Capstone Copper Sanctions Mantoverde Optimized Expansion Project

Capstone Copper has approved construction of the Mantoverde Optimized (MV-O) project in Chile’s Atacama region following Board and regulatory approvals. The brownfield expansion will increase the sulphide concentrator’s throughput from 32,000 to 45,000 tonnes per day, adding around 20,000 tonnes of copper and 6,000 ounces of gold annually, and extending mine life from 19 to 25 years.

With 40% of detailed engineering complete, the $176 million project—equating to roughly $9,000 per tonne of incremental annual copper equivalent output—includes upgrades to mining and plant equipment, oxide leach optimisation, heap and dump improvements, bioleach conversion, and desalination plant enhancements. Construction is expected to take one year, with ramp-up in Q4 2026 and full 45,000 tpd capacity in early 2027. Higher cathode output from the oxide leach optimisation is targeted for Q2 2027.

Capstone has raised its 2025 expansionary capital guidance to $120 million, with $70 million allocated to Mantoverde this year and the remaining $106 million for 2026. Mantoverde is 70% owned by Capstone and 30% by Mitsubishi Materials.