Tucumã Operation
The Tucumã Operation includes open pit mining and milling operations, and is located within the prolific Carajás Mineral Province of southeastern Pará State, Brazil. Construction of the Tucumã Operation was completed in the second quarter of 2024, and first saleable copper concentrate was produced in July 2024. Designed to treat 4.0 million tonnes of ore annually, the Tucumã mill uses a conventional three-stage crushing circuit and ball mill comminution process, followed by flotation.
Primary Commodity:
CopperMine Types:
Open Pit2024 Production:
5,156 tonnes of copper in concentrate2025 Production Guidance:
37,500 - 42,500 tonnes of copper in concentrate2025 C1 Cash Costs Guidance:
$1.05 - $1.25 per pound of copper producedOre Classification Ore (000 tonnes) Grade (%Cu) Contained Copper (000 tonnes) Mineral Reserves Proven 30,674 0.89% 273.2 Probable 12,378 0.67% 83.3 Total Proven & Probable 43,052 0.83% 356.6 Mineral Resources (Pit Constrained) Measured (High-Grade) 7,117 2.16% 153.6 Indicated (High-Grade) 1,661 2.27% 37.6 Measured & Indicated (High-Grade) 8,778 2.18% 191.3 Measured (Low-Grade) 25,476 0.60% 152.0 Indicated (Low-Grade) 13,434 0.51% 68.4 Measured & Indicated (Low-Grade) 38,909 0.57% 220.4 Total Measured & Indicated 47,687 0.86% 411.7 Inferred Resources Inferred (Pit Constrained, High-Grade) 40 2.69% 1.1 Inferred (Pit Constrained, Low-Grade) 514 0.49% 2.5 Inferred (Pit Constrained) 555 0.65% 3.6 Inferred (Unconstrained High-Grade Outside Pit Limits) 1,354 2.24% 30.4 Inferred (Unconstrained Low-Grade Outside Pit Limits) 9,681 0.60% 58.2 Inferred (Unconstrained Mineralization Outside Pit Limits) 11,035 0.80% 88.6 Total Inferred 11,590 0.80% 92.2 Mineral Reserves Notes:
- Effective Date of August 31, 2021.
- Mineral reserves included within stated mineral resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. High-grade and low-grade mineral resources defined as greater than or equal to 1.00% copper and less than 1.00% copper, respectively.
- A 3D geologic model was developed for the Tucumã Operation. Geologically constrained copper grade shells are developed using a copper cut-off grade of 0.20% and 0.51% for pit constrained and unconstrained mineral resources, respectively, to generate a 3D mineralization model of the Tucumã Operation. Within grade shells, mineral resources are estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Open pit constrained, unconstrained and marginal cut-off grades are based upon a copper price of US$6,400 per tonne with cost parameters appropriate to the deposit. The mineral resource estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
- Mineral reserve estimates are prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves are based on a long-term copper price of US$6,613 per tonne; concentrate grade of 27% copper; average metallurgical recoveries of 91.3%; copper concentrate logistics costs of US$108.20 per wet metric tonne ("wmt"); transport losses of 0.2%; copper concentrate treatment charges of US$59.50 per dry metric tonne ("dmt"), refining charges of U$0.0595 per pound of copper; copper payability of 96.3%; average mining cost of US$2.47 per tonne mined; processing cost of US$7.74 per tonne processed and G&A costs of US$3.83 per tonne processed; average pit slope angles that range from 30º for saprolite to 50º for fresh rock and a 2% CFEM government royalty.
- Mineral reserves were classified according to the CIM Standards and the CIM Guidelines by Mr. Carlos Guzman, RM CMC (0119) and FAusIMM (229036), an employee of NCL Ingeniería y Construcción SpA and an independent qualified person as such term is defined under NI 43-101. Please refer to the “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update” for additional technical information.
Mineral Resources Notes:
- Effective Date of August 31, 2021.
- Presented Mineral Resources inclusive of Mineral Reserves. Summed amounts may not add due to rounding. High-grade and low-grade mineral resources defined as greater than or equal to 1.00% copper and less than 1.00% copper, respectively.
- A 3D geologic model was developed for the Tucumã Operation. Geologically constrained grade shells were developed using various copper cut-off grades to generate a 3D mineralization model of the Project. Within the grade shells, mineral resources were estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Within the optimized resource open pit limits, a cut-off grade of 0.20% copper was applied based upon a copper price of US$6,400 per tonne, net smelter return ("NSR") of 94.53%, average metallurgical recoveries of 90.7%, mining recovery of 95.0%, dilution of 5.0%, mining costs of US$3.10 per tonne mined run of mine ("ROM"), processing and transportation costs of US$5.65 per tonne ROM, and G&A costs of US$2.66 per tonne ROM. Unconstrained inferred mineral resources have been stated at a cut-off grade of 0.51% copper with a marginal cut-off grade of 0.32% copper based upon a copper price of US$6,400 per tonne, NSR of 94.53%, mining recovery of 100%, average metallurgical recoveries of 90.7%, mining costs of US$14.71 per tonne ROM, processing and transportation costs of US$5.70 per tonne ROM, and G&A costs of US$2.60 per tonne ROM.
- Block model tonnage and grade estimates for the Project were classified according to the CIM Standards and the CIM Guidelines by Mr. Emerson Ricardo Re, RM CMC (0138) and MAusIMM (CP) (305892), an employee of the Company on the date of the report (now of HCM Consultoria Geologica Eireli) and a qualified person as such term is defined under NI 43-101. Please refer to the “Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update” for additional technical information.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
- November 12, 2021