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Capstone Mining Achieves Upper End of 2021 Production Guidance and Provides 2022 Guidance for Pinto Valley, Cozamin, and Santo Domingo
VANCOUVER, British Columbia / Jan 20, 2022 / Business Wire / Capstone Mining Corp. (“Capstone” or the “Company”) (TSX:CS) is pleased to provide a corporate upda
About this update from Capstone Copper Corp.
[{"type":"text","content":"VANCOUVER, British Columbia / Jan 20, 2022 / Business Wire / Capstone Mining Corp. (“Capstone” or the “Company”) (TSX:CS) is pleased to provide a corporate update including 2022 production, cost and capital guidance, project and exploration work and an update on the combination with Mantos Copper to form Capstone Copper Corp. An update to the 2022 guidance will be provided shortly after completion of the combination with Mantos Copper. In 2021, Capstone’s consolidated copper production was 85,000 tonnes which finished at the upper end of the 79,000 to 86,000 tonnes guidance range at C1 cash costs1 that were at the mid-point of the $1.75 to $1.90 per pound of payable copper. 2021 Copper Production (tonnes) 2021 Guidance 2021 Actual Pinto Valley 57,500 – 62,000 60,500 Cozamin 21,500 – 24,000 24,500 Total 79,000 – 86,000 85,000 The Company will provide further details on its 2021 results when it releases its 2021 Q4 results on Tuesday, February 15, 2022 after market close, followed by a webcast and conference call on Wednesday, February 16, 2022 at 11:30 am Eastern Time. 2022 PRODUCTION, COST AND CAPITAL GUIDANCE In 2022, Capstone expects to produce between 82,000 and 90,000 tonnes of copper at C1 cash costs1 of between $1.85 and $2.00 per pound payable copper produced at its Cozamin and Pinto Valley mines. Darren Pylot, CEO commented, “2021 was another challenging pandemic year and added to this was extreme weather events in Arizona. I’m incredibly proud of our employees for delivering strong operational results despite tough conditions and this speaks to our culture of excellence”. Cashel Meagher, President and COO added, “I recently joined Capstone because of its platform to build a Canadian mining champion in copper which will be significantly enhanced with the Mantos Copper combination. I look forward to furthering operating efficiencies and delivery of growth initiatives to hedge against the current inflationary cost environment.” 2022 GUIDANCE Pinto Valley Cozamin Santo Domingo Total Production and C1 Cash Costs1 (US$) Copper production (tonnes) 59,000 – 64,000 23,000 – 26,000 - 82,000 – 90,000 C1 Cash Cost (per payable pound)1 $2.15 – $2.30 $1.10 – $1.25 - $1.85 – $2.00 Capital Expenditure (US$ millions, rounded) Sustaining1 $65 $27 - $92 Capitalized Stripping – Expansionary1 $5 - - $5 Expansionary1 $20 $30 $45 $95 Total Ca...