Record Copper Production
Capstone Copper achieved record copper production of 57,400 tonnes in Q2, driven by strong performance at Mantoverde and Mantos Blancos. This marked a 34% increase in production compared to the first half of the previous year.
Reduction in C1 Cash Costs
The company reported a C1 cash cost of $2.45 per pound, representing the lowest cash costs achieved to date, and a 13% decrease compared to Q2 last year.
Strong Financial Performance
Capstone Copper reported record quarterly revenue of $543 million and an adjusted EBITDA of $215 million, which increased 75% year-over-year. The company also generated significant free cash flow of approximately $95 million.
Successful Debt Refinancing
The completion of the debt refinancing plan improved the company's balance sheet, resulting in net debt of $692 million, down from $788 million in Q1, and a net debt-to-EBITDA ratio of 1x.
Mantoverde Optimized Permit Approval
The company received approval for the Mantoverde Optimized permit, allowing throughput to increase from 32,000 tonnes to 45,000 tonnes per day. This positions the company for future growth.