Cobre del Mayo
Cobre del Mayo is a Mexican mining company thatoperates the Piedras Verdes open-pit copper mine (“PV mine”), the third largest copper mine in Mexico as measured by production according to the Mexico Mining Chamber (Cámara Minera de México) (“CAMIMEX”).
It produces LME Grade A copper cathode and sells certain types of ore for concentration. It operates a run-of-mine (ROM) heap leach, crushed ore heap leach, and sells high-grade crushed ore for flotation as a function of grade, mineralization and other characteristics.
Based on the geological model prepared by Geovariances S.A. and the Piedras Verdes’ internal life of mine schedule, the equivalent proven and probable reserves are approximately 628 thousand metric tons of contained copper and a life of mine of 10 years.
In March, 2020, mining operations were suspended in the context of low copper prices, high unit operating costs and negative operating cash flow. In February, 2021 when the price of copper exceeded $9,000/t, operations were restarted, Cobre del Mayo plans to reach a mining rate of 200,000 tpd and stable copper cathode production by July, 2021.