Capstone Mining Posts 2014 Loss of $22.4 Million

Capstone Mining Corp. (TSX:CS) announced its results for the fourth quarter of 2014 as well as the year as a whole, noting that its operating cash flow before changes in working capital came to a record $199.4 million.

Other highlights include:

Notwithstanding this strong performance, Capstone posted a loss for the year of $22.4 million due to non-cash charges of $55.8 million, including $36.2 million related to a write down of inventory and capitalized mineral property costs at Minto, $11 million related to the impairment of available-for-sale securities and $8.6 million in the carrying value of the Kutcho development project. Copper production during the year at Capstone’s three operating mines totalled 103,353 tonnes of copper in concentrates and cathode (99,739 tonnes of payable copper) at a C1 cash cost of $1.93 per payable pound of copper produced.

Darren Pylot, president and CEO of Capstone, commented:

This past year was a transitional one for Capstone as we integrated Pinto Valley into our organization and completed the first full year of operation under our ownership. The trend of reducing cash cost and a final fourth quarter C1 cash cost of $1.82 per pound at that operation underscore the progress we have made so far. The significant operating cash flow we generated in 2014 of $199.4 million also demonstrates the substantial potential of all of our operations.

Click here to read the full Capstone Mining Corp. (TSX:CS) press release.