Candelaria mine

Last updated
Candelaria mine
Location
Chile location map.svg
Schlaegel und Eisen nach DIN 21800.svg
Candelaria mine
LocationTierra Amarilla, Atacama
Region Atacama Region
Country Chile
Coordinates 27°27′53″S70°16′31″W / 27.4646°S 70.2752°W / -27.4646; -70.2752
Production
Products Copper, gold, silver
as concentrate
Production151,719 tonnes copper
91,000 ounces gold
Financial year2021
History
Discovered1987 (Phelps Dodge)
Opened1995
Owner
Company Lundin Mining (80%)
Sumitomo Group (20%)

The Candelaria mine is a large open pit and underground copper-gold mine located in northern Chile in the Atacama Region. Candelaria has Proven and Probable Reserves of 676 million tonnes of ore grading 0.53% copper, 0.13 g/t gold, and 1.79 g/t silver; containing 3.58 million tonnes of copper, 3.0 million oz of gold and 39 million oz of silver. [1] The mine project incorporates a reverse osmosis plant at the port of Caldera, commissioned in 2013, with a capacity to produce 500 litres per second of desalinated industrial water, piping it 115 km from the Pacific Ocean to the minesite. [2] [3]

The project was operated since discovery in 1987 by Phelps Dodge Corporation, which was taken over by Freeport-McMoRan in 2007. Lundin Mining bought out Freeport's 80% stake in 2014. [4] [5]

Related Research Articles

Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia.

<span class="mw-page-title-main">Codelco</span> Chilean copper company

The National Copper Corporation of Chile, abbreviated as Codelco, is a Chilean state-owned copper mining company. It was formed in 1976 from foreign-owned copper companies that were nationalised in 1971.

<span class="mw-page-title-main">Grasberg mine</span> Mine located in Papua in Indonesia

The Grasberg mine has one of the largest reserves of gold and copper in the world. It is located in Mimika Regency, Central Papua, Indonesia near Puncak Jaya. It is operated by PT Freeport Indonesia, a joint venture among the government of Indonesia, government of Papua, and American company Freeport-McMoRan (FCX).

Boliden AB is a Swedish multinational metals, mining, and smelting company headquartered in Stockholm. The company produces zinc, copper, lead, nickel, silver, and gold, with operations in Sweden, Finland, Norway, and Ireland.

Hudbay Minerals Inc. is a diversified Canadian mining company primarily producing copper concentrate and zinc metal. Much of its history has centered on Flin Flon, Manitoba, where it has mined for over 90 years. Hudbay currently has operations in Manitoba and Peru, and is working towards building a copper mine in southern Arizona. The company also has exploration properties in Canada, Peru, Chile and the United States.

Yamana Gold Inc. is a Canadian company that owns and operates gold, silver and copper mines in Canada, Chile, Brazil and Argentina. Headquartered in Toronto, the company was founded in 1994 and became listed on the Toronto Stock Exchange in 1995, the New York Stock Exchange in 2007, and the London Stock Exchange in 2020. The company became a gold producer after its 2003 re-restructuring in which Peter Marrone took over as chief executive officer and it merged with Brazilian company Santa Elina Mines Corporation. The combined company was able to use Yamana's access to capital with Santa Elina development properties to bring the Chapada mine into production. From there the company combined with other TSX-listed companies RNC Gold, Desert Sun Mining, Viceroy Exploration, Northern Orion Resources, Meridian Gold, Osisko Mining and Extorre Gold Mines which each contributed either a producing mine or a development project that was able to come into commercial production. The company was acquired by Pan American Silver in March 2023.

<span class="mw-page-title-main">Matachewan</span> Township in Ontario, Canada

Matachewan is a township in Timiskaming, Northeastern Ontario, Canada, located at the end of Ontario Highway 66 along the Montreal River. The name is derived from the Cree word for "meeting of the currents".

Lundin Mining Corporation is a Canadian company that owns and operates mines in Sweden, United States, Chile, Portugal and Brazil that produce base metals such as copper, zinc, and nickel. Headquartered in Toronto, the company was founded by Adolf Lundin and operated by Lukas Lundin. While it was incorporated to pursue an interest in a diamond mine in Brazil, the company re-structured and raised funds to develop the Storliden mine in Sweden. It purchased the Swedish Zinkgruvan Mine from Rio Tinto and then merged with Arcon International Resources for its Galmoy Mine in Ireland and with Eurozinc for its Neves-Corvo mine in Portugal. The company subsequently purchased and operated the Eagle mine, Candelaria mine, and Chapada mine.

Tenke Fungurume Mining SA (TFM) is one of the largest copper and cobalt producers in the Democratic Republic of Congo (DRC). Construction on the site began in the latter part of 2006, and in 2009, TFM produced its first copper. The mine has since become a vital source of income for local communities and the country by way of royalties and taxes, as well as the largest employer in the region.

