Key points
- 61% increase in ore reserve estimate to 1,100 million tonnes
- Reserve life extended by approximately five years to 2045
- Mineral resource estimate at 1,870 million tonnes
Full summary
South32 Limited announced a substantial increase in the ore reserve estimate for its Sierra Gorda copper mine in Chile. The updated ore reserve estimate stands at 1,100 million tonnes, a 61% increase from the previous estimate. This enhancement is attributed to successful infill drilling programs, with approximately 85,000 meters from 200 drillholes completed between 2023 and 2025. The new ore reserve estimate reflects an average grade of 0.39% total copper, 0.016% total molybdenum, and 0.06 g/t gold, with a total copper equivalent grade of 0.46%. Additionally, the reserve life has been extended by approximately five years to 2045. The mineral resource estimate has also been updated to 1,870 million tonnes, averaging 0.37% total copper, 0.016% total molybdenum, and 0.06 g/t gold, with a total copper equivalent grade of 0.44%.
Guidance
61% increase in Sierra Gorda ore reserve estimate to 1,100 million tonnes
Outlook
The increased ore reserve and extended reserve life of Sierra Gorda are expected to contribute significantly to South32's copper production for decades to come.