Minto Metals Corp (TSX-V:MNTO) has reported a 16% increase in copper sales in its latest quarter, adding that it expects to meet output guidance target for the full year despite operational difficulties due to recent weather.
For the three months to June 30, 2022, the Yukon-focused miner said it sold 5.4 million pounds of copper compared to 4.6 million pounds in the second quarter of 2021 on production of 236,795 dry metric tonnes (dmt), which was 4.8% up on the 225,853 dmt generated in the year-earlier quarter.
As previously reported in May this year, the Yukon received between 150% and 400% of normal annual snowfall in the winter and as it melted, the Minto mine saw daily water volume inflow exceed its discharge capacities. Thus, the company temporarily suspended milling operations until 'Spring Freshet' ended.
READ: Minto Metals hails first quarter performance as it boosts copper output by 71% at its Yukon mine
"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," explained Chris Stewart, the CEO of Minto in a statement.
"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," he added.
Stewart noted that the miner was behind its planned targets for the quarter and that Spring Freshet had posed some challenges, but said the firm had "successfully navigated" these while ensuring the environment was protected.
"Ensuring environmental protection is of paramount importance to Minto," he said.
Minto also announced that Ontario engineer Channa Kumarage has been appointed as director of corporate development, while Tania Barreto has been appointed as director of investor relations.
"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," said Stewart.
"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 Metals as a word-class mineral producer," he added.
Minto operates the mine of the same name in the Minto copper belt of the Yukon. The mine has been in operation since 2007 with underground mining commencing in 2014.
Since 2007, around 500 million pounds (Mlbs) of copper have been produced from the Minto mine.
Contact the writer at giles@proactiveinvestors.com