Capstone begins commercial production of sulfides at Chile's Mantoverde
Canada’s Capstone Copper started commercial production at the US$870mn Mantoverde development project (MVDP) in Chile and remains committed to expansion plans for the copper operation in Atacama region.
MVDP is currently in the process of being commissioned after having started operations in September. The project consists of incorporating sulfides to produce copper concentrates while maintaining its production line of oxide ores.
With the start of operations of the project, Capstone achieved an increase in its total copper production during Q3, including Mantos Blancos in Chile, of 18% year-on-year to 47,460t with Mantoverde contributing 8,139t in sulfides and 9,342t of cathodes.
Mantoverde's output was “up 104% compared to 8,600t in 3Q23,” Capstone said in its latest operational report.
The Mantoverde expansion included a concentrator with capacity of 32,000t/d, a new tailings storage facility and the expansion of a desalination plant, plus minor infrastructure works in which the engineering company Ausenco collaborated.
While Capstone hopes to continue improving the performance of its sulfide plant, as well as metallurgical recoveries, in the final months of the year it is preparing for a new stage in MVDP through Mantoverde Optimized, whose feasibility study was recently presented.
The new US$146mn project will expand throughput of the concentrator from 32,000t/d to 45,000t/d to produce an additional 20,000t/y of copper and extend the mine life from 21 to 25 years.
With Mantoverde Optimized, average annual production is expected during the first five years to be 135,000t of copper and 37,000oz of gold.
Construction is expected to begin in the first half of 2025 following environmental permit approval, and according to studies the project has an after-tax NPV, discounted at 8%, of US$2.9bn based on a copper price of US$4.10/lb and a gold price of $1,800/oz.
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