Capstone Mining Corp.’s 2019 actual production was above the midpoint range of 145 million to 160 million lb of copper and actual costs were below the bottom end of the guidance range of $1.80/lb-$2/lb payable copper.
In 2020, Capstone expects to produce between 140 million and 155 million lb of copper at C1 cash costs of between $1.85/lb-$2/lb payable copper produced.
“Capstone has redefined itself as we enter this new decade. Our business is supported by an expansion at our high grade and high margin Cozamin mine, while Pinto Valley is positioning to amplify best-in-class leverage to copper,” President and CEO Darren Pylot said.
“We have made substantial and sustainable reductions to our cost base, achieving our goal of approximately $30 million per year,” Pylot said. Capstone is positioned for 20% production growth with a 10% decrease in costs by 2021 and beyond.”
Pylot said there will be a slight decrease at Pinto Valley (approximately 5 million lb lower) to account for the installation of new secondary crushers.
At Cozamin, the one-way ramp project is proceeding on schedule, with an expected increase in annual production rates of 50 million to 55 million lb of copper and 1.5 million oz of silver for 2021 and beyond.