Capstone taking advantage of robust copper prices - CEO
Toronto-listed Capstone Mining’s investments in optimisation and expansions over the past two years have allowed it to take advantage of robust copper prices, positioning the group with a large net cash balance ahead of its combination with Mantos Copper.
CEO Darren Pylot said on Tuesday that the company was entering a period of “transformational growth” with the Mantos transaction set to conclude in March or April.
“After a special meeting of shareholders on February 28, we look forward to building on the strengths of both organisations as we create Capstone Copper, a Canadian copper champion that will deliver leading growth in our sector,” he stated.
Capstone posted record net income of $252.9-million, or $0.56 a share, for 2021 and net income of $41.4-million, or $0.10 a share, for the fourth quarter of 2021. Adjusted net income was $241.6-million, or $0.60 a share, for 2021, and $73.2-million, or $0.18 a share, for the fourth quarter.
Operating cash flow before changes in working capital rose to a record $556.3-million in 2021 and $104.9-million in the fourth quarter, driven by strong revenue in a plus-$4.40-price environment.
Cash and short-term investments grew by $56.2-million during the three months ended December 31, 2021 and by $389.3-million during 2021 to $264.4-million. The company's total available liquidity was $489.4-million with nil long-term debt.
Capstone reported a 16% year-on-year increase in fourth-quarter copper production of 51.6-million pounds at C1 cash costs of $1.72 a payable pound of copper produced. The miner achieved its full-year guidance, with output of 187-million pounds at C1 cash costs of $1.81/lb. This is 19% higher than 2020’s output.
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