Professional Documents
Culture Documents
Calder 2
CAPITULO 6
PLANIFICACION ESTRATEGICA DE MINAS
6.1 Objetivo
El objetivo de la planificacin estratgica de minas es el de definir planes de extraccin
en el corto y largo plazo, los cuales se ajusten de la mejor forma a los objetivos de la
operacin. Las estrategias de planificacin, se debern ceir a las diversas condiciones
econmicas, incluyendo la variacin de los precios de productos, costos operacionales,
capitales y laborales, tasas de inters, tasaciones, y aspectos regulatorios.
6.1.1 Objetivos de Aprendizaje
Dentro de este tpico, usted ser capaz de conocer la forma en cmo tomar un plan de
extraccin existente y crear un modelo a partir de dicho plan en una planilla de clculo.
Dicho modelo ser capaz de realizar en forma automtica una auto-revisin cada vez que
los parmetros del plan cambien. Los parmetros bsicos que se podrn modificar,
incluyen el precio de los productos, los costos operacionales, los costos capitales, las
leyes de corte, la capacidad de procesamiento, uso de stockpiles, etc. Luego, usted podr
utilizar el modelo para evaluar rpidamente las diversas estrategias. Como por ejemplo,
ser posible la variacin de las leyes de corte y la capacidad de la planta para maximizar
el valor actual neto (VAN), y se podr estudiar la forma en que se define una estrategia
ptima bajo una serie de condiciones especficas.
6.2 Antecedentes
Existen tres pasos principales en la creacin de un plan para minas a rajo abierto:
1) Diseo del lmite final del pit
2) Diseo de las fases de extraccin dentro del lmite final
3) Seleccin de equipos y determinacin de los niveles de excavacin y secuencias
por banco y por fase (planes de extraccin detallados en el largo y corto plazo)
La creacin de un plan de extraccin es un proceso iterativo. Si diseamos un lmite final
de pit sin conocer el programa de extraccin, no podemos justificar adecuadamente el
valor del dinero en el tiempo. Sin embargo, un programa de extraccin no se puede
determinar a menos que se conozca el lmite final del pit.
El diseo de minas a rajo abierto y la prctica de su planificacin, es para definir un pit
final basado en los precios actuales de los productos, sin incluir el valor del dinero en el
tiempo. Considerando que la mayor parte de las minas a rajo abierto tienen una vida de
varias dcadas y admitiendo que no podemos pronosticar los cambios en las tasas de
inters y los precios de los productos que se darn en el tiempo, carecera de sentido el
intentar incluir estos factores en la determinacin del lmite final del pit durante la etapa
del estudio de la factibilidad. En realidad, el diseo de un lmite final de pit, el cual se
crear dentro de cierto tiempo en el futuro, sirve principalmente para entregar una buena
estimacin de la reserva total y como gua para una expansin del pit en el largo plazo.
El medio econmico en el cual una mina opera, incluye los siguientes factores:
lmite fase 2
lmite fase 1
lmite fase 1
lmite fase 3
lmite fase 2
estril
estril
fase 1
estril
estril
estril
lmite fase 3
fase 2
lmite fase 3
lmite ao 2
fase 3
lmite ao 5
mineral
Figura 6.2 - Distribucin de leyes para tonelajes totales de un yacimiento de cobre tpico
70.000
50.000
Tons.* 1000
40.000
30.000
20.000
10.000
0,33
0,36
0,38
0,39
0,41
0,44
0,47
0,520
0,601
0,620
0,690
0,740
0,780
0,820
0,860
0,921
0,986
1,020
1,090
1,140
1,230
1,240
1,290
1,350
1,400
1,500
1,640
1,760
1,920
2,310
1.6
1.4
1.2
0.8
0.6
0.4
0.2
0
20,000 80,000 140,000 200,000 260,000 320,000 380,000 440,000 500,000 560,000 620,000 680,000 740,000 800,000 860,000 920,000
CUMULATIVE ORE kt
MINERAL
ACUMULATIVO, kt
2200
2000
$M
1600
INGRESO
NETO $M
NET REVENUE
1800
1400
1200
ZEROCON
PROFIT
LEYMILL
DE CORTE
CERO CUT-OFF
INGRESO PARA LA PLANTA
1000
800
600
400
200
LEY
DE CORTE
% Cu
CUT-OFF
GRADE
%Cu
0.36
0.39
0.44
0.52
0.62
0.74
0.82
0.92
1.02
1.14
1.24
1.35
1.5
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
33
0.
36
0.
38
0.
39
0.
41
0.
44
0.
47
0.
52
CUT-OFF
GRADE %Cu
LEY DE
CORTE
% Cu
0.
60
0
0.
62
0.
69
0
0.
74
0.
78
0
0.
82
0.
1
92
86
0.
6
0.
98
0.
02
0
1.
09
1.
14
0
1.
23
1.
24
0
1.
29
1.
35
1.
40
0
1.
50
1.
64
0
1.
1,600,000
$2.500,0
capital planta
capital mina
$1.500,0
VAN mineral
VAN total
$1.000,0
$500,0
00
20
0.0
00
18
0.0
00
16
0.0
00
14
0.0
00
12
0.0
00
10
0.0
0
80
.00
0
.00
60
.00
$0,0
40
VAN ($M)
$2.000,0
Figura 6.7Figura
- VAN del
vs. Capacidad
la Capacidad
Planta para Leyes
Corte Optimizadas
6.7Proyecto
- VAN del
Proyectode
vs.
de ladePlanta
3000
2500
capital planta
capital mina
VAN mineral
VAN total
1500
1000
500
20
0.0
00
18
0.0
00
16
0.0
00
14
0.0
00
12
0.0
00
10
0.0
00
80
.00
0
60
.00
0
0
40
.00
0
VAN ($M)
2000
$800.0
$700.0
$600.0
VAN
$M$M
NPV
$500.0
leyes de corte
ptima
Optimal
ingreso
cero
Zero Profit
$400.0
$300.0
$200.0
$100.0
$0.0
40,000
60,000
80,000
Figura 6.9 - Programa anual de ley de corte para tres tamaos de planta
1,2
Ley %Cu.
