Capstone Mining has announced its financial results for the year ended December 31, 2012. Net earnings for the year were $59.6 million and operating cash flow before changes in working capital(1) was $114.4 million. Net earnings for the fourth quarter were $18.5 million and operating cash flow before changes in working capital(1) was $24.7 million.
Capstone ended the year with cash on hand of $499.9 million, a $200 million credit facility and no long-term debt. Copper production for the year at Capstone's two operating mines, Cozamin and Minto, totalled 82.8 million pounds in concentrates (79.6 million pounds of payable copper) at a total cash cost(1) of $1.50 per payable pound of copper produced.
(The items marked with a "(1)" are alternative performance measures and readers should refer to Alternative Performance Measures in the Company's Management's Discussion and Analysis for the year ended December 31, 2012 as filed on SEDAR and as available on the Company's website for further details.)