mine is an open pit and underground mine and heap leach operation that reached commercial production in 2009. The current process facility at Gualcamayo is designed to treat 24,000 tpd and includes a primary, secondary and tertiary crushing circuit. Gold recovery of approximately 60% is achieved with heap leaching and activated carbon in an ADR plant where gold doré is produced and sent to a refinery.
In 2024, Minas Argentinas SA (the operator of Gualcamayo) submitted a $1 billion investment plan to Argentina’s Incentive Regime for Major Investment. The investment plan includes the development of the Gualcamayo Deep Carbonates Project (DCP). A Feasibility Study and engineering studies are underway on the DCP and are expected to be completed in 2025. The plan includes the construction of a new underground mine, a milling system, and a floatation plant with a processing capacity of 3,500–4,500 tonnes per day. The DCP is expected to yield approximately 120,000 ounces of gold annually for at least 17 years.
As of December 31, 2022 Measured & Indicated Mineral Resources, exclusive of Mineral Reserves, for Gualcamayo DCP are estimated to total 19.8 Mt at a grade of 3.3 g/t gold for 2.1 Moz gold. In addition, Inferred Mineral Resources were estimated at 3.5 Mt at a grade of 3.4 g/t gold for 376,000 oz of gold based on cut-off grades of 1.5–2.0 g/t gold.
Recent Activity
November 2024
Gualcamayo has submitted a US$1 billion investment plan under Argentina’s Large Investment Incentives Program (RIGI). The operator of the Gualcamayo Mine has become the first company based in San Juan to formally join this program. In 2025, a Feasibility Study and engineering designs are anticipated to advance development of the DCP along with investment of US$52 million in exploration over the next five years with a goal of increasing the Resources and Reserves at the DCP.
