66,000 tonnes a year today. 130,000 by 2029 — funded from the mine we already own.
Every projection of the next decade has the world wanting more copper than the world's mines can deliver. A shortfall on that scale isn't closed by building. It's closed by whoever is already producing.
Twelve years in continuous production at Rio Cordia. Every figure below is audited history — not guidance, not a projection.
One open pit and one concentrator in the Arequipa region of southern Peru. Wholly owned, on grid power, 118 km by sealed road to the port at Matarani. The mill has run above nameplate for six consecutive years.
Plenty of mines produce copper for less than we do. What matters at the wrong end of the cycle is surviving a low price — and a great deal of the world's copper costs more to produce than ours.
Production has grown every year but one since 2019. The expansion doesn't start a new story — it continues one the mine has already been telling.
Over the next four years the pit is expected to generate about $1.15 billion in cash. Building the second mill line costs $900 million of it. The expansion fits inside what the mine already earns.
A second mill line beside the first, not a new mine. The existing plant keeps running throughout, apart from an eleven-day tie-in.
Nothing below assumes a higher copper price, a better grade, or a re-rating by the market. It is the same business, at the same metal price, running twice as much ore.
A brownfield expansion is an execution problem, not a geological one. Four of the people running this have commissioned a concentrator in the Andes already.
66,000 tonnes of copper a year today, 130,000 by 2029, built out of cash the pit is already generating — and not one new share issued to do it.
The illustrative production, cost and cash-flow figures beyond 2025 in this document would, in a real report, constitute forward-looking information subject to risks including metal prices, permitting, execution, operating costs, and political and community conditions in the jurisdictions concerned.
Actual results in a real company routinely differ, and often materially, from any such projection.
C1 cash cost, AISC and EBITDA are non-IFRS measures with no standardised meaning. A real report would reconcile each to its nearest IFRS measure and name a qualified person for any technical disclosure.
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