Operator: First Quantum Minerals Ltd.

Location: Andalucía, Spain

Royalty: 1.5% NSR (copper only)

Term of Royalty: Life of Mine

Las Cruces is a high-grade open-pit copper mine and hydrometallurgical plant, owned and operated by Cobre Las Cruces S.A., a wholly-owned subsidiary of First Quantum Minerals Ltd. Las Cruces is located approximately 20 kilometers northwest of the city of Seville, in the Seville Province of southern Spain.

In 2021, the Las Cruces mine transitioned from open-pit mining to re-processing of high-grade tailings, which was completed in the third quarter of 2023. Work is advancing on the Las Cruces Underground Project and, on February 20, 2024, First Quantum filed an updated NI 43-101 Technical Report on mineral resources and reserves for the Las Cruces Underground Project. 

The proposed project comprises a new dual drift access  underground mine producing up to 2.0 million tonnes per annum (Mtpa), feeding the Polymetallic Refinery, which has a design throughput of up to 2.2 Mtpa, allowing for the additional processing of existing stockpiles. Over the life of mine, average annual production is expected to be approximately 40 million pounds of copper, 79 million pounds of zinc, 33 million pounds of lead and 775,000 ounces of silver. The mine life is expected to exceed 20 years of production, following a project period consisting of a 6-month pre-project development phase followed by a 25-month construction period. All permits are in place for the Las Cruces Underground Project.