Mantos Blancos, Chile / Copper
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Mantos Blancos is an open-pit copper mine located in the Antofagasta region of Chile and operated by Capstone Copper.
Producing
Copper
Capstone Copper
Chile
Royalty rate and type
1.525% NSR
Balance sheet classification
Royalty intangible
Key facts
$9.5m
Mantos Blancos generated $9.5m of revenue in 2025
43%
Copper production increased 43% to 61.9kt
The Group acquired a 1.525% net smelter return royalty over the Mantos Blancos copper mine in Chile for $50.3m in 2019. The Mantos Blancos mine is an open-pit operation located in Chile, producing copper with silver by-products. The NSR entitlement applies exclusively to copper production at the mine.
The operation is owned by Capstone Copper, following the merger between Mantos Copper and Capstone Mining Corp in 2022.
Mantos Blancos generated a record portfolio contribution in 2025 of $9.5m (2024: $5.8m). Copper production increased 43% to 61.9kt (2024: 43.2kt) and achieved record quarterly production in Q4 of 16.9kt with an average sulphide plant throughput of approximately 21.4ktpd, exceeding design throughput levels for the second quarter in 2025. Total plant throughput averaged approximately 20.0tpd in 2025, representing a 25% increase over 2024 driven by the successful ramp-up after the completion of a debottlenecking initiative. Capstone has guided that annual copper production in 2026 is expected to be between 48 and 56ktpa, lower than in 2025 due to a one- year period of lower copper grades, before recovering in 2027.
Capstone is also working towards the completion of a Phase II brownfield expansion study on Mantos Blancos. The study is analysing an increased sulphide concentrator throughput capacity from 20ktpd to around 27ktpd using existing underutilised equipment, and extending cathode production by re-leaching spent ore from historical operations via the existing and underutilised 60ktpa SX/EW plant. Combined, these initiatives could add 35ktpa of copper over at least ten years.
Furthermore, Capstone commenced an exploration drilling programme at Mantos Blancos in 2025 that will be continued in 2026.