0,8
80
120
0,6
40
0,4
0,2
0
1
3 4
7 8
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
Aos
$700.0
$600.0
$500.0
$400.0
NPV$/M
$M
VAN
$300.0
$.90/lb.
$.85/lb.
$.80/lb.
$.75/lb.
$200.0
$100.0
$0.0
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
($100.0)
($200.0)
($300.0)
($400.0)
Plant Capacity
CAPACIDAD
DE LA PLANTA
$200.0
$150.0
$100.0
ptimo
Optimal
Cero Ingreso
Zero
Profit
10
0,
00
0
12
0,
00
0
80
,0
00
60
,0
00
($50.0)
40
,0
00
$0.0
20
,0
00
VAN
$M
NPV
$M
$50.0
($100.0)
($150.0)
($200.0)
CAPACIDAD
DE LA PLANTA,
tpd
Plant Capacity
tpd.
$1,000.0
$800.0
NPV $M
VAN
$M
$600.0
6%
8%
10%
$400.0
$200.0
$0.0
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
($200.0)
CAPACIDAD
DE LA
Plant Capacity
tpd.PLANTA, tpd
Figura 6.12 - Capacidad de la Planta versus VAN Total utilizando Leyes de
Corte de Cero Ingreso con Tasas de Inters de 6.8 y 12%.
$600.0
$500.0
VAN
NPV$M
$M
$400.0
$300.0
Cero
ZeroIngreso
Profit
$200.0
ptimo
Optimal
$100.0
$0.0
($100.0)
0
0,
00
0
20
0,
00
0
18
0,
00
0
16
14
0,
00
0
00
0,
12
0,
00
00
10
80
,0
00
,0
60
40
,0
00
($200.0)
plant capacity
tpd
CAPACIDAD
DE LA PLANTA,
tpd
Figura 6.13 - VAN del Proyecto versus Capacidad de la Planta para Leyes
de Corte de Cero Ingreso y Leyes de Corte Optimizadas. Los parmetros
corresponden a los del Caso Base, pero con una Tasa de Inters del 10%
250,000
150,000
Mineral en Stockpile
Econmico - kt
kt
200,000
Alimentacin Planta k t/
ao
Mineral Acum. en
Stockpile con Baja Ley kt
Capacidad Requerida
Mina - kt / ao
100,000
50,000
20
00
20
03
20
06
20
09
20
12
20
15
20
18
20
21
20
24
ao
Figura 6.14 - Plan de Extraccin Final del Pit El Toro, utilizando
una capacidad ptima de la planta y programas de leyes de corte
% Cu
2,310
1,920
1,760
1,640
1,500
1,400
1,350
1,290
1,240
1,230
1,140
1,090
1,020
0,986
0,921
0,860
0,820
0,780
0,740
0,690
0,620
0,601
0,520
0,47
0,44
0,41
0,39
0,38
0,36
0,33
Costo
Extraccin
$/ton
$0,70
Capacidad
Planta
tpd
80000
Precio
Cobre
$/Lb.
$0,75
Valor de
1% Cu
$
$6,73
Ley de Corte
Cero Ingreso Planta
%Cu
0,520
Costo
Rehandle
$/ton
$0,50
Mineral Total
en el Modelo
kt
939.557
Estril Total
en el Modelo
kt
1.251.500
Tasa
Descuento
%
0,08
Factor
Descuento
0,926
Cu
Cu Total kt Mineral Total kt Ley Promedio
Mineral Total
Tons. Mineral Stock / Razn Estril Capacidad Mina Ingreso/ton Ingreso Total
corteesta ley de con
corteesta ley de corteen Stockpile Kt
Tons.Mineral Planta %
Mineral
tpd
procesada
$M
kt con esta ley de con
379
379
16.427
2,310
923.130
5619,6%
132,4
10.670.516
-$81,32
-$1.336
642
1022
49.889
2,048
889.668
1783,3%
42,9
3.513.491
-$20,46
-$1.021
804
1826
95.577
1,911
843.980
883,0%
21,9
1.833.962
-$6,69
-$639
1055
2881
159.899
1,802
779.658
487,6%
12,7
1.096.220
-$0,97
-$154
685
3566
205.576
1,735
733.981
357,0%
9,7
852.651
$0,71
$147
480
4046
239.831
1,687
699.726
291,8%
8,1
730.867
$1,46
$350
317
4362
263.297
1,657
676.260
256,8%
7,3
665.729
$1,83
$481
288
4650
285.608
1,628
653.949
229,0%
6,7
613.724
$2,09
$596
304
4954
310.141
1,597
629.416
202,9%
6,1
565.177
$2,31
$715
440
5395
345.919
1,559
593.638
171,6%
5,3
506.721
$2,56
$886
417
5811
382.477
1,519
557.080
145,7%
4,7
458.288
$2,72
$1.039
425
6236
421.485
1,480
518.072
122,9%
4,2
415.874
$2,82
$1.188
455
6691
466.052
1,436
473.505
101,6%
3,7
376.105
$2,87
$1.338
341
7032
500.629
1,405
438.928
87,7%
3,4
350.129
$2,89
$1.447
420
7452
546.273
1,364
393.284
72,0%
3,0
320.874
$2,87
$1.570
307
7759
581.950
1,333
357.607
61,4%
2,8
301.202
$2,84
$1.652
443
8202
635.938
1,290
303.619
47,7%
2,4
275.632
$2,77
$1.761
244
8446
667.237
1,266
272.320
40,8%
2,3
262.702
$2,72
$1.815
255
8701
701.759
1,240
237.798
33,9%
2,1
249.779
$2,66
$1.866
240
8941
736.537
1,214
203.020
27,6%
2,0
237.985
$2,59
$1.906
185
9126
766.337
1,191
173.220
22,6%
1,9
228.730
$2,51
$1.926
174
9300
795.292
1,169
144.265
18,1%
1,8
220.403
$2,44
$1.942
168
9469
827.692
1,144
111.865
13,5%
1,6
211.775
$2,35
$1.942
99
9567
848.692
1,127
90.865
10,7%
1,6
206.535
$2,28
$1.935
79
9647
866.692
1,113
72.865
8,4%
1,5
202.246
$2,22
$1.925
70
9716
883.692
1,100
55.865
6,3%
1,5
198.355
$2,16
$1.913
61
9777
899.336
1,087
40.221
4,5%
1,4
194.904
$2,11
$1.899
54
9832
913.647
1,076
25.910
2,8%
1,4
191.852
$2,06
$1.886
48
9880
926.991
1,066
12.566
1,4%
1,4
189.090
$2,02
$1.871
41
9921
939.557
1,056
0
0,0%
1,3
186.561
$1,97
$1.855
Tons. Estril/
Tons Rock/
Tons. Material Mineralizado
Tons Mineralized Material
KT
t/t
0.33
0.38
0.46
0.54
0.55
0.65
0.76
0.85
0.94
1.03
1.12
1.21
1.30
1.39
1.45
1.55
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.63
1.56
1.49
1.42
1.35
1.28
1.21
1.14
1.07
1.00
0.93
Estril
KT
Rock
kt
6,600
7,600
9,200
10,800
11,000
13,000
15,169
16,969
18,769
20,569
22,369
24,169
25,969
27,769
29,000
31,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
34,000
32,600
31,200
29,800
28,400
27,000
25,600
24,200
22,800
21,400
20,000
18,600
$0,900
27
$0,70
$3,50
0,81
$58,24
1
100
573,196
$0,095
$0,805
$461,42
$92,86
$368,56
$310,32
$0,5213
0,3760
$9,31
1999
Alimentacin Planta kt
Capacidad
Costo
Costo
Precio
Valor de
Planta
Flotacin
Mina
Cobre
1% Cu
cero ingreso
Rehandle
tpd
$/ton
$/ton
$/Lb.
