||Peru (Mala District, Cañete Province)|
||166.77 km2 total|
||3/4 of area covered by volcanic-sedimentary sequence deposited in shallow marine water environment, ¼ covered by intrusive igneous rocks relating to the Peruvian Coastal Batholith|
Condestable Mine Operating Results
Year ended December 31, 2010
Condestable Mine processed copper ore at budgeted rates. The average copper ore grade was 1.16% in 2010 versus 1.22% in 2009.
- CMC processed 2,234,498 tonnes of ore in 2010 versus 2,159,549 tonnes of ore in 2009 (increase of 3%).
- Copper concentrate production in 2010 was 92,264 DMT versus 95,339 DMT in 2009 (decrease of 3%).
Contained copper production in 2010 was 23,153 tonnes versus 23,882 tonnes in the prior year.
The Cash Operating Cost (see Note 1 below) in 2010 was $1.04 per payable pound of copper versus prior year of $0.90.
Three months ended December 31, 2010
Copper ore grade was 1.16% versus 1.21% in the fourth quarter of 2009.
- CMC processed 567,566 tonnes of ore in the period versus 544,084 tonnes for the same period of the prior year (increase of 4%).
Copper concentrate production in the period was 23,383 DMT versus 23,429 DMT in the prior year period.
Contained copper production in the period was 5,891 tonnes versus 5,879 tonnes in the prior year period.
The Cash Operating Cost for the period was $1.08 per payable pound of copper versus prior year of $0.94.
Completed the previously announced purchase from Corianta S.A. of all remaining interest in the Raul Mine, which forms part of the Condestable operation (the “Raul Transaction”). The purchase price was $28.00 million. As such, CMC is no longer obligated to make royalty payments that it was previously required to pay in connection with the lease of the Raul Mine.
Completed the closing of a $55.00 million senior secured debt facility which ultimately funded the Raul Transaction.