ALL you need to know about TSO! Please read before investing!, page-98

I think @tretchikoff had been asking several times about the giants around us, I had the same questions as well. So I tried to find ALL the gold producers around us.

The red X on the map is where El Zorro is. As we can see there are heaps of gold mines in Atacama. But we have the advantage of low altitude and is closer to everything.


A closer look: lots of operating mines, mostly Gold, Silver and Cooper around us


Here are the list of Gold producers in Atacama, please have a look at the enormous resources and the production output per annum:

1. El Penon (Yamana): produce 252,000 ounces of gold and 8.4Moz of silver/pa. Reserve: 3Moz.
2. Norte Albierto (Barrick, Newmont): 23.2 Moz gold & 5.8 Bnpounds copper.
3. Pascua Lama (Barrick): 21.3 Moz of gold and 676 Moz of silver.
4. La Coipa (Kinross): produce 690,000 ounces of gold from 2022 to 2024. Reserve: 916,000 ounces of gold and 34Moz of silver.
5. Salares Norte: produce 450,000 ounces/pa. 5.13g/t gold and 57.94g/t silver and containing 3.5Moz of gold and 39Moz of silver.
6. Lobo Marte (Kinross): 6.4Moz of gold.
7. Refugio (Kinross): produce 230,000 to 260,000 oz/pa. Grade of 0.86 g/t for 3.5Moz of gold.
8. Caspiche: average grade of 0.55 g/t Au for 19.3 Moz of gold and 2.1 Mt of copper.
9. Cerro Casale (Barrick, Kinross): proven and probable gold reserves of 17.4 Moz as well as 2.5 Moz of measured and indicated gold resources. 4.3 billion pounds of copper.
10. Volcan (Hochschild): produce 287,000 oz/pa during its first five years with cash costs estimated at US$586 per oz. gold.
11. Fenix (Rio2): 1.4Moz in PFS, but reserve can be up to 4-5Moz. As mentioned before, its CEO is Alex Black, who bought La Arena for 12M, turned it into a high output low cost mine and sold for 1.2Bn. Alex said that Fenix has twice the potential of La Arena.

I know it's better to be super conservative than overconfident. A super conservative estimate of 1Moz at Ternera would already give us a fair SP of 16c+++ (valuation by PAC partner in April, an update in Gold price, metallurgy and assays were not included). But now knowing all those spectacular the mines around us, Im afraid 1Moz would make us a black sheep in the family and a disgrace to the clan. Lets wait and see the real MRE by the end of this year!