VANCOUVER – Capstone Mining Corp. (TSX:CS) reports it returned to profitability in 2010 as sales grew on the back of higher copper prices.
The Vancouver-based miner reported full year earnings of US$72.6 million, or 36 cents per share, compared to a loss of US$18.3 million, or 10 cents per share, in 2009.
Revenue grew to US$301.3 million from US$250.4 million in the year earlier.
Copper production for the year at Capstone’s two mines, Cozamin and Minto, totalled 73 million pounds.
Capstone forecasts production will be 80 to 85 million pounds of copper in 2011.
The company’s focus for 2011 is to keep production steady in the Cozamin mine in Mexico, and start underground mining and a second open pit at the Minto mine, 250 kilometres north of Whitehorse.
