Capstone Copper Q3 2023 Earnings Call Transcript

Quartr
Provided by Quartr
November 3, 2023

There are 7 speakers on the call.

Operator

Morning, ladies and gentlemen, and welcome to KapStone Copper Q3 2023 Results Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded today on Friday, 3rd November, 2023. I would now like to turn over the conference to Gerald Annette.

Operator

Please go ahead.

Speaker 1

Good morning. I'd like to welcome everyone to Capstone Copper's Q3 2023 conference call. Please note that the news release and regulatory filings announcing KapStone Copper's 2023 Q3 financial and operational results are available on If you are logged into the webcast, we will advance the slides of today's presentation, which are also available in the Investors section of our website. I'm joined today by our CEO, John McKenzie our President and COO, Kassel Marr Our Chief Financial Officer, Raman Randhawa and our Senior Vice President, Risk, ESG and General Counsel, Wendy King. Following our brief remarks, there will be an opportunity for questions.

Speaker 1

Please note that comments made on the call today will contain forward looking information within the meaning of applicable securities laws. This information by its nature is subject to risks and uncertainties and actual results may differ Materially from the views expressed today. For further information on the risks and uncertainties Pertaining to our business, please see Capstone's most recent filings, which are available on our website and on SEDAR.

Speaker 2

And finally, I'll just note that all amounts we will discuss today are in U. S. Dollars unless otherwise specified. Now, I'll turn the call over to John Mackenzie. Thanks, Gerald, and good morning, everyone.

Speaker 2

We're pleased to present our Q3 2023 results and achievements, Starting with Slide 5. I was in Chile last week, and I was thrilled to see how close we now are to finishing construction at our Monteverde development project. This project is the culmination of many years of dedicated effort by our team from the permitting and engineering to the mine build And now we are approaching commissioning and first production. MVDP is transformational for KapStone Copper and will drive a step change improvement in our consolidated unit costs and a pathway to record operating cash flow generation. During the quarter, we progressed the project in line with our schedule.

Speaker 2

As at September 30, We've stockpiled approximately 5,000,000 tons of sulfide ore, which positions us extremely well for the project ramp up. We also commenced commissioning of the primary crusher and performed the first rotations of the SAG and ball mills. Meanwhile, at our tailings storage facility, mass excavation was completed and both the starter wall and the cut off trench are nearing completion. The project remains on time with construction completion to occur by year end. After that, We expect a 6 month commissioning and ramp up to the MVDP's nameplate capacity of 32,000 tons of oil per day.

Speaker 2

As we approach completion, we've updated our total capital cost estimate for the project to $870,000,000 This reflects an increase of 5% from our initial estimates in March 2022 of $825,000,000 and is largely driven by 3 factors. Firstly, inflationary impacts mostly related to higher diesel prices on pre stripping And tailings earthworks corresponded to $20,000,000 of the increase. Secondly, we've made several project improvements, including the purchase of additional retainers for best practice in concentrate transport and storage, a water reservoir, as well as additional camp and warehouse infrastructure. These project improvements contributed to another $20,000,000 of the increase. The balance corresponds to additional forecast ramp up in commissioning costs.

Speaker 2

We have provided a link with our news release and presentation materials Through video updates of the project from early October, we're excited to be in the final stages of construction. Turning to Slide 6. We produced 40,300 tons of copper at consolidated C1 cash costs of 2 point and $0.88 per pound in Q3. Production and costs were impacted by 8 days of unplanned downtime in the crushing circuit Our Pinservale operation in Arizona, along with our continued debottlenecking efforts at Manos Blancos in Chile. Cozamin delivered another solid quarter as the mine has now ramped up to full production levels using the new cut and fill mining method.

Speaker 2

Overall, production slightly improved on Q2, and we believe we are well positioned heading into Q4. Turning to Slide 7. We are reiterating our consolidated guidance. Specifically, We continue to forecast second half production of 83,000 to 93,000 tons of copper. In terms of our C1 cash costs, We've noted that they are trending towards the upper end of our second half guidance range of $2.55 to $2.75 per payable pound of copper produced.

Speaker 2

We've also reiterated our consolidated capital expenditure guidance for 2023, although we have reclassified certain expenditures by operation as displayed on the slide. I believe that we are well set up have our strongest quarter of the year in Q4. Now I'll pass over to Ravan for our financial results.

