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 Compañía Minera 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 sold for 2020 was 2.8 million ounces for Franco-Nevada’s attributable production under the stream, with 2.8 million ounces sold in 2019. Franco-Nevada expects attributable production in 2021 to be 3.0 million to 3.2 million ounces of silver. 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. A total of 18.0 million cumulative ounces of silver have been delivered to Franco-Nevada as of December 31, 2020.

Inclusive of Mineral Reserves, the mine contains total Measured and Indicated Mineral Resources of approximately 972 million tonnes of ore (with a silver grade of 11.0 g/t) and an Inferred Mineral Resource of 1.27 billion tonnes of ore (with a silver grade of 11.3 g/t). Total Mineral Reserves are 382 million tonnes of ore (with a silver grade of 9.6 g/t), 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. Franco-Nevada estimates that current Measured and Indicated Mineral Resources are sufficient to support over 20 years of open-pit mining. Historically, a high level of Inferred Mineral Resources have converted to Measured and Indicated 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.


  • High grade copper/zinc orebody
  • One of the lowest cost copper operations globally
  • Large, high grade Inferred Mineral Resource

2020 2019 2018
Revenue to Franco-Nevada ($ million) $ 57.0 $ 44.9 $ 51.1

Antamina Locator