Excelsior Mining (MIN.TO) confirmed at the end of last month it has produced the first copper cathode on its Gunnison copper project in Arizona, and the first copper is expected to be sold this month which will likely bring in a few million dollars if all goes well. Shareholders should hope the copper price will remain high as in the copper sector it usually isn’t the time of production or shipping to the buyer that determines the price, but the time stamp of the arrival.
The company reiterated its plans to reach full Phase 1 production (25 million pounds per year) by the end of this year despite the ongoing optimization program which will require more time to bring the entire wellfield into production. The timing for Excelsior is perfect as the current high copper price may kickstart the revenue and cash flow projections and perhaps make up for some of the delay.
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