Peru
Iberian holds 98.7% of Compania Minera Condestable S.A., which owns and operates the Condestable Mine. Located 90km from Lima, the Condestable Mine has excellent infrastructure and operates in a steady state, with stable mining and processing costs.
A previously operating mine, Iberian has expanded and upgraded Condestable's underground operations along with the concentrator to achieve a throughput rate of 2.2 million tonnes per year. Condestable produces copper concentrates that also contain silver and gold.
Highlights (2008)
- Operated at 2.2 million tonnes per year
- Recovery rate approximately 91%
- Concentrate produced 2008 102,824 dry metric tonnes
- Concentrate grade 26% copper
- Head grade 1.24% copper
- Ongoing Capex (2009) US$4.7 million
- ROM stockpile 18,000 tonnes
- Average production cost US $1.05/lb copper (C3)
- ISO 14001 and OHSAS 18001 certified
Spain
The 100% owned Aguas Tenidas Mine is located in the Iberian Pyrite Belt in Spain. Iberian recently constructed a new two-circuit concentrator, while redeveloping the underground mine, which originally operated in the 1990's. Commercial production was declared in Q4 2009, with Aguas Tenidas processing approximately 1.7 million tonnes of ore per year, producing copper, zinc and lead concentrates that also contain silver and gold. A proposed expansion to the process plant is expected to be complete in 2010 and will increase throughput to 2.2 million tonnes of ore per year.
Highlights
- Start up of copper circuit December 2008
- First copper concentrate loaded and shipped in February 2009
- Commercial Production Declared Q4 2009
- Significant development upside in the copper stockworks
- Excellent infrastructure
- Double digit reserve life, with excellent growth potential