Capstone beats production and cost guidance
Capstone finished the year at 156.9 million pounds of copper production above the guidance range of 140 to 155 million pounds, at consolidated C1 cash costs of $1.84 per payable pound of copper, below the guidance range of $1.85 to $2.00 per pound.
The company said that Q4 2020 production was 25% higher than Q4 2019 primarily due to significantly higher production at Pinto Valley, due to higher throughput as a result of the PV3 Optimization Phase 1 projects completed in Q3 2020, and also due to an increase in production at Cozamin as a result of higher head grades. The increase in production was the primary driver for the 15% or ~$0.30/lb reduction in C1 cash costs.
Capstone Mining is a Canadian base metals mining company, focused on copper. The company’s two producing mines are the Pinto Valley copper mine located in Arizona, US, and the Cozamin copper-silver mine in Zacatecas State, Mexico. In addition, Capstone owns 70% of Santo Domingo, a large scale, fully-permitted, copper-iron-gold project in Region III, Chile, in partnership with Korea Resources Corporation, as well as a portfolio of exploration properties.