Canadian Mining Journal

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COPPER-GOLD: Goldcorp, Yamana, Glencore to pool assets in Argentina



The grinding line at the Alumbrera concentrator. (Image: Minera Alumbrera)

ARGENTINA – Vancouver’s Goldcorp, Toronto’s Yamana Gold and Glencore International of Switzerland have struck a deal to develop and operate the Agua Rica copper project using the infrastructure of Minera Alumbrera in the Catamarca province. The partners expect to realize “significant” synergies.

The Agua Rica deposit has proven and probable resources of 908,926 tonnes grading 0.39% copper, 0.039% molybdenum, 0.22 g/t gold and 3.5 g/t silver. The reserves contain almost 9.8 billion lb. of copper and 6.5 million oz. of gold. The measured and indicated resource is 201.0 million tonnes at 0.39% copper, 0.39% molybdenum, 0.14 g/t gold and 2.8 g/t silver. There are also inferred resources of 642.1 million tonnes at 0.34% copper, 0.034% molybdenum, 0.12 g/t gold and 2.3 g/t silver.

Minera Alumbrera is a joint venture of the three companies, and when the Agua Rica and Alumbrera projects are integrated, ownership will be 56.25% Yamana, 25.00% Glencore, and 18.75% Goldcorp. The property has been in production since 1997 and consists of an underground mine and concentrator. Annual production averages 321,000 tonnes of concentrate containing about 100,000 tonnes of copper and 300,000 oz. of gold.

The website at www.Alumbrera.com.ar contains more information.