Capstone boosts net income tenfold in Q2 on higher production and record copper price
(Kitco News) - Capstone Mining (TSX:CS) announced Wednesday that in Q2 2021, its copper production totaled 43.3 million pounds, a 12% increase compared to 38.5 million pounds produced in Q2 2020.
The company said that its operating cash flow before changes in working capital, excluding the $30 million payment from Wheaton, of $110.4 million in Q2 2021 was the highest in the company’s history, driven by production growth and record high copper prices.
Capstone also noted that its net cash grew by $126.7 million to $171.5 million during Q2 2021, inclusive of $30 million in proceeds from the Gold Stream Agreement. The company also boasts record adjusted EBITDA for Q2 2021 of $128.0 million, an 892% increase compared to $12.9 million in Q2 2020.
The company added that its net income of $49.4 million in Q2 2021 was 1,049% higher than net income of $4.3 million recorded in Q2 2020.
President and CEO Darren Pylot commented, “This was a strong quarter with record copper production at Cozamin and completion of the majority of phase 2 PV3 Optimization work at Pinto Valley. We also published our 2020 Sustainability Report, which details our ESG-related programs and reaffirms our long-standing commitment to responsible mining practices.”
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 100% of Santo Domingo, a large scale, fully permitted, copper-iron-gold project in Region III, Chile, as well as a portfolio of exploration properties.