Capstone Mining (OTCPK:CSFFF +3.9%) says it will halt work on its Santo Domingo copper-iron development project in Chile, scale back capital spending and reduce mine operating costs to preserve cash amid weak copper prices.
Capstone says it has cut planned spending at its operating mines by 13% to ~$119M, and expects to cut mine site operating costs by $20M through H2.
Full-year production guidance remains unchanged at 90K metric tons of copper, while cash costs have been reduced $0.05 to $1.95-$2.05/lb. to reflect spending cuts and operating efficiencies at two of its producing copper mines.
Sep. 9, 2015, 11:56 AM
Apr. 29, 2013, 7:54 AM
BHP unveils its latest asset disposal, announcing plans to sell its Pinto Valley copper mine in Arizona and associated rail unit to Capstone Mining (CSFFF.PK) for $650M. The sale takes BHP's total asset sales over the past 12 months to $5B as it reshapes its portfolio to cut non-core operations. Capstone expects the operation to more than double its current output. Apr. 29, 2013, 7:54 AM