Capstone Copper Achieves Production Guidance for 2023

Capstone Copper has successfully achieved its production guidance for 2023, thanks to a robust performance in the fourth quarter. The company is optimistic about maintaining this momentum in 2024.

Production Highlights

In 2023, Capstone Copper attained a consolidated copper production of 164,353 metric tons. This includes 117,432 pounds of copper and 46,921 tons of cathodes. The C1 cash costs ranged from $2.85 to $2.90 per payable pound of copper throughout the year.

During the fourth quarter, consolidated copper production amounted to 44,103 tons, comprising 32,161 tons of copper and 11,942 tons of total cathodes. The cost per payable pound of copper during this period was $2.65 to $2.70.

"The fourth quarter was the standout period of the year for us, as we witnessed a 10% increase in consolidated production and a significant 7% reduction in cash costs compared to the previous quarter. This positions us well for a strong performance in 2024," declared Chief Executive John MacKenzie.

Outlook for 2024

Capstone Copper foresees a consolidated copper production range of 190,000 to 220,000 tons for the year 2024. The cost is expected to be between $2.30 and $2.50 per pound.

"We anticipate that 2024 will be characterized by two distinct halves. The second half of the year will offer a glimpse of our new run-rate production and cost efficiency following the ramp-up of the Mantoverde Development Project in Chile."

"In the first half of 2024, we will not only focus on the ramp-up at MVDP but also strive to maintain consistently strong production at Pinto Valley in Arizona and achieve the installed throughput capacity at Mantos Blancos in Chile."