Capstone Mining Corp Says On Target With Guidance For Year as Posts Q2
Capstone Mining Corp. (CS.TO) said net earnings for the second quarter were $12.5 million and cash flow from operating activities was $28.7 million. Capstone ended the quarter with cash on hand of $489.3 million, and a $200 million credit facility. Copper production for the quarter at Capstone's two operating mines, Cozamin and Minto, totalled 21.9 million pounds in concentrates at a total cash cost of $1.36 per payable pound.
Adjusted net earnings were $15.1 million or $0.04 per common share after making adjustments for certain non-cash and non-recurring items.
Outlook: Capstone's 2012 guidance of 80 million pounds (+/- 5%) of copper contained in concentrates at a total cash cost of $1.55 to $1.65 per pound of payable copper, net of by-product credits and selling costs, remains unchanged. "With copper production of 40.5 million pounds for the first six months of the year and operations at both mines running according to plan, we are on target to meet our guidance for the year."
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