%Cu
$/ton
80.000
$3,50
$0,70
$0,90
2001
2002
2003
2000
Ley Planta
$9,31
2004
Costo
0,376
2005
Mineral Total
Estril Total
Tasa
en el Modelo
en el Modelo
Descuento Descuento
kt
$0,55
2006
kt
939.557
2007
Factor
1.251.500
2008
0,08
2009
0,926
2010
Costo Capital
Mina
$/ton
Factor
$0,10
2011
1,1631
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
2.991
Ley de Corte
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
Cu Producido - Planta - kt
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
32
298
597
895
1.194
1.492
1.791
2.089
2.388
2.686
2.985
3.283
3.582
3.880
4.178
4.477
4.775
5.074
5.372
5.671
5.969
6.268
6.566
6.865
7.163
7.461
7.760
8.058
8.357
8.655
8.954
9.252
9.551
9.849
9.881
9.881
Mineral en Stockpiles - kt
380
Cu en Stockpiles - kt
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
41
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
0,1
0,0
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
380
759
1.139
1.518
1.898
2.277
2.657
3.036
3.416
3.796
4.175
4.555
4.934
5.314
5.693
6.073
6.453
6.832
7.212
7.591
7.971
8.350
8.730
9.109
9.489
9.869
10.248
10.628
11.007
11.387
11.766
12.146
12.525
12.566
12.566
Cu Acum. en Stockpiles - kt
10
11
13
14
15
16
18
19
20
21
23
24
25
26
28
29
30
31
33
34
35
36
38
39
40
41
41
41
Cu en Stockpile Econmico - kt
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
380
41
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
1,3
0,1
0,0
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
380
759
1.139
1.518
1.898
2.277
2.657
3.036
3.416
3.796
4.175
4.555
4.934
5.314
5.693
6.073
6.453
6.832
7.212
7.591
7.971
8.350
8.730
9.109
9.489
9.869
10.248
10.628
11.007
11.387
11.766
12.146
12.525
12.566
12.566
10
11
13
14
15
16
18
19
20
21
23
24
25
26
28
29
30
31
33
34
35
36
38
39
40
41
41
41
28.380
56.759
85.139
113.518
141.898
170.277
198.657
227.036
255.416
283.796
312.175
340.555
368.934
397.314
425.693
454.073
482.453
510.832
539.212
567.591
595.971
624.350
652.730
681.109
709.489
737.869
766.248
794.628
823.007
851.387
879.766
908.146
936.525
939.557
939.557
0,33
0,38
0,54
0,55
0,76
0,85
0,94
1,12
1,21
1,39
1,45
1,70
1,70
1,70
1,70
1,70
1,70
1,70
1,700000
1,700000
1,70
1,70
1,70
1,70
1,70
1,70
1,56
1,49
1,35
1,28
1,21
1,07
1,00
1,20
1,00
9.365
10.784
15.325
15.609
21.524
24.078
26.632
31.741
34.295
39.403
41.150
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
48.245
44.272
42.286
38.312
36.326
34.339
30.366
28.380
3.633
37.745
39.164
43.705
43.988
49.904
52.458
55.012
60.120
62.674
67.783
69.530
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
76.625
72.652
70.665
66.692
64.705
62.719
58.746
56.759
6.665
911.177
882.798
854.418
826.039
797.659
769.280
740.900
712.521
684.141
655.761
627.382
599.002
570.623
542.243
513.864
485.484
457.104
428.725
400.345
371.966
343.586
315.207
286.827
258.448
230.068
201.688
173.309
144.929
116.550
88.170
59.791
31.411
3.032
1.178.893
1.154.815
1.128.182
1.096.441
1.062.147
1.022.743
981.593
933.348
885.103
836.857
788.612
740.367
692.122
643.876
595.631
547.386
499.141
450.895
402.650
354.405
306.160
257.914
213.642
171.357
133.044
96.718
62.379
32.013
3.633
0,33
6,88
2,97
2,97
5,94
2,97
5,94
2,03
8,25
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
49.903,61
52.457,77
55.011,93
60.120,25
62.674,41
67.782,73
69.529,92
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
76.624,81
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
$277,9
43,90
1,65
5,28
Flujos de Caja
Ingreso de Ventas ($M)
$277,9
$29,7
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$10,5
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$26,4
$27,4
$30,6
$30,8
$34,9
$36,7
$38,5
$42,1
$43,9
$47,4
$48,7
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$53,6
$50,9
$49,5
$46,7
$45,3
$43,9
$41,1
$39,7
$4,7
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$3,8
$3,9
$4,4
$4,4
$5,0
$5,2
$5,5
$6,0
$6,3
$6,8
$7,0
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,7
$7,3
$7,1
$6,7
$6,5
$6,3
$5,9
$5,7
$0,7
$0,0
$149,7
$148,5
$144,9
$144,7
$139,9
$137,9
$135,8
$131,8
$129,7
$125,6
$124,2
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$118,6
$121,7
$123,3
$126,5
$128,1
$129,7
$132,9
$134,4
$13,9
$0,0
$1.407,9
$1.380,6
$1.353,2
$1.325,6
$1.299,9
$1.274,2
$1.250,5
$1.226,3
