Copper production during the quarter at Capstone Mining’s three operating mines totaled 26,178 metric tons (mt) of copper in concentrates and cathode at a cash cost of $1.84/lb of copper.
“We posted a strong quarter operationally, with all of our mines tracking well against our 2014 cost and production guidance,” said Darren Pylot, president and CEO of Capstone. “The results of the cost reductions and operating efficiencies that we are implementing at Pinto Valley were evident during the third quarter, with C1 cash costs of $1.90/lb of copper.”
Pinto Valley produced 15,812 mt of copper in concentrates and 649 mt of copper cathode during Q3 2014. Year-to-date, the mine has produced 49,412 mt of copper in concentrates and 1,796 mt of copper cathode. Work is ongoing related to the implementation of improvements identified by the Pinto Valley Phase 2 pre-feasibility study, with the project execution plan in place, orders for the majority of the mine equipment has been placed and detailed engineering and construction are under way.
The Cozamin mine produced 4,948 mt of copper in concentrates during Q3 2014 at a cash cost of $1.29/lb; year-to-date, the mine has produced 15,240 mt of copper in concentrates. During the quarter, Capstone acquired 45 mining concessions covering 770 hectares situated along strike and surrounding current Capstone claims, giving it control of the majority of the Mala Noche vein system and many of its subsidiary splays both along strike and at depth.
The Minto mine produced 4,762 mt of copper in concentrates during Q3 2014 at a cash cost of $2.18/lb; year-to-date, the mine has produced 15,112 mt of copper in concentrates. Surface mining has been suspended since the end of Q3 2014 due to delays in receipt of the Water Use License Amendment, which is required to permit pre-stripping at Minto North. Underground mining will continue along with the milling of underground and stockpiled ore.