Brief history of Cerro Corona
In 1979, exploration identified porphyry-style mineralisation in the Cerro Corona area. During the period from 1992 to 1993, sampling by the Gubbins Group identified gold mineralisation in the leached cap of the Cerro Corona deposit. Copper-gold porphyry mineralisation was discovered through the drilling of nine diamond core holes and completion of an exploration adit into the mineralised zone.
From 1994 to 1996, Cerro Corona then held by Barrick, drilled 140 reverse circulation drill holes totalling 9,476m and 118 diamond core holes totalling 35,254m. A draft feasibility study was completed by Kilborn. From 1997 to 1998, RGC Limited drilled six diamond core holes totalling 2,760m and a preliminary feasibility study was completed by Fluor.
In 2001, Minproc completed a number of feasibility studies, which ultimately indicated a Mineral Reserve of ~95Mt. In 2003, Gold Fields, through a subsidiary, signed a definitive agreement with Sociedad Minera Corona S.A. for the purchase of the Cerro Corona deposit and adjoining mining concessions.
The environmental impact assessment was approved on 2 December 2005 and the purchase transaction for the Cerro Corona Project was completed in January 2006. Mine construction commenced in May 2006. Building of the Las Gordas tailings dam and quarrying for the relevant construction material commenced in 2007. The mine has been in production since 2008 and utilises open pit mining and sulphide flotation to produce an auriferous copper concentrate via a flotation circuit. The concentrate is trucked 380km to the Port of Salaverry for export.
Gold Fields Corona (BVI) Limited, a wholly owned subsidiary of GFI, increased its economic interest in Gold Fields La Cima S.A. from the original 80% to 98.6% in 2012 and in 2013 to 99.53%.