Speaker 1

Thank you, John. We are now on Slide 8. In Q3, we recorded copper production of 40,300 tonnes And copper sales of 38,700 tonnes. LME copper prices during the quarter averaged $3.79 per pound, down 1% compared to $3.84 per pound in Q2 2023. Our realized copper price of $3.77 per pound was largely in line with LME average price.

Speaker 1

As a result, we recognized revenues in the quarter of $322,000,000 Realized copper prices including the impact of copper hedges Results in copper price of $3.69 per pound. The difference between the LME and our realized price translates into approximately $6,000,000 impact after tax or $0.01 per share to our adjusted EPS. We reported consolidated C1 cash cost $2.88 per pound in Q3, which are impacted by lower production levels and additional maintenance expenses. As we noted in the prior quarter, Our higher C1 cash costs continue to be heavily influenced by the production denominator. We expect to increase our production in Q4 to drive a notable decrease And our C1 cash cost.

Speaker 1

Adjusted EBITDA in Q3 of $62,800,000 improved from Q2, It was impacted by the unplanned downtime at Pinto Valley and our debottlenecking efforts at Mentos Blancos. Adjusted net loss Attributable to shareholders of $15,800,000 excluded a one time deferred income tax expense of $24,300,000 relating to the Chilean Mining tax reform, which includes a modest increase in taxes effective January 1, 2024. I believe that the uncertainty of the new taxation regime in Chile has been resolved and any impact to us is somewhat mitigated by our ongoing level of reinvestment in the country. Moving on to Slide 9. On the left hand side, we summarize our available liquidity, which as at September 30th was approximately 425,000,000 including $130,000,000 of cash and short term investments and $295,000,000 of undrawn amounts on our $700,000,000 corporate revolving credit facility.

Speaker 1

During Q3, we increased the size of our revolving credit facility by $100,000,000 and we extended the maturity by 1 year to September 2027. We ended Q3 with a consolidated net debt balance of $855,000,000 and attributable net debt balance of 705,000,000 Our balance sheet is in good shape. With Manitoba Verde's spend at September 30th of 763,000,000 The remaining balance is approximately $107,000,000 We expect roughly $50,000,000 to be incurred in Q4 2023 and the remaining balance of $57,000,000 in 2024. Chart on the right hand side of the page illustrates our EBITDA sensitivity at various copper prices. In the first two bars, you can see that we expect Significant near term EBITDA growth with mantleberry sulfides at full run rate production.

Speaker 1

With MBDP at full capacity, we expect To generate approximately $1,000,000,000 of annual EBITDA, assuming a $4 copper price. The EBITDA generation associated with Mantel Verde Will enable us to focus on generating free cash flow to delever our balance sheet and be below one time net leverage at copper prices between $3.75 $4 per pound, which provides additional liquidity to advance our future Growth pipeline in terms of incremental brownfield expansions for Santo Domingo depending on market conditions. Turning to slide 10, we outline our copper hedging program, which provides downside protection for our balance sheet through The MBDP construction and ramp up period. In late July, we opportunistically entered into additional 20,000 tonnes of copper Hedges for H1 twenty twenty four at an average floor price of $3.74 per pound. Overall, our hedge book, excluding QP hedges, Includes 54,000 tons of copper over the next 3 quarters with a weighted average protective lower copper price of $3.54 per pound.

Speaker 1

Meanwhile, we have 21,000 tons of collars in our portfolio with a weighted average ceiling price of $4.27 per pound. Following the ramp up of the Manta Verde development project, we have no further copper hedges in place and we will have full exposure to the copper price. Now I'll hand it over to Caso for the operations review.

Speaker 3

Thanks, Raman. Pinto Valley produced 13,700,000 tonnes of copper at a C1 cash cost $2.83 per payable pound during Q3. Operations were impacted by unplanned downtime in the secondary crushing circuit, resulting in approximately 8 lost days of production. As we discussed last quarter, we are placing an emphasis on operational discipline and key performance indicators in order to improve online time and reliability. We are prioritizing asset integrity assessments based on downtime, and we are implementing condition monitoring to improve our performance.

Speaker 3

Pinto Valley performed well in October and is set up to have its best quarter of the year in Q4, driven by higher grades and more consistent throughput. We continue to engage with our neighbors in the Pinto Valley District during the quarter as we explore value creation Opportunities. Moving to Slide 12. Ozemin Mine delivered a solid Q3, producing 5,900 tons of copper at a C1 cash cost of $1.85 per payable pound. The mine demonstrated another quarter of nameplate mining rates After transitioning to the new cut and fill mining method earlier this year, cash costs in the quarter were impacted by crusher availability and unfavorable foreign exchange rates.

