The Cerro Negro Norte iron deposit is located in the North Coastal Range of the Third Region, 32 km straight north of Copiapo and 42 km west of Caldera. Is no record of mining since the early 50′s, when it was operated by hand by pirquineros of the day, activity was increased during the time of the 60 tasks through an incipient degree of mechanization to exploit resources high grade iron.
The first studies date back to 1942, made by the Department of Mines and Petroleum Service of the State. Later, geophysical studies were conducted by the Institute of Geophysics of the University of Chile (1956-1957), continuing these studies by various companies until the late 60′s developed a drilling campaign in order to evaluate a tank large scale for the production of pellet feed.
During the 70′s, the deposit was evaluated as an alternative development plan for the mining of iron, which had as its main result of the complex construction and El Algarrobo Mine pellet plant in Huasco. At the end of the 90 competed to replace El Algarrobo Mine supply source pellet plant, however the favorable operating results in Los Colorados postponed once again mining development.
In order to increase its potential for geological resources, as of 2002 starts new exploration program in order to discover and add minerals for enabling a large mining project, which begins to set from the year 2005.
The aggressive development plan incorporates CAP Mining project, which after progressive engineering studies, combined with extensive operational experience allows the approval of the North Black Mountain Mining Project. This project, through the open pit mining, extract minerals process plant feed, concentrate to produce high purity iron in the form of pellet feed, which will then be transported by pipeline as a pulp, will be filtered and collected for later shipment Punta Totoralillo port.
The project with an investment of U.S. $ 575 million and a production capacity of 4.0 million tons per year of pellet feed, strengthen the presence of CAP Mining in the Valley of Copiapo, as another step in its growth strategy.