Capstone Mining Corp. (TSX:CS) announced its financial results for the three and six months ended June 30, 2014, commenting that during Q2 its operating cash flow before changes in working capital came to a record $56.5 million. Meanwhile, net earnings came in at $16.6 million.
Other financial and production highlights include:
- Net earnings of $16.6 million or $0.04 per common share which included:
- Earnings from mining operations of $45.5 million,
- Realized copper price of $3.36 per pound.
- Production costs included a $1.8 million non-cash charge related to the write-down of inventory at Minto,
- $15.2 million tax expense.
- Adjusted EBITDA of $64.8 million or $0.17 per common share after making adjustments for certain non-cash and other items.
- Operating cash flow before changes in working capital of $56.5 million or $0.15 per common share.
- Working capital increased to $162.8 million at June 30, 2014 (which included $128.5 million of cash and cash equivalents) from $137.4 million at December 31, 2013.
- Production of 26,785 tonnes of payable copper at a C1 cash cost of $2.03 per pound of payable copper produced.
- Revenue of $171.7 million generated primarily from the sale of 24,563 tonnes of payable copper.