Minto Metals Corp (TSX-V:MNTO). has announced copper production from its Yukon copper mine for the first quarter of its 2022 financial year.
The company reported payable copper production of 9.1 million pounds from the Minto Mine located within the Selkirk First Nation’s territory, a 70.7% increase over the 5.3 million pounds reported for 1Q 2021.
Operating results for the three months to March 31, 2022, also improved, Minto added, as it produced 238,979 dry metric tonnes (dmt) of ore, a 37% year-over-year increase. Mill Feed was 237,239 dmt, up 11.7% from the same quarter a year earlier. Overall head grade was also significantly higher at 1.8% copper when compared to the 1.2% realized in 1Q 2021.
READ: Minto Metals says it is pleased with 'turnaround' at Yukon copper mine as it posts fourth-quarter and full-year results
"We eliminated our underground mine contractor and started to self perform mining operations for the first time in Minto's history in January 2022,” president and CEO Chris Stewart said in a statement. “This transition combined with coronavirus (COVID-19) caused some manpower challenges for us in January but we worked through that and delivered a record quarter of production hitting our copper pound targets in January and February and then finished up in March with our best results ever.”
Stewart said the company delivered 3,101 tonnes/day of ore safely to surface and produced 3.3 million pounds of payable copper compared to a budget of 2,900 tonnes/day and 2.4 million pounds respectively.
“These are wonderful results and a credit to the hard work and dedication of all Minto employees,” Stewart continued. "I am extremely proud of our team.”
The company said it plans to release its complete first-quarter 2022 financial results at the end of May.
Minto operates the producing Minto mine in the Yukon, which has been in operation since 2007 with underground mining beginning in 2014. Since 2007, around 500 million pounds (Mlbs) of copper have been produced from the asset.
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