$1.205,8
$1.183,8
$1.159,9
$1.134,1
$1.106,3
$1.076,3
$1.043,8
$1.008,7
$970,9
$930,0
$885,8
$838,2
$786,7
$731,0
$671,0
$602,9
$527,8
$443,5
$350,9
$249,3
$136,4
$12,9
$0,0
$277,9
$277,9
$277,9
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$1.407,9
$1.380,6
$1.353,2
$1.325,6
$1.299,9
$1.274,2
$1.250,5
$1.226,3
$1.205,8
$1.183,8
$1.159,9
$1.134,1
$1.106,3
$1.076,3
$1.043,8
$1.008,7
$970,9
$930,0
$885,8
$838,2
$786,7
$731,0
$671,0
$602,9
$527,8
$443,5
$350,9
$249,3
$136,4
$12,9
$0,0
$800,0
$66,4
Valor Actual Ao 0 $M
$543,0
1999
2000
28,000
0.376
1.066
298
298
2001
28,000
0.376
1.066
298
597
2032
28,000
0.376
1.066
298
9,849
2033
2,991
0.376
1.066
32
9,881
Mineral en Stockpiles - kt
Cu en Stockpiles - kt
Ley Promedio Stockpiles
Ley Total Stockpile
Mineral Acum. en Stockpiles - kt
Cu Acum. en Stockpiles - kt
380
1.3
0.330
0.330
380
1
380
1.3
0.330
0.330
759
3
380
1.3
0.330
0.330
12,525
41
41
0.1
0.330
0.330
12,566
41
0
0.0
0.330
0.330
12,566
41
0
0.0
0.000
0.000
0
0
0
0
0
0.0
0.000
0.000
0
0
0
0
0
0.0
0.000
0.000
0
0
0
0
0
0.0
0.000
0.000
0
0
0
0
0
0.0
0.000
0.000
0
0
0
0
380
1.3
0.330
0.330
380
1
380
1.3
0.330
0.330
759
3
380
1.3
0.330
0.330
12,525
41
41
0.1
0.330
0.330
12,566
41
0
0.0
0.330
0.330
12,566
41
28,380
0.33
9,365
37,745
911,177
1,242,135
43.90
37,744.81
56,759
0.38
10,784
39,164
882,798
1,231,351
1.65
39,163.79
2034
0
0.376
1.066
0
9,881
936,525
939,557
939,557
1.00
1.20
1.00
28,380
3,633
0
56,759
6,665
0
3,032
0
0
3,633
0
0
0.00
0.00
0.00
76,624.81 76,624.81 76,624.81
$277.9
$0.0
$98.0
$0.0
$26.4
$0.0
$3.8
$277.9
$0.0
$98.0
$0.0
$27.4
$0.0
$3.9
$277.9
$0.0
$98.0
$0.0
$39.7
$0.0
$5.7
$29.7
$0.0
$10.5
$0.0
$4.7
$0.0
$0.7
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$149.7
$1,522.1
$0.0
$0.0
$1,522.1
$148.5
$1,494.3
$0.0
$0.0
$1,494.3
$134.4
$136.4
$0.0
$0.0
$136.4
$13.9
$12.9
$0.0
$0.0
$12.9
$0.0
$0.0
$0.0
$0.0
$0.0
$800.0
$66.4
$543.0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
28.000
6.613
Ley de Corte
0,986
0,986
0,921
0,860
0,820
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,780
0,740
0,690
0,690
0,520
0,410
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
0,376
1,405
1,405
1,364
1,333
1,290
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,266
1,240
1,214
1,214
1,144
1,100
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
1,066
Cu Producido - Planta - kt
393
393
382
373
361
354
354
354
354
354
354
354
354
354
354
354
354
354
354
347
340
340
320
73
393
787
1.169
1.542
1.903
2.257
2.612
2.966
3.321
3.675
4.030
4.384
4.738
5.093
5.447
5.802
6.156
6.511
6.865
7.212
7.552
7.892
8.212
8.285
8.285
8.285
8.285
8.285
8.285
8.285
8.285
8.285
8.285
13.368
11.428
11.428
11.428
11.428
11.428
11.428
11.428
11.428
11.428
11.428
11.428
11.428
11.428
11.428
9.488
7.718
7.718
3.784
Mineral en Stockpiles - kt
24.549
24.549
20.158
17.206
Cu en Stockpiles - kt
161,6
161,6
126,5
104,0
75,7
61,9
61,9
61,9
61,9
61,9
61,9
61,9
61,9
61,9
61,9
61,9
61,9
61,9
61,9
48,7
37,2
37,2
15,3
1,5
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,658
0,658
0,628
0,605
0,566
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,542
0,513
0,483
0,483
0,405
0,367
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
418
0,658
0,658
0,649
0,640
0,631
0,621
0,614
0,608
0,603
0,598
0,594
0,591
0,588
0,585
0,583
0,581
0,579
0,577
0,576
0,574
0,571
0,569
0,567
0,562
0,556
0,549
0,539
0,525
0,506
0,475
0,421
0,367
0,367
24.549
49.098
69.257
86.462
99.831
111.258
122.686
134.114
145.541
156.969
168.397
179.824
191.252
202.680
214.107
225.535
236.963
248.390
259.818
269.306
277.024
284.742
288.526
267.557
239.557
211.557
183.557
155.557
127.557
99.557
71.557
55.865
55.865
162
323
450
554
629
691
753
815
877
939
1.001
1.063
1.125
1.187
1.249
1.310
1.372
1.434
1.496
1.545
1.582
1.619
1.635
1.505
1.333
1.161
989
817
645
473
301
205
205
21.425
21.425
17.295
14.518
10.908
9.083
9.083
9.083
9.083
9.083
9.083
9.083
9.083
9.083
9.083
9.083
9.083
9.083
9.083
7.259
5.594
5.594
1.894
Cu en Stockpile Econmico - kt
150,1
150,1
116,0
94,2
66,7
53,3
53,3
53,3
53,3
53,3
53,3
53,3
53,3
53,3
53,3
53,3
53,3
53,3
53,3
40,5
29,5
29,5
8,4
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,701
0,701
0,671
0,649
0,611
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,587
