These iron oxide deposits were found in 1958. Mining in Laco Sur removed about two million tons of magnetite between the 1970s and 1990s, leaving an open pit exposing of rock. In 2009, these mineral reserves were mined by Cia Minera del Pacifico S.A. It is estimated that the deposit contains 733.9 million tons of ore, consisting of 50% iron.:684 The geological interest in these kinds of mineral deposits is enhanced by their frequent association with other minerals, as has been noted at Olympic Dam, Australia. Other magnetite-apatite ore deposits in the Andes are Incahuasi (10.3±0.8 mya), south of El Laco, and Magnetita Pedernales (Tertiary), about south-southwest of Laco.