Speaker 3

Our Mantos Blancos asset is highlighted on Slide 13. Total sulfide and cathode production yielded 12,100 tonnes of copper at a blended C1 cash cost of 2.8 $0.02 per payable pound. Sulfide operations this year have not performed consistently at nameplate levels, while the major components, including the crushing, grinding and flotation circuits remain more than capable of throughput rates in excess of 20,000 tonnes per day. Linkages between these systems, including pumps and pipes, have exhibited bottlenecks. We are executing on our updated plan to address plant stability that includes improved maintenance and optimization of the concentrator and tailing system.

Speaker 3

The plan incorporates feedback from our new SVP, Head of Chile, Jim Whittaker and our new General Manager, Jaime Rivera. We have also incorporated the learnings to date from operating the plant since the expansion was completed. We worked through several areas during the quarter and we have addressed several of the bottlenecks in the crushing and grinding area of the mine. To facilitate a sustainable 20,000 tonnes per day throughput rate, we have identified additional tailings, handling and pumping infrastructure that we expect to receive and install in early 2024, after which we expect to be operating at nameplate throughput rates. We are confident that we have both the team in place and the asset that will support full run rates.

Speaker 3

Our efforts are focused on achieving this And after that, we will recommence our studies related to mantos blanco's Phase 2 as we believe the ore body can support a larger operation. Now on to Manto Verde on Slide 14. Q3 2023 oxide production was 8,600 tonnies of copper in cathode at a C1 cash cost of $3.74 per payable pound. Oxide production and costs in the quarter were impacted by a temporary sulfuric acid supply shortfall, which has since been rectified. Most important, significant progress was achieved at the MBDP during Q3.

Speaker 3

Progress now stands at 93% with $763,000,000 spent as of September 30. As previously mentioned by John, We have increased our total capital estimate for the project by 5% from the original 2022 estimate. However, we remain on track for the project completion by the year end, followed by a ramp up in 2024. The Mantel Verde development project will produce approximately 120,000 tonnies of combined cathode and copper in concentrate with over 30,000 ounces Slides 15 through 18 show construction progress at Several key areas of the MVDP. Slide 15 shows the primary crusher in the background with the covered coarse ore stockpile in the foreground.

Speaker 3

During the Q3, we commenced commissioning tests of the primary crusher. Slide 16 Shows a close-up of the processing flow sheet from a bird's eye view. The ball and sag mills can be seen on the right. During the quarter, we installed the lubrication and cooling systems, completed initial testing of these components and performed the 1st rotation of these mills. On Slide 17, we highlight the tailings storage facility.

Speaker 3

Mass excavation is complete and the starter wall and cutoff trench or nearing completion. We are also in the final stages of liner installation. And lastly, on Slide 18, You'll find the desalination plant. It has now been expanded to support the MBDP and we are currently ramping up flow rates to that capacity. I'm excited to complete construction of the MVDP by year end and transition into the ramp up stage for the project.

Speaker 3

Now over to Wendy King for the sustainability review.

Speaker 4

Thank you, Kaushal. We're now on Slide 19 With a review of our sustainability highlights for Q3. As previously disclosed, we are thrilled that both Manto Verde and Manto Blankos were awarded the copper mark. Responsible operating practices are a vital component of our commitment to the environment, Our employees, local communities and governments and must remain front of mind in everything we do. The Coppermark is a powerful advocate for transparency and accountability and reinforces our values on Responsible, sustainable production.

Speaker 4

We take pride in the achievements of our Chilean operations And we are actively striving to replicate this success at Pinto Valley in Cozamin. Also in Chile, we were recently recognized by Corpora Atacama for achievements and advances in sustainability, for our contributions to sustainable development in the region. The award was presented to John McKenzie by the Chilean Minister of Mines and is another testament to the great work being done by our teams at Manto Verde and Manto Blanco. At Cozamin during the quarter, we enhanced our biodiversity monitoring with camera traps, which automatically capture Photos driven by a change in the activity in its vicinity. 5 of these cameras have been deployed throughout the site and will result in a significant difference in our ability to monitor local species.

