Q2 2024 Capstone Copper Corp Earnings Call Transcript
Key Points
- Capstone Copper Corp (CSCCF) achieved consolidated copper production of around 41,000 tonnes in Q2 2024, meeting H1 production guidance.
- The Pinto Valley and Cozamin mines performed well, with Pinto Valley producing 15,994 tonnes of copper at competitive C1 cash costs of $2.46 per pound.
- The company produced first saleable copper concentrates from the Mantos Blancos development project during Q2, with the project remaining on track and on budget.
- Capstone Copper Corp (CSCCF) released an updated feasibility study for the Santo Domingo project, enhancing the mine's economics and marking a major step towards creating a world-class district in Chile.
- Adjusted EBITDA in Q2 increased by 54% quarter over quarter and 186% year over year, driven by higher copper prices and lower costs.
- Consolidated C1 cash costs were $2.84 per pound, slightly exceeding cost guidance by $0.02.
- Production is trending below the midpoints of guidance, while costs are trending towards the upper end due to a two-month delay in reaching sustainable operating rates at Mantos Blancos.
- Net debt remained largely unchanged at $741 million as of June 30, 2024, indicating limited progress in debt reduction.
- The Mantos Blancos project experienced a one-month delay due to a faulty motor for the SAG mill, impacting the ramp-up schedule.
- Copper production from the sulfides at Mantos Blancos was disappointing in Q2 due to a localized geotechnical issue, resulting in lower grades and recoveries.
Good afternoon, ladies and gentlemen, and welcome to Capstone Koppers Q2 2024 results conference call. At this time, all lines are in a listen only mode. (Operator Instructions) This call is being recorded on Thursday, August first, 2024. I would now like to turn the conference over to Jerrold Annett. Please go ahead.
Thank you, operator. I'd like to welcome everyone to Capstone Coppers Q2 2024 conference call. Please note that the news release and regulatory filings announcing Capstone Koppers 2024 second quarter financial and operational results are available on our website and on CEDAR plus. If you're logged into the webcast, we will advance the slides of today's presentation, which are also available in the Investors section of our website.
I'm joined today by our CEO, Jon McKenzie, our President and COO, Cashel Meagher, our Chief Financial Officer, Raman Randhawa, our Senior Vice President, Risk, ESG and General Counsel, Wendy King, and our Senior Vice
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