Goiás State, Brazil
Copper Stream Agreement (Rate & Structure)
- Base Rate: 3.7% of payable copper production from the Chapada mine
- Expansion Incentive Rate: Rate decreases to 2.65% in the event of a Chapada mine expansion
- Rate reduces to 1.5% for remaining life of mine after 75 million pounds delivered
|2021 Annual Stream Revenue||C$19.2 million|
|Annual Production Capacity||24.0 million tonnes per annum ore|
|Estimated Mine Life Remaining||32 years (see Technical Report Oct 2019)|
The Chapada mine, located in the Brazilian state of Goias, is a copper‐gold mine that began production in 2007. Previously owned and operated by Yamana Gold, the project was sold to Lundin Mining in July 2019. In 2021, Chapada produced 52,019 tonnes of copper, while Lundin Mining has updated its guidance in 2022 (Q1 2022) and now expects to produce 45,000 - 50,000 tonnes copper. In February 2022, Lundin reported a new high-grade discovery 15 kilometres to the north of the mining area on lands that are subject to our stream. Lundin Mining has undertaken studies for optimization and expansion at the mine, which are ongoing.
Lawrence Winter, P.Geo., Vice President Exploration, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein.