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Capstone Mining announces strong first quarter 2019 results

Mining News - Published on Fri, 26 Apr 2019

Image Source: Sandra Hanson Design
Capstone Mining Corp announced its production and financial results for the three months ended March 31, 2019. Total production from continuing operations for Q1 2019 totalled 41.4 million pounds of copper at consolidated C1 cash cost of CAD 1.56 per pound, representing a 20% increase in production and 20% reduction in costs versus the same period last year. Q1 2019 net income was CAD 8.3 million, adjusted EBITDA from continuing operations1 was CAD 41.8 million and operating cash flow before changes in working capital1 was CAD 30.7 million. Darren Pylot, President and CEO of Capstone, said “We finished 2018 strong and we started 2019 even stronger. Our operations continue to run in a steady state from which we can further optimize with the long-term goal of decreasing costs and increasing production at both of our mines."

Q1 2019 HIGHLIGHTS

20% increase in Q1 2019 copper production to 41.4 million pounds compared to Q1 2018. 20% reduction in C1 cash cost1 to CAD 1.56/lb compared with CAD 1.95/lb in Q1 2018.

Fourth consecutive quarter of improved operating results with a focus on cost reduction, driving down costs to the lowest quarterly C1 cash cost1 since 2016.

Adjusted EBITDA from continuing operations1 increased 39% to CAD 41.8 million (Q1 2018 CAD 30.0 million). The increase in EBITDA was driven primarily by improved profitability at Pinto Valley due to the focus on lowering operating costs and due to lower general and administrative costs as a result of the corporate restructuring to a decentralized model in Q4 2018.

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Posted By : Rabi Wangkhem on Fri, 26 Apr 2019
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