Caserones

Location
Tierra Amarilla, Atacama, Chile

Operator
Lumina Copper (Lundin Mining / JX Metals)

Commodity
Copper-Molybdenum

Royalty
Effective 0.8306% NSR

The Caserones open pit mine is developed upon a significant porphyry copper-molybdenum deposit in the Atacama Region of the northern Chilean Andean Cordillera, 162 kilometers southeast of the city of Copiapó, at an approximate elevation of 4,300 meters above sea level. The mine has been in operation since 2014 and is owned and operated by SCM Minera Lumina Copper Chile SpA. Lundin Mining acquired 70% stake in SCM Minera Lumina Copper Chile SpA, the remaining 30% is held by JX Nippon Mining & Metals Corporation.

Caserones is located at the southern end of the well documented Maricunga mineral belt and comprises an Early-Miocene porphyry system associated with a cluster of dacite porphyries and breccias intruding Palaeozoic granitic, volcanic, and metamorphic rocks. Caserones has a well-developed supergene enrichment profile of oxide copper and secondary chalcocite that overlies hypogene sulfide (chalcopyrite-molybdenite) mineralization.

Caserones produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathodes from a dump leach, solvent extraction and electrowinning plant. In 2023 the mine produced 118,252 tons of fine copper in concentrate, 4,642 tons of fine molybdenum in concentrate, and 18,883 tons of fine copper in cathodes. The Caserones open pit has operated with an average waste:ore strip ratio of 0.56, along with excellent exploration potential. 

Lundin Mining believes significant exploration potential exists within the over 58,500 hectares of their Caserones land package in the highly prospective Vicuña District.

Lundin Mining has filed a technical report in July 2023 titled “NI 43-101 Technical Report on the Caserones Mining Operation Caserones Project Atacama Region, Chile” (Effective Date: 31 Dec 2022, Report Date: 13 July 2023). Subsequent to December 31, 2024, the mineral resources and reserves were updated to year-end 2024 by Lundin as given below (see Lundin February Release and Lundin AIF for the Year Ended 2024):

Mineral Resource Statement, Effective December 31, 2024

Notes:

1. Totals may not sum correctly due to rounding.
2. Resource metal price assumption of $4.43/lb copper.
3. Open pit mineral resources are reported within a conceptual pit shell.
4. Open pit cut-off grades of 0.13% Cu for the concentrator and 0.08% Cu for the dump leach.
5. Mineral resources are inclusive of mineral reserves

Mineral Reserve Statement, Effective December 31, 2024

Notes:

1. Totals may not sum correctly due to rounding.
2. Reserve metal price assumption of $3.85/lb copper.
3. Mineral Reserves are estimated using open pit discard NSR cut-off values of: a. $11.08/t for ore processed via concentrating and b. $2.98/t for ore delivered to the heap leach and SX/EW processing.

Also see EMX Company news releases dated August 17, 2021; September 3, 2021; September 14, 2021;  April 14, 2022; and June 9, 2022 for more information.

Note: Caserones is considered by EMX to be a material property. 

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