A sovereign-scale Andean mining platform on the Culampaja Fault belt — the same belt that produced Alumbrera (USD 62.7B realized) and hosts MARA (USD 125B+). Anchored by a 60-year exclusive public-private partnership with the Argentine state mining enterprise YMAD, endorsed by both the provincial Governor and the federal Office of the President.
Exclusive 60-year operating rights over the full Peirano Block (Farallón Negro + Los Vizcos + Las Blendas + surrounding unexplored areas).
757,000 oz Au + 22.1M oz Ag delineated as Measured & Indicated resources in the primary vein system.
The full IEP mineral-asset pool — gold, silver, copper, molybdenum, lithium, and rare-earth element anomalies.
With policy-committed adjacent-concession transfer (Capillitas, Cerro Atajo, Filo Colorado, Nueva Esperanza), the full Argentina-side Culampaja belt.
The Culampaja Fault System is a 31-mile-wide mineral-rich belt that extends from the Chilean Domeyko Fault (Atacama / Antofagasta) into Argentina's Catamarca Province (22°S–30°S). On the Chilean side, 101 mines produce 28% of global copper (5Mt/yr). On the Argentine side — three times the area, almost entirely unexplored.
| Reference Mine | Operator | Realized / Potential Value | Geological Setting |
|---|---|---|---|
| La Escondida (Chile) | BHP 57.5% / Rio Tinto 30% | USD 260B (Cu 20Mt+) | Domeyko Fault |
| Bajo de la Alumbrera | Glencore (closed) | USD 62.7B (Au-Cu) | Culampaja Fault — Catamarca |
| MARA Project | Glencore | USD 125B+ (~2× Alumbrera) | Culampaja Fault — Catamarca |
| Casale (Chile) | Barrick / Newmont 50:50 JV | USD 186B (Au+Cu) | Domeyko Fault |
| ★ Peirano Block (IEP × YMAD) | IEP × YMAD — 60-yr exclusive | USD 40 – 80B+ | Same Culampaja Fault as Alumbrera & MARA |
Farallón Negro has been in continuous operation for over 50 years, producing more than 1,000,000 oz of gold to date. The site has fully-built brownfield infrastructure (20 km permanent waterline, grid power, year-round road access, on-site airstrip, 350-bed camp, integrated processing plant). The plant is designed for 2,000 tpd but currently operates at 1,200 tpd — leaving 67% of installed capacity available for immediate ramp-up without new construction.
On 28 February 2025, the YMAD Board of Directors formally resolved to declare the IEP proposal of "Industrial Interest" — a discretionary instrument that exempts the transaction from open tender and designates IEP as the sole PPP counterparty. The transaction is supported simultaneously by the Catamarca Provincial Government and the federal Office of the President under Argentina's Strategic Mining Projects program.
Mining accounts for 95.6% of Catamarca's provincial exports. The Governor's office has assigned explicit policy priority to expanding mining capacity. Adjacent concession transfer (Capillitas, Cerro Atajo, Filo Colorado, Nueva Esperanza) is a policy-committed pathway.
Argentina's RIGI (Régimen de Incentivo para Grandes Inversiones) guarantees 30-year tax, foreign-exchange, and export stability for qualifying large-scale investments. The project is a flagship RIGI-qualifying transaction.
Federal policy guarantees 100% free repatriation of mining export revenues for five years — materially de-risking USD cash flows for international investors and lenders.
Beyond primary ore production, Farallón Negro holds 4.0 million tonnes of historical tailings — left unrecovered by traditional cyanidation. PCE-driven reprocessing of this material unlocks an entire second EBITDA engine, with USD 52.3M annual EBITDA in conservative scenarios.
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