Chuquicamata Copper Royalty – Chile

About This Project

Net smelter return (NSR) royalty on copper production from Chuquicamata — the world's largest open-pit copper mine by volume, operated by Codelco (Chile's state copper company). The mine produces 330,000 tonnes of copper cathode annually. The royalty is 1.2% NSR on all copper sales above LME price of $3.80/lb, payable monthly in USD. Copper demand is accelerating due to EV batteries, renewable energy wiring, and AI data center cooling systems. Codelco is Chile's largest tax contributor, providing sovereign-backed counterparty certainty.

Executive Summary

1.2% NSR royalty on Chuquicamata, world's largest open-pit copper mine. 330,000t/yr, Codelco state-operated. Monthly USD. EV/AI demand tailwind.