Speaker 4

At Pinto Valley, We incorporated additional air quality monitoring stations to help us improve our understanding of localized air quality differences, so we can continue to safeguard the health of workers and our communities. During the quarter, we continued supporting local community initiatives, emphasizing community safety, education, local school fundraising, technical training and community celebrations. Pinto Valley hosted a local community event that raised more than 50,000 for 3 area schools. Cozamin hosted a day long community safety fair for families teaching safety skills in a fun and interactive way. In Chile, about 90 local community members graduated from Manco Verde's Learning for Development Program, Earning certificates to increase their employability in the areas of food handling, security, Forklift Crane Operations, Warehousing and Mine Equipment Maintenance.

Speaker 4

This supports our strategy to develop technical In Chile, we have continued our initiatives of joining together with some of our partners To invest in community projects to have a more significant impact on the community programs. We are also working to develop these initiatives in the Lastly, we anticipate releasing our 1st combined sustainability report For KapStone Copper, growing responsibly. This will be released in the coming weeks. We're very proud of this report, which provides enhanced information on our global policies related to sustainability and includes emissions data reported per unit of ore processed and unit of copper produced To give a clear and transparent picture of our emissions to allow stakeholders to follow our progress. Towards our diversity and inclusion objectives, we also highlight in the report the promotion of several women in Key management roles in Chile and Pinto Valley.

Speaker 4

Women in leadership roles are a crucial driver for attracting And retaining more women to mining and our operations. And with that, I'd like to pass it back to John.

Speaker 2

Thanks, Wendy. Turning to Slide 20, we've outlined our sector leading growth plans And some of the additional upside within our portfolio. As can be seen, we expect MVDP at its run rate production level To bring us to a consolidated annual level of around 260,000 tons of copper at significantly lower costs. From there, we have a pathway to over 380,000 tons of copper production with the fully permitted Santo Domingo project. We have high returning brownfield expansions at both Monteverde and Montes Blancos with low capital intensity that are not pictured on the slide.

Speaker 2

And then further upside exists with oxides at Santo Domingo utilizing our SX EW plant at Monteverde, Monteverde Phase 2, Growth in our Pimsa Valley District and Cobalt optionality in our MVSD District. On Slide 21, we show more detail around what is driving the significant near term cost reduction at NVDP. As can be seen in the graph on the left, 70% of our copper production today is from sulfides, with the remaining 30% from higher cost oxides. The oxide production has both lower grades and lower recoveries as the highest grade oxides have previously been mined and processed at Monteverde and Montes Blancos. With MVDP at full run rate, our copper production will be split roughly 85% sulfides and 15% oxides.

Speaker 2

In the graph in the middle, you can see the impact this has on our weighted average grades and recoveries. From a blended grade process 0.35 percent copper this year will move to a blended copper grade of just over 0.6% with MVMP up and running. Similarly, average recoveries will improve from 80% to closer to 90% across our portfolio. And in the chart on the right, this shows the overall effect. A significant increase in copper production and a significant reduction in our unit costs, leading to an overall increase in margin.

Speaker 2

On Slide 22, we highlight the timelines for those catalysts and studies We have over the next year that supports our growth plans with further upside beyond this across our portfolio. We've continued to build a highly talented technical team and are working with strong engineering firms to execute on these studies. We now expect to deliver the updated Santo Domingo feasibility study in the first half of twenty twenty four. As we have advanced the study, we are of the view that this does not yet reflect the optimal project configuration and design, particularly as we take into account the synergies with Manseverde and the flow sheet improvements that we have identified. As such, We've decided to commit additional time to ensuring that the project is designed and configured in a way that maximizes the value created for Capstone Copper prior to advancing to the phase of detailed engineering.

Speaker 2

We believe that this approach is in line with best practice in large project developments. In conclusion, we reiterate that we are in the midst of a transformational period for KapStone. I'm very excited that we're on track for project completion at MVDP by year end. It will lead to a step change to 260,000 tons of copper per year at significantly lower costs. This will expand margins and drive record operating cash flow generation for the company.

Speaker 2

With that, we're now ready to take questions.

Operator

Thank you. Ladies and gentlemen, we will now conduct a question and answer session. Your first question comes from Otis Wolkata from Scotiabank. Your line is now open.

Speaker 5

Hi, good morning. Question about the Manto Verde. CapEx increased $870,000,000 I guess plus 5%. Can you give us some better color on what's driving that increase? And also, maybe more importantly, what confidence do you have that this is the last increase and the 870 is going to be a final number?

