Canada-based Capstone Mining’s copper production in 2019 was 153.4mn lbs, marginally down by 1.2pc from 155.2mn lbs in 2018.
The company’s Arizona mine, Pinto Valley’s 2020 guidance is between 110 to 120mn lbs of copper production and projects output of over 50mn lbs at Mexico’s Cozamin in 2021. Pinto Valley was under maintenance in November 2019 prior to conducting an operational test in December, aimed at producing higher output. The mine produced a total of 117.6mn lbs in 2019 down by 1.6pc from 119mn lbs produced in the prior year.
Production at Cozamin was 0.90mn lbs in 2019 from 0.75mn lbs produced in the year prior, reaching top half of 2019 guidance range of 145-160 million lbs.The increase in Cozamin was led by an increase in development in 2019 as the mine built an inventory of areas to be available for underground mining in preparation to support increased mining rates.
Net income of the company was $10.9mn in 2019 up by 47pc from 7.4mn mt. Revenue from operations were $418.7mn in 2019 up from $415mn the prior year.