Capstone to produce as much as 100Mlb of copper in 2010
By: Liezel Hill
17th December 2009
TORONTO (miningweekly.com) – Vancouver-based Capstone Mining has forecast production in 2010 of between 90-million and 100-million pounds of copper in concentrates, the company reported on Thursday.
Capstone produces copper from its Cozamin mine, in Mexico, and the Minto operation, in Canada's Yukon territory.
The firm has forecast production of 95-million pounds of copper in concentrates this year, at a total cash cost of about $1/lb.
The company expects total cash costs next year of about $1,10/lb to $1,20/lb of payable copper, net of byproduct credits and selling costs.
Around 55% of total production in 2010 will come from Minto, with 45% expected from the Cozamin mine.
"With both of our mines, Cozamin and Minto, having been through a series of expansions over the past two to three years and now performing at or above design, we are looking forward to another good year in 2010," said CEO Darren Pylot.
"We are focused on fully optimizing efficiencies and production costs, with the objective of maximizing the profitability of the pounds we produce."
At Cozimin, the company is now mining from the wider, higher-grade portions of the deposits, and so output is expected to be higher next year than in 2009.
“Higher throughput, grades and recoveries are forecast for 2010 as compared to 2009 as a result of continued mill outperformance and sustained access to these wider, higher grade stopes,” the company said.
At Minto, copper production is expected to be similar to 2009, with increased throughput and a somewhat lower grade forecast for 2010.
The increased cash costs reflect lower overall grades.
Shares in Capstone Mining slid 1,4% on Thursday, to C$2,81 apiece by 15:59 in Toronto.
Edited by: Liezel Hill
