Marimaca Copper is a copper exploration and development company focused on advancing its flagship Marimaca Oxide Deposit (MOD) copper project in Chile.
Could you briefly introduce yourself and tell us how you became the CEO of Marimaca Copper?
I’m Australian by birth and have spent the past 15-16 years working in early-stage mining, from discovery to development. I’ve worked in Africa, the EU, and now South America. Six years ago, the private equity owners of Marimaca approached me. They had made a copper discovery but were struggling to advance the project. At the time, copper wasn’t yet seen as critical, but I had been searching for a copper project to get involved with. They brought me in to help with strategy development, and I took on the CEO role in late 2019.
What are the expected timelines for production at Marimaca Copper?
We have just completed and announced our Definitive Feasibility Study for the MOD. It confirms the MOD as one of the most attractive copper development opportunities globally, especially when compared to those with a production capacity greater than 50ktpa and we are now also well underway in securing debt financing.
We’re also progressing well with our permitting, which is often a significant external challenge. Based on our current timelines, we expect to receive environmental approval by the end of the year. This would allow us to begin construction in 2026, with the first copper production expected in 2028 and a full production year in 2029.
Could you tell us about the recent Pampa Medina Norte discovery in Chile?
The Pampa Medina Norte discovery has been described as a “jackpot.” It’s a different style of mineralization compared to the typical Chilean copper belt, more akin to the Central African copper belt, which is known to be highly productive. This discovery is still in the early stages of exploration, but it shows potential for being a significant new copper find. Our geologist and VP of Exploration, Sergio Rivera, believes this could be a tier-one opportunity, which would be a game-changer if we discover multi-million tons of contained copper.
Is this a greenfield project or an existing deposit?
While the sulphide potential is a greenfield discovery, there is an existing oxide deposit above it that has never been mined. We acquired this oxide deposit because it complements the Marimaca project. Historical drilling didn’t explore the deeper sulphide bodies, which is where the exciting new discovery lies. It’s not uncommon for second explorers to make discoveries with a fresh approach and new ideas, so we’re really excited about the potential.
Has the recent interest in copper made it easier to attract investment or attract majors for potential joint ventures?
Raising capital has been difficult in the past, but we’ve seen a shift recently. There’s more interest in early-stage exploration, especially for copper, with money becoming available for good exploration stories. For years, we struggled to find funding sources that weren’t overly dilutive for our shareholders. We’ve been approached and received funding from groups like Mitsubishi Corp, and majors are certainly watching us, particularly after the drill results we’ve released. We’ve had discussions about joint ventures, but we feel the scale of the opportunity might allow us to handle exploration ourselves.
Do you plan to expand to other jurisdictions, or will you stay focused on Chile?
For now, we’re staying focused on Chile. As a junior company, maintaining focus is crucial to attracting investors. Spreading too thin could cause them to question the core project. While we have an exciting exploration opportunity in parallel, our main focus is ensuring we progress Marimaca towards production.
What are your sustainability plans at Marimaca Copper?
Sustainability is crucial, especially when attracting capital. We aim to choose the most sustainable options wherever possible, but always consider the economic implications. For example, in Chile, freshwater usage is a major issue. We’ve opted to use recycled seawater from an electricity plant in the nearby community of Mejillones, located roughly 25km from the project. This will not only reduce pressure on freshwater resources, but it also makes use of water that would have been discharged back into the ocean.
On the energy side, we’re committed to using solar power and are willing to pay a premium for green energy. We’ve also electrified much of our fleet, and we may further reduce diesel usage if feasible. We also have for the past four years completed an independent ESG assessment, via Digbee and I am proud to say that each year since 2021 we have improved our score in the Digbee ESG assessment.
Alongside the environmental aspect, we have also engaged in local community focused efforts such as an open house Q&A event, in which locals from the nearby community engaged with Marimaca management, and it was a really positive experience. I feel it is these activities that embody our commitment to constantly pushing the project to being completed in a sustainable manner as best as possible. Overall, we hold ourselves to the highest standards for environmental risk management, as we believe this is essential for long-term success
Where would you like to see Marimaca in the next 5-10 years?
In the next 5-10 years, we aim to be a significant, mid-tier, copper producer globally. If our exploration at Pampa Medina proves successful, it could become a tier-one asset, producing over 100,000 tons of copper annually for more than 20 years. By combining Marimaca with this potential discovery, we could position ourselves alongside bigger mid-tier producers like Lundin Mining and Capstone Copper. Our first goal, however, is to get the first project into production, and then focus on growth opportunities thereafter.
