VANCOUVER (Scrap Monster) : The leading Canadian Copper mining company, the Capstone Mining Corp. reported that a new pre-feasibility study conducted on its Pinto Valley Copper mine in Arizona has extended the mine life by eight years. The Pinto Valley copper mine is the Capstones’s 100 % owned potential copper reserve property, that has acquired an extended mine life of up to 2026. It is located at Arizona’s Globe-Miami mining district around 125 kms east of Phoenix and the life of the mine initially was expected to extend until 2018.
Capstone Mining had bought the Pinto Valley Copper mine in April 2013 along with the associated San Manuel Arizona Railroad Company, both in Arizona from a subsidiary of BHP Billiton at $650-million. The annual production of the Pinto Valley mine accounts for 119.5 million pounds of copper in concentrates. The company also produces 6.3 pounds of copper cathode from the mine annually. Within one year of purchasing the copper mine, the company has brought about impressive production results that add to its hopes for the future prospects.
According to Capstone, they target to acquire about 128.4 million pounds of copper and 6.6 million pounds of copper cathode through their average annual production within the first five years. The capital cost of the company is predicted to reach $ 147.9 million within twelve years while the after tax value of the company is marked down by 8 % to reach $ 738 million.
The CEO of Capstone, Mr. Darren Pylot, said the completion of the pre-feasibility study enables the company in stabilizing operations and gaining efficiencies for the future operations at Pinto Valley mine. He added that they are looking out for ways that would help in increasing the mine life beyond 2026.
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