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 (2009)
- Operated at 2.16 million tonnes per year
- Recovery rate approximately 90%
- Concentrate produced 2009 95,339 dry metric tonnes
- Concentrate grade 25% copper
- Head grade 1.21% copper
- Ongoing Capex (2010) US$4.7 million
- Operating costs for 2009 (C1 + C3) US$0.90 and US$1.24
- 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
- Reagent permit for new Cu/Pb separation received in February 2010
- Significant development upside in the copper stockworks
- Excellent infrastructure
- Double digit reserve life, with excellent growth potential