This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Capstone Mining Delivers Consistent 2013 Second Quarter Financial Results

VANCOUVER, British Columbia, July 31, 2013 /PRNewswire/ --

Operating Cash Flow of $28.6 million, Net Earnings of $9.2 million or $0.02 per share

(All amounts in US$ unless otherwise specified)

Capstone Mining Corp. ("Capstone") (TSX: CS) today announced its financial results for the three and six months ended June 30, 2013. Net earnings for the quarter were $9.2 million and operating cash flow before changes in working capital [ 1 ] was $28.6 million. Capstone ended the quarter with cash on hand of $459.7 million. Copper production for the quarter at Capstone's two operating mines, Cozamin and Minto, totalled 19.3 million pounds in concentrates (18.6 million pounds of payable copper) at a C1 cash cost [ 1 ] of $1.70 per payable pound of copper produced.

Capstone will hold a conference call and webcast on Wednesday, July 31, 2013 at 11:30 am Eastern time ( 8:30 am Pacific time) to discuss these results; call-in details are provided at the end of this release. This release should be read in conjunction with Capstone's unaudited condensed interim consolidated financial statements and management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2013, which are available on Capstone's website at: http://capstonemining.com/s/Financial_Statements.asp and on SEDAR. An updated corporate presentation, including results to June 30, 2013, will also be available at http://capstonemining.com/s/Presentation.asp.

Overview

                                                                          Q2
                                                                 Q2 2013 2012
                                                 Q2 2013 Q2 2012   YTD    YTD
    Revenue ($ millions)                          58.3    69.6    115.9  140.0

    Copper in concentrates produced (million
    lbs)                                          19.3    21.9    37.9   40.5

    Payable copper produced (million lbs)         18.6    21.1    36.4   39.1
    C1 cash cost per payable pound of copper
    produced[1] ($)                               1.70    1.36    1.71   1.40

    Copper sold (million lbs)                     17.2    20.0    32.3   36.2
    Recognized copper price per pound ($)         3.16    3.34    3.33   3.64

    Net earnings ($ millions)                      9.2    11.6    16.2   27.1
    Net earnings per common share ($)             0.02    0.03    0.04   0.07

    Adjusted net earnings[1] ($ millions)         13.1    14.1    19.1   36.2
    Adjusted net earnings[1] per common share
    ($)                                           0.03    0.04    0.05   0.10

    Operating cash flow
    before changes in working capital[1] ($
    millions)                                     28.6    29.9    48.7   59.0
    Operating cash flow
    before changes in working capital per common
    share[1] ($)                                  0.08    0.08    0.13   0.16

    Cash and cash equivalents ($ millions)                       459.7  489.3

"Net earnings and cash flow were affected by lower copper prices, although improved from the first quarter of 2013 on higher volumes sold," said Darren Pylot, President and CEO of Capstone.

"Activities related to the purchase of BHP Billiton's Pinto Valley mine continue to advance. In the second quarter the transaction received U.S. Federal antitrust approval, the Pinto Valley mine met the operating condition precedent for the transaction and Capstone filed a National Instrument 43-101 compliant technical report for 968 million tonnes of Measured and Indicated Mineral Resource. The transaction is expected to close following transfer of the operating permits, currently expected to occur near the end of the third quarter," continued Mr. Pylot.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs