“After 13 years since we started mining, we continue to surface incredible value for all stakeholders with the drill bit,” Darren Pylot, Capstone Mining’s president and chief executive officer said in a statement.
The Cozamin mine currently produces 35 million lbs of copper in concentrate and 1 million oz of silver, at an approximate cash cost of $1.00 per lb, a company executive told Fastmarkets.
“We expect this to move to 50 to 55 million lbs of copper [in concentrate] production and 1.5 million oz of silver with similar cash costs per lb by 2021,” Jerrold Annett, Capstone’s vice president of Strategy & Capital Markets, said.
The Cozamin expansion will increase mine rates by 30%, “helped by higher grades and a one way ramp we are installing right now,” Annett added.
Cozamin was considered “a sunset operation due to its low mine life” a few years ago Brad Mercer, senior vice president of Operations &...