Mantos Blancos, Chile / Copper
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Mantos Blancos is an open-pit copper mine located in the Antofagasta region of Chile and operated by Capstone Copper.
Producing
Copper
Capstone Copper
Chile
Royalty rate and type
1.525% NSR
Balance sheet classification
Royalty intangible
Key facts
$5.8m
Mantos Blancos generated $5.8m of revenue in 2024
50%
Potential production increase from tailings reprocessing opportunity
The Group acquired a 1.525% net smelter return royalty over the Mantos Blancos copper mine in Chile for $50.3m in 2019. The Mantos Blancos mine is an open-pit operation located in Chile, producing copper with silver by-products. The NSR entitlement applies exclusively to copper production at the mine.
The operation is owned by Capstone Copper, following the merger between Mantos Copper and Capstone Mining Corp in 2022.
Mantos Blancos is a long-life copper mine with upside potential in a recognised mining jurisdiction. Capstone Copper is a highly regarded operator with a wealth of in-country experience. Copper supply-demand fundamentals are widely expected to be attractive and it is management’s belief that this will create upwards pressure on copper prices.
- 2024 portfolio contribution of $5.8m (2023: $6.1m).
- Successful completion of concentrator de-bottlenecking project in Q3 2024 achieved concentrator throughput rates > 20ktpd.
- Increased volumes post completion of de-bottlenecking project resulted in record quarterly portfolio contributions in Q4 2024 ($1.7m) and Q1 and Q2 2025 ($1.8m and $2.0m respectively)
- FY 25 production guidance from Capstone of 49-59kt (2024: 45kt), weighted towards H2 given maintenance planned in Q1.
- Capstone is evaluating a tailings reprocessing opportunity that could increase copper production by c. 25ktpa for 15 years with no additional mining or crushing costs.
- Capstone targeting completion of a Phase II Expansion Feasibility Study in 2026.