Business
Capstone Mining Advances Two Operational Growth Projects to Sustain 200 Mlbs Copper Production Starting in 2022
(All amounts in US$ unless otherwise specified) VANCOUVER, British Columbia----Capstone Mining Corp. (“Capstone” or the “Company”) (TSX:CS) provides a corporate
About this update from Capstone Copper Corp.
[{"type":"text","content":"(All amounts in US$ unless otherwise specified) VANCOUVER, British Columbia----Capstone Mining Corp. (“Capstone” or the “Company”) (TSX:CS) provides a corporate update including 2021 production and capital guidance, project and exploration updates and executive leadership announcements. Capstone’s 2020 actual production finished above the highest end of the 140 to 155 million pounds guidance range and actual costs below the bottom end of $1.85 to $2.00 per pound of payable copper. The Company will further expand on 2020 results when it releases 2020 fourth quarter results on Wednesday, February 24, 2021 before market open, followed by an investor webcast and conference call at 11:30 am Eastern Time. 2021 PRODUCTION, COST AND CAPITAL GUIDANCE In 2021, Capstone expects to produce between 175 and 190 million pounds of copper at C1 cash costs1 of between $1.75 and $1.90 per pound payable copper produced. “This is the first year of a multi-year growth phase for Capstone that will target 40% higher production with 15% lower costs by 2022, compared to last year’s guidance,” said Darren Pylot, President and CEO. “In the coming weeks, we will close the $150 million silver stream announced last month with Wheaton Precious Metals and it will allow Capstone to become debt free in 2021, while operating in this strong copper price environment. I am also pleased to announce the appointment of Brad Mercer to Chief Operating Officer, as he has been instrumental in leading Cozamin’s success in exploration and expansion, and will now have expanded responsibility for both Cozamin and Pinto Valley operations.” Brad Mercer, SVP and Chief Operating Officer said, “We have high impact, high return projects at each operation to advance this year. At Cozamin, we will release a pillar extraction study and new mine plan shortly, and following that our paste backfill and dry stack tailings project will officially commence. At Pinto Valley, the Eriez HydroFloat project is in final stage gate review following pilot plant testing which surpassed our 6% improvement target to overall copper recovery. This test gave us a sneak peak of where we want to get to in 2022; for the month of December, Pinto Valley averaged a record 60,717 tonnes per day.” Darren Pylot continued, “I am pleased to announce we have extended our exclusive discussions with Puerto Ventanas...