First Quantum Minerals has published a technical report for its $5.2 billion Taca Taca project in Argentina, which is set to become a major, long-life copper mine with meaningful gold production.
The project is expected to be developed as an open pit mine with an initial processing capacity of 40 million tonnes per annum. The average annual output in the first ten years of operation is estimated at 291,000 tonnes of copper and 133,000 ounces of gold. The company plans to up the ore output to 60 million tonnes per year in the fifth year of the mine’s operation.
The after-tax net present value is seen at $5.9 billion with an internal rate of return of 19.3% based on a copper price of $4.50 per pound and gold price of $3,000 per ounce. Development costs are projected at $5.25 billion.
The mineral reserve estimate of the Taca Taca is 1.99 billion tonnes of ore at a copper grade of 0.42% and a gold grade of 0.09 grams per tonne. The initial mine life is 35 years.
"The report clearly demonstrates the significant strategic opportunity represented by Taca Taca as the company’s next development project. The economics are strong and reflect the value created when we apply our in-house competencies in mine planning and project development. Taca Taca is one of the world’s premier undeveloped copper assets and the updated technical study reaffirms the substantial value and potential of the project," said First Quantum CEO Tristan Pascall.
Taca Taca is a porphyry copper-gold-molybdenum deposit located in the Puna region of Salta Province, in northwest Argentina, which is 100% owned by First Quantum. The company continues work on the Environmental and Social Impact Assessment in the first half of 2026 and an application to the Argentina Incentive Regime for Large Investments (RIGI).
Theodor Lisovoy, Managing Editor, Rough&Polished
