This Day On The Street
Continue to site right-arrow
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 Completes Acquisition Of Pinto Valley Mining Operations

VANCOUVER, British Columbia, October 11, 2013 /PRNewswire/ --

Capstone Mining Corp. ("Capstone") (TSX: CS) has completed the previously announced acquisition of the Pinto Valley copper mine and the associated San Manuel Arizona Railroad Company from BHP Copper Inc., a subsidiary of BHP Billiton Ltd. ("BHP Billiton").

"The closing of the Pinto Valley acquisition advances us as one of the leading intermediate copper producers, with a focus in the Americas," said Darren Pylot, President and CEO of Capstone. "Following the closing of the transaction, we have retained considerable financial flexibility with a very conservative capital structure."

The purchase price of US$650 million was funded from cash and Capstone's credit facilities.


The restart of the Pinto Valley Mine, which commenced in December 2012, is continuing with a targeted run-rate of 50,800 tonnes per day by the end of 2013 with annualized production of 130 million to 150 million pounds of copper per year.

Capstone will commence reporting full operating and production information for Pinto Valley with its fourth quarter report.

An experienced workforce remains in place, with 98% of Pinto Valley's 650 employees accepting Capstone's offer of employment, including all key positions. Steve Winkelmann, formerly Capstone's VP of North American Operations, has been appointed Pinto Valley's Mine General Manager and has been on site shadowing his BHP Billiton counterpart since early September. Steve has 40 years of mining experience including large mining operations, primarily in the US and most recently in Arizona.

Next Steps

The Capstone Pinto Valley team will initially focus on continuing to ramp up production levels and the integration of the operations to achieve our targets. At the same time leadership will identify opportunities for cost reduction, reliability enhancement and throughput maximization.

1 of 5

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!


DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

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