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Antamina (Ag)


Operator: Teck Resources Limited (owns 22.5%)
Stream: Silver Stream

In October 2015, Franco-Nevada acquired a silver stream for $610 million on production from the Antamina mine in Peru from Teck Resources Limited (“Teck”). Teck has a 22.50% interest in Compania Miñera Antamina S.A. (“CMA”), the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). Antamina is an established mine that commenced operations in 2001 and is one of the lowest cost copper operations globally. The low costs are facilitated by the wholly-owned mining infrastructure including a slurry concentrate pipeline and port facilities.

Silver deliveries for 2019 were 2.8 million ounces compared with 3.3 million ounces in 2018. Antamina is expected to deliver in line with the mid-point of our long-term guidance of between 2.8 million to 3.2 million ounces in 2020. The stream is based on all recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86 million ounces of silver have been delivered. With 15.2 million cumulative ounces of silver delivered as of December 31, 2019, it is estimated that at the current throughput rate of 54 million tonnes per year, the stream will reduce in approximately 25 years.

Inclusive of Mineral Reserves, the mine contains total M&I Mineral Resources of approximately 994 million tonnes of ore and an Inferred Mineral Resource of 1.3 billion tonnes of ore. Total Mineral Reserves are 423 million tonnes of ore, which are currently constrained by tailings disposal capacity. CMA is currently considering options for additional tailings storage and alternative mine plans that could result in significant mine life extensions. Current M&I Mineral Resources are sufficient to support over 20 years of open-pit mining. Historically, a high level of Inferred Mineral Resources have converted to M&I Mineral Resources and ultimately to Mineral Reserves. Beyond the known Mineral Reserves and Mineral Resources, Antamina hosts additional potential open-pit and bulk/selective underground targets. There is also regional exploration potential over a large, prospective land package greater than 700 km2.

In 2018, Franco-Nevada strengthened its relationship with CMA by contributing to the project’s social license in the region. CMA has an existing program to support Enseña Peru, which aims to improve education at existing schools in the region. Franco-Nevada is partnering with CMA in expanding this mission to more schools which in turn will benefit more students as discussed further in our ESG report available on our website.


  • Franco-Nevada’s first pure silver stream
  • Proven, high-margin asset contributing to revenue and cash flow
  • Franco-Nevada an ESG partner

2019 2018 2017
Revenue to Franco-Nevada ($ million) $ 44.9 $ 51.1 $ 62.9

Antamina Locator