Porphyry Copper: Revisiting Mineral Resource Assessment Predictions for the Andes

Abstract

A mineral resource assessment of porphyry copper deposits in the Andes Mountains of South America was done in 2005 in cooperation with geological surveys in South America. The study identified 590 million metric tons (Mt) of copper in identified resources. Continued exploration and development in the region over a 15‐year period provide an opportunity to compare the predicted assessment results with new discoveries and resource growth in previously known deposits. The 2005 assessment estimated that 145 undiscovered deposits could contain a mean of 750 Mt of copper. The actual number of deposits increased (2005 to 2020) from 69 to 120 and the amount of identified copper resources increased from 590 Mt to 1600 Mt. Although most of the new deposits and copper resources are concentrated in Miocene‐Pliocene and Eocene‐Oligocene mineral belts, new deposits have been discovered in Jurassic and Cretaceous mineral belts. Resource growth in porphyry copper deposits known in the Andes in 2005 (1100 Mt copper) exceeds copper resources in new discoveries since 2005 (490 Mt copper) by a factor of 2.