Capstone Mining (CS.TO) has produced a total of 22,000 tonnes of copper in the third quarter of this year which is almost 10% lower than the production result of the second quarter, despite having an additional calendar day in Q3. Both the Pinto Valley and Minto projects produced less copper, and the small production increase at Cozamin wasn’t sufficient to offset the impact.
Capstone argues the Pinto Valley production decrease was caused by electrical outages whilst the Minto mine was still impacted by the changes in the mine sequence which was needed to extend the mine life. The company had to suspend underground mining for a period of six weeks to upgrade the emergency facilities in the stoping areas
Fortunately the copper price is cooperating, and Capstone should be able to capitalize on $3 copper and add a substantial amount of cash to its treasury. We will know on Thursday, when Capstone will report its Q3 financial results.