Canadian Mining Journal


COPPER: Capstone 2018 revenue slides, costs up

The mine life of the Pinto Valley copper mine has been extended to 2039. (Image: Capstone Mining)

VANCOUVER – The latest quarterly numbers from Capstone Mining Corp. show lower revenue than a year earlier, but production costs also rose. The company met the year’s guidance with output of 155.2 million lb. of copper at a C1 cash cost of $1.83 per lb. of payable metal. (All monetary figures are U.S. dollars.)

Total 2018 revenue was $415.9 million, a drop of about 3% from the $420.4 million a year earlier. Despite the drop, adjusted net income from operations was $31.5 million rather than a net loss of $3.3 million for 2017. C1 cash costs were $1.83 per lb. of copper in 2018, up about 3% from 2017. The numbers fell within published guidelines.

Capstone has also been able to reduce its net debt to $150.1 million, from $158.7 million in 2017 and $198.6 million in 2016.

Looking ahead at 2019, Capstone has offered production guidance of between 115 million and 125 million lb. of copper from the Pinto Valley operation, and between 30 million and 35 million lb. from Cozamin. C1 cash costs at Pinto Valley will be $2.10 to $2.25 and at Cozamin $0.90 to $1.05.

An amount of $89.5 million is planned for capital expenditures and $12.0 million for exploration at all properties.

Capstone placed its only Canadian project – Minto in Yukon – on care and maintenance late last year when talks aimed at selling the property fell through.

More details of the company’s operations can be found in the latest corporate presentation at

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