InvestmentPitch Media Video Discusses Minto Metals and its Record First Quarter of 9.1 Million lbs of Copper Production and Adjusted EBITDA of $19.2 Million
30 5월 2022 - 7:00PM
Minto Metals Corp. (TSXV:MNTO) has reported a record first quarter
with 9.1 million pounds of copper production. Copper production for
the first quarter of 2022 increased by 70.7% to 9.1 million pounds
from the 5.3 million pounds reported in the first quarter of 2021.
Revenue for the first quarter of 2022 increased 109% to $53.3
million from the $25.5 million reported in the first quarter of
2021.
For more information, please view the
InvestmentPitch Media video which provides additional information
about this news and the company along with comments by Chris
Stewart, Minto’s President and COO. The video is available for
viewing on “InvestmentPitch” and on
“YouTube”. If these links are not enabled, please
visit www.InvestmentPitch.com and enter “Minto
Metals” in the search box.
Adjusted EBITDA improved to $19.2 million for the
first quarter of 2022 compared to a loss of $900,000 in the first
quarter of 2021.
Minto owns and operates the producing Minto mine
located in the Minto Copper Belt of the Yukon, Canada, which has
been in operation since 2007 with underground mining commencing in
2014. Since 2007, approximately 500 million lbs of copper have been
produced from the Minto mine. The Minto property is located on the
Selkirk First Nation's Territory, west of the Yukon River, about 20
km west northwest of Minto Landing, the latter on the east side of
the river, and approximately 250 road-km north of the City of
Whitehorse, the capital city of Yukon.
The current mine operations are based on
underground mining, a process plant to produce high-grade copper,
gold, and silver concentrate, and all supporting infrastructure
associated with a remote location in Yukon.
The Yukon received between 150% and 400% of the
normal annual snowfall during this past winter which generated a
significant volume of water across the territory as it melted. With
the warmer temperatures over the past couple of weeks, the Minto
mine site saw daily water volume inflow exceed the mine's discharge
capacities which caused the storage pond water levels to rise.
Underground mining operations continued uninterrupted during this
temporary mill shutdown with ore being stockpiled ahead of the
milling facility restart.
The Mill is permitted to process an average of
4,200 tonnes/day of ore and underground production is currently
averaging around 3,000 tonnes/day. With the milling facility
restart, the stockpiled ore will be processed at a higher rate
which means that there will be no metal production impact on the
original guidance in 2022.
Minto Metals recently extended an offtake
agreement with Sumitomo Corporation, contracted through Sumitomo
Canada Limited, under more favourable terms, whereby Sumitomo
Corporation agrees to purchase 100% of the copper concentrate
produced at the Minto Mine for 4 years based on 50,000 dry metric
tonnes per year of concentrate production. Under a precious metals
agreement with Wheaton Precious Minerals, all gold and silver
production is sold to Wheaton.
The shares, which began trading on the TSX Venture
Exchange on November 29th are currently trading at $2.30.
For more information, please visit the company’s
website, www.MintoMetals.com, contact David J. Birch, CFO at 416-
895-4824 or Chris Stewart, President & CEO, at 647-523-6618 or
by email at info@MintoMine.com.
Disclaimer
The information in this Investmentpitch Media Ltd
video is for the viewers information only. Minto Metals has paid a
fee not exceeding $2,000 in cash to have its current news release
produced in video format. The corporate information is based on
information that is publicly available. Any information provided by
Investmentpitch Media Ltd., through its media services is not to be
construed as a recommendation or suggestion or offer to buy or sell
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service. Investmentpitch Media Ltd makes no warranties or
undertakings as to the accuracy or completeness of this
information. All due diligence should be done by the viewer or
their financial advisor. Investing in securities is speculative and
carries risk.
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Minto Metals (TSXV:MNTO)
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부터 11월(11) 2024 으로 12월(12) 2024
Minto Metals (TSXV:MNTO)
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부터 12월(12) 2023 으로 12월(12) 2024