Partners

The mining properties that comprises the Cerro Vanguardia Mining Group and the mineral resource existing therein are property of Fomicruz. Its discovery occurred in the late 1970s through the Patagonia Comahue Geological Mining Plan, later being a National Reserve Area and in 1987 it became a Provincial Reserve Area. In 1988 the Province of Santa Cruz created the mining state company Fomento Minero de Santa Cruz (FOMICRUZ SE), mainly to administer the mining rights of Cerro Vanguardia with a legal figure that allows to have the ownership of the mining rights and to favor their development in a framework that best preserves the interests of the Province.

After carrying out exploration programs in the area a bidding process was opened in the 1990s that allowed the conformation of MINCRUZ Joint Venture that was formed by Fomicruz SE and Minera Mincorp SA., the latter integrated by Anglo American Corporation (now AngloGold Ashanti) and Perez Companc (who retired from society in 2001). In 1992 the advanced exploration of the project begun until 1996 when the Economic Feasibility Study led to the decision to start the development stage and subsequent production of the project.

Cerro Vanguardia poured its first gold in late 1998 and has been in production since with at least a forecast of 5 more years ahead. The exploitation method is simultaneously open pit and underground, using all safety and efficiency standards.

The operation of the deposit is in charge of Cerro Vanguardia SA (AngloGold Ashanti 92.5% and Fomicruz SE 7,5%) under an Usufruct Mineral Agreement in force since 1996 and for the period of 40 years.

In 2019 Fomicruz and AngloGold Ashanti successfully negotiate the extension of the mining operations for another 5 years amending the commercial terms of their partnership.

Patagonia Gold S.A. is an Argentinean junior mining company with an important holding in Patagonia, which entered into an agreement to explore and exploit precious metals in some of Fomicruz’ projects.

Currently Patagonia Gold S.A. and Fomicruz are going through a reorganization phase to incorporate further projects in the Deseado Massif.

Yamana is a Canadian-based gold producer with significant gold production, development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. Yamana claims to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and by targeting other gold consolidation opportunities with a primary focus in the Americas.

In 2008 Fomicruz entered into an agreement with a company named Extorre Gold Mines owner of mine Cerro Moro, to explore and potentially exploit minerals in a project named Bahia Laura (69,256 hectares) owned by Fomicruz. Between 2009 and 2012 Extorre undertook exploration activities in said project, which included mapping, sampling, geophysics and more than 14,000 meters of drilling.

In 2012 Yamana Gold Inc. acquired Extorre Gold Mines, therefore incorporating Bahia Laura to its mining project in Santa Cruz.

In 2018 Yamana announced Cerro Moro mine entered into production.