Mantos Blancos / Copper

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The copper concentrate produced at Mantos Blancos is very high quality, with low levels of impurities, and should remain in high demand by consumers.






Capstone Copper



Royalty rate and type
1.525% NSR

Balance sheet classification
Royalty intangible

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. There is widely expected to be a supply deficit in copper from later this decade and it is management’s belief that this will create upwards pressure on copper prices.

The Mantos Blancos mine is located in the north of Chile, in the Antofagasta Province, in the Antofagasta Region. The mine is 45km north-east of the city of Antofagasta. 
Due to a depletion of oxide ore reserves and in order to maintain copper production Mantos Blancos is expanding the sulphide ore treatment capacity from 4.2Mt per year to 7.3Mt per year. The two metallurgical processes in operation at Mantos Blancos are: 

  • Flotation plant (concentrator) for sulphide ore with insoluble copper grade (‘ICu’) greater than 0.22% 
  • Dump leach process for oxides with soluble copper grade (‘SCu’) greater than 0.10% 

The open-pit operation includes one large open pit (Santa Barbara) that provides most of the sulphide material for the concentrator and oxide material for dump leaching. 

Other sources of material are: 

  • Flotation: Sulphide stockpile (Cancha 90) 
  • Dump leach: Oxide stockpile (Mercedes stockpile)

Mantos Blancos generated $6.1m of revenue for the Group in 2023, up 2% on 2022 ($6.0m). Total payable copper volumes increased to 49.3Kt (2022: 48.8Kt) and the underlying copper price in the year averaged $8,492/tonne (2022: $8,724/tonne).

Capstone Copper’s production guidance for 2024 is between 49Kt and 57Kt of copper metal from Mantos Blancos. H1 is expected to be lower than H2 as the operator intends to install the equipment necessary to remove bottlenecks in the processing circuit. Once this issue is resolved, Capstone expects the mine to operate at nameplate throughput rates of 7.3mtpa of sulphide ore milled. Capstone Copper is also studying the option to undertake the Mantos Blancos Phase II expansion which would take the concentrators throughput from 7.3mtpa to at least 10mtpa. A Feasibility Study is expected to be published in 2025.

Key facts


Mantos Blancos generated $6.1m of revenue in 2023, with average copper prices of $8,492/lb.


Mantos Blancos Phase II project has the potential to increase the throughput of the sulphide concentrator plant from 7.3 Mtpa to 10 Mtpa

Copper Mark

In 2023 Mantos Blancos was awarded the Copper Mark. The Copper Mark Assurance Framework promotes the responsible production of copper