Capstone Mining Reports Financial Results for Pivotal Year

Capstone Mining Corp. (TSX:CS) released its financial results for the year ended December 31, 2013. The company posted a net loss for 2013 of $9.4 million, with operating cash flow before changes in working capital sitting at $85.5 million. Capstone ended the year with cash on hand of $104.0 million.

According to the company’s press release:

Copper production for the year at Capstone’s three operating mines, Pinto Valley (82 days of ownership), Cozamin and Minto, totalled 113.8 million pounds of copper in concentrates and cathode (109.6 million pounds of payable copper) at a C1 cash cost of$1.72 per payable pound of copper produced.

Darren Pylot, President and CEO of Capstone:

This past year was pivotal for Capstone with the acquisition of the Pinto Valley mine, positioning us as a leading intermediate copper producer. In 2014 at Pinto Valley we plan to stabilize the operation, lower costs and complete the study for the second phase, which is intended to extend the mine life. At Cozamin and Minto we are focused on reducing costs and optimizing operations, and we will further advance and de-risk our Santo Domingo development project.

Click here to view the full press release.