Minto Metals Corp (TSX-V:MNTO) has announced third-quarter 2022 production results from its Minto Mine located within the Selkirk First Nation's Territory in central Yukon, Canada, with payable copper production at 7.9 million pounds (Mlbs) for the quarter and 22.4 Mlbs in the year-to-date.
"Our third-quarter production results highlighted our fourth consecutive quarter of operational improvement as compared to 2021, including a 7% increase in payable copper pounds for QTR-3, and we are confident that we will meet the previously-announced guidance of 28-31 million pounds of copper production in 2022," Minto Metals president and CEO Chris Stewart said in a statement.
"As we noted in prior press releases, we have had some water challenges this year and we continue to treat and discharge excess water from our mine site. QTR-3 demonstrates that we are now set-up properly with our Water Treatment Plant and we can discharge clean water while meeting our copper production targets,” he added.
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Minto Metals said copper sales were 7% higher at 7.9 million pounds in the third quarter compared to 7.3 million pounds a year ago.
The company produced 222,696 dry metric tonnes (dmt) of ore during the quarter, a 9% increase from 203,312 dmt in the 2021 quarter, while mill feed grew by 36% to 269,096 dmt from 198,221 dmt a year earlier.
The overall head grade for the third quarter has remained relatively the same from the 2021 quarter, it added.
“A lot of hard work by our team, our consultants and our contractors went into making this happen in such a short period of time and I want to thank everyone for their efforts," Stewart concluded.
The company plans to release its full third-quarter 2022 financial results on November 17, 2022.
Minto Metals operates the producing Minto mine located within the traditional territory of the Selkirk First Nation in the Minto Copper Belt of the Yukon. The Minto mine has been in operation since 2007 with underground mining commencing in 2014.
Since 2007, about 500Mlbs of copper have been produced from the mine. 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 Minto property is located west of the Yukon River, and is approximately 250 kilometers north of the city of Whitehorse, the capital city of Yukon.
Contact the author at jon.hopkins@proactiveinvestors.com