Since our acquisition, we have invested and secured over US$1.2 billion to transform both Mantos Blancos and Mantoverde from being high-cost, short-life operations to low-cost, long-life operations. We are achieving this transformation by:
- Executing cost and operational improvements;
- Expanding our mineral reserve and resource base through exploration;
- Growing our copper business responsibly: Following several years of project studies and permitting, we are executing on our low-risk, high-return brownfield expansion projects — the Mantoverde Development Project (“MV Development Project”) and the Mantos Blancos Concentrator Debottlenecking Project (“MB Debottlenecking Project”) — that are currently under construction and are expected to be completed by the end of 2024 and 2021, respectively. We expect that the development of these projects will position our portfolio to produce approximately 178 thousand tonnes of copper per year by 2024 collectively from our two mines at an all-in sustaining cost (“AISC”) of US$1.72 per payable pound, which is in the second quartile of the global copper cost curve. We expect that these projects will increase the mine life at Mantoverde from 9 years to 21 years (to 2042), and at Mantos Blancos from 3 years to 16 years (to 2037);
- Employing an efficient and competitive approach to capital allocation.