Capstone cuts copper outlook as restart slips
The company has lowered the bottom of its annual copper production forecast by 5,000 tonnes.
Capstone Copper has reduced its annual copper production forecast by 5,000 tonnes due to delays in restarting its Pinto Valley operation in Arizona. The primary crusher requires additional repairs to major mechanical components, which are being manufactured off-site. Mobile crushers should allow partial processing to resume in mid-November.
This impact is considered "modest" by Jefferies mining analyst Tariq Fahad, but it adds to a challenging operational year at Pinto Valley and Capstone's Mantoverde operation in Chile. Capstone's shares dropped 4.5% to C$10.26, and the company's market capitalization now stands at approximately $7.9 billion. The setback puts additional pressure on the company's year-end recovery plans, with production now forecasted at 195,000 tonnes.
Capstone is also facing challenges from a national strike in Chile, which threatens concentrate and cathode shipments and fuel deliveries.
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