0,558
0,527
0,527
0,442
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,701
0,701
0,692
0,684
0,674
0,666
0,659
0,653
0,648
0,644
0,640
0,637
0,634
0,632
0,629
0,627
0,625
0,624
0,622
0,620
0,618
0,615
0,614
0,614
0,614
0,614
0,614
0,614
0,614
0,614
0,614
0,614
0,614
21.425
42.849
60.144
74.662
85.571
94.654
103.737
112.821
121.904
130.987
140.071
149.154
158.237
167.321
176.404
185.487
194.571
203.654
212.737
219.996
225.591
231.185
233.079
211.692
183.692
155.692
127.692
99.692
71.692
43.692
15.692
150
300
416
510
577
630
684
737
790
844
897
950
1.004
1.057
1.110
1.164
1.217
1.270
1.323
1.364
1.393
1.423
1.431
1.300
1.128
956
784
612
440
268
96
21.387
28.000
28.000
28.000
28.000
28.000
28.000
28.000
15.692
131
172
172
172
172
172
172
172
96
3.125
3.125
2.863
2.688
2.460
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.344
2.229
2.124
2.124
1.890
418
11,5
11,5
10,5
9,9
9,0
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,6
8,2
7,8
7,8
6,9
1,5
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
3.125
6.249
9.112
11.800
14.260
16.604
18.949
21.293
23.637
25.982
28.326
30.670
33.015
35.359
37.703
40.048
42.392
44.736
47.081
49.310
51.433
53.557
55.447
55.865
55.865
55.865
55.865
55.865
55.865
55.865
55.865
55.865
55.865
11
23
33
43
52
61
69
78
87
95
104
112
121
130
138
147
155
164
173
181
189
196
203
205
205
205
205
205
205
205
205
205
205
52.549
105.098
153.257
198.462
239.831
279.258
318.686
358.114
397.541
436.969
476.397
515.824
555.252
594.680
634.107
673.535
712.963
752.390
791.818
829.306
865.024
900.742
932.526
939.557
939.557
939.557
939.557
939.557
939.557
939.557
939.557
939.557
939.557
0,38
0,55
0,76
0,94
1,12
1,30
1,45
1,63
1,490000
1,350000
1,21
1,07
1,00
1,70
1,00
1,00
Estril en Botadero - kt
19.969
28.902
36.525
42.423
46.268
51.194
57.170
67.027
67.027
67.027
67.027
67.027
67.027
67.027
67.027
67.027
67.027
64.267
58.747
50.609
43.219
38.218
31.784
11.935
72.518
81.451
84.683
87.629
87.636
90.622
96.598
106.455
106.455
106.455
106.455
106.455
106.455
106.455
106.455
106.455
106.455
103.695
98.175
88.097
78.937
73.936
63.569
40.353
28.000
28.000
28.000
28.000
28.000
28.000
28.000
15.692
887.008
834.459
786.300
741.095
699.726
660.299
620.871
581.443
542.016
502.588
463.160
423.733
384.305
344.877
305.450
266.022
226.594
187.167
147.739
110.251
74.533
38.815
7.031
1.231.531
1.202.629
1.166.104
1.123.682
1.077.414
1.026.220
969.050
902.023
834.996
767.968
700.941
633.914
566.887
499.860
432.833
365.806
298.779
234.512
175.765
125.156
81.937
43.719
11.935
84,35
10,39
3,76
3,43
0,01
3,47
6,95
11,46
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
72.517,74
81.451,08
84.683,29
87.628,77
87.635,79
90.621,92
96.597,78
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
106.454,69
$366,1
$366,1
$355,6
$347,6
$336,2
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$330,0
$323,2
$316,5
$316,5
1,70
1,70
1,70
1,70
1,70
1,70
1,70
1,70
1,70
1,70
1,00
1,00
1,00
1,00
1,00
1,00
1,00
Flujos de Caja
Ingreso de Ventas ($M)
$298,2
$67,7
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$122,3
$160,1
$160,1
$160,1
$160,1
$160,1
$160,1
$160,1
$89,7
$0,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$23,1
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$74,9
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$98,0
$54,9
$0,0
$50,8
$57,0
$59,3
$61,3
$61,3
$63,4
$67,6
$74,5
$74,5
$74,5
$74,5
$74,5
$74,5
$74,5
$74,5
$74,5
$74,5
$72,6
$68,7
$61,7
$55,3
$51,8
$44,5
$13,3
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$11,8
$15,4
$15,4
$15,4
$15,4
$15,4
$15,4
$15,4
$8,6
$0,0
$7,3
$8,1
$8,5
$8,8
$8,8
$9,1
$9,7
$10,6
$10,6
$10,6
$10,6
$10,6
$10,6
$10,6
$10,6
$10,6
$10,6
$10,4
$9,8
$8,8
$7,9
$7,4
$6,4
$1,9
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$210,1
$203,0
$189,9
$179,5
$168,1
$159,5
$154,7
$146,8
$146,8
$146,8
$146,8
$146,8
$146,8
$146,8
$146,8
$146,8
$146,8
$149,0
$153,4
$154,7
$155,3
$159,3
$149,4
$29,4
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$1.727,4
$1.655,5
$1.584,9
$1.521,8
$1.464,1
$1.413,2
$1.366,8
$1.321,4
$1.280,3
$1.235,9
$1.188,0
$1.136,3
$1.080,4
$1.020,0
$954,8
$884,4
$808,3
$726,2
$635,3
$532,7
$420,6
$298,9
$163,5
$27,2
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$35,6
