10.15
Production at both Minto and Cozamin suffered in Q3, Cozamin produced
8.2MM lbs, we were expecting 9.5MMlbs, while Minto produced 9.5Mm lbs
Cu as we were expecting 10.9MM lbs Cu. Average cash costs were up from
$0.97/lb Cu in Q2 to $1.14/lb.
Minto’s production suffered as a result of the diversion of more-thanexpected
spring run-off into the pit as previously announced. Production
was down 28% from Q2, running almost completely on ore stockpiles over
the quarter. Cash costs were up from $1.08/lb in Q2 to $1.47/lb.
Cozamin production was 17% lower than Q2 due to delays in accessing
higher grade ore. Q3 Cash costs sunk to $0.75/lb from $0.81/lb in Q2,
helped by higher lead and zinc by-product credits. The Cozamin mill ran at
between 3,200 and 3,600 tonnes per day when feed was available.
we believe the water issue at Minto will be resolved and Cozamin should generate low-cost pounds in Q4.
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