BMR’s 100%-owned Punitaqui copper mine has been on care and maintenance since April 2020 when the previous operators were forced into bankruptcy by its creditors due to the rapid fall in copper prices from mid-2018 to its bottom of $2.03/lb in March 2020.
The operation leverages all necessary fixed assets and infrastructure, excellent road access, ready availability of water, existing power lines, majority of operational permits in place, and widespread mineralization. Punitaqui boasts a nine-plus year operating history and is on track for resumption of underground mining in late 2022 followed by copper concentrate production soon after. 

After acquiring the assets in March 2021, BMR was quick to begin redevelopment of the operation. The Company has since recommenced activities for the resumption of mining and milling. Sale of copper concentrate will be carried out in conjunction with an aggressive two-phase regional exploration campaign to better define historical mineral resources and add new resources for mining in the future.

Cinabrio is the original underground mine which was the source of feed to the copper concentrating plant for over eight years and has remaining ore to be processed. The San Andres zone has existing underground access and copper mineralization up to 30 meters wide. The Dalmacia zone also has underground access and exhibits copper mineralization widths up to 50 meters. Regional targets including the Cinabrio Norte zone offer near-term “blue sky” exploration and district-scale potential for BMR. 

The re-start of mine operations is projected to begin late 2022 with full commissioning expected shortly after. Punitaqui has the potential to generate an annual EBITDA of up to US$50 million at or above a copper price of $4.00/lb.