Capstone Mining Corp. reported that, as of mid-year, its three operating mines (Pinto Valley, Cozamin and Minto) produced 27,700 metric tons (mt) of copper (in concentrates and cathodes) in the second quarter and 55,300 mt year-to-date.
“At the midway mark of the year, our copper production is on plan with all operations performing well,” said Darren Pylot, president and CEO, Capstone. “With operations at Pinto Valley now fully ramped up and essentially stabilized at targeted throughput rates, we can direct all of our focus on continued cost and business improvements at Pinto Valley.”
Pinto Valley grade and recoveries more than offset lower than planned throughput. One of the six ball mills was down for 25 days in May, as a result of a gear failure. Repairs were completed by June 4, and the mill operated at capacity for the month of June.
At Cozamin, strong throughput offset slightly lower grade than planned. Grade is forecasted to improve in the third quarter in accordance with the 2014 mine plan. At Minto, lower grade than expected in the open pit was largely offset by continuing very strong throughput and recoveries. The mill achieved a quarterly throughput record of 4,124 mtt/d. Ore from the underground M-Zone began feeding the mill in April, with grade and tonnage as planned.
Payable copper shipped for the quarter from all three mines was 24,564 mt. Capstone’s 2014 guidance for 102,000 mt ±5% of copper in concentrates, at a C1 cash cost of $1.90/lb to $2/lb per pound of payable copper, net of by-product credits and selling costs, remains unchanged.