The Candelaria Mine is one of Chile’s flagship copper operations, known for its scale, operational flexibility, and strong by-product credits.
Situated in the Atacama Region, about 20 km south of Copiapó, the mine lies within a globally recognized mineral-rich corridor. Ownership is shared between Lundin Mining, which holds an 80% stake, and Sumitomo Corporation with the remaining 20%, forming a solid international partnership.
Candelaria is classified as an Iron Oxide Copper Gold (IOCG) deposit, a deposit type valued for its ability to deliver not only copper but also significant gold and silver, improving overall project economics. To fully exploit this mineralization, the operation combines open-pit and underground mining methods, allowing for efficient extraction across different ore zones.
In 2024, the mine produced approximately 162,000 tonnes of copper, alongside 2.9 tonnes of gold and 62 tonnes of silver. This output was supported by an annual ore throughput of about 28 million tonnes, processed through a concentrator with a nominal capacity of 27.4 Mtpa.
The processing flowsheet relies on conventional flotation, supplemented by magnetic separation to improve concentrate quality. Metallurgical performance remains robust, with recovery rates reaching 94% for copper, 74% for gold, and 83% for silver—figures that reflect both favorable ore characteristics and well-optimized plant operations.
On the resource side, proven and probable reserves are estimated at 3.3 million tonnes of contained copper at an average grade of 0.54%, with additional gold and silver credits. When measured, indicated, and inferred resources are included, total contained copper increases to approximately 8.2 million tonnes at an average grade of 0.73%, underscoring the long-term potential of the operation.
Cost performance is also competitive, with cash costs around $2.19 per pound of copper, supported by economies of scale and valuable by-products.
Overall, Candelaria represents a well-balanced mining operation where geology, mining strategy, and processing efficiency come together to deliver consistent, long-term value in a highly competitive copper market.
Image credits: Nikolay Rusanov (Instagram)