$46,7
$46,7
$46,7
$46,7
$46,7
$46,7
$46,7
$26,2
$0,0
$46,2
$49,9
$53,8
$58,2
$62,8
$67,8
$73,3
$79,1
$85,4
$92,3
$99,7
$107,6
$116,2
$125,5
$135,6
$146,4
$158,2
$170,8
$184,5
$199,2
$215,2
$232,4
$251,0
$271,0
$257,1
$231,0
$202,8
$172,4
$139,5
$104,0
$65,6
$24,2
$0,0
$1.773,6
$1.705,3
$1.638,7
$1.580,0
$1.526,9
$1.481,0
$1.440,0
$1.400,5
$1.365,8
$1.328,2
$1.287,7
$1.243,9
$1.196,6
$1.145,5
$1.090,4
$1.030,8
$966,5
$897,0
$819,8
$731,9
$635,7
$531,3
$414,5
$298,3
$257,1
$231,0
$202,8
$172,4
$139,5
$104,0
$65,6
$24,2
$0,0
$800,0
$105,0
Valor Actual Ao 0 $M
$737,230
2000
28,000
0.986
1.405
393
393
2001
28,000
0.986
1.405
393
787
2022
28,000
0.520
1.144
320
8,212
2023
6,613
0.410
1.100
73
8,285
2024
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
0
0.376
1.066
0
8,285
Mineral en Stockpiles - kt
Cu en Stockpiles - kt
Ley Promedio Stockpiles
Ley Total Stockpile
Mineral Acum. en Stockpiles - kt
Cu Acum. en Stockpiles - kt
24,549
161.6
0.658
0.658
24,549
162
24,549
161.6
0.658
0.658
49,098
323
3,784
15.3
0.405
0.567
288,526
1,635
418
1.5
0.367
0.562
267,557
1,505
0
0.0
0.330
0.556
239,557
1,333
0
0.0
0.330
0.549
211,557
1,161
0
0.0
0.330
0.539
183,557
989
0
0.0
0.330
0.525
155,557
817
0
0.0
0.330
0.506
127,557
645
0
0.0
0.330
0.475
99,557
473
0
0.0
0.330
0.421
71,557
301
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
21,425
150.1
0.701
0.701
21,425
150
0
0
21,425
150.1
0.701
0.701
42,849
300
0
0
1,894
8.4
0.442
0.614
233,079
1,431
0
0
0
0.0
0.000
0.614
211,692
1,300
21,387
131
0
0.0
0.000
0.614
183,692
1,128
28,000
172
0
0.0
0.000
0.614
155,692
956
28,000
172
0
0.0
0.000
0.614
127,692
784
28,000
172
0
0.0
0.000
0.614
99,692
612
28,000
172
0
0.0
0.000
0.614
71,692
440
28,000
172
0
0.0
0.000
0.614
43,692
268
28,000
172
0
0.0
0.000
0.614
15,692
96
28,000
172
0
0.0
0.000
0.614
0
0
15,692
96
0
0.0
0.000
0.614
0
0
0
0
3,125
11.5
0.367
0.367
3,125
11
3,125
11.5
0.367
0.367
6,249
23
1,890
6.9
0.367
0.367
55,447
203
418
1.5
0.367
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
0
0.0
0.330
0.367
55,865
205
Alimentacin Planta kt
Ley de Corte
Ley Promedio Planta
Cu Producido - Planta - kt
Cu Producido Acum. - Planta - kt
52,549
0.38
19,969
72,518
887,008
1,231,531
84.35
72,517.74
Flujos de Caja
Ingreso de Ventas ($M)
Ingreso de Ventas de Stockpiles ($M)
Costo de Proceso ($M)
Costo de Proceso de Stockpile ($M)
Costo Mina ($M)
Costo Rehandle ($M)
Reemplazo de Costo Capital, Mina y Planta ($M)
Ingreso Operacional Neto ($M)
Valor Actual sin Recuperacin ($M)
Ingreso Operacional Neto de Stockpile ($M)
Valor Actual de Stockpile Econmico ($M)
Valor Actual Incluyendo Stockpile Econmico ($M)
VAN del Proyecto, Incluyendo Costos Capitales
Costo Capital Planta $M
Costo Capital Mina $M
Valor Actual Ao 0 $M
$366.1
$0.0
$98.0
$0.0
$50.8
$0.0
$7.3
$210.1
$1,727.4
$0.0
$46.2
$1,773.55661
2025
2026
2027
2028
2029
2030
2031
2032
105,098
932,526
939,557
939,557
939,557
939,557
939,557
939,557
939,557
939,557
939,557
939,557
0.55
1.00
1.70
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
28,902
31,784
11,935
0
0
0
0
0
0
0
0
0
81,451
63,569
40,353
28,000
28,000
28,000
28,000
28,000
28,000
28,000
15,692
0
834,459
7,031
0
0
0
0
0
0
0
0
0
0
1,202,629
11,935
0
0
0
0
0
0
0
0
0
0
10.39
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
81,451.08 106,454.69 106,454.69 106,454.69 106,454.69 106,454.69 106,454.69 106,454.69 106,454.69 106,454.69 106,454.69 106,454.69
$366.1
$0.0
$98.0
$0.0
$57.0
$0.0
$8.1
$203.0
$1,655.5
$0.0
$49.9
$1,705.3
$298.2
$0.0
$98.0
$0.0
$44.5
$0.0
$6.4
$149.4
$163.5
$0.0
$251.0
$414.5
$67.7
$122.3
$23.1
$74.9
$13.3
$11.8
$1.9
$29.4
$27.2
$35.6
$271.0
$298.3
$0.0
$160.1
$0.0
$98.0
$0.0
$15.4
$0.0
$0.0
$0.0
$46.7
$257.1
$257.1
$0.0
$160.1
$0.0
$98.0
$0.0
$15.4
$0.0
$0.0
$0.0
$46.7
$231.0
$231.0
$0.0
$160.1
$0.0
$98.0
$0.0
$15.4
$0.0
$0.0
$0.0
$46.7
$202.8
$202.8
$0.0
$160.1
$0.0
$98.0
$0.0
$15.4
$0.0
$0.0
$0.0
$46.7
$172.4
$172.4
$0.0
$160.1
$0.0
$98.0
$0.0
$15.4
$0.0
$0.0
$0.0
$46.7
$139.5
$139.5
$0.0
$160.1
$0.0
$98.0
$0.0
$15.4
$0.0
$0.0
$0.0
$46.7
$104.0
$104.0
$0.0
$160.1
$0.0
$98.0
$0.0
$15.4
$0.0
$0.0
$0.0
$46.7
$65.6
$65.6
$0.0
$89.7
$0.0
$54.9
$0.0
$8.6
$0.0
$0.0
$0.0
$26.2
$24.2
$24.2
$800.0
$105.0
$737.2
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
