Capstone Copper Reports Strong Q2 2024 Results with Increased Production and Net Income
Capstone Copper has announced its financial results for the second quarter of 2024, highlighting robust copper production and significant financial gains. For the quarter ending June 30, 2024, Capstone produced 40,937 tonnes of copper at C1 cash costs of $2.84 per payable pound of copper.
CEO John MacKenzie praised the company’s performance, noting the successful execution of operating plans and the progress at the Mantoverde Development Project, which is approaching its nameplate production levels. This achievement is expected to transform Capstone’s future results. Additionally, Capstone has released an updated feasibility study for the Santo Domingo project, located 35 kilometers northeast of Mantoverde in Chile’s Atacama region. This study marks a significant step toward developing a world-class mining district, with plans to advance financing and partnership discussions and continue detailed engineering work.
Q2 2024 Operational and Financial Highlights
- Copper Production: Capstone achieved consolidated copper production of 83,058 tonnes for the first half of 2024, meeting the guidance range of 80,000 to 90,000 tonnes. In Q2 2024, copper production totaled 40,937 tonnes, with contributions from Pinto Valley (15,994 tonnes), Mantos Blancos (10,070 tonnes), Mantoverde (8,721 tonnes), and Cozamin (6,152 tonnes).
- Financial Performance: The company reported a net income attributable to shareholders of $29.3 million, or $0.04 per share, for Q2 2024. This marks a significant improvement from the net loss of $36.5 million, or $(0.05) per share, recorded in Q2 2023. The improved financial performance is attributed to higher realized prices and operational efficiency.