Speaker 5

We've Just seeing another project in the ramp up phase announce a further CapEx overrun. So I guess trying to get a bit more color On why or if you think the $870,000,000 will be the final number?

Speaker 2

Yes. Thanks, Orest. So in terms of the increase in cost from $825,000,000 up to $870,000,000 it's basically split into 2 components of We've already received 3 of the big electric shovels at Monteverde. The 4th shovel It's actually being delivered and is currently being assembled. However, that was subject to an escalation clause And with sort of higher inflation rates, that's sort of an additional number that wasn't taken into account in that 8.25.

Speaker 2

And then I think also in whilst we have a fixed price contract with Osenco, The tailings facility was on a unit rates basis. And so I think particularly the impact of higher diesel prices Impacted the sort of all of the earthmoving we needed for developing the trench and the starter wall at the tailings facility. And then also some of the pre stripping work was Sort of similarly impacted by slightly higher diesel prices. The other $20,000,000 came from Areas that we identified would actually just improve and enhance the project. We're going to be transporting all of our concentrate to port using a relatively new technology called retainers.

Speaker 2

These are Essentially containers, but ones which are filled at the sites are then fully sealed, can be transported to the ports. They actually act as the storage at the ports and are then tipped directly into the vessel. So it is what we would regard as sort of leading practice in terms of Kind of transport and storage of concentrates. And when we kind of looked at We had already ordered these retainers. We already sort of own what we initially regarded as sufficient retainers, but we decided to order more Just to take into account sort of any potential fluctuations in you get things like swells at the ports, which Can delay shipments and we just wanted to make sure that we had adequate capacity in place.

Speaker 2

We also took the decision to Put in a water reservoir and that was really just based on we know that we have More than sufficient water for the MVDP. However, during the ramp up, you always have a water balance and some of that water comes out of the tailings facility and sort of recovery from tailings, but that takes some time before that is actually available to you. So we just felt that, to sort of mitigate any water issues, we would build an additional water reservoir for the project. And then we've added just a little bit of extra camp space and additional warehouse space, just to I think sort of better service The business going forward, we have been internalizing quite a few of our functions from external contractors to Things like maintenance to doing it ourselves. And so we took the decision to put in some extra facilities.

Speaker 2

So that's the background to the increase. We've got a pretty Clear line of sight to the end of construction. We're really in the stage of sort of final piping. It's now Cabling and instrumentation, everything that the project requires is already on-site. It's really down to just completing these last sort of stages of work.

Speaker 2

So, we feel pretty comfortable in terms of the capital number that we've put out there. We don't see any reason to expect any difficulties during the ramp up of the project. Clearly, if one does have any issues that can cause An impact on sort of additional CapEx required, but we certainly don't anticipate that at this stage. And I think one of the ways we mitigated that risk was We the key reason we appointed Osenco to be our EPC contractor on this contract was They've built 4 of these almost identical concentrators before, 3 of which have been in South America. They've been they've built these before.

Speaker 2

In our case, they will be ramping it up as they've done with each of those other concentrators They have built. And so I think we derive quite a lot of confidence from that experience that they have. And we've also on our side, been spending pretty much a large part of the last year working on operational readiness. Our own operating team is in place. I think we've got top notch people that we've been able to recruit it sort of at every level.

Speaker 2

And so I think all of that gives us a high level of confidence in having a successful ramp up of the project. We've budgeted for a 6 month ramp up period. We clearly hope to do a little bit better than that, but our current assumption is 6 months. And That's very much in line with Wisenko's previous performance in ramping up very similar concentrators to this one. I think the other thing that gives us the confidence is the mine is ready.

Speaker 2

In fact, it's more than ready. We've now stockpiled 5,000,000 tons Of all sulfide ore sitting in front of the crushers. So, from a mining point of view, and we've actually exposed around a year's worth of sulfide ore. So the mine is basically just waiting now for the plant to be ready to take the ore.

Speaker 5

Thanks, John. Just a quick follow-up question for Raman. With the ramp up, call it, In Q1, Q2 next year, is your expectation that all of the costs involved with ramping will be expensed? Or could we see Kind of a capitalization of costs like we've seen with, call it with QB2. Just wondering how to think about modeling Q1, Q2?

Speaker 1

Yes. We're looking at what tech is doing over there. So I'll analyze that a bit further. But really the IFRS standard is Once you hit production, you start expensing those costs. So until you get the concentrate on your books, but once it's On your books and your produced and your expense.

