Capstone Copper approves $176M Mantoverde expansion in Chile to boost copper and gold output, extend mine life, and meet global demand.
Capstone Copper, listed on both the Toronto Stock Exchange (TSX) and the Australian Securities Exchange (ASX), has officially approved the construction of its Mantoverde Optimised (MV-O) expansion project in Chile. This decision follows the company’s receipt of all necessary board and regulatory clearances, including the DIA environmental permit secured in early July.
The MV-O initiative represents a brownfield expansion of Mantoverde’s existing sulphide concentrator. Once completed, this upgrade will boost daily ore throughput from 32,000 tonnes to 45,000 tonnes. The enhanced capacity is expected to generate an additional 20,000 tonnes of copper and 6,000 ounces of gold annually. Moreover, it will extend the mine’s operational life from the current 19 years to 25 years.
Commenting on the development, CEO Cashel Meagher described the project’s approval as a major milestone in Capstone’s long-term growth journey. “With the required board and regulatory approvals now secured, we are ready to start construction on this capital-efficient, quick-payback, and high-return expansion at Mantoverde,” he said. Meagher emphasised that the MV-O project marks the next stage in the company’s broader Mantoverde–Santo Domingo district growth strategy. He also reaffirmed Capstone’s dedication to responsible mining practices and maintaining transparent engagement with stakeholders, highlighting the rising global demand for copper as a key driver.
Engineering progress on the MV-O expansion is already well underway, with about 40% of the detailed engineering completed. This level of progress has helped reduce project risks and improve the accuracy of both cost estimates and scheduling. Construction is anticipated to take approximately one year, with ramp-up activities starting in the fourth quarter of 2026 and full operational capacity expected in early 2027.
The total capital expenditure for the expansion is projected at $176 million—about $20 million higher than the figure in the 2024 feasibility study. The cost increase is primarily attributed to scope adjustments identified during the commissioning of Mantoverde’s new sulphide concentrator. These adjustments include upgrades to cyclone feed pumps, expanded pumping and sump capacity, enhanced electrical systems for flotation and tailings facilities, and dust control measures.
Following the approval, Capstone has revised its 2025 expansionary capital guidance upward by $60 million, setting the new target at $120 million. Of this amount, $70 million will be allocated specifically to Mantoverde. The company plans to invest the remaining $106 million in 2026 to complete the expansion.
Located in Chile’s mineral-rich Atacama region, Mantoverde is 70% owned by Capstone Copper and 30% owned by Mitsubishi Materials. The mine has been producing copper cathode since the 1990s, and in 2023, Capstone finished its Mantoverde Development Project, enabling the processing of sulphide ore alongside traditional oxide operations.
