Capstone Copper Corp. (“Capstone” or the “Company”)
(TSX:CS) is pleased to announce that commissioning activities are
underway at its Mantoverde Development Project (“MVDP”) in Chile.
The Company is focused on a safe, efficient and phased project
commissioning and ramp-up. MVDP will increase the Company’s
consolidated copper production by over 40% with a significant
decrease in unit operating costs.
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the full release here:
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Exhibit 1: MVDP, Sulphide Operations
(Photo: Business Wire)
Capstone also announces that it intends to apply for a secondary
listing on the Australian Securities Exchange (“ASX”), in addition
to the Company’s existing primary Toronto Stock Exchange listing,
and announces the appointment of Mr. Gordon Bell to its Board of
Directors.
MVDP Commissioning Activities
Underway
John MacKenzie, Capstone’s Chief Executive Officer, commented,
“I am pleased to announce that construction of all elements of the
project that are required to commence commissioning are complete.
The project is on-time and we reaffirm our $870 million total
capital cost guidance. This marks an exciting time for Capstone,
MVDP is transformational for our business and provides the base for
incredible growth in the Mantoverde-Santo Domingo District.”
On November 29th, first ore was introduced to the primary
crusher. Mantoverde will continue to systematically commission the
concentrator plant and is on track to reach nameplate production
levels of 32,000 tonnes per day by mid-2024.
Cashel Meagher, Capstone’s President and Chief Operating
Officer, commented: “We just completed our hiring process for an
experienced workforce of over 130 skilled individuals to run the
sulphide operations. Our operating team is working with Ausenco to
safely and efficiently ramp-up production.”
Capstone’s consolidated production, cost, and capital guidance
for 2024 will be released in late January.
For a virtual tour of the Mantoverde Development Project,
including the introduction of first ore to the primary crusher,
please visit:
https://vrify.com/decks/12698-mantoverde-development-project
ASX Dual Listing
Capstone intends to apply to list as a Foreign Exempt Issuer on
the Australian Securities Exchange (“ASX”) during the first quarter
of 2024. The Company has grown a substantial investor base in the
Asia Pacific region and this strategy will broaden Capstone’s
exposure within these markets. The Company does not intend to raise
capital as part of the listing on the ASX and Capstone’s common
shares will continue trading on the Toronto Stock Exchange, its
primary listing.
The ASX is a premium market with a long track record as a
platform for mining companies. It provides a deep and liquid pool
of sophisticated investors and market participants who are limited
or restricted to only ASX-listed issuers and have a strong
understanding of the mining business.
Appointment of New
Director
Capstone also welcomes Gordon Bell as a new Independent Director
effective January 8th, 2024. He was most recently Vice Chairman for
the Mining and Metals Group of RBC Capital Markets before his
retirement in 2022. Previously, Mr. Bell was the Global Head for
RBC’s Mining & Metals group, leading the expansion and growth
of the firm’s Mining and Metals practice domestically as well as in
London, Australia and Asia, establishing RBC as a leader in the
sector globally.
Mr. Bell has global expertise in corporate strategy, debt and
equity financing, shareholder engagement, and mergers and
acquisitions. He received a Bachelor of Science in Mining
Engineering from Queens University in Kingston, Ontario and an MBA
from Washington University in St. Louis, Missouri.
About Capstone Copper
Corp.
Capstone Copper Corp. is an Americas-focused copper mining
company headquartered in Vancouver, Canada. We own and operate the
Pinto Valley copper mine located in Arizona, USA, the Cozamin
copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos
copper-silver mine located in the Antofagasta region, Chile, and
70% of the Mantoverde copper-gold mine, located in the Atacama
region, Chile. In addition, we own the fully permitted Santo
Domingo copper-iron-gold project, located approximately 30
kilometres northeast of Mantoverde in the Atacama region, Chile, as
well as a portfolio of exploration properties in the Americas.
