Asset Overview
Primary Deposit Types
The most common geological setting for combined copper and gold assets is a Porphyry Deposit.
- Porphyry Copper-Gold: These are massive, low-grade deposits formed from hydrothermal fluids associated with magma intrusions. While the concentration of metal per tonne of rock is relatively low, the sheer scale of these deposits allows for decades of production.
- Skarns: These form when hot, metal-bearing fluids from an intrusion interact with surrounding limestone or sedimentary rocks, creating high-grade “pockets” of copper and gold.
- IOCG (Iron Oxide Copper-Gold): These represent a specific class of high-value targets. They are characterized by abundant iron oxide minerals (like hematite or magnetite) alongside significant copper and gold mineralization.
Economic Dynamics
Mining assets with this dual composition offer a unique financial advantage known as Gold By-product Credits.
Cost Offsetting: In many copper mines, gold is considered a “by-product.” The revenue generated from selling the gold is subtracted from the operating costs of mining the copper.
Net Cash Costs: If a mine produces enough gold, its “net cash cost” to produce a pound of copper can drop significantly, sometimes even becoming negative in high-grade scenarios.
Market Hedging: Holding assets in both metals provides a natural hedge. Copper is an industrial metal tied to economic growth and green energy (EVs, wiring), while gold often performs well during economic uncertainty or inflation.
Technical Evaluation Metrics
When assessing these assets, geologists and engineers use specific formulas to express the combined value:
Copper Equivalent (CuEq): This converts the value of the gold into an equivalent amount of copper based on current market prices.
- Formula:$$CuEq\% = Cu\% + \left(Au\ g/t \times \frac{Au\ Price}{Cu\ Price}\right)$$
- Gold Equivalent (AuEq): Conversely, if gold is the primary focus, the copper value is converted into gold ounces.
Processing and Extraction
Most copper-gold assets are processed using Froth Flotation. The ore is crushed and treated with chemicals that make the metal-bearing minerals water-repellent. They attach to air bubbles and rise to the surface as a “concentrate,” which contains both the copper and the gold to be sent to a smelter for final separation.
Copper-Gold Portfolio
Our institutional-grade copper and gold assets are curated for disciplined, long-term value creation, with transparent governance, partner-ready opportunities, and scalable upside.
Economic Dynamics
Mining assets with this dual composition offer a unique financial advantage known as Gold By-product Credits.
- Cost Offsetting: In many copper mines, gold is considered a “by-product.” The revenue generated from selling the gold is subtracted from the operating costs of mining the copper.
- Net Cash Costs: If a mine produces enough gold, its “net cash cost” to produce a pound of copper can drop significantly, sometimes even becoming negative in high-grade scenarios.
- Market Hedging: Holding assets in both metals provides a natural hedge. Copper is an industrial metal tied to economic growth and green energy (EVs, wiring), while gold often performs well during economic uncertainty or inflation.
Technical Evaluation Metrics
When assessing these assets, geologists and engineers use specific formulas to express the combined value:
- Copper Equivalent (CuEq): This converts the value of the gold into an equivalent amount of copper based on current market prices.
- Formula:$$CuEq\% = Cu\% + \left(Au\ g/t \times \frac{Au\ Price}{Cu\ Price}\right)$$
- Gold Equivalent (AuEq): Conversely, if gold is the primary focus, the copper value is converted into gold ounces.
Processing and Extraction
Most copper-gold assets are processed using Froth Flotation. The ore is crushed and treated with chemicals that make the metal-bearing minerals water-repellent. They attach to air bubbles and rise to the surface as a “concentrate,” which contains both the copper and the gold to be sent to a smelter for final separation.