Second Quarter Highlights:
- Copper sales were 5.4 million pounds in QTR 2 compared to 4.6 million pounds in QTR 2 2021, resulting in a 16% increase
- Operating Results:
- Ore tonnes produced for QTR 2 was 236,795 dry metric tonnes ("dmt"), a 4.8% increase from 225,853 dmt in QTR 2 2021
- Mill feed for QTR 2 was 176,169 dmt, compared to 231,334 dmt in QTR 2 2021
- Overall head grade for QTR 2 has improved to 1.43% from 1.39% in QTR 2 2021
2022 QTR 2 | 2022 QTR 2 | 2021-QTR 2 | QTR 2 | |
Ore Tonnes Produced | 236,795 | 225,853 | 4.8 % | |
Ore Tonnes Milled | 176,169 | 231,334 | -23.8 % | |
Head Grade % | 1.43 % | 1.39 % | 2.9 % | |
Payable Copper (million pounds) | 5.37 | 4.62 | 16.2 % | |
Gold (ounces) (1) | 2,203 | 1,837 | 19.9 % | |
Silver (ounces) (1) | 24,591 | 24,451 | 0.6 % |
1. | Under the Wheaton Precious Metals agreement, the Company receives 65% of the adjusted Gold price up to a maximum of |
As previously communicated in the QTR 1 Financial Results press release of
"Our second quarter production results highlighted our third consecutive quarter of operational improvement as compared to 2021, including a 16% increase in payable copper pounds for QTR 2, however we were behind on our planned targets for the Quarter. Spring Freshet posed some water challenges for us, but our Team successfully navigated these while ensuring the environment was protected. Ensuring environmental protection is of paramount importance to Minto," commented
"Suspending operations at the Mill for a total of 4 weeks has reduced our payable copper pounds produced in QTR 2, but the good news is that although our Mill was scheduled to run at 3,250 tonnes per day ("tpd") in H2/2022, we are permitted to run it up to 4,200 tpd. We have the operational flexibility to ramp up our Mill's throughput in H2/2022 and process the 77,300 tonnes of ore (with an estimated grade of 1.41% copper) that was stockpiled ahead of the Mill while it was temporarily halted. This will allow us to deliver on our previously communicated guidance for 2022," continued
The Company plans to release its full QTR 2 financial results on
The Company is also pleased to announce that
"We'd like to welcome Channa and Tania to Minto. The Company has been strategically building a team that will contribute to the growth of the Company in order to create shareholder value and optimize and grow our operations. Tania's capital markets experience in Investor Relations will be instrumental in communicating Minto's vision to the investment community while ensuring that we are transparent to the market, and that existing and potential shareholders are kept abreast of our activities.
Channa's experience in strategic mine planning, mine development, financial modelling, and professional engineering makes him the ideal candidate to lead the technical team in order to further establish
Minto operates the producing Minto mine located in the Minto Copper Belt,
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements"), within the meaning of applicable Canadian securities laws and "forward-looking information" within the meaning of applicable
Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: that required financing and permits will be obtained; general economic conditions; no labour disputes or disruptions, no flooding, ground instability, geotechnical failure, fire, failure of the plant; that equipment and processes continue to operate as anticipated and other risks of the mining industry will not be encountered; that contracted parties provide goods or services in a timely manner; that there is no material adverse change in the price of copper, gold or other metals; competitive conditions in the mining industry; title to mineral properties; costs; taxes; the retention of the Company's key personnel; no changes in-laws, and no material worsening of the direct and indirect impact of COVID-19 including rules and regulations applicable to Minto.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual performance and results to differ materially from those expressed in the forward-looking statements contained in this news release, include, but are not limited to: changes in commodity prices, general economic conditions, mineral reserve and mineral resource estimates may change and may prove to be inaccurate; Minto has a limited operating history and is subject to risks associated with establishing new mining operations; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company; adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the Company's operations may encounter delays in or losses of production due to equipment delays or the availability of equipment; the Company's operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could adversely affect the Company's operations; risks related to the Company's use of contractors; the hazards and risks normally encountered in the exploration, development and production of copper, gold and silver; the Company's operations are subject to environmental hazards and compliance with applicable environmental laws and regulations; the Company's operations and workforce are exposed to health and safety risks; the Company's title to exploration, development and mining interests can be uncertain and may be contested; the Company's properties may be subject to claims by various community stakeholders; risks related to limited access to infrastructure and water; the Company may not be able to secure additional financing when needed or on acceptable terms; the Company may be subject to litigation; and those risk factors set out in the Company's annual information form dated
Neither the
Contact Information:
Director, Investor Relations
(416)419 2750
E-mail: info@mintomine.com
SOURCE
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