Chile, 14 APRIL 2025 – Antofagasta plc, London’s largest pure-play copper mining company, is planning a new phase of exploration at the Cachorro Exploration Project in northern Chile, following the submission of an Environmental Impact Statement (Spanish acronym: DIA) in early 2025. The Cachorro deposit is listed by S&P Global Market Intelligence one of the world’s largest greenfield discoveries in the past ten years.[1]
The Cachorro Exploration Project is located in northern Chile, 37 km north of the town of Baquedano and at an altitude of 1,500 metres above sea level. The project is situated between the Group’s operations at Centinela and Antucoya, and any development at Cachorro could potentially benefit through synergies with existing infrastructure and processing facilities.
Exploration activities began in 2017, and work to date has delineated a Mineral Resource estimate of 255 million tonnes at 1.26% Cu. At this copper grade, the Cachorro deposit is considered to be one of the most important manto-type deposits in the coastal belt of Chile. The deposit also contains silver as a potential by-product, with a grade of 4 g/t Ag.
The Environmental Impact Assessment (DIA) submitted in early 2025 is currently under review by various government agencies, and if approved, the project will proceed with further surface and underground exploration work, including infill drilling to categorise resources and refine geological modelling.
The envisaged investment of $220 million over the next 7 years would facilitate drilling of more than 700 drill holes and a horizontal development tunnel to conduct exploration activities at depths of up to 300 metres.
Additional work to be conducted as part of the application process includes baseline monitoring and protection of local flora and fauna, a focus on creating local employment and supporting local suppliers, groundwater monitoring and archaeological surveys.
For more information on our exploration portfolio and growth programme, please see pages 44-47 of our Annual Report and Accounts , available here: https://www.antofagasta.co.uk/investors/annual-report-2024/.
[1] Source: S&P Global Market Intelligence, July 2024. Link here.