Capstone improves Q2 output as mines bounce back
VANCOUVER (miningweekly.com) – Shareholders rewarded Canadian copper producer Capstone Mining on Wednesday, pushing its TSX-listed stock up some 11% following the Vancouver-headquartered company reporting improved second-quarter production results.
Copper output rose 15% quarter-over-quarter in the three months ended June, hitting 24 000 t of red metal, compared with 20 900 t in the first quarter. That brings the year-to-date total to 44 900 t.
At Capstone’s Pinto Valley mine, in Arizona, throughput averaged 58 700 t/d for the quarter, setting a quarterly throughput record as well as achieving a new monthly throughput record in May of 60 300 t/d. Grade, recoveries and production were according to plan for the quarter.
At Cozamin, in Mexico’s Zacatecas state, grade and recoveries were on point, with throughput continuing ahead of plan on ongoing improvement in mine production and mine development.
At Minto, in Canada’s Yukon Territory, production for the quarter was impacted by mine sequencing changes to support a mine life extension into 2020. Throughput continued higher-than-planned, but head grade and recoveries were lower than expected owing to a higher percentage of partially oxidised ore feeding the mill from the Area 2, Stage 3 openpit and underground mining running slightly behind schedule.
Capstone expects to be within the range of 2017 consolidated production guidance of 94 000 t of copper. Minto and Cozamin are expected to complete the year on, or above plan, largely offsetting Pinto Valley's first quarter deficit.
Capstone's stock closed up C$0.05 a share at C$1.05 each.
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