Coeur Mining, Inc. is a precious metals mining company listed on the New York Stock exchange. It operates five mines located in North America. Coeur employs 2,200 people and in 2012 it was the world's 9th largest silver producer. In 2013 the company changed its name to Coeur Mining, Inc. from Coeur d'Alene Mines and moved its head office to Chicago, Illinois from Coeur d'Alene, Idaho.

The Telfer Mine is a gold, copper and silver mine located at Telfer on the land of the Martu people, in the Great Sandy Desert of Western Australia. It is owned by Newmont, having acquired the previous owner, Newcrest Mining, formerly the largest gold producer listed on the Australian Securities Exchange, in November 2023.

There are different methods by which gold mining companies are ranked. One is by their annual production. Another is by their cash cost per ounce, that is, how much money it costs them to mine the gold. Since gold prices are the same everywhere, companies with lower costs per ounce make more profit. The most common method lists by market capitalization which considers the total value of capital holdings by that company. Also considered when comparing companies is their market capitalization per ounce of gold equivalent which takes the market value and total reserves and resources for each company as well as the price of gold into consideration. The figures for each company can be used to determine the value the stock market gives to each company's reserves on an ounce to ounce basis.

Franco-Nevada Corporation is a Toronto, Ontario, Canada-based, gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets. It is traded on the Toronto Stock Exchange and New York Stock Exchange.

Equinox Minerals is a mining and exploration company with corporate offices in Perth, Australia and Toronto, Ontario, Canada. It has operations in Peru and Australia. In Zambia it owned the Lumwana Mining Company, but that was bought by Barrick Gold in 2011. Through Liontown Resources Limited and Alturas Minerals Corp., the company has gold and copper-gold exploration interests in Peru and Australia. The Lumwana project which had enough reserves to be productive for 37 years, cost the company one billion dollars to develop. In Zambia it has been credited with supporting social development through projects which aim to build schools, attract professionals to areas around its mine sites. 2010 copper production was 323.4 million pounds 68% higher than in 2009.

Wheaton Precious Metals Corp. is a Canadian multinational precious metals streaming company. It produces over 26 million ounces and sells over 29 million ounces of silver mined by other companies as a by-product of their main operations.

New Gold Inc. is a Canadian mining company that owns and operates the New Afton gold-silver-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario, Canada. Through a Mexican subsidiary company, they also own the Cerro San Pedro gold-silver mine in San Luis Potosí, Mexico, which ceased operation in 2017. While New Gold was founded in 1980 for the purposes of mineral exploration, the company became a mine operator with its merger of Peak Gold and Metallica Resources in 2008. A fourth company, Western Goldfields, joined in 2009. Together they operated the Peak mine in Australia and Mesquite Mine in California but sold both in 2018. Headquartered in Toronto, shares of the company are traded on the Toronto Stock Exchange and NYSE American.

Gold Springs Resource Corp is a Canadian company that is pursuing the development of the Gold Springs gold-silver mine on the border of Utah and Nevada in the United States. Headquartered in Vancouver, the company is listed on the Toronto Stock Exchange in Canada and the OTCQX market exchange in the US. The company was founded in 2006 as the South American Silver Corporation, an equity carve-out of the General Minerals Corporation, to pursue exploration and development of the Malku Khota and Laurani mineral properties in Bolivia and the Escalones property in Chile. Following the nationalization of the Malku Khota property by the Government of Bolivia and the company's merger with the High Desert Gold Corporation for its Gold Springs project, the combined company renamed itself TriMetals Mining Inc in 2014. The company again renamed itself, this time to "Gold Springs Resource Corp", in 2019 after that project emerged as its principal asset.

<span class="mw-page-title-main">Escondida</span>

Escondida is a copper mine at 3,100 metres (10,200 ft) elevation in the Atacama Desert in Antofagasta Region, Chile.

The El Morro mine is one of the largest gold mines in Chile and in the world. The mine is located in the north of the country in the Atacama Region. The mine has estimated reserves of 6.7 million oz of gold. The mine also holds reserves amounting to 449.5 million tonnes of ore grading 0.49% copper.

Lukas Henrik Lundin was a Swedish-Canadian businessman, based in Geneva, Switzerland. He was the chairman of Lundin Mining, Denison Mines, Lucara Diamond, NGEx Resources Inc, Lundin Gold Inc, the Lundin Foundation, and Vostok Gas. He was also the owner of a $100 million superyacht, Savannah.

References

  1. "Prospectus" (PDF). Toronto, Ontario: Lundin Mining Corporation. 24 March 2022. p. 70. Retrieved 3 August 2022.
  2. "Seawater Reverse Osmosis Services". Digiscend.com. 2014. Retrieved 2014-08-19.
  3. "Candelaria Mining Complex Site Visit" (PDF). Toronto, Ontario: Lundin Mining Corporation. 12 September 2018. p. 5. Retrieved 3 August 2022.
  4. "Prospectus" (PDF). Toronto, Ontario: Lundin Mining Corporation. 24 March 2022. p. 75. Retrieved 3 August 2022.
  5. "Lundin buys stake in Chilean mine for $1.8B US - CBC". CBC. 2014-10-07. Retrieved 2022-07-22.