Vancouver’s Capstone Copper (ASX:CSC) has produced the first saleable copper concentrate at its Mantoverde Development Project (MVDP) in Chile.
The mine is advancing through commissioning and ramp up to full production, which is expected to be reached in Q3 this year.
CEO John MacKenzie says the MVDP remains on track and on budget to achieve its 2024 guidance of 25,000 to 35,000 tonnes of sulphide production at C1 cash costs of US$1.45 ($2.18) to US$1.75 ($2.63) per pound.
Copper on the London Metals Exchange is currently fetching around US$4.38 a pound.
The MVDP is expected to enable the Mantoverde copper-gold mine to process 236 million tonnes of copper sulphide reserves, about 20% of total sulphide resources, over 20 years, in addition to existing oxide reserves.
The mine comprises four open pits hosting both sulphide and oxide ores, but the operation only previously processed the oxide ore.
The MDVP involves the addition of a sulphide concentrator, with a nominal capacity of 32,000 tonnes per day, and tailings storage facility, and the expansion of the existing desalination plant and other minor infrastructure.
This is expected to increase production from about 35,000 tonnes of copper (cathodes only) in 2022 to a run-rate of around 120,000 tonnes of copper in H2 2024.
Capstone, which is dual listed on the Toronto Stock Exchange (TSX:CS), is also planning to release an updated Feasibility Study for its Santo Domingo Project in July, followed by a Feasibility Study for the Mantoverde Optimised Project later in the quarter.
The Santo Domingo copper-iron-gold project sits about 30km northeast of Mantoverde in the Atacama region of Chile and is fully permitted.
Capstone owns a 70% stake in the MVDP, with Mitsubishi Corporation owning the remaining 30%.
Write to Angela East at Mining.com.au
Images: Capstone Copper