Speaker 1

So there will be a certain period of time we can capitalize ramp up commissioning costs, which is included in this 8.70 But beyond that, we expect to expense it.

Operator

Thanks. Your next question comes from Ralph Profiti from 8 Capital, your line is now open.

Speaker 6

Thanks, operator. Good morning, everyone. John and Kasro, when you talk about the Pinto Valley Asset Integrity Program, right, and you brought up these KPIs, I'm just wondering, is there Sort of strategic management of the grade and the mine plan being looked at? Or is this mostly focused on costs

Operator

and continuous improvement? Or is there

Speaker 6

any impact on the mine plan itself? Improvement or is there any impact on the mine plan itself, including stripping? And with that, are we potentially looking at some cost improvements going forward.

Speaker 3

Thanks, Ralph. Look, it's not the mining. It's not the mine That's performing as it should. The grades are coming out and our reconciliation as they should. I'll just start by saying, we've been really pleased With our efforts to date and what we've achieved in October, so we're off to a good start here for our catch up in Q4.

Speaker 3

So we've got our right foot forward. And so and that gives us some assurances that some of the initiatives that we've undertaken And our asset integrity and maintenance programs are starting to pay off. So one of the things we did was a Structural design change, we're out we're going to implement a maintenance program and a maintenance manager. It's a different setup than what we had at Pinto Valley before where maintenance was in the domain of either the mine manager or the plant manager. And so what we're doing is we're elevating The expectation out of our maintenance department and improving those processes.

Speaker 3

And we actually appointed In the last quarter, a VP of Mine and Maintenance, who's excels in that area, Hayden Halstead and then he has a fixed plant Individual, Director of Asset Integrity, Rob Taylor. So they've been instrumental in helping us improve our Uptime and reduce our downtime on our critical components, which usually are revolving around the crusher infrastructure and conveyance infrastructure that feed our mills. So we've seen already improvements there and specifically those are the areas That are changing their performance and those are the areas that were creating the bottlenecks of our production in Q3 and a little in Q2. So I'm happy to say that we're seeing it better. And it also helps that our schedule, Our budget, our plan for the end of the year was a little higher grade.

Speaker 3

It's actually the highest grade in the sequence where we're coming into in Pinto Valley and we're seeing that come forward too.

Speaker 6

Okay. Yes, good to hear. Thanks for that. And at Matos Blancos, it sounds like cash flow that 20,000 tonnes a day is Something like an end of Q1 'twenty four target as sort of a rational expectations, maybe some spillover into sort of Q2 of 2024. Just wondering if that's something that we should be going by?

Speaker 6

And do you think there's potential for some spillover CapEx into 2024 just to be able to Iron out getting up to full capacity?

Speaker 3

Yes, we're working through the plan there. So there is There's going to be in the order of $20,000,000 more required to bring the plant to the state that's required. I think we've described it before, the major components are there. They have the capacity. It's some of the piping, cabling and instrumentation that we're upgrading to be able to do it.

Speaker 3

And one of the things that we've zeroed in on and focused It's actually the back end of the plant. The dewatering and tailings infrastructure, while it looked like on paper, It was capable of doing the design of 20,000 tons. We're going to have to upgrade that area. That is the area where there are some longer lead items, that will take us to the time period you mentioned near the end of Q1, Start of Q2 to be able to get this plant consistently and sustainably to 20,000 tons like we've achieved over 20,000 tons Sporadically, but what we want is consistent production out of it. And that's the area we're focusing on is the back end of the plant and some upgrades to some instrumentation and piping In some other areas, but it's going to take another from where we're sitting today that amount of time to be able to Put these in.

Speaker 3

Again, we have a new General Manager for Chile, we for Sorry, Mentos Blancos and we have replaced some of the team. And these are really strong individuals With a lot of experience in this type of work, so we're very confident in the plans now going forward. They're very detailed out. We're no longer debottlenecking one issue at a time and we're tackling the remaining issues at hand And that is the timeframe we will require to be able to install and procure what we need.

Speaker 6

That's a very helpful color, Kassel. Thank you.

Operator

There are no further questions at this time. John, please proceed with your closing remarks.

Speaker 2

All right. We look forward to updating you again in February with our Q4 results. And until then, keep well and feel free to reach out to Gerald or Daniel if you have any further questions. Thank you for your continued support and have a good day.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you for joining. You may now disconnect.

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Earnings Conference Call
Capstone Copper Q3 2023
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