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Members of six unions at the Pinto Valley Copper Mine recently ratified a new 4-year collective bargaining agreement with Capstone Mining Corporation the owner of the open pit mining operation west of Miami, Ariz.
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Members of six unions at the Pinto Valley Copper Mine recently ratified a new 4-year collective bargaining agreement with Capstone Mining Corporation the owner of the open pit mining operation west of Miami, Ariz. The announcement was made in the company’s second quarter financial results released last week (July 31).
Darren Pylot, president and chief executive officer of the Vancouver-based mining company told stockholders this new wage agreement provides more flexibility in hiring and work practices and expects that it will allow Capstone to better attract employees and reduce reliance on contractors.
During the quarter ending June 30, 2018, Capstone said it had a net profit of $8.2 million (US), cashflow at $28.8 million, revenue from continuing operations at $104.5 million, debt at $164.8 million.
In addition to owning the Arizona copper mine, the company has another producing copper mine, the Cozamin in southern Mexico. In the second quarter, shareholders were told the two mines produced a total of 16,336 tons of payable copper at a cost of $1.84 a pound. The average price for copper sold was $3.06 a pound
During this 90-day period, the Pinto Valley mine alone produced 13,420 tons of copper at a production cost of $2.15 a pound
Pylot points out the operational performance of the two mines ended the second quarter within its “guided range.”
“Moving forward, we expect that various optimization activities underway at Pinto Valley will result in increased productivity and lower costs,” Pylot said. “At Cozamin, we are very optimistic that the updated Mineral Resource estimate that we released in the second quarter will pave the way for an extension of operations and creates the potential for a mine expansion.”
Pinto Bridge bids to be opened
Bids for building a new Pinto Creek Bridge on US 60 about three miles west of Miami will be opened later this month. The Arizona Department of Transportation Board will be opening construction bids for the project on Aug. 31 in Phoenix. If all goes well, ADOT will likely award a contract on the huge local project at its September meeting
ADOT estimates the new bridge project would cost $25.5 million and would take about 18 months to complete. It will be built near the location of the existing bridge.
The current steel arch dome bridge, which is 636 feet long, was built in l949. According to earlier statements from ADOT, the bridge by modern standards is structurally deficient and functionally obsolete