Capstone Copper’s strategy is to unlock transformational copper
production growth while executing on cost and operational
improvements through innovation, optimization and safe and
responsible production throughout our portfolio of assets. We focus
on profitability and disciplined capital allocation to surface
stakeholder value. We are committed to creating a positive impact
in the lives of our people and local communities, while delivering
compelling returns to investors by sustainably producing copper to
meet the world’s growing needs.
Further information is available at www.capstonecopper.com
Cautionary Note Regarding
Forward-Looking Statements
This document may contain “forward-looking information” within
the meaning of Canadian securities legislation and “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
“forward-looking statements”). These forward-looking statements are
made as of the date of this document and the Company does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required under applicable
securities legislation.
Forward-looking statements relate to future events or future
performance and reflect our expectations or beliefs regarding
future events. In certain cases, forward-looking statements can be
identified by the use of words such as “anticipate”,
“approximately”, “believe”, “budget”, “will”, “project”,
“contemplate”, “estimate”, “expect”, “forecast”, “guidance”,
“intend”, “plan”, “scheduled”, “target”, or variations of such
words and phrases, or statements that certain actions, events or
results “be achieved”, “could”, “may”, “might”, “occur”, “should”,
“will be taken” or “would” or the negative of these terms or
comparable terminology.
Forward-looking statements include, but are not limited to,
statements with respect to the timing and cost of the Mantoverde
Development Project (“MVDP”), the success of incorporating
synergies previously identified in the Mantoverde – Santo Domingo
District Integration Plan, the timing and amount of estimated
future production, the costs of production and capital expenditures
and reclamation, the success of our mining operations, the
intention to list on the ASX, the success of the listing
application and the effects of such listing if completed.
By their very nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
our actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, amongst others, risks related to inherent hazards
associated with mining operations, future prices of copper and
other metals, inflation, counterparty risks associated with sales
of our metals, changes in general economic conditions, availability
and quality of water, accuracy of Mineral Resource and Mineral
Reserve estimates, operating in foreign jurisdictions with risk of
changes to governmental regulation, compliance with governmental
regulations and stock exchange rules, reliance on approvals,
licences and permits from governmental authorities and stock
exchanges and potential legal challenges to permit applications,
impact of climate change and changes to climatic conditions at our
operations and projects, risks relating to widespread epidemics or
pandemic outbreaks, geopolitical events and the effects of global
supply chain disruptions, uncertainties and risks related to the
potential development of the Santo Domingo project, risks related
to the MVDP, challenges to title to our mineral properties,
environmental risks, maintaining ongoing social licence to operate,
dependence on key management personnel, ASX listing approval and
ongoing ASX compliance requirements and other risks of the mining
industry as well as those factors detailed from time to time in the
Company’s and the risks included in our continuous disclosure
filings on SEDAR+ at www.sedarplus.ca.
Although the Company has attempted to identify important factors
that could cause our actual results, performance or achievements to
differ materially from those described in our forward-looking
statements, there may be other factors that cause our results,
performance or achievements not to be as anticipated, estimated or
intended. There can be no assurance that our forward-looking
statements will prove to be accurate, as our actual results,
performance or achievements could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on our forward-looking statements.
Footnotes
1 Mantoverde production figures shown on a 100% basis. MVDP Full
Run-rate production is based on first seven years average in most
recently disclosed NI 43-101 Technical Report.
2 This is an alternative performance measure; refer to the
Company’s news release dated November 3, 2023. C1 cash costs (US$
per payable lb Cu produced).
3 Based on data received from Ausenco. Case studies are based on
copper concentrators including Carrapateena (post initial 7-day
Christmas run), Constancia (post L2 mill bearing rectification),
Phu Kham (instantaneous throughput rates), and Mina Justa Sulfide
(instantaneous rates). Industry Benchmark based on consultant
benchmarking data (based on Transmin’s “average” concentrator data
set, 2019).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231220535588/en/
Jerrold Annett, SVP, Strategy & Capital Markets 647-273-7351
jannett@capstonecopper.com
Daniel Sampieri, Director, Investor Relations & Strategic
Analysis 437-788-1767 dsampieri@capstonecopper.com
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