Caserones is located in the Atacama region of northern Chile, about 160 kilometres southeast of Copiapó. The mine has been in production since 2014. It is a conventional open pit operation using truck and shovel mining, which means this is not an early-stage project or a future development story. It is an existing mine with an established production record.
Elemental owns a 1.304% net smelter return royalty over Caserones. In simple terms, this means Elemental receives a percentage of revenue from the mine, based on metal sales, without having to pay to build, operate or expand the mine. Caserones can generate royalty income for Elemental while the mining and operating work is handled by the mine owner and operator.
The mine has historically produced around 100,000 to 120,000 tonnes of copper in concentrate each year. It has also produced about 1,700 to 2,500 tonnes of molybdenum in concentrate and roughly 25,000 tonnes of copper cathodes a year. Copper is the main driver, while molybdenum and cathode production add extra value from the same operation.
Caserones is a porphyry copper-molybdenum deposit at an elevation of about 4,300 metres. The deposit includes oxide copper minerals, secondary chalcocite and primary sulphide mineralisation containing chalcopyrite and molybdenite. The source material states that primary copper mineralisation remains open in multiple directions.
Ownership of the mine is also important. Lundin Mining acquired a majority stake in Caserones in 2023 and increased its interest to 75% in 2026. A larger stake gives Lundin Mining a stronger reason to focus on the mine, improve planning and continue testing the wider area. Caserones is also located around 20 kilometres from Lundin Mining’s Josemaria Project in Argentina, which gives the asset a broader regional role.
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