Capstone achieves record quarterly output, adjusted Ebitda
TSX- and ASX-listed Capstone Copper achieved record consolidated total contained copper production of 58 273 t in the fourth quarter last year.
Having achieved higher realised prices, higher volumes sold and a lower C1 cash cost of $2.31/lb, Capstone reported record adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $308-million in the quarter, compared with adjusted Ebitda of $171-million in the prior comparable quarter.
Adjusted Ebitda for the full year amounted to $952-million, compared with adjusted Ebitda of $496-million in 2024.
Capstone reported net income attributable to shareholders of $50.6-million, or $0.07 apiece.
This compares with net income attributable to shareholders of $45.9-million, or $0.06 apiece, in the fourth quarter of 2024.
The company recorded higher volumes of copper sold and higher realised prices year-on-year, despite having 2 600 t below payable production sold owing to timing of sales at Mantoverde.
Adjusted net income attributable to shareholders amounted to $78-million, or $0.10 apiece, in the fourth quarter and $163-million, or $0.21 apiece, for the full year.
Capstone reported operating cash flow before changes in working capital of $287-million in the quarter and $891-million for the full year.
As of December 31, the company’s net debt totalled $780-million while its cash on hand amounted to $304-million and undrawn amounts to $711-million.
Capstone targets between 200 000 t and 230 000 t of copper production this year at a C1 cash cost of between $2.45/lb and $2.75/lb, reflecting largely stable production compared with the prior year, with additional growth expected in 2027.
The company expects a return to higher copper grades at Mantos Blancos and normalised throughput at Mantoverde and Pinto Valley in the year ahead.
Capstone owns 100% of the Pinto Valley, Mantos Blancos and Cozamin mines, in the US, Chile and Mexico, respectively, and 70% of the Mantoverde mine, in Chile.
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