Tabla 6.6A - Resultados financieros Vs. tamao planta, con un precio de cobre de
$.90, 8% de inters y ley de corte con ingreso cero
Leyes de corte con cero ingreso
Capacidad Planta (tpd)
Capacidad Mina (tpd)
Capacidad Mina (kt/yr)
Capital Planta
Capital Mina
VP Flujo Mineral
VAN Proyecto
40.000
60.000
80.000 100.000 120.000 140.000 160.000 180.000 200.000
54.597
84.531 114.870 146.628 185.278 221.287 258.305 307.012 354.533
19.109
29.586
40.204
51.320
64.847
77.450
90.407 107.454 124.087
$400,0
$600,0
$800,0
1000 $1.200,0 $1.400,0 $1.600,0 $1.800,0 $2.000,0
$28,4
$46,9
$66,4
86,281
$106,8
$127,1
$147,8
$168,2
$189,7
$856,3 $1.216,0 $1.522,1 $1.778,2 $1.989,3 $2.169,6 $2.319,4 $2.450,2 $2.557,8
$364,4
$479,0
$543,0
$560,2
$535,2
$481,9
$399,8
$300,6
$178,7
Tabla 6.6B - Resultados financieros Vs. tamao planta, con un precio de cobre de
$.90, 8% inters y leyes de corte con cero ingreso optimizadas
Leyes de corte optimizadas
Capacidad Planta (tpd)
Capacidad Mina (tpd)
Capacidad Mina (kt/yr)
Capital Planta
Capital Mina
VP Flujo Mineral
VAN Proyecto
40.000
60.000
80.000 100.000 120.000 140.000 160.000 180.000 200.000
104.347
162.902 227.288 269.104 315.400 402.097 452.769 454.033 574.978
36.522
57.016
79.551
94.186 110.390 140.734 158.469 158.912 201.242
$400,0
$600,0
$800,0 $1.000,0 $1.200,0 $1.400,0 $1.600,0 $1.800,0 $2.000,0
$54,3
$82,8
$105,0
$128,2
$147,8
$175,5
$193,3
$213,2
$235,3
$1.080,4 $1.473,3 $1.773,6 $2.016,6 $2.208,1 $2.371,7 $2.500,1 $2.610,1 $2.709,5
$546,0
$681,4
$737,2
$739,0
$696,7
$620,5
$521,6
$403,6
$273,5
Tabla 6.7 - Plan Minero con Capacidad ptima de la Planta y Programa de Ley de Corte
Tabla 6.7 - Plan minero con capacidad ptima
de la planta y programa de ley de corte
Capacidad
Costo
Costo
Precio
Valor de
Ley de Corte
Costo
Planta
Flotacin
Mina
Cobre
1% Cu
cero ingreso
Rehandle
en el modelo en el modelo
tpd
$/ton
$/ton
$/Lb.
100.000
1999
Alimentacin Planta kt
2000
$3,50
2001
$0,70
2002
$0,90
2003
%Cu
$9,31
2004
$/ton
0,376
2005
kt
$0,55
2006
kt
939.557
2007
Tasa
Descuento
Factor
Recuperacin
Descuento
Costo Capital
Mina
$/ton
Factor
1.251.500
2008
0,08
2009
0,926
2010
$0,10
2011
Costo Capital
1,1631
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
10.180
Ley de Corte
0,860
0,921
0,921
0,860
0,820
0,780
0,740
0,740
0,740
0,740
0,740
0,740
0,740
0,740
0,740
0,740
0,690
0,601
0,520
0,410
0,376
0,376
0,376
0,376
0,376
0,376
0,376
1,333
1,364
1,364
1,333
1,290
1,266
1,240
1,240
1,240
1,240
1,240
1,240
1,240
1,240
1,240
1,240
1,214
1,169
1,144
1,100
1,066
1,066
1,066
1,066
1,066
1,066
1,066
Cu Producido - Planta - kt
467
477
477
467
451
443
434
434
434
434
434
434
434
434
434
434
425
409
400
112
467
944
1.422
1.888
2.340
2.783
3.217
3.651
4.085
4.519
4.953
5.387
5.821
6.255
6.689
7.123
7.547
7.957
8.357
8.469
8.469
8.469
8.469
8.469
8.469
8.469
8.469
16.710
14.285
11.860
11.860
11.860
11.860
11.860
11.860
11.860
11.860
11.860
11.860
9.647
6.349
4.730
Mineral en Stockpiles - kt
21.507
25.198
25.198
21.507
Cu en Stockpiles - kt
130,0
158,2
158,2
130,0
94,6
77,4
60,8
60,8
60,8
60,8
60,8
60,8
60,8
60,8
60,8
60,8
46,6
27,3
19,1
2,4
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,605
0,628
0,628
0,605
0,566
0,542
0,513
0,513
0,513
0,513
0,513
0,513
0,513
0,513
0,513
0,513
0,483
0,430
0,405
0,367
0,330
0,330
0,330
0,330
0,330
0,330
0,330
644
0,605
0,617
0,621
0,617
0,609
0,602
0,594
0,587
0,582
0,577
0,573
0,569
0,566
0,563
0,561
0,558
0,555
0,552
0,550
0,544
0,535
0,522
0,502
0,468
0,398
0,367
0,367
21.507
46.705
71.903
93.411
110.121
124.405
136.266
148.126
159.986
171.846
183.706
195.566
207.426
219.286
231.146
243.006
252.654
259.003
263.733
239.557
204.557
169.557
134.557
99.557
64.557
55.865
55.865
130
288
446
576
671
748
809
870
931
992
1.053
1.113
1.174
1.235
1.296
1.357
1.403
1.431
1.450
1.304
1.094
885
676
466
257
205
205
18.148
21.619
21.619
18.148
13.636
11.354
9.074
9.074
9.074
9.074
9.074
9.074
9.074
9.074
9.074
9.074
6.993
3.890
2.368
Cu en Stockpile Econmico - kt
117,7
145,1
145,1
117,7
83,3
66,6
50,6
50,6
50,6
50,6
50,6
50,6
50,6
50,6
50,6
50,6
36,8
18,3
10,5
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,649
0,671
0,671
0,649
0,611
0,587
0,558
0,558
0,558
0,558
0,558
0,558
0,558
0,558
0,558
0,558
0,527
0,471
