CMC belongs to Nippon Mining
Group
UNDERGROUND MINING COPPER PRODUCER Southern Peaks Mining (SPM) is advised by Global Natural Resource Investments (GNRI). GNRI works with management teams to invest in niche areas within the global natural resources space, particularly in renewables, oil & gas, mining & energy.
| LOCATION | Cañete, Lima, PERU |
| USUFRUCT AREA | 45,868 ha |
| TYPE OF DEPOSIT | IOCG |
| CASH COST C1 AVERAGE 3 YEARS |
US$ 2.25 / lbs |
| TYPE OF MINE | Underground |
| KEY COMMODITIES | Cu [Au / Ag] |
| PLANT CAPACITY | 8,400 tpd |
| OWNERSHIP | 99.1% |
| LOCATION | Cañete, Lima, PERU |
| USUFRUCT AREA | 45,868 ha |
| TYPE OF DEPOSIT | IOCG |
| CASH COST C1 AVERAGE 3 YEARS |
US$ 2.25 / lbs |
| TYPE OF MINE | Underground |
| KEY COMMODITIES | Cu [Au / Ag] |
| PLANT CAPACITY | 8,400 tpd |
| OWNERSHIP | 99.1% |
Compañía Minera Condestable (CMC) is a leading underground copper producer with a strong track record in Peru. We operate an iron oxide-copper-gold deposit (IOCG) with two contiguous mines, Condestable and Raul, strategically located in the province of Cañete, only 3 km from the Pan-American Highway and approximately 100 km from the port of Callao. Our land package covers more than 45 thousand hectares.
Our current operation has a processing capacity of 8,400 tons per day (tpd), producing annually about 23,000 tons of copper equivalent in concentrate, with gold and silver by-products. A NI 43-101 Feasibility Study supports a planned expansion to 10,000 tpd, with the environmental permit for the expanded capacity expected in 1H2026. A strong track record of reserves and resources replacement and growth will sustain future growth.
Commitment to Sustainability and Innovation
At CMC, sustainability is a fundamental pillar. We are the first medium mining and underground mining operation in the world to obtain The Copper Mark certification, which guarantees sustainable copper production. In addition, we stand out for being the first operation to obtain a renewable energy certificate by using 100% renewable energy in our activities.
A Legacy of Growth and Transformation
With a history dating back to the 1960s, CMC has experienced continuous growth and transformation. After going through government ownership and a privatization in 1992, Trafigura acquired a stake in 1997, significantly expanding the plant's capacity from 1,500 tpd to 7,000 tpd and integrating the Raul mine. In 2013, Southern Peaks Mining (SPM) acquired CMC and continued the expansion, bringing the plant to its current capacity of 8,400 tpd in 2021.
Leading Electromobility in Underground Mining
At Compañía Minera Condestable, we are at the forefront of innovation and sustainable mining. We focus on implementing advanced technologies and best practices to minimize our environmental impact and optimize our operations.
We are pioneers in Peru as the first underground mine to have a fleet of electric vehicles. We have incorporated an electric Telehandler, a 35-ton BYD electric truck, a Volvo electric front loader, and JMC and Voltera electric trucks. The electric truck and trucks operate inside the mine. This initiative is part of our ambitious energy transition program, which seeks to reduce our carbon footprint and optimize energy use.
Advanced Tailings Management
We are committed to the responsible management of our tailings, adapting to the Global Tailings Management Standard (GISTM). We are currently implementing a tailings filtration plant that will allow us to increase water recovery from 60% to 95% and move to dry stack tailings, best in class technology in the industry.
In addition, we are in a continuous process of evaluating and updating the designs of our existing tailings dams to ensure compliance with international CDA and ICMM standards. Going forward, we have engineered a new filtered tailings impoundment with a total projected life of over 40 years.
| LOCATION | Junín, PERU |
| USUFRUCT AREA | 4,960 ha |
| TYPE OF RESERVOIR | Skarn Hydrothermal |
| TYPE OF MINE | Underground |
| KEY COMMODITIES | Cu (Zn/Au/Ag) |
| PLANT CAPACITY | 2,000 tpd |
|
CASH COST C1 LIFE OF MINE |
US$0.51/lb |
| OWNERSHIP | 100% |
| LOCATION | Junín, PERU |
| USUFRUCT AREA | 4,960 ha |
| TYPE OF RESERVOIR | Skarn Hydrothermal |
| TYPE OF MINE | Underground |
| KEY COMMODITIES | Cu (Zn/Au/Ag) |
| PLANT CAPACITY | 2,000 tpd |
|
CASH COST C1 LIFE OF MINE |
US$0.51/lb |
| OWNERSHIP | 100% |
Ariana is a fully permitted project, currently in the early construction stage. The hydrothermal shale deposit contains copper/zinc mineralization with significant gold/silver by-products allowing for copper production at first quartile costs.
Ariana is an underground copper/zinc hydrothermal skarn deposit (with Au/Ag by-products) located in Yauli Province, Junin Region, Peru. Ariana is located in the polymetallic belt of central Peru and is 45 km from the Central Highway. Ariana is approximately 165 km from the port of Callao, at 4,500-5,000 meters above sea level. The usufruct area for Ariana covers 4,960 hectares.
KEY HIGHLIGHTS Initial construction work is being carried out on the project, with an estimated cost of approximately US$140 million for mine development, plant construction and remaining infrastructure. A conventional flotation plant will be built with an initial capacity of 2,000 tpd, producing copper concentrate (with Au/Ag by-products) and zinc concentrate. The property holds significant geological potential, also offering regional opportunities near the mine for future exploration. Over the life of mine, it is estimated that 1.03 million tonnes will be processed annually at average grades of 1.01% Cu, 1.27% Zn, 0.75 g/t Au and 15.1 g/t Ag at a C1 cash cost of US$0.21/lb.
The deposit is located in the Upper Cretaceous sedimentary belt in the Western Cordillera of the Central Andes of Peru.
Its lithology is formed by limestones of the Jumasha formation, being affected by Miocene intrusives of dioritic composition, which allowed the general mineralization of the skarn type of the deposit.
The ore mineralization that is located in large lenticular bodies is characterized by the presence of chalcopyrite, sphalerite and pyrite, gold and silver associated with copper and zinc mineralization.
CIM (2014) definitions for Mineral Resources were followed.
2. Mineral Resources are estimated at an NSR cut-off value of $35/t.
3. Mineral Resources are estimated using a long-term silver price of USD $23 per ounce, a gold price of USD $1,500 per ounce, a gold price of USD $3.50 per pound and a zinc price of USD $1.50 per ounce.
4. Mineral Resources include Mineral Reserves.
CIM (2014) definitions for Mineral Resources were followed.
2. Mineral Reserves are estimated as a cut-off NSR value of $35/t.
3. Mineral Reserves are estimated using a long-term average price of USD $1/lb for Cu, USD $1.15/lb for Zn, USD $1,300 per ounce for gold and USD $20 per ounce for silver.
The Ariana deposit has significant upside potential. Future exploration campaigns will focus on extending the current resource limit at depth and to the north of the orebody.
In addition, SPM has identified potential areas near the mine, such as Don Samuel, which is currently in an initial exploration phase. At Don Samuel, skarns and contact veins with polymetallic mineralization have been identified, with Cu, Zn and Ag geochemical anomalies present. The Ariana Centro zone is a vein type deposit confirmed by diamond drilling and old mine workings. Further exploration will be carried out as an extension to the existing Ariana Deposit.