0,442
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,649
0,661
0,664
0,661
0,654
0,646
0,639
0,633
0,628
0,623
0,619
0,616
0,613
0,610
0,607
0,605
0,602
0,600
0,598
0,598
0,598
0,598
0,598
0,598
0,598
0,598
0,598
18.148
39.766
61.385
79.532
93.168
104.522
113.596
122.670
131.744
140.817
149.891
158.965
168.039
177.113
186.187
195.261
202.253
206.144
208.512
183.692
148.692
113.692
78.692
43.692
8.692
118
263
408
526
609
675
726
777
827
878
929
979
1.030
1.080
1.131
1.182
1.218
1.237
1.247
1.099
889
680
471
261
52
24.820
35.000
35.000
35000
35.000
35.000
8.692
148
209
209
209
209
209
52
3.360
3.579
3.579
3.360
3.075
2.930
2.786
2.786
2.786
2.786
2.786
2.786
2.786
2.786
2.786
2.786
2.655
2.459
2.362
644
12,3
13,1
13,1
12,3
11,3
10,7
10,2
10,2
10,2
10,2
10,2
10,2
10,2
10,2
10,2
10,2
9,7
9,0
8,7
2,4
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,330
0,330
0,330
0,330
0,330
0,330
0,330
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
0,367
3.360
6.939
10.518
13.878
16.953
19.883
22.670
25.456
28.242
31.028
33.815
36.601
39.387
42.173
44.960
47.746
50.401
52.859
55.221
55.865
55.865
55.865
55.865
55.865
55.865
55.865
55.865
12
25
39
51
62
73
83
93
104
114
124
134
144
155
165
175
185
194
203
205
205
205
205
205
205
205
205
56.507
116.705
176.903
233.411
285.121
334.405
381.266
428.126
474.986
521.846
568.706
615.566
662.426
709.286
756.146
803.006
847.654
889.003
928.733
939.557
939.557
939.557
939.557
939.557
939.557
939.557
939.557
0,38
0,55
1,28
1,14
1,000000
0,944173
1,00
1,00
Estril en Botadero - kt
21.473
33.109
51.074
63.200
71.796
76.391
79.662
79.662
79.662
79.662
79.662
79.662
79.662
79.662
76.382
66.541
57.149
47.138
39.730
10.220
77.980
93.307
111.272
119.707
123.507
125.676
126.522
126.522
126.522
126.522
126.522
126.522
126.522
126.522
123.242
113.401
101.796
88.487
79.461
45.863
35.000
35.000
35.000
35.000
35.000
8.692
883.050
822.852
762.654
706.146
654.436
605.152
558.291
511.431
464.571
417.711
370.851
323.991
277.131
230.271
183.411
136.551
91.903
50.554
10.824
1.230.027
1.196.918
1.145.844
1.082.644
1.010.848
934.457
854.795
775.133
695.471
615.808
536.146
456.484
376.822
297.160
220.778
154.236
97.088
49.950
10.220
90,70
17,83
20,90
9,81
4,42
2,52
0,98
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
77.980,24
93.306,77
111.271,93
119.707,30
123.506,50
125.675,68
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
126.522,26
$434,4
$444,5
$444,5
$434,4
$420,2
$412,5
$404,0
$404,0
$404,0
$404,0
$404,0
$404,0
$404,0
$404,0
$404,0
$404,0
$395,6
$381,0
0,85
1,12
1,39
1,55
1,70
1,70
1,70
1,70
1,70
1,70
1,70
1,70
1,63
1,42
1,00
1,00
1,00
1,00
1,00
Flujos de Caja
Ingreso de Ventas ($M)
$372,8
$104,2
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$138,2
$194,9
$194,9
$194,9
$194,9
$194,9
$48,4
$0,0
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$122,5
$35,6
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$86,9
$122,5
$122,5
$122,5
$122,5
$122,5
$30,4
$0,0
$54,6
$65,3
$77,9
$83,8
$86,5
$88,0
$88,6
$88,6
$88,6
$88,6
$88,6
$88,6
$88,6
$88,6
$86,3
$79,4
$71,3
$61,9
$55,6
$14,7
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$13,7
$19,3
$19,3
$19,3
$19,3
$19,3
$4,8
$0,0
$7,8
$9,3
$11,1
$12,0
$12,4
$12,6
$12,7
$12,7
$12,7
$12,7
$12,7
$12,7
$12,7
$12,7
$12,3
$11,3
$10,2
$8,8
$7,9
$2,1
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$249,6
$247,4
$233,0
$216,2
$198,9
$189,4
$180,3
$180,3
$180,3
$180,3
$180,3
$180,3
$180,3
$180,3
$182,9
$190,8
$191,6
$187,8
$186,7
$51,8
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$1.961,2
$1.868,6
$1.770,7
$1.679,4
$1.597,5
$1.526,4
$1.459,1
$1.395,5
$1.326,8
$1.252,7
$1.172,6
$1.086,1
$992,7
$891,8
$782,8
$662,5
$524,7
$375,0
$217,3
$47,9
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$0,0
$37,7
$53,2
$53,2
$53,2
$53,2
$53,2
$13,2
$0,0
$55,4
$59,8
$64,6
$69,8
$75,4
$81,4
$87,9
$95,0
$102,6
$110,8
$119,6
$129,2
$139,5
$150,7
$162,7
$175,8
$189,8
$205,0
$221,4
$239,1
$220,6
$185,0
$146,7
$105,3
$60,5
$12,2
$0,0
$2.016,6
$1.928,4
$1.835,3
$1.749,1
$1.672,9
$1.607,8
$1.547,0
$1.490,5
$1.429,4
$1.363,4
$1.292,2
$1.215,3
$1.132,2
$1.042,4
$945,5
$838,2
$714,5
$580,0
$438,7
$287,0
$220,6
$185,0
$146,7
$105,3
$60,5
$12,2
$0,0
$1.000,0
$128,2
Valor Actual Ao 0 $M
$739,0